Cover
Cover | 12 Months Ended |
Dec. 31, 2021shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2021 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-14862 |
Entity Registrant Name | BRASKEM SA |
Entity Central Index Key | 0001071438 |
Entity Incorporation, State or Country Code | D5 |
Entity Address, Address Line One | Rua Lemos Monteiro, 120 – 24° andar |
Entity Address, City or Town | São Paulo |
Entity Address, Country | BR |
Entity Address, Postal Zip Code | 05501-050 |
Title of 12(b) Security | Preferred Shares, Class A, without par value per share, each represented by American Depositary Shares |
Trading Symbol | BAK |
Security Exchange Name | NYSE |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 451,668,652 |
Contact Personnel Fax Number | 55 11 3576-9532 |
ICFR Auditor Attestation Flag | true |
Auditor Firm Id | 1124 |
Auditor Name | KPMG Auditores Independentes Ltda. |
Auditor Location | São Paulo |
Class a preference shares member | |
Entity Addresses [Line Items] | |
Entity Common Stock, Shares Outstanding | 344,158,226 |
Class b preference shares member | |
Entity Addresses [Line Items] | |
Entity Common Stock, Shares Outstanding | 478,790 |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | Rua Lemos Monteiro, 120 – 24° andar |
Entity Address, City or Town | São Paulo |
Entity Address, Country | BR |
Entity Address, Postal Zip Code | 05501-050 |
City Area Code | 55 |
Local Phone Number | 3576-9000 |
Contact Personnel Name | Pedro van Langendonck Teixeira de Freitas |
Statement of consolidated finan
Statement of consolidated financial position - BRL (R$) R$ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Current assets | |||
Cash and cash equivalents | R$ 8680686 | R$ 13862852 | |
Financial investments | 3,492,710 | 3,627,227 | |
Trade accounts receivable | 7,153,565 | 4,731,979 | |
Inventories | 16,335,101 | 8,383,650 | |
Taxes recoverable | 1,428,658 | 1,192,665 | |
Recoverable income taxes | 1,189,812 | 1,547,916 | |
Prepaid expenses | 435,441 | 344,867 | |
Derivatives | 33,816 | 33,769 | |
Other receivables | 543,656 | 465,319 | |
Current Assets | 39,293,445 | 34,190,244 | |
Non-current assets | |||
Financial investments | 16,845 | 15,564 | |
Trade accounts receivable | 13,395 | 23,229 | |
Inventories | 18,036 | ||
Taxes recoverable | 1,252,058 | 1,072,737 | |
Recoverable income taxes | 230,069 | 72,267 | |
Deferred tax assets | 8,257,252 | 8,529,972 | |
Judicial deposits | 194,212 | 196,911 | |
Derivatives | 51 | 34,091 | |
Other receivables | 365,652 | 227,480 | |
Investments | 58,923 | 43,153 | |
Property, plant and equipment | [1] | 37,225,130 | 35,929,149 |
Intangible assets | 2,877,299 | 2,828,691 | |
Right of use of assets | 2,780,037 | 2,902,395 | |
Non-Current Assets | 53,270,923 | 51,893,675 | |
Total assets | 92,564,368 | 86,083,919 | |
Current liabilities | |||
Trade payables | 12,053,266 | 9,946,315 | |
Borrowings | 1,343,494 | 1,318,931 | |
Braskem Idesa borrowings | 86,765 | 7,660,128 | |
Debentures | 59,088 | 54,436 | |
Derivatives | 256,131 | 592,251 | |
Payroll and related charges | 1,170,346 | 814,566 | |
Taxes payable | 1,012,116 | 952,689 | |
Income taxes payable | 1,672,844 | 284,129 | |
Dividends | 10,538 | 5,456 | |
Advances from customers | 204,666 | 287,449 | |
Leniency agreement | 353,385 | 397,036 | |
Sundry provisions | 465,051 | 362,407 | |
Other payables | 1,452,396 | 466,341 | |
Provision - geological event in Alagoas | 4,378,071 | 4,349,931 | |
Lease | 675,366 | 895,109 | |
Current Liabilities | 25,193,523 | 28,387,174 | |
Non-current liabilities | |||
Trade payables | 111,464 | 7,233 | |
Borrowings | 33,553,766 | 40,413,192 | |
Braskem Idesa borrowings | 12,224,770 | 4,399,110 | |
Debentures | 137,830 | 181,679 | |
Derivatives | 362,915 | 558,913 | |
Taxes payable | 260,497 | 1,370 | |
Loan to non-controlling shareholders of Braskem Idesa | [2] | 3,646,538 | 3,222,493 |
Income taxes payable | 576,174 | ||
Deferred tax liabilities | 1,407,434 | 1,234,398 | |
Post-employment benefits | 487,697 | 472,074 | |
Advances from customers | 257,858 | 382,478 | |
Contingencies | 1,153,830 | 1,151,087 | |
Leniency agreement | 769,911 | 1,077,314 | |
Sundry provisions | 824,212 | 511,801 | |
Provision - geological event in Alagoas | 3,283,188 | 4,825,846 | |
Other payables | 204,059 | 235,324 | |
Lease | 2,481,048 | 2,312,777 | |
Non-Current Liabilities | 61,167,017 | 61,563,263 | |
Shareholders' equity | |||
Capital | 8,043,222 | 8,043,222 | |
Capital reserve | 3,473 | ||
Profit reserves | 3,483,935 | ||
Additional paid in capital | (488,388) | (488,388) | |
Long-term incentive plans | 31,932 | 31,609 | |
Other comprehensive income | (3,170,158) | (5,209,498) | |
Treasury shares | (38,197) | (49,704) | |
Accumulated losses | (4,529,547) | ||
Total attributable to the Company's shareholders | 7,865,819 | (2,202,306) | |
Non-controlling interest in subsidiaries | (1,661,991) | (1,664,212) | |
Shareholders’ Equity | 6,203,828 | (3,866,518) | |
Total liabilities and shareholders' equity | R$ 92564368 | R$ 86083919 | |
[1] | Adjustment corresponding to the capitalization of a portion of financial charges of the above-mentioned loan. | ||
[2] | Loan payable, maturing December 2029 and 7% p.a., to the non-controlling shareholders of Braskem Idesa. These proceeds were used by Braskem Idesa to fund its construction project. |
Statement of consolidated profi
Statement of consolidated profit or loss - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Net revenue | R$ 105625201 | R$ 58543494 | R$ 52323525 |
Cost of products sold | (73,568,231) | (47,331,414) | (45,879,118) |
Gross profit | 32,056,970 | 11,212,080 | 6,444,407 |
Income (expenses) | |||
Selling and distribution | (2,055,640) | (1,852,055) | (1,783,455) |
Loss for impairment of trade accounts receivable and others from clients | (8,914) | (55,252) | (7,069) |
General and administrative | (2,522,127) | (1,918,747) | (2,224,180) |
Research and development | (296,583) | (250,648) | (247,730) |
Results from equity-accounted investees | 4,644 | (19,398) | 10,218 |
Other income | 1,534,487 | 750,749 | 2,408,434 |
Other expenses | (2,669,290) | (7,938,621) | (4,446,942) |
Profit (loss) before net financial expenses and taxes | 26,043,547 | (71,892) | 153,683 |
Financial results | |||
Financial expenses | (5,907,155) | (4,913,365) | (3,882,785) |
Financial income | 1,827,438 | 600,184 | 850,554 |
Exchange rate variations, net | (4,002,807) | (5,298,711) | (1,724,520) |
Finance income (cost) | (8,082,524) | (9,611,892) | (4,756,751) |
Profit (loss) before income tax | 17,961,023 | (9,683,784) | (4,603,068) |
Income taxes | (3,999,403) | 2,668,478 | 1,962,670 |
Profit (loss) for the year | 13,961,620 | (7,015,306) | (2,640,398) |
Attributable to: | |||
Company's shareholders | 13,984,946 | (6,691,720) | (2,540,995) |
Non-controlling interest in subsidiaries | R$ 23326 | R$ 323586 | R$ 99403 |
Earnings (loss) per share - R$ | |||
Earnings (loss) per share - basic | R$ 17.5747 | R$ 8.4068 | R$ 3.1922 |
Earnings (loss) per share - diluted | 17.5747 | (8.4068) | (3.1922) |
Class a preferred shres member | |||
Earnings (loss) per share - R$ | |||
Earnings (loss) per share - basic | 17.5749 | (8.4068) | (3.1922) |
Earnings (loss) per share - diluted | 17.5242 | (8.3769) | (3.1809) |
Class b preferred shres member | |||
Earnings (loss) per share - R$ | |||
Earnings (loss) per share - basic | 0.5798 | (8.4068) | (3.1922) |
Earnings (loss) per share - diluted | R$ 0.5798 | R$ 8.4068 | R$ 3.1922 |
Statement of consolidated compr
Statement of consolidated comprehensive income - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Profit or loss [abstract] | |||
Net profit (loss) for the year | R$ 13961620 | R$ 7015306 | R$ 2640398 |
Items that will be reclassified subsequently to profit or loss | |||
Fair value of cash flow hedge | 470,461 | (600,390) | 55,274 |
Deferred income taxes: cash flow hedge | (146,087) | 202,832 | (19,805) |
Fair value of cash flow hedge from jointly-controlled, net of taxes | (968) | 1,260 | (978) |
Cash flow hedges,net of tax | 323,406 | (396,298) | 34,491 |
Exchange variation of foreign sales hedge | (1,910,274) | (6,881,183) | (856,068) |
Sales Hedge - transfer to profit or loss | 1,903,004 | 2,194,059 | 1,385,121 |
Deferred income taxes: exchange variation | 2,472 | 1,593,622 | (179,878) |
Exchange variation of foreign sales hedge - Braskem Idesa | (204,604) | (445,427) | 464,806 |
Sales Hedge - transfer to profit or loss - Braskem Idesa | 507,228 | 471,728 | 267,146 |
Deferred income taxes: exchange variation - Braskem Idesa | (90,787) | (7,886) | (219,586) |
Sales hedges, net of tax | 207,039 | (3,075,087) | 861,541 |
Foreign subsidiaries currency translation adjustment | 1,503,148 | 2,658,042 | 136,722 |
Total | 2,033,593 | (813,343) | 1,032,754 |
Items that will not be reclassified to profit or loss | |||
Actuarial gain (loss) on defined benefit and heath plan, net of taxes | 23,014 | (647) | (109,628) |
Loss on investments | (84) | ||
Total | 23,014 | (647) | (109,712) |
Total comprehensive income for the year | 16,018,227 | (7,829,296) | (1,717,356) |
Attributable to: | |||
Company's shareholders | 16,015,874 | (7,108,541) | (1,657,941) |
Non-controlling interest in subsidiaries | R$ 2353 | R$ 720755 | R$ 59415 |
Statement of consolidated chang
Statement of consolidated changes in equity - BRL (R$) R$ in Thousands | Issued capital [member] | Capital reserve [member] | Statutory reserve [member] | Tax incentive member | Retention of profits member | Additional dividends proposed member | Additional paid-in capital [member] | Long Term Incentive Plans [Member] | Accumulated other comprehensive income [member] | Treasury shares [member] | Retained earnings [member] | Equity attributable to owners of parent [member] | Non-controlling interests [member] | Total |
As of December 31, 2020 at Dec. 31, 2018 | R$ 8043222 | R$ 232430 | R$ 577476 | R$ 153478 | R$ 1940011 | R$ 2002255 | R$ 488388 | R$ 6407 | R$ 5629427 | R$ 49819 | R$ 256575 | R$ 6531070 | R$ 876400 | R$ 5654670 |
Comprehensive income (loss) | ||||||||||||||
Net profit for the year | (2,540,995) | (2,540,995) | (99,403) | (2,640,398) | ||||||||||
Exchange variation of foreign sales hedge, net of taxes | 733,449 | 733,449 | 128,092 | 861,541 | ||||||||||
Fair value of cash flow hedge, net of taxes | 38,919 | 38,919 | (4,428) | 34,491 | ||||||||||
Actuarial loss with post-employment benefits, net of taxes | (109,492) | (109,492) | (136) | (109,628) | ||||||||||
Long term incentive plan | 13,573 | 13,573 | 348 | 13,921 | ||||||||||
Loss on interest in subsidiary | (50) | (50) | (34) | (84) | ||||||||||
Foreign currency translation adjustment | 220,228 | 220,228 | (83,506) | 136,722 | ||||||||||
Total Comprehensive income for the period | 883,054 | (2,540,995) | (1,657,941) | (59,415) | (1,717,356) | |||||||||
Realization of additional property, plant and equipment price-level restatement, net of taxes | (26,717) | 26,717 | ||||||||||||
Realization of deemed cost of jointly-controlled investment, net of taxes | (883) | 883 | ||||||||||||
Fair value adjustments of trade accounts receivable, net of taxes | 15 | 15 | 15 | |||||||||||
Exchange variation in hyperinflationary economy, net of taxes | (3,561) | (3,561) | (3,561) | |||||||||||
Total Comprehensive income for the period | 13,573 | (31,146) | 27,600 | 10,027 | 348 | 10,375 | ||||||||
Contributions to shareholders | ||||||||||||||
Incentive long term plan payments with treasury shares | 95 | 95 | 95 | |||||||||||
Retention of profits - non-approval of additonal dividends | 2,002,255 | (2,002,255) | ||||||||||||
Dividends-lapse of statute of limitation | 2,005 | 2,005 | 2,005 | |||||||||||
Additional dividends of subsidiary | (5,125) | (5,125) | ||||||||||||
Absorption of losses | (2,767,965) | 2,767,965 | ||||||||||||
Gain on transfer of shares in custody long term incentive plan | 42 | 42 | 42 | |||||||||||
Total Contributions to shareholders | 42 | (765,710) | (2,002,255) | 95 | 2,769,970 | 2,142 | (5,125) | (2,983) | ||||||
As of December 31, 2021 at Dec. 31, 2019 | 8,043,222 | 232,472 | 577,476 | 153,478 | 1,174,301 | (488,388) | 19,980 | (4,777,519) | (49,724) | 4,885,298 | (940,592) | 3,944,706 | ||
Comprehensive income (loss) | ||||||||||||||
Net profit for the year | (6,691,720) | (6,691,720) | (323,586) | (7,015,306) | ||||||||||
Exchange variation of foreign sales hedge, net of taxes | (3,079,691) | (3,079,691) | 4,604 | (3,075,087) | ||||||||||
Fair value of cash flow hedge, net of taxes | (390,608) | (390,608) | (5,690) | (396,298) | ||||||||||
Actuarial loss with post-employment benefits, net of taxes | (648) | (648) | 1 | (647) | ||||||||||
Total Comprehensive income(loss) for the period | 11,629 | (15,158) | 23,348 | 19,819 | (415) | 19,404 | ||||||||
Long term incentive plan | 11,629 | 11,629 | (415) | 11,214 | ||||||||||
Foreign currency translation adjustment | 3,054,126 | 3,054,126 | (396,084) | 2,658,042 | ||||||||||
Realization of additional property, plant and equipment price-level restatement, net of taxes | (26,302) | 26,302 | ||||||||||||
Realization of deemed cost of jointly-controlled investment, net of taxes | (741) | 741 | ||||||||||||
Fair value adjustments of trade accounts receivable, net of taxes | 113 | 113 | 113 | |||||||||||
Exchange variation in hyperinflationary economy, net of taxes | 8,077 | 8,077 | 8,077 | |||||||||||
Total Comprehensive income for the period | (416,821) | (6,691,720) | (7,108,541) | (720,755) | (7,829,296) | |||||||||
Contributions to shareholders | ||||||||||||||
Dividends-lapse of statute of limitation | 1,110 | 1,110 | 1,110 | |||||||||||
Additional dividends of subsidiary | (2,450) | (2,450) | ||||||||||||
Absorption of losses | (232,460) | (577,476) | (153,478) | (1,174,301) | 2,137,715 | |||||||||
Gain on transfer of shares in custody long term incentive plan | (12) | 20 | 8 | 8 | ||||||||||
Total Contributions to shareholders | (232,472) | (577,476) | (153,478) | (1,174,301) | 20 | 2,138,825 | 1,118 | (2,450) | (1,332) | |||||
As of December 31, 2021 at Dec. 31, 2020 | 8,043,222 | (488,388) | 31,609 | (5,209,498) | (49,704) | (4,529,547) | (2,202,306) | (1,664,212) | (3,866,518) | |||||
Comprehensive income (loss) | ||||||||||||||
Net profit for the year | 13,984,946 | 13,984,946 | (23,326) | 13,961,620 | ||||||||||
Exchange variation of foreign sales hedge, net of taxes | 154,080 | 154,080 | 52,959 | 207,039 | ||||||||||
Fair value of cash flow hedge, net of taxes | 262,726 | 262,726 | 60,680 | 323,406 | ||||||||||
Actuarial loss with post-employment benefits, net of taxes | 23,028 | 23,028 | (14) | 23,014 | ||||||||||
Long term incentive plan | 323 | 323 | (132) | 191 | ||||||||||
Foreign currency translation adjustment | 1,591,094 | 1,591,094 | (87,946) | 1,503,148 | ||||||||||
Realization of additional property, plant and equipment price-level restatement, net of taxes | (26,164) | 26,164 | ||||||||||||
Realization of deemed cost of jointly-controlled investment, net of taxes | (719) | 719 | ||||||||||||
Legal reserve | 472,770 | (472,770) | ||||||||||||
Prepaid dividends approved by the Board | (6,000,000) | (6,000,000) | (6,000,000) | |||||||||||
Fair value adjustments of trade accounts receivable, net of taxes | (130) | (130) | (130) | |||||||||||
Exchange variation in hyperinflationary economy, net of taxes | 35,425 | 35,425 | 35,425 | |||||||||||
Total Comprehensive income for the period | 26,883 | |||||||||||||
Contributions to shareholders | ||||||||||||||
Dividends-lapse of statute of limitation | 1,653 | 1,653 | 1,653 | |||||||||||
Gain on transfer of shares in custody long term incentive plan | 3,473 | 11,507 | 14,980 | 14,980 | ||||||||||
Tax incentive reserve | 1,017,546 | (1,017,546) | ||||||||||||
Retention of profits | 643,619 | (643,619) | ||||||||||||
Additional proposed dividends | 1,350,000 | (1,350,000) | ||||||||||||
As of December 31, 2021 at Dec. 31, 2021 | R$ 8043222 | R$ 3473 | R$ 472770 | R$ 1017546 | R$ 643619 | R$ 1350000 | R$ 488388 | R$ 31932 | R$ 3170158 | R$ 38197 | R$ 7865819 | R$ 1661991 | R$ 6203828 |
Statement of consolidated cash
Statement of consolidated cash flow - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of cash flows [abstract] | |||
Profit (loss) before income taxes | R$ 17961023 | R$ 9683784 | R$ 4603068 |
Adjustments for reconciliation of profit | |||
Depreciation and amortization | 4,178,433 | 4,048,081 | 3,632,265 |
Results from equity-accounted investees | (4,644) | 19,398 | (10,218) |
Net interest, monetary and foreign exchange gain/losses | 6,311,431 | 10,457,272 | 4,145,110 |
Provisions (reversal and recovery of credits), net | 819,130 | 336,838 | 320,439 |
Provision - geological event in Alagoas | 1,339,765 | 6,901,828 | 3,383,067 |
PIS and COFINS credits - exclusion of ICMS from the calculation basis | (1,031,099) | (310,557) | (1,904,206) |
Loss for impairment of trade accounts receivable and others from clients | 8,914 | 55,252 | 7,069 |
Provision for losses and write-offs of long-lived assets | 115,187 | 8,794 | 225,204 |
Adjustments for reconciliation of profit | 29,698,140 | 11,833,122 | 5,195,662 |
Changes in operating assets and liabilities | |||
Judicial deposits - unfreezing (blocking) Public Civil Action | 3,746,107 | (3,680,460) | |
Financial investments | 296,957 | (1,860,827) | 797,445 |
Trade accounts receivable | (2,175,285) | (2,187,826) | 895,046 |
Inventories | (7,574,285) | (252,534) | 867,817 |
Taxes recoverable | 4,963,587 | 1,532,554 | 1,195,427 |
Prepaid expenses | 19,322 | 293,785 | 202,732 |
Other receivables | (217,878) | 397,103 | (273,665) |
Trade payables | 1,199,614 | (3,001,564) | 282,445 |
Taxes payable | (3,007,488) | 449,761 | (569,793) |
Advances from customers | (233,951) | 198,988 | 197,965 |
Leniency agreement | (389,087) | (349,842) | (341,605) |
Sundry provisions | (314,194) | (145,355) | (215,548) |
Geological event in Alagoas | (2,928,081) | (1,181,931) | |
Other payables | 1,039,403 | (184,187) | 362,203 |
Cash generated from operations | 20,376,774 | 9,287,354 | 4,915,671 |
Interest paid | (2,883,433) | (2,736,821) | (2,238,445) |
Income taxes paid | 2,706,856 | 257,542 | 411,951 |
Net cash generated (used) from operating activities | 14,786,485 | 6,292,991 | 2,265,275 |
Proceeds from the sale of property, plant and equipment and intangible assets | 40,353 | 33,140 | 12,590 |
Dividends received | 295 | 4,822 | 3,513 |
Acquisitions to property, plant and equipment and intangible assets | (3,421,324) | (2,759,789) | (2,682,522) |
Net cash used in investing activities | (3,380,676) | (2,721,827) | (2,666,419) |
Short-term and Long-term debt | |||
Acquired | 16,308 | 13,049,459 | 20,586,103 |
Payments | (9,413,909) | (8,734,505) | (17,425,409) |
Braskem Idesa borrowings | |||
Acquired | 7,271,658 | 3,497,622 | |
Payments | (7,995,045) | (905,210) | (4,398,453) |
Payment loan to non-controlling shareholders of Braskem Idesa | (9,545) | (37,618) | |
Lease payments | (841,706) | (662,068) | (454,190) |
Dividends paid | (5,993,265) | (2,380) | (668,904) |
Other financial liabilities | (534,456) | 499,999 | |
Net cash (used) generated in financing activities | (16,965,504) | 2,173,222 | 1,636,768 |
Exchange variation on cash of foreign subsidiaries | 377,529 | 1,314,586 | 20,619 |
(Decrease) increase in cash and cash equivalents | (5,182,166) | 7,058,972 | 1,256,243 |
Represented by | |||
Cash and cash equivalents at the beginning of the year | 13,862,852 | 6,803,880 | 5,547,637 |
Cash and cash equivalents at the end of the year | R$ 8680686 | R$ 13862852 | R$ 6803880 |
Operations
Operations | 12 Months Ended |
Dec. 31, 2021 | |
Operations | |
Operations | Operations Braskem S.A. is a public corporation headquartered in Camaçari/Bahia, which, jointly with its subsidiaries (hereinafter “Braskem” or “Company”), is controlled by Novonor S.A. (“Novonor”), which directly and indirectly holds interests of 50.11 38.32 The Braskem’s shares are traded on B3 S.A. Brasil, Bolsa, Balcão (“B3”), under the tickers BRKM3, BRKM5 and BRKM6, and on the New York Stock Exchange (“NYSE”) under the ticker BAK. Braskem is engaged in the manufacture, sale, import and export of chemicals, petrochemicals and fuels, the production, supply and sale of utilities such as steam, water, compressed air and industrial gases, as well as rendering industrial services and the production, supply and sale of electric energy for its own use and use by other companies. Braskem also invests in other companies, either as equity method investees or associates. The Company has industrial plants in Brazil, the United States, Germany, and Mexico. The units produce thermoplastic resins, such as polyethylene (“PE”), polypropylene (“PP”), polyvinyl chloride (“PVC”) and other basic petrochemicals. Operations of subsidiary Braskem Idesa On December 2, 2020, the subsidiary Braskem Idesa (“BI”) was notified by the National Natural Gas Control Center ("Cenagas"), the Mexican government agency responsible for the natural gas pipeline and transportation system in the region, regarding the unilateral suspension of natural gas transportation, an energy input essential to produce polyethylene at the Petrochemical Complex in Mexico. As a result, and respecting the safety protocols, BI immediately suspended its operational activities. In January 2021, BI partially resumed operations of polyethylene production based on an experimental business model, that follows all safety protocols, in order to attend the demand from Mexico’s plastics industry. In addition, BI has taken legal measures as established in the Ethane Supply Agreement entered into between BI and PEMEX Transformación Industrial and PEMEX Exploración y Producción (“PEMEX”). Braskem Netherlands B.V., the direct parent company of BI, also has taken legal actions based on the applicable international rules to protect the rights and to ensure the performance of all legal obligations and also seeking to protect its investment in Mexico. Such measures provided for a remediation and negotiation period in which the parties seek a solution. On February 26, 2021, BI signed the following documents to enable the continuity of its operations: (i) Memorandum of understanding with terms and conditions for discussing potential amendments to the ethane supply agreement with PEMEX, as well as for building an ethane import terminal, subject to negotiation and approval of creditors and shareholders of BI, and with rights reserved; and (ii) Natural gas transportation service agreement with Cenagas, with term of 15 On September 27, 2021, BI signed the following documents: (i) Amendment to the ethane supply agreement (“Amendment”) with PEMEX; and (ii) Agreement with Petróleos Mexicanos, PEMEX Logística and other Mexican government entities, establishing administrative support measures, especially to obtain of licenses, permits and rights of way for the project to build an ethane import terminal with the capacity to meet all of BI's feedstock requirements ("Terminal Agreement”). The Amendment changes the minimum contractual volume commitment to 30,000 The Amendment further establishes first-refusal rights, which consists of a preemptive right for BI in the acquisition of all ethane that PEMEX has available and does not consume in its own production process through 2045, at prices based on international references. The Amendment and the Terminal Agreement were conditioned upon the applicable corporate approvals, including final approval by the shareholders and creditors of BI ("Conditions Precedent"). The Amendment produced effects retroactive to February 26, 2021, the execution date of the memorandum of understanding. The approvals required for the Amendment and Terminal Agreement to come into force were obtained in October 2021 . |
Basis of preparation of the fin
Basis of preparation of the financial statements | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of financial liabilities [abstract] | |
Basis of preparation of the financial statements | Basis of preparation of the financial statements 2.1 Basis of accounting The consolidated financial statements were prepared and presented in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). 2.2 Basis of presentation The Company’s consolidated financial statements (“financial statements”) were prepared under the historical cost convention, unless stated otherwise in the accounting policies. These financial statements were prepared considering the continuity of its operating activities. The significant accounting policies applied in the preparation of these financial statements were included in the respective notes. The Company has consistently applied the accounting policies to all periods presented in these financial statements, except for the disclosures included in the note 2.5(a) New standards and pronouncements adopted in the current fiscal year. The issue of these financial statements was authorized by the Executive Board on April 27, 2022. 2.3 Basis of consolidation The consolidated information comprises the financial statements of the Braskem S.A. and the following entities: Total and voting interest (%) Headquarters 2021 2020 2019 BM Insurance Company Limited ("BM Insurance") Bermuda 100.00 100.00 100.00 Braskem America Finance Company ("Braskem America Finance") USA 100.00 100.00 100.00 Braskem America, Inc. (“Braskem America”) USA 100.00 100.00 100.00 Braskem Argentina S.A. (“Braskem Argentina”) Argentina 100.00 100.00 100.00 Braskem Energy Ltda ("Braskem Energy") (i) Brazil 100.00 Braskem Europe GmbH ("Braskem Alemanha") Germany 100.00 100.00 100.00 Braskem Finance Limited (“Braskem Finance”) Cayman Islands 100.00 100.00 100.00 Braskem Green S.A. ("Braskem Brasil Green") (ii) Brazil 100.00 Braskem Idesa S.A.P.I. ("Braskem Idesa") Mexico 75.00 75.00 75.00 Braskem Idesa Servicios S.A. de CV ("Braskem Idesa Serviços") Mexico 75.00 75.00 75.00 Braskem Incorporated Limited ("Braskem Inc.") Cayman Islands 100.00 100.00 100.00 Braskem India Private Limited ("Braskem India") Índia 100.00 100.00 Braskem Mexico Proyectos S.A. de C.V. SOFOM ("Braskem México Sofom") Mexico 100.00 100.00 100.00 Braskem Mexico Servicios S. RL de CV ("Braskem México Serviços") Mexico 100.00 100.00 100.00 Braskem Mexico, S. de RL de CV ("Braskem México") Mexico 100.00 100.00 100.00 Braskem Netherlands B.V. ("Braskem Holanda") Netherlands 100.00 100.00 100.00 Braskem Netherlands Finance B.V. (“Braskem Holanda Finance”) Netherlands 100.00 100.00 100.00 Braskem Netherlands Green B.V. (“Braskem Holanda Green”) (iii) Netherlands 100.00 Braskem Netherlands Inc. B.V. (“Braskem Holanda Inc.”) Netherlands 100.00 100.00 100.00 Braskem Petroquímica Chile Ltda. (“Braskem Chile”) Chile 100.00 100.00 100.00 Cetrel S.A. ("Cetrel") Brazil 63.70 63.70 63.70 Distribuidora de Água Camaçari S.A. ("DAC") Brazil 63.70 63.70 63.70 Lantana Trading Co. Inc. (“Lantana”) Bahamas 100.00 100.00 100.00 Terminal Quimica Puerto México ("Terminal Química") (iv) Mexico 75.00 Special Purpose Entities (“SPE”) Fundo de Investimento Caixa Júpiter Multimercado Crédito Privado Longo Prazo ("FIM Júpiter") Brazil 100.00 100.00 100.00 Fundo de Investimento Santander Netuno Multimercado Crédito Privado Longo Prazo ("FIM Netuno") Brazil 100.00 100.00 100.00 (i) Subsidiary incorporated in April 2021 is currently in the preoperational phase. The main activities will include power trading and rendering management and representation services in the Free Energy Contracting Environment. (ii) Subsidiary incorporated in November 2021 is currently in the preoperational phase. The main activities will encompass the manufacture, trade, distribution, import and export of renewable products, development of technologies related to this purpose and holding interests in other companies. (iii) Subsidiary incorporated in September 2021 is currently in the preoperational phase. The main activities will encompass the trade, distribution, import and export of renewable products, development of technologies related to this purpose and holding interests in other companies. (iv) Subsidiary incorporated in December 2021 is currently in the preoperational phase. The main activities will encompass storing ethane, pumping feedstock to the complex and maintaining materials and its assets. (a) Subsidiaries The Company controls an entity when it is exposed to, or entitled to, the variable returns originating from its involvement with the entity and has the capacity to affect such returns by exercising its power over the entity. The financial statements of subsidiaries are included in these financial statements as from the date the Company obtains control until the date of the loss of control. (b) Equity method investees The Company’s investments in entities with accounting treatment using the equity method consist of their interests in associates and joint ventures. Associates are those in which over which the Company, directly or indirectly, holds has significant influence, but not control or shared control, over the financial and operational operating policies. To be classified as a joint venture, a contractual agreement must exist that gives the Company shared control of the entity and granting to the Company the right to the net assets of the joint venture, and not the right to its specific assets and liabilities. Such investments are initially recognized at cost, which includes the expenses with the transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Company’s interest in the net profit or loss for the fiscal year profit or loss and other comprehensive income of equity-accounted investees, in the investee until the date on which the significant influence or joint control ceases to exist. (c) Conversion of functional currency to presentation currency The assets and liabilities of foreign operations are translated into Reais at the exchange rates at the reporting date. The income and expenses of foreign operations are translated into Reais at the exchange rates at the dates of the transactions. Foreign currency differences are recognized in other comprehensive income. Since Argentina’s economy is considered hyperinflationary, to translate the financial statements of the subsidiary Braskem Argentina, the assets, liabilities, equity, income and expenses are translated into Reais at the exchange rate at the reporting date. (d) Transactions eliminated in consolidation Intragroup balances and transactions and any unrealized revenues or expenses arising from intragroup transactions are eliminated. Unrealized gains originating from transactions with investees recorded using the equity method are eliminated against the investment proportionately to the Company’s interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment loss. 2.4 Functional and foreign currency These financial statements are presented in Real, which is the functional currency of the Company. All amounts have been rounded to the nearest thousand, unless otherwise indicate. The subsidiaries with a functional currency different from Real (“R$”) are listed below: Functional currency Subsidiaries Braskem Alemanha Euro BM Insurance, Braskem America, Braskem America Finance, Braskem Holanda, Braskem Holanda Finance, Braskem Holanda Inc., Braskem México Sofom e Braskem Holanda Green U.S.dollar ("US$") Braskem Idesa, Braskem Idesa Serviços, Braskem México, Braskem México Serviços e Terminal Química Mexican peso Braskem Argentina Argentinean peso Braskem Chile Chilenean peso Braskem India Rupee 2.5 New standards and interpretations (a) New standards and pronouncements adopted in the current fiscal year - Interest Rate Benchmark Reform: Phase 2 (amendments to IFRS9, IAS39, IFRS7, IFRS4 and IFRS16). The amendments to Pronouncements IAS39 and IFRS9 provide temporary exceptions that address the effects of financial statements when an interbank certificate of deposit rate is replaced by an alternative with a nearly risk-free rate. The amendments include the following practical expedients: • A practical expedient requiring contractual changes or changes in the cash flows directly required by the reform, to be treated as changes in the floating interest rate equivalent to the change in a market rate. • When a hedged item in a cash flow hedge is amended to reflect the changes that are required by the reform, the amount accumulated in the other comprehensive income will be deemed to be based on the alternative benchmark rate on which the hedged future cash flows are determined. • When a group of items is designated as a hedged item and an item in the group is amended to reflect the changes that are required by the reform, the hedged items are allocated to subgroups based on the benchmark rates being hedged. • If an entity reasonably expects that an alternative benchmark rate will be separately identifiable within a period of 24 months, it is not prohibited from designating the rate as a non-contractually specified risk component if it is not separately identifiable at the designation date. These amendments to standards do not impact these financial statements. The Company is monitoring the subject and the impacts are being measured (see Note 4.1). The Company intends to use the practical expedients in future periods if they become applicable. (b) New standards and interpretations not yet in force The standards issued by the IASB that have not yet come into force and have not been adopted by the Company are listed below. These new or amended standards are not expected to have a significant impact on Company’s financial statements: - Onerous Contracts: costs of fulfilling a contract (amendments to IAS37). - Annual improvements of IFRS Standards 2018-2020. - Property, Plant and Equipment: proceeds before intended use (amendments to IAS16). - Reference to Conceptual Framework (amendments to IFRS3). - Classification of Liabilities as Current or Non-Current (amendments to IAS1). - Definition of accounting estimates (amendment to IAS8). - Definition of materiality for disclosure of accounting policies (amendments to IAS1 and IFRS Practice Statement 2). - Deferred taxes related to assets and liabilities arising from a single transaction (amendments to IAS12). 2.6 Main measures and impacts due to COVID-19 Braskem has been monitoring the impacts from the COVID-19 pandemic on its business and surrounding communities. In 2020, Braskem formed a crisis committee to establish global procedures focusing mainly on the health and safety of people and the continuity of its operations. The main measures taken by the Company are: (i) Determining that all team members and contractors from the group vulnerable to COVID-19 work remotely; (ii) Determining that all team members and contractors not directly related to the safe continuity of operations work remotely until the criteria for the start of flexible measures for a safe return are met; (iii) Reducing the number of team members and contractors working on its industrial assets, with operations using the smallest possible teams, while considering all rules for ensuring personal safety and maintaining operational reliability; (iv) Restricting visits by non-routine third parties and suppliers to Braskem’s facilities; (v) Creating agendas jointly with clients and local communities to verify if there are products in its portfolio to help combat the pandemic; (vi) Creating, implementing and monitoring the indicators of the Plan for Safe Return to Braskem plants and offices. During 2020, the Company adopted cash-preservation measures to preserve the financial stability and resilience of its business, which included: · Drawing down a revolving credit facility in the amount of US$1 billion (R$ 5.2 billion 2023 · Issuing bonds in the international market by the subsidiary Braskem Holanda, in July 2020, in the amount of US$ 600 million 3.2 billion · Reducing the investments planned for 2020 from US$721 million (R$ 3.9 billion 555 million 2.8 billion · Postponing the payment of social contribution charges in Brazil; and · Optimizing working capital. In 2021, the capacity utilization rates of the petrochemical complexes in Brazil remained in line with the past two years. In the United States, capacity utilization declined in relation to 2020, due to impacts from Winter Storm Uri on the U.S. Gulf Coast in early 2021 and operational faults at one of the PP plants in the last quarter of 2021. In Europe, the capacity utilization rates of the PP plants improved, supported by stronger demand in the region, which was affected by Covid-19 in 2020. The capacity utilization rate of the petrochemical complex in Mexico declined in relation to 2020, explained by the experimental production model implemented in the first quarter of 2021, following the unilateral interruption of natural gas transport service by Cenagas in early December 2020. The Company also highlights the actions carried out jointly with its clients and partner companies to transform chemicals and plastic resins into items that are essential for combatting COVID-19, which include surgical masks, packaging for liquid and gel alcohol, bleach and 3D printing of bands for protective face shields; donations of LPG (cooking gas) to field hospitals; actions to support the chain of clients and suppliers, particularly small and midsized companies; and donations of hygiene kits and food staples to local communities. Due to the uncertainties arising from the COVID-19 pandemic with regard to the global economy, it is impossible to accurately predict the adverse impacts on the equity and financial position of the Company and its subsidiaries after the reporting date. The Company did not suffer significant impacts on the supply chain due to logistical disruption. However, we will continue to monitor the short-term and long-term impacts of factors that may affect the cost availability of raw materials and inputs. With the recovery in demand for resins, the Company has no expectations of additional provisions for impairment of its assets arising from a scenario of demand constraints. |
Application of estimates and ju
Application of estimates and judgments | 12 Months Ended |
Dec. 31, 2021 | |
Application of estimates and judgments | Application of estimates and judgments In preparing these financial statements, Management has made judgments and estimates that affect the application of the Company’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates due to differences in the variables, assumptions or conditions used in making estimates. Judgments and estimates are reviewed on an ongoing basis and are based on historical experience and other factors, including expectations of future events that are deemed reasonable under the circumstances. Revision to estimates is recognized prospectively. Critical judgments and estimates applied by the Company in the preparation of these financial statements are presented in the following notes: 3.1 Assumptions and estimation uncertainties - Note 12(c) : Impairment test of property, plant and equipment: key assumptions underlying recoverable amounts. - Note 13.1 : Impairment test of goodwill: key assumptions underlying recoverable amounts. - Note 20.2 : Application of hedge accounting: key assumptions underlying a highly probable forecast transaction. - Note 22.2(c) : Recognition of deferred tax assets: availability of future taxable income against which deductible temporary differences and tax losses carryforward can be utilized. - Note 23(a): Recognition and measurement of provisions for recovery of environmental damages: main assumptions regarding the probability and magnitude of the outflow of resources. - Note 24: Recognition and measurement of provisions for lawsuits: main assumptions regarding the probability and magnitude of the outflow of resources. - Note 26: Recognition and measurement of provision for costs arising from the geological event in Alagoas: main assumptions regarding the probability and magnitude of the outflow of resources. |
Risk management
Risk management | 12 Months Ended |
Dec. 31, 2021 | |
Risk management | 4 Risk management The Company is exposed to market risks arising from variations in commodity prices, foreign exchange rates and interest rates, credit risks of its counterparties in cash equivalents, financial investments and trade accounts receivable, and liquidity risks to meet its obligations from financial liabilities. The Company adopts procedures for managing market and credit risks that are in conformity with its Financial Policy, which is reviewed by the Board of Directors regularly. The purpose of risk management is to protect the Company’s cash flows and reduce the threats to the financing of its operating working capital and investment programs. 4.1 Market risks The Company prepares a sensitivity analysis for foreign exchange rate and interest rate risks to which it is exposed, presented in Note 20.8. Management of the interest rate benchmark reform and associated risks Overview The planning for an organized replacement of interbank offered rates (“IBORs”) for alternative, nearly risk-free interest rates (RFRs, or “Risk-Free Rates”) is being taken under several market initiatives. However, several details regarding the time and transition methods are still being discussed. The Company uses IBORs as reference rates on several of its financial instruments, and as part of these market-wide initiatives, RFRs will eventually replace such reference rates. While the transition will force modifications on contracts that use IBORs as reference rates, the Company expects no significant impact on its risk management after its completion. However, the Company will continue to monitor the transition and implement whatever changes or new controls are deemed to be appropriate as potential issues arise. Derivatives The derivative instruments traded on over-the-counter market are governed by contracts based on the master agreements of the International Swaps and Derivatives Association (“ISDA”) and entered into with counterparties in the international banking market. As part of the IBOR Reform, the ISDA published a protocol that changed all master agreements in force to include RFRs as replacement rates (fallback) for use upon discontinuation of the various IBORs. The protocol came into force on January 25, 2021; Braskem and its subsidiaries Braskem America, Braskem Idesa and Braskem Holanda Finance have already completed their adoption. Liabilities As of December 31, 2021, the Company has bank loans with interest rates linked to LIBOR in US$ (see notes 16 and 17), which consequently will be subject to IBOR reform. The Company expects the benchmark interest rate of these loans to be changed to the SOFR by 2023. (a) Exposure to commodity risks Most of Company’s feedstocks (naphtha, ethane, propane and propylene) and main products (PE, PP and PVC) are commodities quoted on international markets. A series of factors determine the dynamics of these quotes, nevertheless our sales prices are also impacted in a similar proportion when compared with our feedstock supply chain. (b) Exposure to foreign exchange risk Considering the dynamics of the international petrochemical market, where prices are mostly pegged to international dollar-denominated references, the Company’s sales in Brazil are strongly correlated to the US$. To mitigate the long-term exchange risk, since September 2016, the Company started to contract financial derivatives to compose a Long-Term Foreign Exchange Hedge Program. This Program mainly aims to mitigate dollar call and put option contracts, hedging expected flows over a 24-month horizon, as detailed in Note 20.5. In addition to this program, to balance the composition between dollar-denominated assets and liabilities, as established in its Financial Policy, the Company will maintain a percentage of at least 70% of the dollar-denominated portion of net debt. If convenient, the Company may maintain a percentage of more than 70%, although subject to a sensitivity analysis of key financial indicators and proof of the inexistence of significant risk of deterioration of these indicators. As of December 31, 2021, the Company prepared a sensitivity analysis for its exposure to the fluctuation in US$, as disclosed in Note 20.8. (c) Exposure to interest rate risk The Company is exposed to the risk that a variation in floating interest rates causes an increase in its financial expense due to payments of future interest. Debt denominated in foreign currency subject to floating rates is mainly subject to fluctuations in LIBOR. Debt denominated in R$ is mainly subject to the variation in the Interbank Certificate of Deposit (“CDI”) rate. In 2021, the Company held swap contracts (Note 20.5) in which it receives LIBOR and pays a fixed rate. As of December 31, 2021, the Company prepared a sensitivity analysis for the exposure to the floating interest rates LIBOR, CDI and Extended National Consumer Price Index (“IPCA”), as disclosed in Note 20.8. 4.2 Exposure to credit risk The transactions that subject the Company to the concentration of credit risks are mainly in bank checking accounts, financial investments, and trade accounts receivable in which the Company is exposed to the risk of the financial institution or customer involved. In order to manage this risk, the Company maintains bank current accounts and financial investments with major financial institutions, weighting concentrations in accordance with the credit rating and the daily prices observed in the Credit Default Swap market for the institutions, as well as netting contracts that minimize the total credit risk arising from the many financial transactions entered into by the parties. As of December 31, 2021, 30.5% of the amounts recorded as “Cash and cash equivalents” (Note 5) and “Financial Investments” (Note 6) were allocated to financial institutions that had offset agreements with the Company. The obligations under these agreements are accounted for under “Borrowings” (Note 16). The effective netting of these amounts is possible only in the event of default by one of the parties. With respect to the credit risk of customers, the Company protects itself by performing a rigorous analysis before granting credit and obtaining secured and unsecured guarantees when considered necessary, including credit insurance. The maximum exposure to credit risk of non-derivative financial instruments on the reporting date is the sum of their carrying amounts less any impairment losses. 4.3 Liquidity risk The Company has a calculation methodology to determine a minimum cash “monthly vision” (30-day horizon) and a minimum cash “yearly vision” (up to 12-month horizon) for the purpose of, respectively: (i) ensuring the liquidity needed to comply with obligations of the following month; and (ii) ensuring that the Company maintains liquidity during potential crises. The amounts to determine the minimum cash “yearly vision” are calculated mainly based on the projected operating cash generation, less short-term debts and working capital needs. The amounts used for determining the minimum cash “monthly vision” consider the projected operating cash disbursement, debt service and contributions to projects, as well as the planned disbursement for derivatives maturing in the period, among other items. According to its Financial Policy, the Company uses as minimum cash the greater of these two references. In December 2021, the Company, in keeping with its commitment to maintain its financial liquidity, renewed an international revolving credit facility in the amount of US$1 billion (R$5.6 billion), which expires in 2026. This credit line may be used without restrictions to improve the Company’s credit quality or in the event of deterioration in the macroeconomic scenario. As of December 31, 2021, this new credit line had not been used. The Company's financial liabilities, including the amounts due under the Leniency Agreement (Note 25), are shown in the table below by maturity. These amounts are calculated based on cash flows not discounted and may not be reconciled with the amounts disclosed in the statement of financial position. Schedule of financial liabilities by maturity Non-Discounted Cash Flows Carrying Until Between one Between two More than amount one year and two years and five years five years Total Trade payables 12,164,730 12,094,454 111,464 - - 12,205,918 Borrowings 34,897,260 1,455,227 5,872,409 1,519,649 62,653,643 71,500,929 Debentures 196,918 63,883 150,265 34,776 248,925 Braskem Idesa borrowings 12,311,535 147,961 275,968 697,761 19,658,847 20,780,537 Derivatives 585,179 260,277 232,748 202,056 695,081 Loan to non-controlling shareholder of Braskem Idesa 3,646,538 - - - 4,894,826 4,894,826 Leniency agreement 1,123,296 385,073 886,818 218,723 1,490,614 Lease 3,156,414 777,410 633,141 1,220,548 746,143 3,377,242 At December 31, 2021 68,081,870 15,184,286 8,162,814 3,893,514 87,953,458 115,194,073 4.4 Capital management The Company’s policy is to maintain capital management to ensure the continuity and development of its business and to maintain the trust of investors, creditors and the general market. The capital structure, according to the Management, considers the balance between own capital and net debt. This composition meets the Company’s policy providing a consistent return to shareholders and other stakeholders. This structure also allows borrowing costs to maximize shareholder remuneration. Due to the impact of US$ on the Company’s operations, the Management believes that the own capital used for capital management purposes should be measured in this currency and on a historical basis. Moreover, the Company may temporarily maintain another capital structure, for example, during periods of growth, when the Company may finance a large portion of its projects through borrowings, provided that this option maximizes return for shareholders once the financed projects start operating. In order to adjust and maintain the capital structure, the Management may also consider the sale of non-strategic assets, the issue of new shares or even adjustments to dividend payments. As is the case of liquidity, capital is managed at the consolidated level, except for the liquidity and capital of the subsidiary Braskem Idesa, whose specific management is concentrated at the subsidiary level. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Cash And Cash Equivalents | |
Cash and cash equivalents | Cash and cash equivalents Schedule of cash and cash equivalents 2021 2020 Cash Domestic market 676,083 111,278 Foreign market (i) 4,374,739 1,835,685 Cash equivalents: Domestic market 1,141,221 8,271,312 Foreign market (i) 2,488,643 3,644,577 Total 8,680,686 13,862,852 (i) As of December 31, 2021, it includes cash of R$ 1,267,582 505,749 284,856 619,577 Include cash, bank deposits and highly liquid fixed income investments with redemption capacity in less than three months from the contracting date. Cash equivalents in Brazil are represented mainly by fixed-income instruments and time deposits held by the FIM Júpiter and FIM Netuno funds, such as government bonds issued by the National Treasury, bank deposit certificates (“CDBs”), financial bills, repurchase of debentures, and shares of fixed income investment funds. In 2021, the Company's average cash return was 102.5 % of the CDI (2020: 98.59 %). The cash equivalents abroad consist of fixed income instruments (Time Deposit). In 2021, the Company's average cash return in US$ was 0.45 0.83 |
Financial investments
Financial investments | 12 Months Ended |
Dec. 31, 2021 | |
Financial Investments | |
Financial investments | Financial investments Schedule of financial investments 2021 2020 Amortized cost Time deposit investments 106,271 53,941 Fair value through profit or loss LFT´s and LF´s (i) 2,337,171 2,163,042 Restricted funds investments (ii) 852,362 1,338,289 Other 213,751 87,519 Total 3,509,555 3,642,791 Current assets 3,492,710 3,627,227 Non-current assets 16,845 15,564 Total 3,509,555 3,642,791 (i) These financial instruments refer to Brazilian floating-rate government bonds (“LFTs”) issued by the Brazilian federal government and floating-rate bonds (“LFs”) issued by financial institutions. These bonds have original maturity above three months, immediate liquidity in the secondary market. (ii) Include the following amounts: R$ 835,517 16,845 100 In 2021, the average yield on time deposit investments was 0.52 0.76 |
Trade accounts receivable
Trade accounts receivable | 12 Months Ended |
Dec. 31, 2021 | |
Trade accounts receivable | Trade accounts receivable The Company’s average receivables term is generally 30 days; therefore, the amount of the trade accounts receivable approximates their fair value. The Company realizes part of its trade accounts receivable through the sale of trade notes to funds and financial institutions that acquire receivables. These operations are not entitled to recourse and the risks and benefits over the receivables are substantially transferred, for which reason the trade notes are derecognized. As of December 31, 2021, the total amount of the trade accounts receivables sold to third parties was R$ 3.5 1.8 39 12 Schedule of trade accounts receivable Note 2021 2020 Customers Domestic market Third parties 2,851,701 2,304,212 Related parties 9 12,240 20,863 2,863,941 2,325,075 Foreign market Third parties 4,434,653 2,603,140 4,434,653 2,603,140 Expected credit losses (i) (131,634) (173,007) Total 7,166,960 4,755,208 Current assets 7,153,565 4,731,979 Non-current assets 13,395 23,229 Total 7,166,960 4,755,208 (i) According to the Management, the Company’s Expected Credit Losses (“ECL”) are considered sufficient to cover any losses of receivables. Expected credit losses are determined based on the following stages: Stage 1: Stage 2: Stage 3: The following table shows the expected credit loss for each stage: Schedule of expected credit loss Estimated loss Trade accounts receivable Expected Credit Losses Stage 1 Operation risk 1 Minimum risk 4,167,950 Operation risk 2 Minimum risk 2,395,347 Operation risk 3 0.83 515,136 4,276 Operation risk 4 1.53 92,522 1,416 7,170,955 5,692 Stage 2 1st Renegotiation lower than or equal to 24 months 25 234 58 Between 90 and 180 days 30 2,172 651 2,406 709 Stage 3 Operation risk 5 100 18,738 18,738 Above 180 days 100 8,774 8,774 Legal 100 97,721 97,721 125,233 125,233 Total 7,298,594 131,634 The changes in the expected credit loss are presented below: Schedule of changes in allowance for doubtful accounts 2021 2020 2019 Balance of provision at the beginning of the year (173,007) (229,323) (233,625) Provision in the year (144,888) (65,571) (59,885) Reversal in the year 149,681 28,563 45,501 Write-offs 36,580 93,324 18,686 Balance of provision at the end of the year (131,634) (173,007) (229,323) The breakdown of trade accounts receivable by maturity is as follows: Schedule of trade accounts receivable by maturity 2021 2020 Accounts receivables not past due 6,705,123 4,368,714 Past due securities: Up to 90 days 431,899 396,953 Between 91 to 180 days 45,134 6,272 Above 180 days 116,438 156,276 7,298,594 4,928,215 Expected Credit Losses (131,634) (173,007) Total 7,166,960 4,755,208 Write-off The gross carrying amount of a financial asset is written-off when the Company has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventories | Inventories Schedule of inventory 2021 2020 Finished goods 9,271,708 3,693,870 Semi-finished goods 568,914 409,674 Raw materials, production inputs and packaging 3,356,660 2,163,527 Maintenance materials 766,994 766,316 Advances to suppliers 62,573 69,965 Imports in transit 2,308,252 1,298,334 Total 16,335,101 8,401,686 Current assets 16,335,101 8,383,650 Non-current assets 18,036 Total 16,335,101 8,401,686 Inventories are measured at the lower of cost and net realizable value. The cost of inventories is assigned by using the weighted average cost formula. In the case of manufactured inventories, besides raw materials and other consumables, cost includes an appropriate share of production overheads based on normal operating capacity. The effect of the provision for inventories at the year is shown below: Schedule of provision for inventories 2021 2020 2019 Balance at the beginning of the year 122,572 82,195 20,159 Additions 97,911 120,483 72,672 Utilization/reversals (138,265) (80,106) (10,636) Balance at the end of the year 82,218 122,572 82,195 |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2021 | |
Related parties | Related parties Schedule of related party transactions Balances at December 31, 2021 Balances at December 31, 2020 Novonor and Novonor and subsidiaries Petrobras and subsidiaries Petrobras and Balance sheet and associates subsidiaries Other Total and associates subsidiaries Other Total Assets Current Trade accounts receivable 4,894 7,346 12,240 6,354 14,509 20,863 Inventories 9,927 9,927 35,998 35,998 Dividends and interest on capital 165 165 Other Other receivabels 287 287 Non-current Related parties Other receivabels 38,987 38,987 Total assets 54,095 7,346 61,441 42,352 14,674 57,026 Liabilities Current Trade payables 103,259 134,063 11,113 248,435 33,100 601,203 9,641 643,944 Other payables 296,984 345 297,329 478 119 597 Non-current Loan to non-controlling shareholders 3,646,538 3,646,538 3,222,493 3,222,493 Total liabilities 103,259 431,047 3,657,996 4,192,302 33,100 601,681 3,232,253 3,867,034 Year ended December 31, 2021 Year ended December 31, 2020 Year ended December 31, 2019 Novonor and Novonor and Novonor and subsidiaries Petrobras and subsidiaries Petrobras and subsidiaries Petrobras and and associates subsidiaries Other Total and associates subsidiaries Other Total and associates subsidiaries Other Total Transactions Sales of products 171,665 540,855 712,520 182,521 326,825 509,346 665,417 588,785 1,254,202 Purchases of raw materials, finished goods services and utilities (306,426) (19,833,063) (6,953) (20,146,442) (133,127) (14,566,840) (20,350) (14,720,317) (293,501) (12,584,453) (10,738) (12,888,692) Financial income (expenses), net (141) (11,758) (245,819) (257,718) (452) (3,810) (818) (5,080) (96) (5) (10,967) (11,068) General and administrative expenses Post-employment benefits plan ("EPE") Private pension ("Vexty") (67,273) (67,273) (46,738) (46,738) (50,889) (50,889) Other expenses (217,497) (217,497) (34,873) (34,873) (a) New and/or renewed agreements with related parties The related-party transactions policy establishes that all transactions carried out between the Company and related parties must be negotiated independently and transparently, observing commutative conditions with those practiced by the market. As provided for in Braskem’s bylaws, the Board of Directors has the exclusive power to decide on any contract with related parties that exceed R$ 20,000 60,000 This is valid for contracts between Braskem and its subsidiaries and: (i) direct or indirect subsidiaries of Braskem in whose capital an interest is held by the controlling shareholder, by any direct or indirect subsidiaries thereof or by Key Management Personnel of such entities; (ii) associates of Braskem and subsidiaries of such entities; and (iii) joint ventures in which Braskem participates and any subsidiaries thereof. As part of its control to identify related parties, Key Management Personnel annually inform whether they, or their close relatives, hold full or shared control of any company. The related parties that have significant relationship with the Company are as follows: Novonor and its direct and indirect subsidiaries: - Tenenge Montagem e Manutenção Ltda. (“Tenenge”) Petrobras and its indirect joint ventures: - Almirante Dutra Terminal (“TEDUT”) - Companhia de Gás da Bahia (“Bahiagás”) - Companhia de Gás do Estado do Rio Grande do Sul (“Sulgás”) - Gás de Alagoas S.A. (“Algás”) - Petrobras Transporte S.A. (“Transpetro”) - Petrocoque S.A. Indústria e Comércio (“Petrocoque”) - Petróleo Brasileiro S.A. (“Petrobras”) - Refinaria Alberto Pasqualini - Refinaria Capuava (“RECAP”) - Refinaria de Mataripe S.A. (“REFMAT”) (*) - Refinaria Duque de Caxias (“REDUC”) - Refinaria Henrique Lage (“REVAP”) - Refinaria Landulpho Alves (“RLAM”) (*) - Refinaria Planalto de Paulínia (“REPLAN”) - Refinaria Presidente Getúlio Vargas (“REPAR”) (*) In 2021, Petrobras sold 100% of its shareholding in RFMAT, the entity that owns RLAM. Joint ventures of Braskem: - Refinaria de Petróleo Riograndense S.A. (“RPR”) Associate of Braskem: - Borealis Brasil S.A. (“Borealis”) Non-controlling shareholders of Braskem Idesa: - Etileno XXI, S.A. de C.V. - Grupo Idesa, S.A. de C.V. The main transactions with related parties are as follows: (i) Sales of gasoline to RPR are negotiated monthly. In 2021, sales amounted to R$ 100,539 93,632 $257,295 (ii) In January 2021, the Company entered into an agreement with Transpetro involving the provision of services to Braskem, namely tanker vessel unloading in the Madre de Deus Waterway Terminal (“TEMADRE”), tank storage, product transportation via the pipeline “ORMADRE” that connects TEMADRE to the RLAM, and the transportation of naphtha via pipeline from TEMADRE to the facilities of the carrier located in Camaçari/BA. The duration of the agreement is from February 1, 2021 to December 31, 2025, and the total estimated amount of the agreement is R$ 203,314 37,194 (iii) In March 2021, the Company executed an amendment to extend the agreement with Petrocoque, for purchase of steam to be used as energy by Polyethylene plants. This amendment, summed to total amount of the original agreement, executed in September 2009, amounts to R$ 325.6 16,541 34,141 (iv) In March 2021, the Company executed an agreement with Sulgás to acquire 200,000 m³/day of natural gas, via local gas distribution pipeline. In December 2021 the parties signed an amendment to the agreement to extend its terms from January 01, 2022 to March 31, 2022. In the fiscal year, the transactions amounted to R$ 125,163 (v) In October 2021, the Company entered into a purchase agreement with Petrobras for 108 kton/year of polymer-grade propylene from the REFAP, with delivery to Braskem’s polypropylene industrial units, PP1 and PP2, in Triunfo/RS. This agreement is in force from November 1, 2021 to October 31, 2022. The maximum amount of the agreement is estimated at R$ 630 million 117 million (vi) In December 2021, the Company entered into a purchase agreement with Petrobras for 100 kton/year of polymer-grade propylene from the REDUC, with delivery to Braskem’s PP5 industrial unit (“PP5”) in Rio de Janeiro, and for 8,760 tons per year of waste streams from PP5 to REDUC. The agreement is in force from January 1, 2022 to May 17, 2026. The maximum amount of the agreement is estimated at R$ 2.4 billion 190 million (vii) In December 2021, the Company entered into a purchase agreement with Petrobras for 140 kton/year of polymer-grade propylene from the RECAP, with delivery to Braskem’s PP4 industrial unit (“PP4”) in Mauá/SP, and for 1,400 tons per year of waste from PP4 to RECAP. The agreement is in force from January 1, 2022 to May 17, 2026. The maximum amount of the agreement is estimated at R$ 3.3 billion 62 million (viii) In December 2021, the Company entered into a purchase agreement with Petrobras for 220 kton/year of polymer-grade propylene from the REPLAN, with delivery to Braskem’s PP3 industrial unit (“PP3”) in Paulínia/SP, and for 17,520 tons per year of waste streams from PP3 to REPLAN. The agreement is in force from January 1, 2022 to May 3, 2028. The maximum amount of the agreement is estimated at R$8.1 billion for the purchase of propylene and R$ 384 million (ix) In December 2021, the Company entered into a purchase agreement with Petrobras for 120 kton/year and 40 kton per year of polymer-grade propylene from the REVAP, with delivery to Braskem’s PP3 and PP4 industrial units, respectively. This agreement is in force from January 1, 2022 to May 3, 2028 for the first 120 kton/year and from May 4, 2028 to June 30, 2029 for the remaining 40 kton/year. The maximum amount of the agreement is estimated at R$ 4.7 billion (x) In December 2021, the Company entered into a purchase agreement with Petrobras for 150 kton/year of polymer-grade propylene from the REPAR, with delivery to Braskem’s PP3 and PP4 industrial units. This agreement is in force from January 1, 2022 to December 6, 2029. The maximum amount of the agreement is estimated at R$ 6.8 billion (xi) In December 2021, the Company entered into the third amendment to the agreement governing the supply of natural gas by Algás to Braskem, via local gas pipeline, in force to March 2022. In 2021, the transactions amounted to R$ 311,434 183,476 236,913 (xii) In December 2021, the Company entered into an amendment to the agreement governing the supply of natural gas by Bahiagás to Braskem, via local gas pipeline, effective until December 2022. In 2021, the transactions amounted to R$ 759,710 592,013 901,574 (xiii) In January 2020, Braskem entered into an agreement with Tenenge to provide industrial maintenance services for shutdowns of large-scale equipment and occasional services on other types of equipment. This agreement has an estimated maximum value of R$ 669,000 221,461 45,408 (xiv) In February 2020, the Company signed the 5 th 1,260,000 436,090 213,830 (xv) In June 2020, the Company entered into a purchase option agreement for up to 2,850 kton/year of petrochemical naphtha to Petrobras. The agreement is in force from January 1, 2021 to December 31, 2025. The maximum estimated amount is R$ 30 billion 1,770,231. (xvi) In June 2020, the Company entered into two contract amendments with Transpetro for vessel loading and unloading services, product storage and leasing of the OSCAN16 pipeline and tanks located at the TEDUT, that are in force from November 1, 2021 to June 30, 2024. The maximum estimated amounts of the agreements are R$ 620,500 107,361 104,819 53,688 79,123 (xvii) In June 2020, the Company entered into two naphtha supply agreements with Petrobras from 200 to 450 kton/y, respectively, from the RLAM, with delivery to our industrial unit in Bahia, and from the REFAP, to our unit in Rio Grande do Sul. The agreements are in force from December 23, 2020 to December 31, 2025. In 2021, the transactions amounted to R$ 947,330 2,408,198 (xviii) In June 2020, the Company entered to a contractual amendment with Petrobras for the transfer of 80,000 m³ of space for storing products owned by Braskem in tanks at the REFAP, that are in force from November 1, 2020 to December 31, 2025. The maximum estimated amount is R$ 240,000 33,182 31,730 and 2019: R$ 24,981 (xix) In December 2020, the Company entered into an agreement with Petrobras to purchase ethane and propane to produce up to 580,000 tons of ethylene equivalent and sell up to 58.4 million Nm³ of hydrogen. This agreement is effective from January 1, 2021 to December 31, 2025. The estimated amount of the agreement is R$ 9.2 billion 1,981,786 (xx) In December 2020, the Company entered into a purchase agreement with Petrobras for up to 2 million tons of petrochemical naphtha per year, for us in Braskem’s industrial unit in São Paulo. This agreement is effective from December 23, 2020 to December 31, 2025. The estimated amount is R$ 25 billion 5,074,529 (xxi) Loan payable to the non-controlling shareholders of Braskem Idesa, with maturity in December 2029 and interest of 7% p.a. These funds were used by Braskem Idesa to finance its construction project. (b) Key management personnel compensation The expenses related to the remuneration of key management personnel, including the Board of Directors, the Chief Executive Officer, and vice-presidents, recorded in the profit or loss for the year, are shown as follows: Schedule of key management personnel Statement of profit or loss transactions 2021 2020 2019 Remuneration Short-term benefits 119,734 74,943 70,366 Post-employment benefit 2,121 961 1,104 Long term incentive plan 14,394 7,456 14,724 Total 136,249 83,360 86,194 Compensation of the Company’s key management personnel includes salaries, short and long-term incentives, non-cash benefits and contributions to a post-employment defined benefit plan (see Note 27). |
Taxes recoverable
Taxes recoverable | 12 Months Ended |
Dec. 31, 2021 | |
Taxes Recoverable | |
Taxes recoverable | Taxes recoverable Schedule of taxes recoverable 2021 2020 Parent Company and subsidiaries in Brazil IPI 521 1,435 Value-added tax on sales and services (ICMS) (a) 291,424 293,193 ICMS - credits from PP&E 224,308 163,847 Social integration program (PIS) and social contribution on revenue (COFINS) 250,491 199 PIS and COFINS - credits from PP&E 447,476 353,928 REINTEGRA program 21,764 16,799 Federal tax credits (b) 948,448 1,109,122 Other 88,684 40,234 Foreign subsidiaries Value-added tax ("IVA") 348,021 277,175 Other 59,579 9,470 Total 2,680,716 2,265,402 Current assets 1,428,658 1,192,665 Non-current assets 1,252,058 1,072,737 Total 2,680,716 2,265,402 (a) ICMS Accumulated ICMS credits over the past few years arise mainly from interstate acquisitions of electric power subject to tax substitution method and domestic sales subject to deferred taxation. The Management has been prioritizing a series of actions to maximize the use of these credits and currently does not expect losses on the realization of cumulative balances. (b) Federal tax credits The main tax credit refers to the exclusion of ICMS from the PIS/COFINS calculation basis. The Company and its merged companies filed various lawsuits claiming recognition of the right to exclude ICMS from the calculation basis for PIS and COFINS and the consequent tax refund. The oldest period of the lawsuit dates back to 1991. The Company, assisted by specialized third-party consulting firm, proceeded with the measurement of these tax credits, basically considering the amount of ICMS stipulated on the sales invoices and other tax information on the ancillary obligations, grounded in the legal opinion. During 2021, the final and unappealable decisions of proceedings originally filed by merged companies were certified, and the total of R$ 2,021,976 R$438,045 2,048,782 1,031,099 10,557 1,904,206 990,877 127,488 207,582 Of the total tax credit recorded by the Company related to this topic, since 2019, R$4,302,376 already has been offset. As of December 31, 2021, the balance is R$ 789,420 787,676 1,744 1,002,605 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2021 | |
Investments | Investments See the accounting policy in Note 2.3 Basis of Consolidation. (a) Information on investments Interest in total and Net profit (loss) for the year Equity voting capital (%) 2021 2020 2019 2021 2020 Jointly-controlled investment RPR (i) 33.20 312 (63,525) 29,687 50,064 32,217 Associate - - - - - Borealis (ii) 20.00 45,490 6,019 17,622 205,568 161,363 (i) The main activities are the refine, processing and sale and import of oil, its byproducts and correlated products. (ii) The main activities are the production and commercialization of petrochemical byproducts and correlated products. (b) Changes in investments Domestic associate Borealis RPR Other Total Balance at 2019 32,816 30,887 140 63,843 Dividends and interest on equity (1,748) (164) (1,912) Equity in results of investees 1,204 (21,093) (19,889) Other comprehensive income 1,067 1,067 Other 44 44 Balance at 2020 32,272 10,697 184 43,153 Dividends and interest on equity (295) (295) Equity in results of investees 9,136 103 9,239 Other comprehensive income 5,825 5,825 Capital increase 1,001 1,001 Balance at 2021 41,113 16,625 1,185 58,923 (c) Impact on the consolidation of Braskem Idesa In light of the allegations of undue payments related to the Ethylene XXI project, which were originally published in the media in Mexico and were included in the testimony by the former CEO of Pemex to the Office of the Attorney General of Mexico, Braskem S.A., together with Braskem Idesa, in compliance with the standards established by Braskem’s Global Compliance System Policy and Braskem Idesa’s governance guidelines, approved the hiring of an U.S. law firm with proven experience in similar cases to conduct an independent internal investigation of the allegations. The investigation was concluded in February 2022 and did not find evidence to support the allegations by the former CEO of Pemex regarding allegedly improper payments in connection with or otherwise related to the Ethylene XXI project. The Company presents the financial information of the subsidiary in which the non-controlling shareholder holds interests, and the material effects on the Company’s consolidated statements: Balance sheet Consolidated Braskem without the effect of Braskem Idesa consolidated (i) Eliminations Consolidated 2021 2020 2021 2020 2021 2020 2021 2020 Assets Curent Cash and cash equivalents 6,907,355 12,958,419 1,773,331 904,433 8,680,686 13,862,852 Financial investments 3,492,710 3,627,227 3,492,710 3,627,227 Trade accounts receivable 6,607,762 4,386,825 1,225,479 577,530 (679,676) (232,376) 7,153,565 4,731,979 Inventories 15,325,001 7,876,485 1,010,100 507,165 16,335,101 8,383,650 Taxes recoverable 1,402,100 1,144,355 26,558 48,310 1,428,658 1,192,665 Recoverable income taxes 1,189,812 1,547,916 1,189,812 1,547,916 Derivatives 33,816 33,769 33,816 33,769 Other current assets 841,473 688,944 137,624 121,242 979,097 810,186 Total current assets 35,800,029 32,263,940 4,173,092 2,158,680 (679,676) (232,376) 39,293,445 34,190,244 Non-current Financial investments 16,845 15,564 16,845 15,564 Taxes recoverable 983,655 847,399 268,403 225,338 1,252,058 1,072,737 Income tax and social contribution 230,069 72,267 230,069 72,267 Deferred tax assets 6,481,642 6,658,276 1,775,610 1,871,696 8,257,252 8,529,972 Related parties 10,064,320 9,122,666 (ii) (10,064,320) (9,122,666) Derivatives 51 34,091 51 34,091 Judicial deposits 194,212 196,911 194,212 196,911 Other non-current assets 354,083 251,398 24,964 17,347 379,047 268,745 Investments 58,923 43,153 58,923 43,153 Property, plant and equipment 23,510,588 22,295,803 14,483,720 14,436,012 (iii) (769,178) (802,666) 37,225,130 35,929,149 Intangible 2,572,675 2,568,869 304,624 259,822 2,877,299 2,828,691 Right of use of assets 2,427,633 2,509,484 352,404 392,911 2,780,037 2,902,395 Total non current assets 46,894,696 44,615,881 17,209,725 17,203,126 (10,833,498) (9,925,332) 53,270,923 51,893,675 Total assets 82,694,725 76,879,821 21,382,817 19,361,806 (11,513,174) (10,157,708) 92,564,368 86,083,919 Liabilities and shareholders' equity Current Trade payables 11,861,563 9,753,762 871,379 424,929 (679,676) (232,376) 12,053,266 9,946,315 Borrowings 1,343,494 1,318,931 1,343,494 1,318,931 Debentures 59,088 54,436 59,088 54,436 Braskem Idesa Borrowings 86,765 7,660,128 86,765 7,660,128 Payroll and related charges 1,095,040 776,134 75,306 38,432 1,170,346 814,566 Taxes payable 1,003,813 927,039 8,303 25,650 1,012,116 952,689 Income tax and social contribution 1,672,844 284,129 1,672,844 284,129 Lease 598,523 821,695 76,843 73,414 675,366 895,109 Provision - geological event in Alagoas 4,378,071 4,349,931 4,378,071 4,349,931 Other current liabilities 2,495,544 1,947,569 246,623 163,371 2,742,167 2,110,940 Total current liabilities 24,507,980 20,233,626 1,365,219 8,385,924 (679,676) (232,376) 25,193,523 28,387,174 Non-current Loan agreements 33,553,766 40,413,192 33,553,766 40,413,192 Braskem Idesa Borrowings 12,224,770 4,399,110 12,224,770 4,399,110 Debentures 137,830 181,679 137,830 181,679 Accounts payable to related parties 10,134,287 9,140,064 (ii) (10,134,287) (9,140,064) Loan to non-controlling shareholders of Braskem Idesa (v) 3,646,538 3,222,493 3,646,538 3,222,493 Income tax and social contribution 576,174 576,174 Deferred tax liabilities 1,407,434 1,234,398 1,407,434 1,234,398 Provision for losses on subsidiaries 5,284,666 5,283,264 (iv) (5,284,666) (5,283,264) Lease 2,147,745 1,962,235 333,303 350,542 2,481,048 2,312,777 Provision - geological event in Alagoas 3,283,188 4,825,846 3,283,188 4,825,846 Other non-current liabilities 4,406,733 4,274,837 25,710 122,757 4,432,443 4,397,594 Total non current liabilities 50,221,362 58,751,625 26,364,608 17,234,966 (15,418,953) (14,423,328) 61,167,017 61,563,263 Shareholders' equity Attributable to theCompany's shareholders 7,865,819 (2,202,306) (6,347,010) (6,259,084) 6,347,010 6,259,084 7,865,819 (2,202,306) Non-controlling interest in subsidiaries 99,564 96,876 (1,761,555) (1,761,088) (1,661,991) (1,664,212) Total shareholders equity 7,965,383 (2,105,430) (6,347,010) (6,259,084) 4,585,455 4,497,996 6,203,828 (3,866,518) Total liabilities and shareholders' equity (net capital deficiency) 82,694,725 76,879,821 21,382,817 19,361,806 (11,513,174) (10,157,708) 92,564,368 86,083,919 (i) Consolidation of Braskem Idesa with its direct subsidiaries Braskem Idesa Serviços and Terminal Química. (ii) Loan from Braskem Holanda as part of shareholders’ contribution to the Braskem Idesa project. (iii) Adjustment corresponding to the capitalization of a portion of financial charges of the above-mentioned loan. (iv) Provision recorded in the subsidiary Braskem Holanda for the negative shareholders' equity of Braskem Idesa. (v) Loan payable, maturing December 2029 and 7% p.a., to the non-controlling shareholders of Braskem Idesa. These proceeds were used by Braskem Idesa to fund its construction project. Statement of profit or loss Consolidated Braskem Ex consolidated Braskem Idesa Braskem Idesa consolidated Eliminations Consolidated 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Net revenue 101,448,155 55,779,528 49,961,286 6,333,199 4,046,581 3,050,420 (2,156,153) (1,282,615) (688,181) 105,625,201 58,543,494 52,323,525 Cost of products sold (72,471,291) (45,563,723) (44,111,980) (3,321,601) (3,112,129) (2,509,060) 2,224,661 1,344,438 741,922 (73,568,231) (47,331,414) (45,879,118) 28,976,864 10,215,805 5,849,306 3,011,598 934,452 541,360 68,508 61,823 53,741 32,056,970 11,212,080 6,444,407 Income (expenses) Selling and distribution (1,834,303) (1,609,844) (1,582,794) (221,337) (242,211) (200,661) (2,055,640) (1,852,055) (1,783,455) (Loss) reversals for impairment (8,736) (55,074) (4,772) (178) (178) (2,297) (8,914) (55,252) (7,069) General and administrative (2,292,884) (1,739,541) (2,082,002) (229,334) (179,350) (141,269) 91 144 (909) (2,522,127) (1,918,747) (2,224,180) Research and development (296,583) (250,648) (247,730) (296,583) (250,648) (247,730) Results from equity-accounted investees (82,709) (1,026,922) (326,427) 87,353 1,007,524 336,645 4,644 (19,398) 10,218 Other income 1,530,443 748,923 2,102,684 4,044 1,826 305,750 1,534,487 750,749 2,408,434 Other expenses (2,651,425) (7,573,874) (4,466,450) (17,865) (364,747) 19,508 (2,669,290) (7,938,621) (4,446,942) 23,340,667 (1,291,175) (758,185) 2,546,928 149,792 522,391 155,952 1,069,491 389,477 26,043,547 (71,892) 153,683 Financial results Financial expenses (4,750,895) (3,851,233) (3,009,471) (1,618,020) (1,505,628) (1,205,412) 461,760 443,496 332,098 (5,907,155) (4,913,365) (3,882,785) Financial income 2,276,312 1,032,530 1,135,118 12,886 11,150 47,534 (461,760) (443,496) (332,098) 1,827,438 600,184 850,554 Exchange rate variations, net (2,884,292) (4,823,269) (1,768,850) (1,164,697) (482,125) 75,610 46,182 6,683 (31,280) (4,002,807) (5,298,711) (1,724,520) (5,358,875) (7,641,972) (3,643,203) (2,769,831) (1,976,603) (1,082,268) 46,182 6,683 (31,280) (8,082,524) (9,611,892) (4,756,751) Profit (loss) before income tax 17,981,792 (8,933,147) (4,401,388) (222,903) (1,826,811) (559,877) 202,134 1,076,174 358,197 17,961,023 (9,683,784) (4,603,068) Income taxes (3,991,055) 2,253,684 1,873,207 (8,348) 414,794 89,463 (3,999,403) 2,668,478 1,962,670 (3,991,055) 2,253,684 1,873,207 (8,348) 414,794 89,463 (3,999,403) 2,668,478 1,962,670 Net profit (loss) for the year 13,990,737 (6,679,463) (2,528,181) (231,251) (1,412,017) (470,414) 202,134 1,076,174 358,197 13,961,620 (7,015,306) (2,640,398) Statement of cash flows Consolidated Braskem Ex consolidated Braskem Idesa Braskem Idesa consolidated Eliminations Consolidated 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Profit (loss) before income tax 17,981,792 (8,933,147) (4,401,388) (222,903) (1,826,811) (559,877) 202,134 1,076,174 358,197 17,961,023 (9,683,784) (4,603,068) Adjustments for reconciliation of profit (loss) Depreciation and amortization 3,450,171 2,995,609 2,732,181 796,861 1,114,439 952,916 (68,599) (61,967) (52,832) 4,178,433 4,048,081 3,632,265 Results from equity-accounted investees 82,709 1,026,922 326,427 (87,353) (1,007,524) (336,645) (4,644) 19,398 (10,218) Net interest, monetary and foreign exchange gain/losses 3,792,708 8,541,980 3,050,987 2,564,905 1,921,975 1,062,843 (46,182) (6,683) 31,280 6,311,431 10,457,272 4,145,110 Provisions (reversal and recovery of credits), net 819,130 336,838 320,439 819,130 336,838 320,439 Provision - geological event in Alagoas 1,339,765 6,901,828 3,383,067 1,339,765 6,901,828 3,383,067 PIS and COFINS credits - exclusion of ICMS (1,031,099) (310,557) (1,904,206) (1,031,099) (310,557) (1,904,206) Loss (reversals) for impairment of trade accounts receivable 10,134 55,252 7,069 (1,220) 8,914 55,252 7,069 Provision for losses and write-offs of long-lived assets 114,148 8,794 224,825 1,039 379 115,187 8,794 225,204 Adjustments for reconciliation of profit 26,559,458 10,623,519 3,739,401 3,138,682 1,209,603 1,456,261 29,698,140 11,833,122 5,195,662 Changes in operating assets and liabilities Judicial deposits - unfreezing (blocking) Public Civil Action 3,746,107 (3,680,460) 3,746,107 (3,680,460) Financial investments 296,957 (1,860,827) 797,445 296,957 (1,860,827) 797,445 Trade accounts receivable (2,002,897) (2,247,729) 677,176 (619,688) (152,971) 325,820 447,300 212,874 (107,950) (2,175,285) (2,187,826) 895,046 Inventories (7,176,104) (309,492) 825,236 (398,181) 56,958 42,581 (7,574,285) (252,534) 867,817 Taxes recoverable 4,958,779 1,584,911 1,216,225 4,808 (52,357) (20,798) 4,963,587 1,532,554 1,195,427 Prepaid expenses (67,923) (172,027) 85,549 87,245 465,812 117,183 19,322 293,785 202,732 Other receivables (201,798) 44,513 (242,727) (16,080) 352,590 (30,938) (217,878) 397,103 (273,665) Trade payables 1,218,550 (2,926,585) 330,633 428,364 137,895 (156,138) (447,300) (212,874) 107,950 1,199,614 (3,001,564) 282,445 Taxes payable (2,878,056) 965,191 (485,309) (129,432) (515,430) (84,484) (3,007,488) 449,761 (569,793) Advances from customers (217,159) 224,764 176,189 (16,792) (25,776) 21,776 (233,951) 198,988 197,965 Leniency agreement (389,087) (349,842) (341,605) (389,087) (349,842) (341,605) Sundry provisions (482,565) (158,915) (226,519) 168,371 13,560 10,971 (314,194) (145,355) (215,548) Geological event in Alagoas (2,928,081) (1,181,931) (2,928,081) (1,181,931) Other payables 1,040,674 (217,997) 348,916 (1,271) 33,810 13,287 1,039,403 (184,187) 362,203 Cash generated from operations 17,730,748 7,763,660 3,220,150 2,646,026 1,523,694 1,695,521 20,376,774 9,287,354 4,915,671 Interest paid (2,207,196) (1,946,931) (1,576,526) (676,237) (789,890) (661,919) (2,883,433) (2,736,821) (2,238,445) Income taxes paid (2,697,829) (252,479) (403,614) (9,027) (5,063) (8,337) (2,706,856) (257,542) (411,951) Net cash generated by operating activities 12,825,723 5,564,250 1,240,010 1,960,762 728,741 1,025,265 14,786,485 6,292,991 2,265,275 Proceeds from the sale of property, plant and equipment 40,353 33,140 12,590 40,353 33,140 12,590 Dividends received 295 4,822 3,513 295 4,822 3,513 Acquisitions to property, plant and equipment (3,249,132) (2,653,009) (2,578,558) (172,192) (106,780) (103,964) (3,421,324) (2,759,789) (2,682,522) Net cash used in investing activities (3,208,484) (2,615,047) (2,562,455) (172,192) (106,780) (103,964) (3,380,676) (2,721,827) (2,666,419) Short-term and long-term debt Acquired 16,308 13,049,459 20,586,103 16,308 13,049,459 20,586,103 Payments (9,413,909) (8,734,505) (17,425,409) (9,413,909) (8,734,505) (17,425,409) Braskem Idesa borrowings Acquired 7,271,658 3,497,622 7,271,658 3,497,622 Payments (7,995,045) (905,210) (4,398,453) (7,995,045) (905,210) (4,398,453) Loan to non-controlling shareholders 216,862 (226,407) (37,618) (9,545) (37,618) Lease payments (787,932) (610,392) (407,320) (53,774) (51,676) (46,870) (841,706) (662,068) (454,190) Dividends paid (5,993,265) (2,380) (668,904) (5,993,265) (2,380) (668,904) Other financial liabilities (534,456) 499,999 (534,456) 499,999 Cash generated (used) in financing activities (15,961,936) 3,167,726 2,584,469 (1,003,568) (994,504) (947,701) (16,965,504) 2,173,222 1,636,768 Exchange variation on cash of foreign subsidiaries 293,633 1,054,845 (59,659) 83,896 259,741 80,278 377,529 1,314,586 20,619 (Decrease) increase in cash and cash equivalents (6,051,064) 7,171,774 1,202,365 868,898 (112,802) 53,878 - - - (5,182,166) 7,058,972 1,256,243 Represented by Cash and cash equivalents at the beginning for the year 12,958,419 5,786,645 4,584,280 904,433 1,017,235 963,357 - - - 13,862,852 6,803,880 5,547,637 Cash and cash equivalents at the end for the year 6,907,355 12,958,419 5,786,645 1,773,331 904,433 1,017,235 - - - 8,680,686 13,862,852 6,803,880 (Decrease) increase in cash and cash equivalents (6,051,064) 7,171,774 1,202,365 868,898 (112,802) 53,878 - - - (5,182,166) 7,058,972 1,256,243 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, plant and equipment | 12 Property, plant and equipment Items of property, plant and equipment are measured at the historical cost of acquisition or construction, which includes capitalized borrowing costs, less accumulated depreciation and any accumulated impairment losses. The machinery, equipment and facilities require inspections, replacement of components and maintenance in regular intervals. The Company makes shutdowns in regular intervals that vary from two to six years to perform these activities. Expenses with each scheduled shutdown are included in property, plant and equipment items that were the stoppage’s subject matter and are fully depreciated until the beginning of the following related stoppage. The expenditures with personnel, the consumption of small materials, maintenance, and the related services from third parties are recorded, when incurred, as production costs. Depreciation starts when the assets become available and is calculated using the straight-line method, based on the useful life estimated by the Company’s technicians with vast experience in managing the plants. The useful lives of assets are reviewed at each reporting date and adjusted if appropriate. The main factors taken into consideration in the definition of the useful life of the assets that compose the Company’s industrial plants are the information of manufacturers of machinery and equipment, level of the plants’ operations, quality of preventive and corrective maintenance and the prospects of technological obsolescence of assets. The estimated useful lives applied to the assets determined the following average depreciation rates per year: Schedule of estimated useful lives 2021 2020 Buildings and improvements 2.92 2.82 Machinery, equipment and installations 6.74 6.31 Furniture and fixtures 10.06 10.03 IT equipment 21.18 20.23 Lab equipment 9.53 9.57 Security equipment 10.04 9.54 Vehicles 18.82 18.89 Other 17.05 13.55 Borrowing costs are capitalized as ongoing projects, using: (i) the average rate of the financings; and (ii) the exchange variation portion that corresponds to any positive difference between the average rate of financing in the domestic market and the rate cited in item (i). In 2021, capitalized interest amounted to R$ 192,207 252,427 8.33 7.85 As of December 31, 2021, the acquisition of property, plant and equipment with payment installments is R$ 295,056 160,877 (a) Reconciliation of carrying amount Land Buildings and Improvements Machinery, Equipment and Facilities Projects and Stoppage in Progress (i) Other Total Cost 613,807 7,064,972 44,439,196 7,009,473 1,726,026 60,853,474 Accumulated depreciation and amortization (2,492,705) (24,789,920) (1,255,668) (28,538,293) Balance as of December 31, 2019 613,807 4,572,267 19,649,276 7,009,473 470,358 32,315,181 Acquisitions 590 60,130 2,609,565 4,030 2,674,315 Capitalized financial charges 252,427 252,427 Foreign currency translation adjustment Cost 69,244 1,132,817 2,982,072 1,136,671 74,856 5,395,660 Depreciation (314,092) (997,664) (46,919) (1,358,675) Transfers by concluded projects 105,702 6,248,845 (6,542,755) 188,208 Transfers to inventory (53,903) 76,709 22,806 Transfers to intangible (22,373) (18,619) (40,992) Disposals Cost (20) (22,657) (328,411) (12,576) (363,664) Depreciation 20,299 305,759 10,631 336,689 Depreciation and amortization (372,687) (2,787,042) (144,869) (3,304,598) Net book value 683,031 5,122,239 25,132,965 4,389,105 601,809 35,929,149 Cost 683,031 8,281,424 53,401,832 4,389,105 2,038,666 68,794,058 Accumulated depreciation (3,159,185) (28,268,867) - (1,436,857) (32,864,909) Balance as of December 31, 2020 683,031 5,122,239 25,132,965 4,389,105 601,809 35,929,149 Acquisitions 338 160,297 3,388,078 3,421 3,552,134 Capitalized financial charges 192,207 192,207 Foreign currency translation adjustment Cost 17,046 287,866 1,118,655 74,428 23,859 1,521,854 Depreciation (88,406) (313,267) (16,760) (418,433) Transfers by concluded projects 244 13,965 3,207,833 (3,412,665) 190,623 Transfers to inventory (16,838) (16,838) Transfers to intangible 31,495 (11,673) (73,397) (11,847) (65,422) Disposals Cost (10,856) 9,723 (353,274) (91,485) (41,066) (486,958) Depreciation 168 387,005 9,206 396,379 Depreciation (195,900) (3,038,176) (143,164) (3,377,241) Transfers to "non-current assets held for sale" (1,701) (2) 2 (1,701) Transfers Others 118,629 (40,095) (78,534) Net book value 687,764 5,181,488 26,408,992 4,409,338 537,549 37,225,130 Cost 687,764 8,591,020 57,535,343 4,449,433 2,215,503 73,479,063 Accumulated depreciation (3,409,532) (31,126,351) (40,095) (1,677,954) (36,253,933) Balance as of December 31, 2021 687,764 5,181,488 26,408,992 4,409,338 537,549 37,225,130 (i) As of December 31, 2021, the amounts recorded under this item corresponded to expenses with scheduled shutdowns in Brazil and at overseas plants in the amount of R$ 1,473,396 (2020: R$924,747), capitalized financial charges in the amount of R$237,519 (2020: R$233,963), inventories of spare parts in the amount of R$534,875 (2020: R$405,497), strategic projects ongoing in Brazil in the amount of R$351,657 (2020: R$256,873) and in Braskem America in the amount of R$136,342 (2020: R$313,080). The remainder corresponds mainly to various projects for maintaining the production capacity of plants. (b) Property, plant and equipment by country Schedule of property, plant and equipment by country 2021 2020 Brazil 15,867,387 15,105,253 Mexico 13,714,543 13,632,787 United States of America 7,281,077 6,823,655 Germany 356,288 363,975 Other 5,835 3,479 37,225,130 35,929,149 (c) Impairment loss Annually, or whenever there is any indication that an asset has suffered devaluation, the Company conducts an analysis to determine if there are indicators that the book value of property, plant and equipment may not be recoverable. This analysis is conducted to assess the existence of scenarios that could adversely affect its cash flow and, consequently, its ability to recover the investment in such assets. These scenarios arise from issues of a macroeconomic, legal, competitive, or technological nature. The following are considered by the Company as relevant points and are observed in this analysis: (i) the possibility of an oversupply of products manufactured by the Company or of a significant reduction in demand due to adverse economic factors; (ii) the prospects of material fluctuations in the prices of products and inputs; (iii) the likelihood of the development of new technologies or raw materials that could materially reduce production costs and consequently impact sales prices, ultimately leading to the full or partial obsolescence of the industrial facilities of the Company; and (iv) changes in the general regulatory environment that make the production process of Braskem infeasible or that significantly impact the sale of its products. The impairment value of an asset or CGU is the greatest of the value in use and its fair value less sales costs. The value in use is based on estimated future cash flows, discounted to present value using a discount rate before tax that reflects the current market assessments of the time value of money and the specific risks related to the asset or CGU. When identifying whether cash inflows from an asset (or group of assets) are largely independent of cash inflows from other assets (or groups of assets), the Company considers several factors, such as: product lines, individual locations and the way Management monitors and makes decisions about the going-concern analysis. No events indicated that the carrying amount exceeds its recoverable amount as of December 31, 2021, and 2020. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [abstract] | |
Intangible assets | 13 Intangible assets Schedule of changes in intangible assets Customers Brands Software and Suppliers Goodwill and Patents licenses Agreements Total Cost 3,187,678 451,415 874,159 392,180 4,905,432 Accumulated amortization (1,128,804) (199,800) (602,223) (212,517) (2,143,344) Balance as of December 31, 2019 2,058,874 251,615 271,936 179,663 2,762,088 Acquisitions 1,789 38,660 66 40,515 Foreign currency translation adjustment 38,409 21,531 59,940 Cost 46,311 56,422 102,733 Amortization (7,902) (34,891) (42,793) Transfers from property, plant and equipment 40,992 40,992 Amortization (6,753) (46,075) (22,016) (74,844) Net book value 2,058,874 285,060 327,044 157,713 2,828,691 Cost 3,187,678 499,515 1,010,201 392,246 5,089,640 Accumulated amortization (1,128,804) (214,455) (683,157) (234,533) (2,260,949) Balance as of December 31, 2020 2,058,874 285,060 327,044 157,713 2,828,691 Acquisitions 670 67,686 420 68,776 Foreign currency translation adjustment 9,732 4,539 14,271 Cost 12,443 13,023 25,466 Amortization (2,711) (8,484) (11,195) Transfers from property, plant and equipment 28,770 36,652 65,422 Disposals (3,393) (3,393) Amortization (10,444) (64,008) (22,016) (96,468) Net book value 2,058,874 313,789 368,520 136,117 2,877,299 Cost 3,187,678 549,196 1,123,619 392,666 5,253,159 Accumulated amortization (1,128,804) (235,408) (755,099) (256,549) (2,375,860) Balance as of December 31, 2021 2,058,874 313,789 368,520 136,117 2,877,299 13.1 Goodwill based on expected future profitability The existing goodwill was determined in accordance with the criteria established by the accounting practices adopted in Brazil before the adoption of the IFRS pronouncements and represents the excess of the amount paid over the amount of equity of the companies acquired. Goodwill is allocated to the Cash Generating Units (“CGUs”) or groups of assets that are expected to benefit from the synergies of the combination. Such goodwill was amortized for accounting purposes until December 2008. From 2009 on, it has been subjected to annual impairment tests. Impairment testing is based on estimated cash generation in each CGU or groups of assets, extracted from the Company’s fiver-year Business Plan (see Note 22.2) and from the Management plan for a period greater than 5 years to reflect the industry cycle patterns, with a total projection period of 10 years. Perpetuity is also calculated based on the long-term vision and excluding real growth. Cash flows and perpetuity are adjusted to present value at a discount rate based on the Weighted Average Cost of Capital (“WACC”). The table below shows the results obtained in the tests conducted by the Company in December 2021: Schedule of goodwill impairment testing Allocated Recoverable Book goodwill amount (i) value (ii) CF/Book value Northeastern petrochemical complex 475,780 18,906,760 2,977,586 6.3 Southern petrochemical complex 1,390,741 32,032,400 6,674,673 4.8 Vinyls 192,353 9,020,523 2,937,569 3.1 Total 2,058,874 59,959,683 12,589,828 (i) The book value includes, in addition to goodwill, property, plant and equipment and intangible assets with defined useful lives and the working capital. The WACC used was 9.09 2.83 Given the potential impact on cash flows of the “discount rate” and “perpetuity”, the Company conducted a sensitivity analysis based on changes in these variables, with cash flows shown in the table below: +0.5% on -0.5% on discount rate perpetuity Northeastern petrochemical complex 17,604,424 18,124,544 Southern petrochemical complex 29,062,222 30,003,729 Vinyls 8,251,301 8,595,310 The main assumptions used for projecting cash flows are related to the projection of macroeconomic indicators, international prices, and global and local demand in the countries where the Company has operational plants. Macroeconomic indicators include items such as: exchange, inflation, interest rates, among others. Prices for key petrochemical products are obtained from a specialized third party consulting firm, drawing on projections reviewed and supplemented based on Management’s experience. Final prices take into consideration the meetings of specific internal committees and the knowledge of the Company’s experts in preparing the benchmarks for each market. Similar to prices, indicators for global demand also are prepared with specialized consulting firms. In the markets where the Company operates more directly, they consider additional variables for the local demand composition. 13.2 Intangible assets with definite useful lives These intangible assets are measured at historical cost of acquisition or at fair value when acquired in a business combination, deducted from accumulated amortization and, if applicable, accumulated impairment loss. Subsequent costs are capitalized only when they increase the future economic benefits incorporated into the specific asset to which they are related. Amortization is calculated using the straight-line method based on the estimated useful life of the items, and revised on each reporting date, as follows: Schedule of amortization estimated useful life - Brands and patents 10 20 - Software licenses and rights of use 5 10 - Customers and suppliers agreements 14 28 Expenditure on research activities is recognized in profit or loss as incurred. Development expenditure is capitalized only of the expenditure can be measure reliably, the product or process is technically, and commercially feasible, future economic benefits are probable and the Company intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognized in profit or loss as incurred. Based on Management’s assessment, there were no events indicating that the carrying amount exceeds its recoverable amount as of December 31, 2021, and 2020. 13.3 Intangible assets by country Schedule of intangible assets by country 2021 2020 Brazil 2,526,999 2,517,470 Mexico 304,624 259,822 United States of America 24,404 25,156 Germany 21,253 26,211 Other 19 32 2,877,299 2,828,691 |
Right-of-use assets and lease l
Right-of-use assets and lease liability | 12 Months Ended |
Dec. 31, 2021 | |
Right-of-use Assets And Lease Liability | |
Right-of-use assets and lease liability | Right-of-use assets and lease liability The Company assesses whether a contract is or contains a lease if the contract transfers the right to control the use of an asset identified for a period in exchange for consideration. The Company leases various offices, railcars, vessels, equipment and vehicles. Such leases are negotiated individually and are subject to various terms and conditions. As a lessee, the Company, to determine the enforceable term of the lease, considers all facts and circumstances that create an economic incentive for exercising the option of extension or create economic disincentives for not exercising the option of early termination. 14.1 Right-of-use assets Leases are recognized as a right-of-use asset and a corresponding liability on the date on which the leased asset becomes available to the Company. The right-of-use asset is measured at the cost composed of: • The amount initially measured of the lease liabilities; • Any payment made up to the start of the lease, deducting any incentive received; • Any initial direct cost; and • Renovation costs. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Company by the end of the lease term or the cost of the right-of-use asset reflects that the Company will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property, plant and equipment. Changes in right-of-use assets: Balance as of Foreign currency Balance as of Dec. 31, 2020 Acquisitions Depreciation Disposal translation adjustment Dec. 31, 2021 Rail cars 1,007,336 102,648 (187,915) 63,992 986,061 Machinery and equipment 749,728 281,113 (207,985) (30,245) 643 793,254 Ships 834,848 258,201 (399,677) 3,289 696,661 Buildings and constructions 259,896 52,897 (52,997) (6,333) 11,849 265,312 Vehicles 33,888 51,171 (24,078) (31,667) 135 29,449 Computer equipment and goods 16,699 542 (4,334) (3,682) 75 9,300 Total 2,902,395 746,573 (876,986) (71,928) 79,983 2,780,037 Balance as of Foreign currency Balance as of Dec. 31, 2019 Acquisitions Depreciation Disposal translation adjustment Dec. 31, 2020 Rail cars 746,040 244,199 (180,146) 197,243 1,007,336 Ships 865,387 258,193 (286,905) (12,687) 10,860 834,848 Machinery and equipment 743,248 227,690 (198,441) (25,801) 3,032 749,728 Buildings and constructions 212,170 65,176 (54,712) 37,262 259,896 Vehicles 26,286 21,502 (14,473) 573 33,888 Computer equipment and goods 12,523 9,341 (5,499) 334 16,699 Total 2,605,654 826,101 (740,176) (38,488) 249,304 2,902,395 In 2021, the expenses related to the low-value leases was R$ 7.2 million 981 To optimize lease costs during the lease term, the Company must provide guaranteed residual amounts for the leased asset. For certain lease agreements for railcars, the Company guaranteed any difference between the flow of contractual payments and the fair value of these assets upon the end of the enforceable term, limited to R$ 70,085 12,559 62,256 12,559 14.2 Lease liability The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or if that rate cannot be readily determined, the Company’s incremental borrowing rate. The lease liability considers the net present value of the following lease payments: • Fixed payments discounting any incentive received; • Variable payments based on rates or indexes; • Expected payables to the lessor referring to the guaranteed residual amount; • Exercise price of a purchase option, if it is reasonably certain that lessee will exercise such option; and • Payment of fines for termination of the lease if the contractual terms provide for lessee’s exercise option. The Company’s incremental borrowing rate corresponds to the one the Company would have pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use in a similar economic environment. The weighted average incremental rate applied in 2021 was 5.18 7.30 Changes in lease liabilities: 2021 2020 Balance at the beginning of the year 3,207,886 2,676,896 Acquired 746,573 826,101 Disposals (50,473) (38,488) Interests and monetary and exchange variations, net 206,375 327,135 Currency translation adjustments 85,984 267,493 Payments (841,706) (662,068) Interest paid (198,225) (189,183) Balance at the end of the year 3,156,414 3,207,886 Current liability 675,366 895,109 Non-current liability 2,481,048 2,312,777 Total 3,156,414 3,207,886 The table below presents the obligations (minimum annual commitments) related to undiscounted lease agreements, by maturity, and may not be reconcilable with the statement of financial position. Schedule of payment schedule by maturity 2021 2022 777,410 2023 633,141 2024 493,147 2025 399,924 2026+ 1,073,620 Total 3,377,242 14.3 Extension Options Some leases contain extension options exercisable by the Company. The extension options held are exercisable only by the Company and not by the lessors. The Company assesses at lease commencement date whether it is reasonably certain to exercise the options. if there is a significant event or significant changes in circumstances within its control. 14.4 Non-cash transactions 96100In 2021, out of the net effect of additions and disposals of the right of use assets, non-cash transactions are R$ 565,774 787,613 14.5 Uninitiated lease arrangements The Company has committed to lease arrangements not yet effective as of December 31, 2021. The present value of the commitments corresponds to R$ 1.8 billion |
Trade payables
Trade payables | 12 Months Ended |
Dec. 31, 2021 | |
Trade payables | Trade payables Schedule or trade account payables Note 2021 2020 Trade payables: Domestic market Third parties 1,505,841 1,077,679 Third parties (forfait) (i) 487,806 239,512 Total Third parties 1,993,647 1,317,191 Related parties 208,287 97,900 Related parties (forfait) (i) 40,148 546,044 Total Related parties 9 248,435 643,944 Foreign market (ii) Third parties 9,962,736 8,023,032 Present value adjustment - foreign market (iii) (40,088) (30,619) 12,164,730 9,953,548 Current liabilities 12,053,266 9,946,315 Non-current liabilities 111,464 7,233 Total 12,164,730 9,953,548 (i) The Company has payment agreements with financial institutions that allow certain suppliers to opt for granting their receivables from the Company upon accepting of financial institutions by acquiring or not the related receivables, without the Company’s interference. The grant operation does not imply any change in the instruments issued by suppliers, with the same conditions of the original amount and the payment term maintained. (ii) Considers R$4.7 billion (2020: R$4.7 billion) in raw material purchases due in up to 360 days for which the Company provides letters of credit issued by financial institutions that indicate the suppliers as beneficiaries. (iii) The rate for calculating the Present Value Adjustment (“PVA”) applied to the external market payments with terms equal to or longer than 90 days is calculated based on the average rate for lengthening the term of trade payables. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings | Borrowings (a) Borrowings Schedule of borrowings Annual financial charges (%) 2021 2020 Foreign currency Bonds (i) Note 16 (b) 30,322,998 34,963,651 Export prepayment (ii) US dollar exchange variation + quartely Libor + 1.75 521,469 Investments Note 16 (c) 2,612,386 2,682,824 Other Note 16 (d) 2,090,673 2,755,200 Transactions costs (594,048) (688,814) 34,432,009 40,234,330 Current liabilities 1,284,483 1,206,084 Non-current liabilities 33,147,526 39,028,246 Total 34,432,009 40,234,330 Local currency Export credit notes (ii) 100.00 of CDI + 0.70 402,739 Commercial notes (ii) 100.00 of CDI + 0.85 545,171 BNDES 4.00 1,538 BNDES IPCA + 6.04 435,778 490,963 FINEP/FINISA (iii) Interest between 3.50 and 4.00 2,605 26,154 BNB-FNE (Fundo Constitucional de Financiamentos do Nordeste) (iv) IPCA + interest between 2.39 and 2.78 4,616 5,639 Fundo de Desenvolvimento do Nordeste (FDNE) 6.50 22,259 27,196 Transactions costs (7) (1,607) 465,251 1,497,793 Current liabilities 59,011 112,847 Non-current liabilities 406,240 1,384,946 Total 465,251 1,497,793 Foreign currency and local currency Current liabilities 1,343,494 1,318,931 Non-current liabilities 33,553,766 40,413,192 Total 34,897,260 41,732,123 (i) Braskem has fully, unconditionally and irrevocably, guaranteed the bonds issued by Braskem Finance, Braskem America Finance and Braskem Holanda Finance. The guarantees are senior unsecured obligations of Braskem, ranking equal in right of payment with all of its other existing and future senior unsecured debt. (ii) Prepaid in July 2021. (iii) Borrowings were made by Braskem and the subsidiary DAC, which provided a bank guarantee as collateral. (iv) Borrowings were made by the subsidiaries Cetrel and DAC, with bank guarantee and fiduciary assignment of liquidity fund in a reserve account as collateral. The maturity profile of the long-term debentures is as follows: Schedule of long-term maturities 2021 2020 2022 2,086,460 2023 1,199,143 1,824,477 2024 3,965,917 5,653,432 2025 645,517 1,121,748 2026 622,032 580,062 2027 552,171 514,819 2028 7,081,301 6,986,264 2029 230,557 217,418 2030 8,535,493 7,951,181 2031 61,617 57,096 2032 and thereafter 10,660,018 13,420,235 Total 33,553,766 40,413,192 (b) Bonds Schedule of bonds Issue amount Outstanding amount Interest Issue date US$ in US$: principal plus interests Maturity (% per year) 2021 2020 Oct-2010 and Feb-2012 (i) 700,000 no maturity date 7.38 2,598,350 Jul-2011 and Jul-2012 (i) 750,000 590,792 Jul-2041 7.13 3,296,917 4,019,404 May-2012 (i) 500,000 May-2022 5.38 1,500,304 Feb-2014 and May-2014 (i) 750,000 612,444 Feb-2024 6.45 3,417,741 4,000,875 Oct-2017 (i) 500,000 106,436 Jan-2023 3.50 593,964 1,034,179 Oct-2017 1,250,000 1,199,760 Jan-2028 4.50 6,695,263 6,633,913 Nov-19 1,500,000 1,528,125 Jan-2030 4.50 8,527,701 7,941,207 Nov-19 750,000 768,359 Jan-2030 5.88 4,287,829 3,992,933 Jul-2020 (ii) 600,000 627,826 Jan-2081 8.50 3,503,583 3,242,486 Total 7,300,000 5,433,742 30,322,998 34,963,651 (i) Prepayments were made in 2021 in the total amount of US$1.3 billion (R$6.9 billion). (ii) The bond is recorded as a financial liability. According to the specific methodology applied by some rating agencies to calculate leverage, and only for such purpose, 50% of this bond is classified as a hybrid equity instrument. It can be repaid by the Company at par value in the 5 th th th (c) Financings for investments in plants Schedule of others - NEX Issue date Issue Outstanding amount plus interests Maturity Charges (% per year) 2021 2020 sep-2017 (i) 135,000 82,876 mar-2027 Us dollar exchange variation + semianual Libor + 1.61 462,490 509,141 jul-2018 (ii) 205,956 169,859 dec-2028 Us dollar exchange variation + semianual Libor + 0.65 947,898 996,531 aug-2020 (iii) 225,000 215,393 feb-2031 Us dollar exchange variation + semianual Libor + 1.70 1,201,998 1,177,152 Total 565,956 468,128 2,612,386 2,682,824 (i) Financing contracted by the subsidiary Braskem Holanda Inc. and secured by NEXI, the Japanese export credit agency, and guaranteed by Braskem. (ii) Financing contracted by the subsidiary Braskem America and secured by Euler Hermes, the German export credit agency. (iii) Financing contracted by the subsidiary Braskem Holanda Finance and secured by NEXI, the Japanese export credit agency, and guaranteed by Braskem. (d) Other Schedule of others - SACE Initial amount of the transaction Outstanding amount Identification Issue date (US$) in US$: principal plus interests Maturity Charges (% per year) 2021 2020 SACE Nov-2018 (i) 295,125 206,819 Nov-2028 Us dollar exchange variation + semianual Libor + 0.90 1,154,146 1,228,285 SACE Dec-2019 (i) 150,000 120,083 Dec-2029 Us dollar exchange variation + semianual Libor + 0.90 670,124 702,027 MONFORTE Apr-2019 (ii) 72,345 47,738 Apr-2026 Us dollar exchange variation + semianual Libor + 1.00 266,403 300,434 ING Jan-2020 (iii) 100,000 Jan-2025 Us dollar exchange variation + semianual Libor + 1.65 524,454 Total 617,470 374,640 2,090,673 2,755,200 (i) Credit facility contracted by the subsidiary Braskem Holanda Finance and Braskem Holanda Inc. secured by SACE, an Italian export credit agency, and guaranteed by Braskem. (ii) Credit facility contracted by Braskem S.A. with a term of 7 years. To consummate this facility, certain assets of the Company’s plants were pledged to the financial institution in amount higher than financing. (iii) Prepaid in July 2021. |
Braskem Idesa Financing
Braskem Idesa Financing | 12 Months Ended |
Dec. 31, 2021 | |
Braskem Idesa Financing | Braskem Idesa Financing Schedule of braskem idesa financing Outstanding amount Principal amount US$ in US$: principal Identification plus interests Maturity Charges (% per year) 2021 2020 Project finance Project finance I 700,000 Feb-2027 Us dollar exchange variation + quarterly Libor + 3.25 (i) 2,444,515 Project finance II 210,000 Feb-2027 Us dollar exchange variation + 6.17 (i) 690,311 Project finance III 600,000 Feb-2029 Us dollar exchange variation + 4.33 (i) 2,145,326 Project finance IV 660,000 Feb-2029 Us dollar exchange variation + quarterly Libor + 3.88 (i) 2,419,920 Total under current liabilities 2,170,000 7,700,072 Bond Bond I 900,000 914,696 Nov-2029 Us dollar exchange variation + 7.45 5,104,463 4,729,587 Bond II 1,200,000 1,224,766 Feb-2032 Us dollar exchange variation + 6.99 (ii) 6,834,805 2,100,000 2,139,462 11,939,268 4,729,587 Other 150,000 152,291 Oct-2026 Us dollar exchange variation + quarterly Libor + 4.00 (ii) 849,859 Transactions costs (477,592) (370,421) Total 12,311,535 12,059,238 Current liabilities 86,765 7,660,128 Non-current liabilities 12,224,770 4,399,110 Total 12,311,535 12,059,238 (i) Prepaid in October 2021. (ii) Funding operation carried out in October 2021. In line with the Company’s Financial Policy, the investment in the petrochemical complex of the subsidiary Braskem Idesa was financed under a Project Finance model, under which the construction loan is paid exclusively using the cash generated by the entity itself and the shareholders provide limited guarantees. This financing included the guarantees typical to Project Finance transactions, such as assets, receivables, cash generation and other rights of Braskem Idesa, debt service reserve account and contingent equity. At the close of December 2020, such guarantees corresponded to US$194 million (R$1 billion) and US$208 million (R$1.1 billion), respectively. The financing also contained various other covenants typical to contracts of this kind On October 20, 2021, the liability was fully settled using the proceeds from the following operations: · Issue of US$1.2 billion (R$6.7 billion) in sustainability-linked bonds. The bonds due in 10 years 7 0.37 · Credit facility in the amount of US$150 million (R$834 million) due in October 2026, at LIBOR plus 4% p.a. On December 31, 2020, certain non-monetary covenants established in the contracts of Project Finance remained unfulfilled. As a result, the amount of R$6,538,646 was reclassified from non-current liabilities to current liabilities. The following table summarizes the long-term maturities of these financings as of December 31, 2021: 2021 2020 2023 67,649 2024 68,694 2025 69,530 2026 408,445 2029 4,900,399 4,399,110 2032 6,710,053 Total 12,224,770 4,399,110 |
Debentures
Debentures | 12 Months Ended |
Dec. 31, 2021 | |
Debentures | Debentures Schedule of debentures Issue date Issuer Series Maturity Annual financial charges (%) 2021 2020 Mar-2013 DAC Single Mar-2025 IPCA + 6% 150,013 177,009 Sep-2013 Cetrel Single Sep-2025 126.5% of CDI 46,905 59,106 196,918 236,115 Current liabilities 59,088 54,436 Non-current liabilities 137,830 181,679 Total 196,918 236,115 The maturity profile of the long-term debentures is as follow: Schedule of long-term debenture maturity 2021 2020 2022 53,406 2023 57,045 53,417 2024 57,096 53,443 2025 23,689 21,413 Total 137,830 181,679 The issuers entered into agreements for the fiduciary sale of credit rights, in which attached accounts are maintained to cover debt service for the three months of the installments coming due, under the terms of the instruments of assignment. |
Reconciliation of borrowing act
Reconciliation of borrowing activities in the statement of cash flow | 12 Months Ended |
Dec. 31, 2021 | |
Reconciliation Of Borrowing Activities In Statement Of Cash Flow | |
Reconciliation of borrowing activities in the statement of cash flow | Reconciliation of borrowing activities in the statement of cash flow Reconciliation of borrowing activities in the statement of cash flow Current and non-current Borrowings, debentures and Braskem Idesa financing Loan to Total non-controlling borrowings Braskem Idesa shareholders Borrowings Debentures and debentures financing of Braskem Idesa Lease Dividends Balance as of December 31, 2020 41,732,123 236,115 41,968,238 12,059,238 3,222,493 3,207,886 5,456 Acquired 16,308 16,308 7,271,658 Payments (9,374,653) (39,256) (9,413,909) (7,995,045) (9,545) (841,706) (5,993,265) Cash used in financing activities (9,358,345) (39,256) (9,397,601) (723,387) (9,545) (841,706) (5,993,265) Other changes Interest paid (2,001,552) (29,033) (2,030,585) (649,945) (4,679) (198,225) Interest and monetary and exchange variations, net 2,626,770 29,092 2,655,862 1,055,347 243,673 206,375 VAT on loan 42,457 Acquired 746,573 Disposal (50,473) Currency translation adjustments 1,898,264 1,898,264 570,282 152,139 85,984 Prepaid dividends approved by the Board 6,000,000 Dividends-lapse of statute of limitation (1,653) Other 2,523,482 59 2,523,541 975,684 433,590 790,234 5,998,347 Balance as of December 31, 2021 34,897,260 196,918 35,094,178 12,311,535 3,646,538 3,156,414 10,538 |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial instruments | 20 Financial instruments 20.1 Initial recognition and measurement Trade receivables and bonds issued are initially recognized when they are originated. All other financial assets and liabilities are initially recognized when the Company becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus or minus, for an item not measured at fair value through profit or loss (“FVTPL”), transactions costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. (a) Classification, subsequent measurement and gains and losses Financial Assets On initial recognition, a financial asset is classified as measured at: amortized cost; fair value through other comprehensive income (“FVOCI”) or FVTPL. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: (i) It is held within a business model whose objective is to hold assets to collect contractual cash flows; and (ii) Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset can also be measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: (i) It is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and (ii) Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets (see Note 20.5). Financial assets at FVTPL Financial assets at amortized cost Financial assets at FVOCI Financial liabilities Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is a derivative. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss, except when the financial asset is designated as a hedging instrument (see Note 20.2). Any gain or loss on derecognition is also recognized in profit or loss. (b) Derecognition of financial instruments Financial Asset The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or when the Company transfers the rights to receive the contractual cash flows in a transaction in which either: (i) Substantially all of the risks and rewards of ownership of the financial asset are transferred; or (ii) The Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. When the Company enters into transactions whereby it transfers assets recognized in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets, the financial assets are not derecognized. Financial Liabilities The Company derecognizes a financial liability when its contractual obligations are discharged, cancelled, or expire. The Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss. Interest rate reform When the base for determining the contractual cash flows of a financial asset or financial liability measured at amortized cost changes as a result of interest rate reform, the Company updates the effective interest rate of the financial asset or financial liability to reflect the change required by the reform. A change in the base for determining the contractual cash flows is required by the interest rate benchmark reform if the following conditions are met: (i) the change is necessary as a direct consequence of the reform; and (ii) the new base for determining contractual cash flows is economically equivalent to the previous base - i.e., the base immediately prior to the change. When changes were made in a financial asset or financial liability in addition to changes in the base for determining the contractual cash flows required by the interest rate benchmark reform, the Company updates first the effective interest rate of the financial asset or financial liability to reflect the change required by the interest rate benchmark reform. Then the Company applies the accounting policies for changes from the additional modifications. (c) Offsetting Financial assets or financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. 20.2 Derivative financial instruments and hedge accounting The Company holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met. Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognized in profit or loss. The Company designates certain derivatives and non-derivative financial liabilities as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in foreign exchange rates and interest rates. At inception of designated hedging relationships, the Company documents the risk management objective and strategy for undertaking the hedge. The Company also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Cash flow hedges When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in OCI. The effective portion of changes in the fair value of the derivative that is recognized in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. If the hedge no longer meets the criteria for hedge accounting, or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in hedge reserve remains recognized in OCI until the expected future cash flows affect the profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in OCI are immediately reclassified to profit or loss. 20.3 Fair Value (a) Fair value measurement Fair value is the price to be received in the sale of an asset or paid for the transfer of a liability in a transaction not forced between market players on the measurement date, in the main market or, in the case of a lack of one, the most advantageous market in which the Company has access on said date. The Company recognizes derivative financial instruments at their fair value and the main sources of information are the stock exchanges, commodities and futures markets, published by Central Bank of Brazil (“BACEN”), Bloomberg and Reuters. Nevertheless, the volatility of the foreign exchange and interest rate markets in Brazil has been resulting in significant changes in future rates and interest rates over short periods of time, leading to significant changes in the fair value of derivatives and other financial instruments. The fair values of non-derivative quoted financial instruments are based on current bid prices. If the market for a financial asset and for unlisted securities is not active, the Company establishes fair value by using valuation techniques. These techniques include the use of recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, or option pricing models that make maximum use of market inputs and rely as little as possible on information provided by the Management. The following methods and assumptions were used to estimate the fair value: (i) Financial assets classified as FVTPL or FVOCI are measured in accordance with the fair value hierarchy (Level 1 and Level 2), with inputs used in the measurement processes obtained from sources that reflect the most recent observable market prices. (ii) Trade accounts receivable and trade payables, mostly classified as amortized cost, corresponds to their respective carrying amounts due to the short-term maturity of these instruments. When purchase or sale prices include material financial charges, the securities are adjusted to their present value. (iii) The fair value of borrowings is estimated by discounting future contractual cash flows at the market interest rate, which is available to Company in similar financial instruments. (iv) The fair value of bonds is based on prices negotiated in financial markets, plus the respective carrying amount of interests. The fair values of the remaining assets and liabilities correspond to their carrying amount. The valuation of liabilities (Note 20.4) considers the present value of expected payments, discounted by a discount rate adjusted to the risk. (b) Fair value hierarchy Level 1 Level 2: To measure the credit risk of the parties involved in derivative instruments, the Company uses Credit Valuation Adjustment (“CVA”) or Debt Valuation Adjustment (“DVA”) models, applied flow by flow on the mark-to-market value of each instrument. The Company adopts the ratings of the other parties for positive flows and its own rating for negative flows, both available in the market and disclosed by renowned rating agencies, as a necessary assumption to define the probability of default. 20.4 Non-derivative financial instruments and other liabilities: consolidated Schedule of non-derivative financial instruments and other liabilities Book value Fair value Note Classification by category Fair value hierarchy 2021 2020 2021 2020 Cash and cash equivalents 5 Cash and banks Amortized cost 5,050,822 1,946,963 5,050,822 1,946,963 Financial investments Fair value through profit or loss Level 2 3,629,864 11,915,889 3,629,864 11,915,889 8,680,686 13,862,852 8,680,686 13,862,852 Financial investments 6 LFT´s and LF´s Fair value through profit or loss Level 2 2,337,171 2,163,042 2,337,171 2,163,042 Time deposit investments Amortized cost 106,271 53,941 106,271 53,941 Other Fair value through profit or loss Level 2 1,066,113 1,425,808 1,066,113 1,425,808 3,509,555 3,642,791 3,509,555 3,642,791 Trade accounts receivable 7 Amortized cost 7,118,452 4,677,092 7,118,452 4,677,092 Trade accounts receivable 7 Fair value through other comprehensive income Level 2 48,508 78,116 48,508 78,116 Trade payables 15 Amortized cost 12,164,730 9,953,548 12,164,730 9,953,548 Borrowings 16 Amortized cost Foreign currency - Bond Level 1 30,322,998 34,963,651 33,690,876 37,155,060 Foreign currency - other borrowings Level 2 4,703,059 5,959,493 4,696,970 6,371,070 Local currency Level 2 465,258 1,499,400 451,899 2,591,920 35,491,315 42,422,544 38,839,745 46,118,050 Braskem Idesa borrowings 17 Amortized cost Project Finance Level 2 7,700,072 11,486,114 Bonds Level 1 11,939,268 4,729,587 12,197,524 4,411,259 Other Level 2 849,859 931,141 12,789,127 12,429,659 13,128,665 15,897,373 Debentures 18 Amortized cost Level 2 196,918 236,115 195,570 248,778 Loan to non-controlling 9(a) Amortized cost 3,646,538 3,222,493 3,646,538 3,222,493 Leniency agreement 25 Amortized cost 1,123,296 1,474,350 1,123,296 1,474,350 20.5 Derivative financial instruments Schedule of changes in derivative financial instruments Schedule of changes in derivative financial instruments Operation characteristics Accumulated Fair value Principal exposure OCI (equity) Net (Asset)/ Change in Financial Net (Asset)/ Identification hierarchy Derivatives Extrinsic value Intrinsic value Fair value Liability 2020 fair value settlement Liability 2021 Non-hedge accounting transactions Exchange swap Level 2 Argentine peso Dollar (3) 58 (52) 3 NCE swap Level 2 Real Dollar 145,144 48,726 (193,870) Swap C3/PGP Level 2 Propane Propene 63,901 202,002 (251,604) 14,299 Swap Nafta/Gasolina Level 2 Gasoline Naphtha 7,046 13,315 (37,208) (16,847) 216,088 264,101 (482,734) (2,545) Hedge accounting transactions Dollar call and put options Level 2 Real Dollar (20,223) (64,993) (85,216) 144,801 143,336 (202,921) 85,216 Interest rate swaps Level 2 Libor Fixed rates 155,775 (52,164) (103,611) Dollar swap CDI Level 2 Real Dollar+Fixed rates (502,508) 566,640 87,555 (151,687) 502,508 (20,223) (64,993) (587,724) 867,216 178,727 (458,219) 587,724 Derivatives Assets Current assets 33,769 33,816 Non-current assets 34,091 51 Total 67,860 33,867 Liabilities Current liabilities 592,251 256,131 Non-current liabilities 558,913 362,915 Total 1,151,164 619,046 Total (Liabilities (-)assets) 1,083,304 585,179 The counterparties in these contracts are constantly monitored based on the analysis of their respective ratings and Credit Default Swaps (“CDS”). The Company has many bilateral risk mitigators in its derivative contracts, such as the possibility of depositing or requesting deposits of a guaranteed margin from the counterparties. Derivative financial instruments held on December 31, 2021, were contracted on both internationally recognized stock exchanges and on Over the Counter (“OTC”) markets with large financial counterparties under global derivative contracts in Brazil or abroad. The Company’s Financial Policy provides for the active management and continued protection against undesired fluctuations in currencies and rates arising from its operations and financial items, with the possibility of contracting derivative instruments (swaps, NDFs, options, etc.). The other market risks are addressed on a case-by-case basis for each transaction. In general, the Company assesses the need for hedging in the analysis of prospective transactions and seeks to customize the hedge and keeps it in place for the hedged period transaction. In general, the Company elects to designate derivative financial instruments in a hedge accounting relationship when the application is expected to significantly improve in presenting the offsetting effect on the changes in the hedged items. Hedge accounting transactions (a.i) Dollar call and put option As of December 31, 2021, the Company holds a total notional amount of put options of US$ 1.73 billion 9.65 billion 4.80 1.21 billion 6.75 billion 6.88 Dollar-denominated future sales in Reais were designated for hedge accounting, with the months of revenue recognition always coinciding with the months of the options. The future elements of forward exchange contracts are excluded from the designation of hedge instrument and are separately recorded as hedging cost, recognized in the other comprehensive income. (a.ii) Dollar Swap In 2018, the Company contracted foreign exchange derivative operations (“swaps”) in the aggregate amount of R$1.27 billion, with annual maturities over the following 5 years starting January 2019. The amount payable in January 2020 was subject to the variation in the IPCA index. The remaining maturities are subject to the variation in the CDI. These operations were designated to cash flow hedge accounting, where the hedging instruments are foreign exchange derivatives and the hedged objects are highly probable future revenues in the domestic market subject to fluctuations in Brazilian R$/US$ price. Accordingly, the mark-to-market adjustment of the effective portion of the hedge will be recognized under shareholders equity in OCI and will be recognized in the financial result only upon the maturity of each installment. (a.iii) Interest rate swap linked to LIBOR Braskem Idesa contracted swap operations with the purpose of offsetting part of the LIBOR variation arising from the financings mentioned in Note 17. The Company prepaid the Project Finance (Note 17) and consequently settled the LIBOR swap linked to it. 20.6 Non-derivative financial liabilities designated to hedge accounting (a) Future exports in US$ The Company designated non-derivate financial liabilities in foreign currency to hedge the future cash flows generated by its exports. This decision was based on two important concepts and judgments: (i) the high probability of performing exports according to its business plan (see Note 22.2), which are inherent to the market and business where it operates, and (ii) the Company’s capacity to finance its liabilities in US$, since its guidance and strategy determine the financing priority in US$ and its Financial Policy requires maintaining a minimum level of net liabilities in US$. On May 1, 2013, Braskem designated non-derivative financial liabilities, denominated in US$, as a hedge for the flow of its highly probable future exports. Thus, the impact of exchange rates on future cash flows in dollars derived from these exports is offset by the foreign exchange variation on the designated liabilities, partly eliminating the volatility of results. The exchange rate on the date of the designation was US$1/R$2.0017. On October 10, 2017, new financial instruments for the future sales hedging, which mature in 2028, were designated. The hedged exchange rate was US$1/R$3.1688. In 2019, three new designations were made, as follows: with maturity in 2025, at an initial rate of US$1/R$3.6694; with maturity in 2025, at an initial rate of US$1/R$3.9650; and with maturity between 2030 and 2031, at an initial rate of US$1/R$3.9786. The main actions carried out are detailed below: • January 2, 2020: Designation of US$ 600 • March 31, 2020: Discontinuation of hedge accounting of U$$ 362 1.9 • March 1, 2021: Designation of US$ 400 2.2 billion • October 31, 2021: Discontinuation of hedge accounting of US$ 400 2.3 As of December 31, 2021, the exports that were designated not yet realized and not discontinued are shown below: Schedule of non-derivative financial liabilities designated to hedge accounting Total nominal value Total nominal value US$ R$ 2024 288,854 1,611,950 2025 800,000 4,464,400 2028 1,250,000 6,975,626 2030 800,000 4,464,400 2031 800,000 4,464,400 2032 800,000 4,464,400 Total nominal value 4,738,854 26,445,177 The following table shows the changes in financial instruments designated for this hedge in the year: Schedule of changes in derivative financial instruments Schedule of financial instruments designated for hedge US$ Discontinued Realized or realized discontinued 2020 hedge ( * ) hedge Designations 2021 Designated balance 5,274,854 (1,316,000) 380,000 400,000 4,738,854 (*) Out of this amount, US$600,000 refers to hedges that were discontinued and US$716,000 that were realized in 2021. The Company considers these exports in the selected period (2022/2032) as highly probable, based on the following factors: • In recent years, Braskem exported an average US$ 2.4 • Hedged exports represent between 20% and 30% of the export flows planned by the Company. • The exports of the Company are not sporadic or occasional but constitute an integral part of its strategy and of the petrochemical business, in which competition is global. Several of the products produced by the Company are primarily and recurrently intended for export. As of December 31, 2021, the maturities of financial liabilities designated were as follows: Schedule of financial liability maturity Total nominal value Total nominal value US$ R$ 2024 288,854 1,611,950 2025 800,000 4,464,400 2028 1,250,000 6,975,626 2030 800,000 4,464,400 2031 800,000 4,464,400 2032 800,000 4,464,400 Total nominal value 4,738,854 26,445,177 The following table provides the balance of discontinued hedge accounting in 2021 (US$1,837,372), which is recorded in OCI and will be transferred to financial income (expenses) in accordance with the schedule of future hedged sales: Schedule of future hedged sales Conversion rate Total nominal at Inception Closing rate Gross nominal value US$ R$/US$ R$/US$ value Hedge discontinued - From first to fourth quarter 2022 719,000 2.0017 3.9786 1,421,391 Hedge discontinued - From first to fourth quarter 2023 718,372 2.0017 4.2698 1,629,321 Hedge discontinued - From third to fourth quarter 2024 400,000 2.0017 5.6430 1,456,520 1,837,372 4,507,232 Hedge instruments were contracted with subsidiaries abroad observing the existence of guarantees arising from their operations with third parties, using non-derivative financial liabilities in which the foreign subsidiary acted as an intermediary of the Company in the operations were selected, which effectively maintained the essence of the transactions. Trade payables, especially naphtha, were also considered in the transaction. To ensure the continuity of the hedging relationship, the Company plans to refinance and/or replace these hedge instruments to adjust them to the schedule and value of the hedged exports. The rollover or replacement of the hedge instrument are provided for in IFRS9. This explains the fact that liabilities designated for hedge are not necessarily equivalent to the exports designated in the year. The following table provides the balances of exchange variation recognized in the Company’s financial results due to the realization of exports designated, for this hedge in 2021: Schedule of exchange variation Conversion rate Total nominal at Inception Closing rate Gross nominal value US$ R$/US$ R$/US$ value First quarter 150,000 2.0017 5.3747 505,946 Second quarter 186,000 2.0017 5.4739 645,837 Third quarter 180,000 2.0017 3.9786 355,842 Fourth quarter 200,000 2.0017 3.9786 395,380 716,000 1,903,005 The changes in foreign exchange variation and income taxes under OCI of this hedge are as follows: Schedule of changes in foreign exchange variation and income tax and social contribution Exchange Net variation Income taxes effect As of December 31, 2020 (13,095,288) 4,452,397 (8,642,891) Exchange variation recorded in the period on OCI / Income taxes (1,910,274) 649,493 (1,260,781) Exchange variation transferred to profit or loss / Income taxes 1,903,004 (647,021) 1,255,983 As of December 31, 2021 (13,102,558) 4,454,869 (8,647,689) The realizations expected for 2022 will occur in conformity with the initial designation schedule, and the exchange variation recorded in other comprehensive income will be transferred to the financial results. In 2022, realizations will be made at the discounted cash flow rates. The quarterly schedule of hedged exports in the following quarters of 2022 follows: Total nominal Total nominal value US$ value R$ First quarter 175,000 976,588 Second quarter 208,000 1,160,744 Third quarter 186,000 1,037,973 Fourth quarter 150,000 837,075 719,000 4,012,380 (b) Liabilities related to the Project Finance of future sales in US$ On October 1, 2014, the subsidiary Braskem Idesa designated its liabilities in the amount of R$2,878,936 related to Project Finance, denominated in US$, as hedge instruments to protect highly probable future sales flows. Due to the disbursements by the project's lenders in 2015, Braskem Idesa designated new amounts in April and September 2015, of US$290,545 (R$916,640) and US$23,608 (R$86,700), respectively, for hedge accounting. Therefore, the impact of exchange variation on future flows of sales in US$ derived from these sales in US$ will be offset by the exchange variation on the designated liabilities, partially eliminating the volatility in the results of the subsidiary. The Management of Braskem Idesa believes these future sales are highly probable, based on the following: • In Mexico, domestic sales can be made in US$. In 2016, Braskem Idesa began to operate and sell products, including sales in US$ in the domestic and international markets. • The hedged flow corresponds to less than 35% of the planned revenue flow of the project over the designated period. The current amount of sales already meets the volume of designated hedge, which confirms the highly probable nature of the designated cash flow. • The financing was obtained through a Project Finance structure and will be repaid exclusively through the cash generation of the project (Note 17). In October 2021, the subsidiary Braskem Idesa designated US$1,350,000 (R$7,277,175) in future sales due to the issue of sustainability-linked bonds As of December 31, 2021, designated and unrealized sales were as follows: Schedule of designated and unrealized sales Nominal value Nominal value US$ R$ 2023 22,500 125,561 2024 22,500 125,561 2025 22,500 125,561 2026 82,500 460,391 2030 225,000 1,255,613 2031 225,000 1,255,613 2032 525,000 2,929,763 2033 525,000 2,929,763 2034 300,000 1,674,150 2035 300,000 1,674,150 Nominal value 2,250,000 12,556,126 As a result of the prepayment of the Project Finance (Note 17), all cash flows designated and not yet realized will be discontinued. The balance under other comprehensive income will be transferred to financial results in accordance with the schedule of future hedged sales. The following table shows the changes in financial instruments designated for this hedge in the year: Schedule of financial instruments designated for hedge US$ Discontinued Realized discontinued New 2020 hedge hedge designations 2021 Designated balance 2,371,443 (1,622,370) 150,827 1,350,000 2,250,000 As of December 31, 2021, the designated financial liabilities to hedge future sales were distributed as follows: Schedule of designated financial liabilities maturities Nominal value Nominal value US$ R$ 2023 22,500 125,561 2024 22,500 125,561 2025 22,500 125,561 2026 82,500 460,391 2030 225,000 1,255,613 2031 225,000 1,255,613 2032 525,000 2,929,763 2033 525,000 2,929,763 2034 300,000 1,674,150 2035 300,000 1,674,150 Nominal value 2,250,000 12,556,126 The following table provides the amounts of hedge accounting discontinued in 2021 (US$ 1,920,920 Schedule of discontinued hedge accounting Conversion rate Total nominal at Inception Closing rate Total nominal Gross nominal value US$ MXN/US$ MXN/US$ value MXN value Hedge discontinued in May 16, 2016 9,917 13.4541 17.9915 44,997 12,284 Hedge discontinued in December 2, 2019 622,965 13.6665 19.6113 3,703,429 1,011,036 Hedge discontinued in December 10, 2019 24,839 13.4541 19.3247 145,821 39,809 Hedge discontinued in February 18,2020 703 13.4541 18.5712 3,598 982 Hedge discontinued in October 20,2021 1,262,496 13.6576 20.3587 8,460,057 2,309,596 1,920,920 12,357,902 3,373,707 The following table provides the balances of exchange variation recognized in Braskem Idesa’s financial results due to the realization of sales designated and discontinued for this hedge in 2021: Schedule of exchange variation - Braskem Idesa Conversion rate Total nominal at Inception Closing rate Total nominal Gross nominal value US$ MXN/US$ MXN/US$ value MXN value First quarter 69,855 13.6534 19.9798 441,931 117,985 Second quarter 75,848 13.6515 20.5309 521,789 125,812 Third quarter 77,094 13.6518 19.8298 476,287 124,636 Fourth quarter 80,594 13.6512 20.1269 521,903 138,796 303,391 1,961,910 507,229 The changes in foreign exchange variation and income taxes under OCI are as follows: Schedule of changes in foreign exchange variation and income tax and social contribution - Braskem Idesa Exchange Net variation Income taxes effect As of December 31, 2020 (2,534,135) 760,979 (1,773,156) Exchange variation recorded in the period on OCI / Income taxes (204,604) 61,381 (143,223) Exchange variation transferred to profit or loss / Income taxes 507,228 (152,168) 355,060 As of December 31, 2021 (2,231,511) 670,192 (1,561,319) Effectiveness tests were conducted and all operations were deemed effective in reducing the dispersion of revenue from sales designated for hedge, when evaluated in Mexican Pesos. The realizations expected for 2022 will occur in accordance with the initial designation schedule, and the exchange variation recorded in other comprehensive income will be transferred to the financial results. Below is the quarterly schedule of hedged sales in US$ in 2022: Nominal value Nominal value US$ R$ First quarter 29,136 162,594 Second quarter 72,612 405,210 Third quarter 72,612 405,210 Fourth quarter 78,844 439,992 253,204 1,413,006 20.7 Credit quality of financial assets (a) Trade accounts receivable The Company’s clients do not have risk ratings assigned by credit rating agencies. For this reason, the Company developed its credit rating methodology for all accounts receivable from clients in Brazil and abroad. Considering the stages 1, 2 and 3 of expected credit losses, the percentage of trade accounts receivable by risk ratings was as follows: Schedule of trade accounts receivable by credit ratings (%) 2021 2020 Minimal Risk 65.39 67.53 Low Risk 26.65 20.08 Medium Risk 6.02 10.43 High Risk 1.54 1.10 Very High Risk (i) 0.40 0.86 (i) Most clients in this group are inactive and the respective accounts are in the process of collection actions in the courts. Clients in this group that are still active buy from the Company and pay in advance. The calculation below considers the accounts receivable figure overdue more than 30 days, divided by consolidated gross revenue in the last 12 months: Schedule of default indicators Last 12 months Domestic market Export market December 31, 2021 0.01% 0.08% December 31, 2020 0.05% 0.14% For the export market, approximately 80% of the portfolio has guarantees, consisting primarily of credit insurance. For the domestic market, approximately 23% of the portfolio has guarantees, mainly suretyships by the partners of counterparties, complemented by credit insurance. (b) Cash and cash equivalents and financial investments In order to determine the credit ratings of counterparties classified under cash and cash equivalents, and financial investments, the Company uses the risk rating of agencies Standard & Poor’s, Moody’s and Fitch Ratings, within the limits established in its Financial Policy. Schedule of financial assets with and without risk assessment 2021 2020 Financial assets with risk assessment AAA 6,858,500 13,639,273 AA+ 107,444 412,612 AA 816,408 735,755 AA- 73,888 199,405 A+ 2,919,276 1,336,334 A 107,057 53,941 A- 236,969 91,487 BBB+ 894 982,225 BBB 1,026,232 49 BBB- 554 BB+ 50 BB 1,479 12,148,751 17,451,081 Financial assets without risk assessment Quotas of investment funds in credit rights 1,721 Other financial assets with no risk assessment (i) 39,769 54,562 41,490 54,562 Total 12,190,241 17,505,643 (i) Investments approved by the Management, in accordance with the Financial Policy. 20.8 Sensitivity analysis Financial instruments, including derivatives, may be subject to changes in their fair value as a result of the variation in commodity prices, foreign exchange rates, interest rates, shares and share indexes, price indexes and other variables. The sensitivity of the derivative and non-derivative financial instruments to these variables are presented below: (a) Selection of risks As of December 31, 2021, the main risks that can affect the value of Company’s financial instruments are: · US$/R$ exchange rate; · LIBOR floating interest rate; · IPCA inflation rate; · Selic interest rate; and · CDI interest rate. For the purposes of the risk sensitivity analysis, the Company presents the exposures to currencies as if they were independent, that is, without reflecting in the exposure to a foreign exchange rate the risks of the variation in oth |
Taxes payable
Taxes payable | 12 Months Ended |
Dec. 31, 2021 | |
Taxes Payable | |
Taxes payable | Taxes payable Schedule of taxes payable 2021 2020 Brazil IPI 131,290 125,338 ICMS 485,302 403,422 PIS and COFINS 33,516 284,944 Other 46,117 43,560 Other countries Value-added tax 229,571 16,027 Tax on financial income 346,817 Other 80,768 Total 1,272,613 954,059 Current liabilities 1,012,116 952,689 Non-current liabilities 260,497 1,370 Total 1,272,613 954,059 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income taxes | Income taxes Income taxes comprises current and deferred taxes. It is recognized in profit or loss except to the extent that it relates to items directly recognized in other comprehensive income. 22.1 Current income taxes Current income taxes comprise the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted at the reporting date. Current tax also includes any tax arising from dividends. Current tax assets and liabilities are offset only if certain criteria are met. As of December 31, 2021, the amount presented as recoverable income taxes under current assets is R$ 1,189,812 1,547,916 (a) Exclusion of inflation adjustment by Selic (economy´s basic interest rate) on undue tax payments from taxable income In July 2010, Braskem and the merged companies in previous years, filed lawsuits claiming exception from the levying of Brazilian income taxes (hereinafter “IR/CSL”) on amounts they received as interest on late payment, since they do not represent any equity increase. On September 24, 2021, through Special Appeal 1.603.187, the Federal Supreme Court (“STF”) declared the levy of IR/CSL on amounts updated by the Selic rate received for repetition of undue payments unconstitutional. Braskem benefited from this decision in the amount of R$501 million referring to calendar years from 2005 onwards. Deferred tax assets amounting to R$68 million were recognized for the periods in which tax losses increased. (b) Exemption of IR/CSL on ICMS tax incentives and benefits In October 2021, the Company obtained a preliminary injunction to exclude the ICMS tax incentives and benefits applicable to its operations, granted by the governments of States and the Federal District, from the income tax calculation base as from 2021, which results in a reduction of cash outlays on the calculation income tax in 2021 of R$1.1 billion. This decision is grounded in the argument defended by the Company that incentives and benefits are investment subsidies, in accordance with article 30 of Federal Law 12.973/2014 and Complementary Law 160/2017, and consequently are not taxable for income tax purposes. The matter will be evaluated as the lawsuit advances, becoming definitive after a final and non-appealable decision. Given the initial phase of the lawsuit and the diversity of incentives and benefits granted by the States, based on its assessment and that of its external legal advisors, the Company considers the issue an uncertain tax treatment; therefore, the amount of R$1.1 billion remains recorded as taxes payable. (c) Reconciliation of effective tax rate Schedule of income tax and social contribution reconciliation 2021 2020 2019 Profit (loss) before income taxes 17,961,023 (9,683,784) (4,603,068) Nominal income taxes computed based on Brazilian statutory corporate tax rates (34%) (6,106,748) 3,292,487 1,565,043 Permanent adjustments to the IR and CSL calculation basis Income taxes on equity in results of investees 1,578 6,595 3,469 Thin capitalization (i) (6,628) (695,741) (221,337) Tax benefits (Sudene and PAT) (ii) 137,338 Exclusion of inflation adjustement by Selic on undue tax payments from taxable income 22.1(a) 501,382 Effect of the refund of Braskem America´s tax benefit (737,841) Effect from the retrospective tax rate on bonus depreciation of Braskem America (iii) 334,460 Different jurisdictional taxes rates for companies abroad and tax basis (iv) 1,939,882 994,811 293,647 Fine in leniency agreement (25,390) Taxes on dividends distribution (265,454) (131,240) Other permanent adjustments (200,753) (395,053) 347,238 Effect of income taxes on results of operations (3,999,403) 2,668,478 1,962,670 Breakdown of income taxes: Current income taxes Current year (3,834,437) (52,830) (251,641) Changes in estimates related to prior years 22,696 Total current expenses (3,834,437) (52,830) (228,945) Deferred income taxes Origination and reversal of temporary differences (246,294) 2,677,328 2,062,501 Tax losses (IR) and negative base (CSL) 81,328 129,114 Recognition of previously unrecognised deductible temporary differences 43,980 Total Deferred income taxes (164,966) 2,721,308 2,191,615 Total (3,999,403) 2,668,478 1,962,670 Effective rate 22.3% 27.6% 42.6% (i) Includes the amount from the adjustment of interest rates in financial operations with subsidiaries in accordance with sub-capitalization tax rules. (ii) SUDENE is a tax benefits granted by the Brazilian Government to the companies. The tax benefit granted by the Northeast Development Department (“SUDENE”) is calculated based on the profit from exploration of the incentivized activity, with a period of utilization of 10 years. The Worker's Food Program (“PAT”) is a tax incentive program to companies that provide food to workers based on criteria established by the Ministry of Labor. (iii) Considering Universal Basis Taxation (“TBU”), the tax refund provided by U.S. Government affects the tax calculation of Braskem arising from the offsetting of Income Tax and Social Contribution Tax in the years of use of the bonus depreciation benefit . (iv) Besides the differences on tax basis calculation, it includes the impact from the difference between Brazilian tax rate (34%) and the tax rates in countries where the subsidiaries abroad are located, as follows: Schedule of foreign income tax rates Official rate - % Headquarters (Country) 2021 Braskem Alemanha Germany 31.11 Braskem America e Braskem America Finance USA 24.09 Braskem Argentina Argentina 25.00 Braskem Chile Chile 35.00 Braskem Holanda, Braskem Holanda Finance and Braskem Holanda Inc Netherlands 25.00 Braskem Idesa, Braskem Idesa Serviços, Braskem México Braskem México Serviços, Braskem México Proyectos and Terminal Química Mexico 30.00 Braskem India India 30.00 22.2 Deferred income taxes Deferred income taxes are recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets are recognized for unused tax losses and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for the Company. The measurement of deferred taxes reflects the tax consequences that would follow from how the Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Annually, the Company revises its projection of taxable income based on its Business Plan. The Business Plan is prepared annually by the Executive Board, and its main variables include projections for the prices of the products produced by the Company, the prices of raw materials, the growth in gross domestic product of each country in which the Company operates, exchange rate variation, interest rates, inflation rates and fluctuations in supply and demand for inputs and finished goods. In evaluating the plan, the Company uses its historical performance, strategic planning and market projections produced by specialized third party consulting firms, which are reviewed and supplemented based on Management´s experience. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against which they can be used. Deferred tax assets and liabilities are offset only if certain criteria are met. (a) Movement in deferred tax balances Schedule of changes in balances of deferred tax assets and liabilities Assets As of December 31, 2019 Impact on the P&L Impact on the equity As of December 31, 2020 Impact on the P&L Other As of December 31, 2021 Tax losses carryforward 2,150,692 1,127,492 3,278,184 76,532 3,354,716 Goodwill amortized 21,677 (15,157) 6,520 (4,061) 2,459 Exchange variations 1,132,351 2,685,264 3,817,615 462,447 4,280,062 Temporary differences 2,357,267 2,639,070 4,996,337 (145,999) 4,850,338 Business combination 85,539 (29,328) 56,211 (29,327) 26,884 Tax credits 49,833 27,199 77,032 (77,032) Other 62,288 (16,922) 45,366 4,462 49,828 5,859,647 6,417,618 12,277,265 287,022 12,564,287 Liabilities Amortization of goodwill based on future profitability 722,685 (463) 722,222 2,875 725,097 Tax depreciation 1,903,027 1,834,142 3,737,169 439,781 4,176,950 PIS/COFINS credit: exclusion of ICMS in basis of calculation 331,479 331,479 Temporary differences 432,587 (274,355) 158,232 (69,239) 88,993 Present value adjustment and amortized cost 11,276 68,644 79,920 74,771 154,691 Hedge accounting 1,788,568 (1,788,568) (234,402) 234,402 Amortization of fair value adjustments on 393,773 (114,452) 279,321 (46,888) 232,433 Long term incentive plan - LTI (4,823) 4,823 15,906 (15,906) Health care (8,020) 8,020 5,710 (5,710) Other 6,739 407,069 (408,981) 4,827 (68,005) 68,004 4,826 3,470,087 3,696,310 (2,184,706) 4,981,691 451,988 280,790 5,714,469 Net 2,389,560 2,721,308 2,184,706 7,295,574 (164,966) (280,790) 6,849,818 Presentation in the balance sheet: Non-current assets 2,662,596 8,529,972 8,257,252 (-) Non-current liabilities 273,036 1,234,398 1,407,434 (b) Offset for the purpose of presentation in the consolidated statement of financial position Schedule of deferred taxes offset for the purpose of presentation in the balance sheet 2021 Headquarters (Country) Tax calculation Offsetting Balance Assets Braskem S.A. Brazil 8,841,886 (2,496,637) 6,345,249 Braskem Argentina Argentina 3,271 3,271 Braskem America USA 294,328 (294,328) Braskem Alemanha Germany 44,417 44,417 Braskem Chile Chile 92 92 Braskem Idesa Mexico 3,282,125 (1,506,541) 1,775,584 Braskem Idesa Serviços Mexico 26 26 Braskem México Serviços Mexico 2,502 2,502 Braskem México Mexico 16,181 16,181 Cetrel Brazil 40,434 (7,586) 32,848 DAC Brazil 39,025 (1,943) 37,082 12,564,287 (4,307,035) 8,257,252 Liabilities Braskem S.A Brazil 2,496,637 (2,496,637) Braskem America USA 1,701,762 (294,328) 1,407,434 Braskem Idesa Mexico 1,506,541 (1,506,541) Cetrel Brazil 7,586 (7,586) DAC Brazil 1,943 (1,943) 5,714,469 (4,307,035) 1,407,434 2020 Headquarters (Country) Tax calculation Offsetting Balance Assets Braskem S.A. Brazil 8,626,703 (2,090,002) 6,536,701 Braskem Argentina Argentina 2,850 2,850 Braskem America USA 293,942 (293,942) Braskem Alemanha Germany 47,277 47,277 Braskem Chile Chile 287 287 Braskem Idesa Mexico 3,213,624 (1,356,693) 1,856,931 Braskem México Serviços Mexico 14,765 14,765 Braskem México Mexico 8,503 8,503 Cetrel Brazil 23,645 (5,269) 18,376 DAC Brazil 45,669 (1,387) 44,282 12,277,265 (3,747,293) 8,529,972 Liabilities Braskem S.A Brazil 2,090,002 (2,090,002) Braskem America USA 1,528,340 (293,942) 1,234,398 Braskem Idesa Mexico 1,356,693 (1,356,693) Cetrel Brazil 5,269 (5,269) DAC Brazil 1,387 (1,387) 4,981,691 (3,747,293) 1,234,398 |
Sundry provisions
Sundry provisions | 12 Months Ended |
Dec. 31, 2021 | |
Sundry provisions | 23 Sundry provisions Schedule of sundry provisions Note 2021 2020 Provision for environmental damages (a) 1,035,426 602,490 Provision for customers rebates (b) 101,253 123,465 Other 152,584 148,253 Total 1,289,263 874,208 Current liabilities 465,051 362,407 Non-current liabilities 824,212 511,801 Total 1,289,263 874,208 (a) Provision for recovery of environmental damages The provision for recovery of environmental damages is estimated based on current legal and constructive requirements, technology, price levels and expected remediation plans. Realized costs and cash outflows may differ from current estimates due to the changes in laws and regulations, public expectations, prices, new findings by the ongoing studies and analysis of local conditions and changes in remediation technologies. The time and value of future expenses related to environmental liabilities are reviewed annually, as well as the interest rate used for discounting them to present value. The Company operates in several countries and is subject to different environmental laws and regulations inherent to the operations and activities areas. Remediation expenses are incurred during several years due to their complexity and extension. New information on sites, new technologies or future developments, such as involvement in investigations by regulatory agencies, may require that we reevaluate our potential exposure related to environmental matters. The provision is recorded based on the areas in which remediation actions are necessary. Due to the high complexity in identifying potential environmental impacts, alternative solutions and recovery costs estimations, these estimates can only be made with reasonable assurance after the completion of all phases of the process to identify and investigate environmental liabilities, which are in accordance with the phases and protocols established by environmental agencies. The Company monitors the areas under study to capture any new facts and changes in circumstances that change the prognosis of actions to be adopted and consequently affect the estimation of provision for environmental remediations. In 2021, the increase in the provision is mainly due to the implementation of new techniques to remediate the environmental damage. (b) Rebates Some sales agreements of the Company provide for a rebate, in products, should certain sales volumes be achieved within the year, six-month period or three-month period, depending on the agreement. The bonus is recognized monthly in a provision, assuming that the minimum contractual amount will be achieved. (c) Changes in provisions Schedule of changes in sundry provisions Recovery of environmental damage Rebate Other Total December 31, 2019 365,155 84,110 55,941 505,206 Additions, monetary adjustments and exchange variation 306,274 150,132 119,831 576,237 Write-offs through usage and payments (68,939) (110,777) (27,519) (207,235) December 31, 2020 602,490 123,465 148,253 874,208 Additions, monetary adjustments and exchange variation 576,086 144,710 114,395 835,191 Write-offs through usage and payments (143,150) (166,922) (110,064) (420,136) December 31, 2021 1,035,426 101,253 152,584 1,289,263 |
Provisions for legal proceeding
Provisions for legal proceedings and contingent liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Provisions For Legal Proceedings And Contingent Liabilities | |
Provisions for legal proceedings and contingent liabilities | 24 Provisions for legal proceedings and contingent liabilities Braskem is a defendant in lawsuits and administrative proceedings arising from the normal course of its business. The Management, based on its assessment and that of its external legal advisors, classifies these proceedings in terms of probability of loss as follows: Probable chance of loss Possible chance of loss: The Management believes that the estimates related to the outcome of the proceedings and the possibility of future disbursement may change in view of the following: (i) higher courts may decide in a similar case involving another company, adopting a final interpretation of the matter and, consequently, advancing the termination of the proceeding involving the Company, without any disbursement or implying the need of any financial settlement of the proceeding; and (ii) programs encouraging the payment of the debts implemented in Brazil at the Federal and State levels, in favorable conditions that may lead to a disbursement that is lower than the one that is recognized in the provision or lower than the value of the matter. In addition, the Company also is a plaintiff to several lawsuits. In these cases, the Company discloses the contingent asset when the receipt of economic benefits is probable. However, when the realization of the benefit is virtually certain, the related asset no longer constitutes a contingent asset, and as such amount is recognized. Any changes in the court’s understanding of the position could cause future impacts on the financial statements of the Company due to such proceedings. 24.1 Claims with probable chance of loss Claims with probable chance of loss and contingent liabilities 2021 2020 Labor claims (a) 268,758 280,066 Tax claims (b) IR and CSL 61,946 61,342 PIS and COFINS 299,202 291,783 ICMS 331,094 319,851 Other tax claims 22,857 19,759 715,099 692,735 Corporate claims 94,826 126,057 - - Civil claims and other 75,147 52,229 1,153,830 1,151,087 (a) Labor claims As of December 31, 2021, the provision is related to 515 labor claims, including occupational health and security cases (2020: 529 (b) Tax claims As of December 31, 2021, the main claims are the following: (i) Non-cumulative PIS and COFINS The Company is charged amounts arising from compensation of Non-Cumulative PIS and COFINS tax credits in the years 2005, 2010 and in the period from 2012 to 2016 that were not approved by the Brazilian Federal Revenue Service ( Secretaria da Receita Federal do Brasil - Offsetting Statements (“DCOMPs”), with credits in amounts that exceeded those declared in the respective Statement of Calculation of Social Contributions (“DACONs”); - freight expenses: not associated with sales operations and/or operations without proven association and contracted in the country, but concerning imported products; - credits arising from the acquisition of property, plant and equipment mostly related to acquired companies, whose documentation was not found; - taxation of taxable revenues incorrectly classified as tax exempt, subject to zero tax rate or not taxed. As of December 31, 2021, the balance of this provision was R$ 202,737 197,707 (ii) PIS and COFINS taxes The Company is assessed for the payment of these taxes in many legal and administrative claims, such as: - insufficient payment of COFINS for the period from March 1999 to December 2000, from February 2001 to March 2002, from May to July 2002 and September 2002 due to alleged calculation errors, and non-compliance with the widening the tax calculation base and increasing the contribution rate envisaged in Law 9.718/1998; - offset of the COFINS dues relating to September and October 1999 using the credit resulting from the addition of 1% to the COFINS rate; - rejection of the offset of PIS and COFINS dues relating to the period from February to April 2002 using the PIS credits under Decree-Laws 2.445 and 2.449, calculated between June 1990 and October 1995, under the argument that the time period for using said credits had expired; and - alleged non-taxation of revenue from foreign exchange variations, determined as a result of successive reductions in the capital of the associated company. As of December 31, 2021, the balance of this provision was R$67,403 (2020: R$65,041). Management estimates the administrative procedures will conclude in 2023 and the court decisions in 2030. Guarantees were offered for court claims in the form of bank guarantee and finished products, which, together, cover the amount of claims. (iii) ICMS tax on interstate purchases In 2009, the merged company Braskem Qpar was assessed by the Finance Department of the State of São Paulo for the payment of ICMS in view of allegedly committing the following violations: - undue use of ICMS tax credits in the amount of R$ 58,164 - the fine for the abovementioned tax offense corresponds to 100 - fine in the amount of 30% on R$ 480,389 - fine due to lack of presentation of tax documents requested under a specific deficiency notice, as per Article 527, item IV, sub-item “j” jointly with paragraphs 8 and 10 of RICMS/SP. After ending the discussions in the administrative sphere in 2015 with the partial reduction in contingency, the Company proposed lawsuits to continue the discussion. As of December 31, 2021, the balance of this provision was R$ 313,380 305,747 (c) Changes in claims with probable chance of loss Schedule of changes in claims with probable chance of loss Corporate Civil claims Labor claims Tax claims claims and other Total December 31, 2019 315,437 672,088 118,485 45,514 1,151,524 Additions, inflation adjustments and exchange variation 140,386 130,302 10,242 32,207 313,137 Payments (42,174) (21,649) (9,166) (72,989) Reversals (*) (133,583) (88,006) (2,670) (16,326) (240,585) December 31, 2020 280,066 692,735 126,057 52,229 1,151,087 Additions, monetary adjustments and exchange variation 172,574 46,849 14,357 76,111 309,891 Payments (70,968) (3,659) (40,109) (2,770) (117,506) Reversals (*) (112,914) (20,826) (5,479) (50,423) (189,642) December 31, 2021 268,758 715,099 94,826 75,147 1,153,830 (*) A provision reversal occurs when the probability of loss or the value attributed to the lawsuit changes, or the suit is closed with a cash disbursement lower than the provisioned amount. 24.2 Contingent liabilities Schedule of claims with probable chance of loss Note 2021 2020 Tax claims (a) 17,224,429 12,156,030 Civil claims - Alagoas 26 2,614,344 796,712 Civil claims - Other (b) 737,083 708,120 Labor claims (c) 763,555 663,448 Environmental claims (d) 571,057 507,973 Social security claims (e) 398,783 326,730 Other lawsuits (f) 337,807 286,643 Total 22,647,058 15,445,656 (a) Tax claims (i) IR/CSL: Charges with goodwill amortization The subsidiaries Cetrel and DAC were notified by the RFB, in December 2020 and June 2021, respectively, for the deduction of tax amortization charges on goodwill arising from the acquisition of equity interests in 2012. The Management, based on its evaluation and that of its external legal advisors, considers it is probable that a taxation authority will accept this uncertain tax treatment since the ownership interest was acquired (i) for an amount determined on an arm’s length basis, (ii) as effective payment, and (iii) for business purposes arising from the allocation of effluent and waste treatment assets in the environmental segment. The cases are pending in the administrative sphere. As of December 31, 2021, the updated amount of these claims was R$ 179,370 42,433 (ii) IR/CSL: Exchange variation on naphtha imports In December 2017 and December 2020, the Company received a tax deficiency notice related to the disallowance of exchange variation expenses between the due date of commercial invoices and the effective payment of obligations related to naphtha imports, related to calendar years 2012 and 2015, respectively. Regarding calendar year 2012, disallowances led to the adjustment of tax losses and social contribution tax loss carryforwards. For 2015, a tax credit was considered along with a qualified fine corresponding to 150 The tax deficiency notice issued in December 2020 also resulted in partial disallowance of the cost of naphtha imported from its subsidiary abroad, in an amount corresponding to the profit margin calculated by the subsidiary in the naphtha resale operations, carried out in 2014 and 2015. As of December 31, 2021, this uncertain tax treatment is R$ 1.1 billion 1 billion (iii) ICMS: Credit reversal on output with tax deferral In July and December 2020, the Company was notified, by the State of Alagoas, due to the lack of ICMS tax payment arising from the alleged lack of reversal of the tax credited in operations prior to outflows with tax deferral. As of December 31, 2021, the value of these cases was R$ 587 million 569 million The Management, based on its evaluation and that of its external legal advisors, estimates that: (i) the probability of loss is possible due to court precedents and evidence produced; and that the deferral is not a tax benefit and the establishment notified does not receive incentives, therefore the credit reversal is not necessary (whose maintenance, in addition, is assured by the legislation in force on said date); (ii) the administrative proceedings should be concluded by 2025. (iv) IR/CSL: Foreign earned income – Braskem America In July 2020, the Company was notified by RFB for not subjecting to taxation the income earned abroad by its subsidiary Braskem America Inc. in fiscal year 2015, given the no consideration of the tax credits obtained by this foreign subsidiary. The notification also involves allegations of undue offset of social contribution tax loss carryforwards for fiscal year 2016, due to the nonexistence of balances, given the disallowances arising from tax deficiency notices and the applications under tax amnesty programs. Based on its evaluation and that of its external legal advisors, the Management considers it is probable that a taxation authority will accept this uncertain tax treatment since, In March 2021, the objection filed against this claim was upheld in the lower administrative court. As of December 31, 2021, the updated amount of the taxes and tax effects from disallowances of income tax losses and social contribution tax loss carryforwards under said tax deficiency notice was R$ 271 million 279 million (v) IR/CSL: Foreign earned income - Braskem Holanda The Company received a deficiency notice from RFB, referring to fiscal years 2015 and 2016, stating its disagreement with applying the Agreement between Brazil and the Netherlands to avoid double taxation, which establishes that Dutch companies' profits cannot be taxed in Brazil. The Management, based on its evaluation and that of its external legal advisors, understands that the profits earned by its subsidiary abroad are exempt from taxation in Brazil under Article 7 th 8.8 billion 3.7 billion (vi) PIS and COFINS: taxation of liability reductions settled in connection with the installment plan under Provisional Executive Order (“MP”) 470/2009 The Company received notice for not applying to PIS and COFINS taxes the reductions for fines and interest, in view of the adoption of the installment plan offered under MP 470/2009. As of December 31, 2021, the updated value of this proceeding amounted to R$ 910 million 892 million The Management, based on its evaluation and that of its external legal advisors, estimates that the probability of loss is possible since the liability reductions arising from the amnesty and tax installment program, offered by the Federal Government, are not income taxable by PIS and COFINS and, even if so, should be considered financial income taxable, at the time, at zero tax rate. The Management, based on its evaluation and that of its external legal advisors, estimates that this administrative proceeding should be concluded by 2023. (vii) IR/CSL: Charges with goodwill amortization The Company was served by the RFB for deducting amortization charges, from 2007 to 2013, relating to goodwill originated from acquisitions of shareholding interests in 2002. In 2002, Braskem foundation was fulfilled due to petrochemical assets disposals from several business groups. After definitive reductions made in the administrative instance, as of December 31, 2021, the updated contingency is R$ 1.1 billion 1 billion The Management, based on its evaluation and that of its external legal advisors, estimates that: (i) it is probable that a taxation authority will accept this uncertain tax treatment since the equity interests were acquired with effective payment, a business purpose and the participation of independent parties; (ii) these administrative proceedings should be concluded by 2023, while the only current court proceeding should be concluded by 2030. The Company offered a performance bond that covers the total amount involved in the court proceedings. (viii) Non-cumulative PIS and COFINS taxes The Company received a deficiency notice from the RFB due to the use of non-cumulative PIS and COFINS tax credits in the acquisition of certain goods and services consumed in its production process. The matters whose chance of loss is deemed as possible are mainly related to the following: (i) charges on transmission of electricity; (ii) freight for storage of finished products; (iii) extemporaneous credits from various acquisitions; (iv) property, plant and equipment; and (v) Prodesin. These matters have already been contested at the administrative and court level and comprise the period from 2006 to 2017. As of December 31, 2021, the amount under discussion of these notices is R$ 1,334 1,266 The Management, based on its assessment and that of its external legal advisors, estimates that: (i) the administrative proceedings should be concluded by 2026, while the lawsuits should be concluded by 2031; and (ii) in the event of an adverse ruling for the Company, which is not expected, these contingencies could be settled for up to 50% of the amounts in dispute. These estimates are based on the probability of loss of the Company's defense thesis, based on previous administrative and court precedents. The Company offered a performance bond that covers the total amount involved in the court proceedings. (ix) IR/CSL: Unlimited offsetting In December 2009 and March 2017, the Company received tax deficiency notices claiming that the methodology used to offset tax losses and tax loss carryforwards that failed to observe the limit of 30% of the Taxable Profit and Social Contribution calculation base when offsetting such liabilities with Corporate Income Tax and Social Contribution liabilities in merger operations, respectively, in November 2017 and August 2013. As of December 31, 2021, the updated value of the contingency amounted to R$ 430 million 352 million The Management, based on its evaluation and that of its external legal advisors, estimates that: (i) it is probable that a taxation authority will accept this uncertain tax treatment since the noncompliance with the 30% limit mentioned above was exclusively due to the last Corporate Income Tax Statements (“DIPJ”) submitted by the Company, which was dissolved due to its merger into Braskem; (ii) the court proceedings should be concluded by 2031. The Company offered performance bonds that cover the total amount involved in the court proceeding. (x) ICMS The Company is involved in many ICMS collection claims drawn up in the States of São Paulo, Rio de Janeiro, Rio Grande do Sul, Bahia, Pernambuco and Alagoas, which materialized in administrative and court proceedings. The matters assessed as possible losses include the following topics: · ICMS credit on the acquisition of assets that are considered by tax authority as being of use and consumption. The Revenue Service understands that the asset has to be a physically integral part of the final product to give rise to a credit. Most of the inputs questioned do not physically compose the final product. However, the Judicial branch has a precedent that says that the input must not necessarily be an integral part of the finished product, and can be consumed in the production process; · ICMS credit arising from the acquisition of assets to be used in property, plant and equipment, which is considered by tax authority as not being related to the production activity, such as laboratory equipment, material for the construction of warehouses, security equipment, etc.; · internal transfer of finished products for an amount lower than the production cost; · omission of the entry or shipment of goods based on physical count of inventories; · lack of evidence that the Company exported goods so that the shipment of the goods is presumably taxed for the domestic market; · non-payment of ICMS on the sale of products subject to tax substitution and credit from acquisitions of products subject to tax substitution; · fines for the failure to register invoices; and · nonpayment of ICMS tax on charges related to the use of the electricity transmission system in operations conducted in the Free Market of the Electric Power Trading Chamber. As of December 31, 2021, the updated value of these proceedings was R$ 756 million 883 million The Management, based on its assessment and that of its external legal advisors, estimates that: (i) these administrative proceedings are expected to be terminated in 2026, while the court proceedings are expected to be terminated in 2031; and (ii) in the event of an unfavorable decision to the Company, which is not expected, these contingencies could be settled for up to 50% of the amounts in dispute. This estimate is based on the probability of loss of the Company’s defense theory taking into consideration the case law at the administrative and judicial levels. The Company offered performance bonds that cover the total amount involved in the current court proceedings. (xi) PIS and COFINS sundry The Company is involved in collection actions related to PIS and COFINS assessments in the administrative and judicial courts, with possible probability of loss, which discuss the alleged undue offsetting of credits arising from other administrative proceedings and lawsuits, including: (i) Income Tax prepayments; (ii) FINSOCIAL; (iii) tax on net income (ILL); (iv) PIS-Decrees – Federal Laws 2.445 and 2.449; and (v) the COFINS tax arising from the undue payment or payment in excess. As December 31, 2021, the updated amounts involved of these assessments was R$ 131 million 130 million The Management, based on its assessment and that of its external legal advisors, estimates that: (i) these judicial proceedings are expected to be terminated in 2024; and (ii) in the event of an unfavorable decision to the Company, these contingencies could be settled for up to 50% of the amounts in dispute. This estimate is based on the probability of loss of the Company’s defense theory taking into consideration the case law at the administrative and judicial levels. The Company offered guarantees that cover the total amount involved in the current court proceedings. (xii) IRRF and IR/CSL: Commission expenses In December 2017, the Company received a tax deficiency notice from the RFB arising from: (i) the disallowance of commission expenses paid by Braskem in 2011; (ii) the disallowance of commission expenses paid by Braskem Inc. in 2013 and 2014; (iii) lack of payment of withholding income tax (“IRRF”) on the payments referred to in the previous item; and (iv) the disallowance of advertising expenses incurred in 2013. As of December 31, 2021, the updated amount of taxes and tax effects from disallowances of income tax losses and social contribution tax loss carryforwards through said tax deficiency notice is R$ 142 million 139 million It is probable that a taxation authority will accept this uncertain tax treatment based on the following: (i) the expenses incurred in 2011 already are subject to the statute of limitations. Furthermore, the tax credit recognized by the RFB considered the sum of the disallowances disputed in other administrative proceedings that are pending a final decision, which do not belong in the claim in question; (ii) the expenses incurred by Braskem Inc. already were paid by the Company itself, which led only to the reduction of its tax loss backlog, without the need to pay additional taxes; (iii) the IRRF claimed by the RFB aims to reach a taxpayer located abroad, which as such is not subject to Brazilian tax law; and (iv) the disallowed advertising expenses are related to the Company’s business activities. The Management, based on its evaluation and that of its external legal advisors, estimates that this administrative proceeding should be concluded by 2023. (xiii) Isolated fine – failure to ratify DCOMPS In 2016 through 2021, the Company received notifications of individual fines imposed due to the use of credits from: (i) non-cumulative PIS/COFINS taxes; (ii) negative balances of IR/CSL taxes; (iii) REINTEGRA credits; and (iv) other credits, for offsets not approved by the RFB. As of December 31, 2021, the updated value of these deficiency notices amounted to R$ 310 million 345 million The Management, based on its evaluation and that of its external legal advisors, estimates that: (i) the probability of loss is possible, due to favorable court precedents, especially in the judicial sphere; (ii) these administrative proceedings should be concluded by 2026. (xiv) IR/CSL: Negative Balance – Offset The Company claims, at the administrative and judicial level, that RFB denies offsets seeking to settle federal taxes with credits arising from a negative balance of IR/CSL. As of December 31, 2021, the updated value of the taxes whose offset was not approved amounted to R$ 173 182 The Management, based on its evaluation and that of its external legal advisors, estimates that: (i) it is probable that a taxation authority will accept this uncertain tax treatment given the court precedents and the evidence produced in records; (ii) the proceedings at the administrative level should be concluded by 2024, while the proceedings at the judicial level should be concluded by 2023. The Company offered guarantees that cover the total amount involved in the current court proceedings. (xv) PIS and COFINS: Cide-Fuels Tax Offset The Company is a party to lawsuits claiming PIS and COFINS tax liabilities arising from their offset using Cide-Fuels tax credits, as authorized under Federal Law 10.336/2001. As of December 31, 2021, the updated value of these cases was R$ 118 million 116 million The Management, based on its evaluation and that of its external legal advisors, estimates that this proceeding should be concluded by 2030. The Company offered guarantee that cover the total amount involved in the current court proceedings. (b) Civil claims (i) Resale of solvents In January 2017, the Company became defendant in a civil lawsuit filed by former reseller of solvents, claiming alleged breach of a tacit distribution agreement. The lawsuit is pending judgment. As of December 31, 2021, the claims prepared by the other party amounted to R$ 265 million (2020: R$ 223 million ). (ii) Hashimoto Public-Interest Civil Action The Public-Interest Civil Action was filed in June 2018 by the São Paulo State Public Prosecutor’s Office against the Company and other firms that operate in the Capuava Petrochemical Complex, claiming the reparation and/or remediation of environmental damages supposedly arising from the emission of pollutants into the air, as well as the joint judgement of companies that comprise said complex seeking environmental moral damages in the updated amount of R$175 million (2020: R$144 million). Braskem filed its defense in December 2020. The defense of the other defendants and the subsequent decision of the judge is pending. The Management, based on its assessment and that of its external legal advisors, believes that the lawsuit possibly will be dismissed within a period of eight years. (c) Labor claims Lawsuits filed by former team members and contractors who provided services to Braskem, and are chiefly related to overtime, wage parity and other amounts established in labor laws. (d) Environmental claims Public-Interest Civil Action filed in September 2011 by the Local Government of the city Ulianópolis in Pará State against Braskem and other companies, claiming reparation and/or remediation of environmental damages allegedly resulting from the delivery of waste to the Brazilian Bauxite Company , which had not disposed of it properly, polluting an area of the Municipality of Ulianópolis, as well as the joint and several liability of these companies for the payment of indemnification for environmental damage in the updated amount of R$ 325 million 277 million The Management, based on its assessment and that of its external legal advisors, believes that the lawsuit possibly will be dismissed within a period of eight years. (e) Social security claims In 2012, the Company withdrew sponsorship of the plans Petros Copesul and Petros PQU, whose private pension entity was Petros, remaining the obligation established under the Sponsorship Withdrawal Instrument to pay the mathematical reserves of Members, pursuant to Complementary Law 109/2001, which was met in 2015. However, after the payment, several beneficiaries filed individual and collective action regarding various claims, such as: (i) Difference of the Individual Withdrawal Fund; (ii) Change in data base; (iii) age limiter; (iv) 90% of supplementation; (v) Return of Contributions; (vi) Difference in Savings Account Reserve; (vii) Objection against legality of Sponsorship Withdrawal. Currently, this portfolio is composed of 783 active cases deemed as possible in terms of financial contingency, representing an estimated disbursement of R$ 332 million 327 million (f) Other lawsuits (i) Incentivized Preferred Shares The Company currently is subject to the liquidation of an award related to a lawsuit filed in 1988, whose decision required Polialden Petroquímica S.A., a company merged into Braskem, to pay certain non-controlling shareholders that hold preferred shares in Polialden the distribution of the remaining net profit of the company. The liquidation of award aims to determine the value of the dividends to be paid in accordance with the terms of the decision. The process is awaiting the start of the expert evidence. As of December 31, 2021, based on Management’s evaluation and that of its external legal advisors, the Company recorded a provision of R$ 19 million 16.9 million 238 million 257 million 206 million (ii) Social security – hazardous agents The Company is a party to other administrative proceedings and lawsuits, which claim: (i) payments related to tax-deficiency notices for additional contribution for Occupational Accident Risk (“RAT”) to fund the special retirement plan due to the alleged exposure of workers to hazardous agents; as well as financial penalty for not disclosing it in GFIP (from April 1999 to February 2006); (ii) the assessment of premium for RAT in view of workers’ alleged exposure to hazardous agents (noise and carcinogenic agents) in the period from January 2016 to July 2018; and (iii) the claim in a tax foreclosure, of said additional payment for RAT, related to periods from November 2000 to January 2001 and from November 2001 to June 2002. As of December 31, 2021, the total amount of these proceedings as of is R$ 187 million 182 million The Management, based on its assessment and that of its external legal advisors, estimates that the probability of loss is possible and the administrative proceedings should be concluded by 2024, while the only current court proceeding should be concluded by 2028. No deposit or any other type of guarantee for the proceedings still pending in the administrative instance have been made, and the only lawsuit is secured by a guarantee insurance. 24.3 Class action On August 25, 2020, an action was filed against Braskem and some of its current and former executives in the US District Court for the District of New Jersey, in the United States, on behalf of an alleged class of investors who acquired Braskem's shares. The action is grounded in the U.S. Securities Exchange Act of 1934 and its rules, based on allegations that the defendants made false statements or omissions related to the geological event in Alagoas. On January 15, 2021, the Court named two plaintiffs to act as leading plaintiffs in the action. On April 28, 2021, the lead plaintiff of the action filed a consolidated complaint with its initial arguments, defining as relevant the period of acquisition of the Company’s securities from March 21, 2019 to July 8, 2020. The Company engaged a specialized US-based law office to represent it in the class action and has filed a motion to dismiss, which is pending analysis by the Court. The Management, based on its assessment and that of its external legal advisors, and given the initial phase of the class action mentioned above, considers it is not possible to reliably estimate the potential amount involved. Braskem cannot reliably predict the future developments of this matter or the expenses arising from it, including rates and costs in solving the dispute. The Company may be named as a defendant in other similar legal actions. 24.4 Contingent assets Contingent assets normally arise from unplanned or unexpected events that give rise to the possibility of an inflow of economic benefits to the Company. Contingent assets are not recognized in the financial statements, but they are disclosed when it is likely that an inflow of economic benefits will occur. However, when the inflow of benefits is virtually certain, the asset is recognized in the financial position statement because that asset is no longer considered contingent. (i) Compulsory loans Centrais Elétricas Brasileiras S.A. (“Eletrobrás") The compulsory loan in favor of Eletrobrás was established by Federal Law 4.156/62, to finance the energy industry and remained effective until 1993. It was collected through the energy bills of industrial consumers with monthly consumption equal to or higher than 2000kwh and, after successive amendments to the law, the reimbursement, plus compensatory interest of 6% p.a., was extended to 20 years, which can be anticipated through conversion of credits into shares issued by Eletrobrás. Between 2001 and 2009, the companies merged into Braskem S.A. filed proceedings seeking the recovery of amounts related to differences in the inflation adjustment of the compulsory loan, interest on arrears and compensatory interest and other related payments. The Company obtained a favorable final and unappealable decision in the cases of the merged companies Alclor Química de Alagoas Ltda., Companhia Alagoas Industrial (“Cinal”), Companhia Petroquímica do Sul S.A. (“Copesul”) and Trikem S.A., which are in the execution phase, discussing the amounts to be effectively returned. The cases of the merged companies Ipiranga Petroquímica S.A., Petroquímica Triunfo Ltda. and Quattor Química S.A are in the cognizance phase. The term, form and amount to be realized are still uncertain, so it is not possible to determine the amount to be received and, for such reason, the asset does not meet the conditions to be recorded in the financial statements. |
Leniency agreement with authori
Leniency agreement with authorities | 12 Months Ended |
Dec. 31, 2021 | |
Leniency Agreement With Authorities | |
Leniency agreement with authorities | Leniency agreement with authorities In the context of allegations of undue payments in connection with Operation Car Wash in Brazil, the Company hired external experts in investigation to conduct an independent investigation into such allegations (“Investigation”) and to report their findings. In December 2016, the Company entered into Leniency Agreements with the Federal Prosecution Office ( Ministério Público Federal 957 million 3.1 billion Further, the Company engaged in the process of cooperation and negotiation with the Ministry of Transparency and the Office of The Federal Controller General ( Controladoria-Geral da União Advocacia-Geral da União The FCG/AGU Agreements addresses the same facts that are the subject of the Global Settlement and provides for an additional disbursement of R$409,877 million due to the calculations and parameters adopted by FCG/AGU. In addition, in 2019, the State Prosecution Office of Bahia and the State Prosecution Office Rio Grande do Sul adhered to the Agreement with MPF. However, no additional payments are expected to be made by the Company. The AGU, FCG and MPF agreed to allocate most of the amounts received under the Agreements to the reparation of victims of the wrongdoings, including other public authorities and agencies, and to adopt monitoring measures of such third parties with which Braskem comes to start negotiations in connection with the matters under the Agreements, seeking to avoid the duplication of compensation. The Company already has paid R$2,752,711, distributed as shown below: Agreements signed with: AGU FCG and MPF DoJ OAG MPF SEC Total Amounts paid 559,896 296,591 407,300 1,282,464 206,460 2,752,711 (*) Swiss Office of the Attorney General (“OAG”). As of December 31, 2021, the outstanding amount is R$ 1,123,296 353,385 769,911 The Agreements do not exempt the Company from other third parties, with legitimate interest, seeking indemnity for damages caused by the facts covered by the Agreements, including other authorities that seek to impose new pecuniary sanctions or fines or initiate new investigations into the Company. The Company does not anticipate the need for any additional payment, but it cannot guarantee that the total amount agreed will be sufficient for full reparation of all any injured parties, considering that the agreements do not exempt the Company from any liabilities with third parties that have legitimate interests in the facts covered by the Agreements. The Company will continue to cooperate with the competent public authorities, while improving its compliance and anti-corruption practices. The Company was subject to external independent monitoring, for a period of three years, as a result of the Agreements. The monitors were responsible for verifying compliance with the Global Settlement, as well as the efficacy of internal controls, policies and procedures of the Company in reducing the risk of noncompliance with anti-corruption laws. Finally, in March 2020, based on the certification report issued by the independent monitors that have monitored the Company over the last three years, the MPF confirmed the end of the monitorship, the effectiveness of the Company’s compliance program and the fulfillment of the obligations under the MPF Agreement. Subsequently, on May 13, 2020, the U.S. Department of Justice (“DoJ”) and the U.S. Securities Exchange Commission (“SEC”) confirmed the conclusion of the monitorship established under the agreements with said authorities. The Company will continue to undergo external monitoring by the FCG/AGU until the end of 2022. All compliance obligations are being honored as recommended by the authorities. The Company is in compliance with all of its obligations under the Agreements and continues to cooperate with government authorities. |
Geological event - Alagoas
Geological event - Alagoas | 12 Months Ended |
Dec. 31, 2021 | |
Geological Event - Alagoas | |
Geological event - Alagoas | 26 Geological event - Alagoas The Company operated, since their origin and as the successor of Salgema Company, salt mining wells located in Maceió city, with the purpose of supplying raw material to its chlor-alkali and dichloroethane plant. In March 2018, an earthquake hit certain districts of Maceió, Alagoas, where the wells are located, and cracks were found in buildings and public streets of Pinheiro, Bebedouro, Mutange and Bom Parto districts. The Geological Survey of Brazil (“CPRM”) issued a report, in May 2019, indicating that the geological phenomenon observed in the region, could be related to the rock salt exploration activities developed by Braskem. In view of these events, on May 9, 2019, Braskem preventively decided to suspend its salt mining activities and the operation of its chlor-alkali and dichloroethane plant. The Company has been devoting its best efforts to understand the geological event occurring in a specific region of Maceió and has been conducting, with the support of independent institutions and nationally and internationally renowned specialists, a series of studies focusing on: (i) the understanding the geological phenomenon and possible surface effects; and (ii) the analysis of well’s stability. The results are being shared with the Brazilian National Mining Agency (“ANM”) and other pertinent authorities, with which the Company has been maintaining constant dialogue. Braskem presented to ANM measures for shutting down its salt mining fronts in Maceió, with measures for the closure of its wells, and, on November 14, 2019, it proposed the creation of a protective area surrounding certain wells as a precautionary measure to ensure public safety. These measures are based on a study conducted by the Institute of Geomechanics of Leipzig (IFG), in Germany, an international reference in the geomechanical analysis of areas of salt extraction by dissolution, and are being adopted in coordination with the local Civil Defense and other authorities. On January 3, 2020, the 3 rd After updates of the Civil Defense Map, two legal instruments were signed with the Authorities, in July and October 2020, to include properties in the PCF. In parallel, the Company conducted negotiations with the competent authorities regarding the Public-Interest Civil Action for Socio-environmental Reparation proposed by the MPF, related to the geological event in Alagoas. On December 30, 2020, the Company and the Authorities executed: (i) the Second Amendment to the Agreement dated January 3, 2020 (“Agreement for Compensation of Residents”) through which the parties agreed to include in the PCF the relocation of additional properties defined by both the Civil Defense Map, which was updated in December 2020 (version 4), and the specialized and independent technical studies (“Studies”) commissioned by the Company and carried out by internationally recognized entities, comprising the area affected and with potential to be affected by the geological event according to these documents; and (ii) the “Agreement to Dismiss the Public-Interest Civil Action on Socio-Environmental Reparation” and the “Agreement to define the measures to be adopted regarding the preliminary injunctions of the Public-Interest Civil Action on Socio-Environmental Reparation” with the MPF and MPE, the latter as intervening-consenting party (jointly referred to as "Agreement for Socio-Environmental Reparation"), both detailed in Note 26.1(ii). Moreover, the Agreement for Socio-Environmental Reparation envisages the inclusion of other parties, which depends on specific negotiation with such potential parties. Over the course of 2021, the Company maintained its best efforts towards solving the issues arising from the geological event, proactively adopting all necessary and applicable measures whilst fully honoring all commitments undertaken. Highlights: (i) PCF significant advances on assisting public authorities to vacate properties located in the risk areas and submitting full financial compensation offers with a high level of acceptance; (ii) the actions for closing and monitoring the salt wells, which are following the mining closure plan approved by the ANM, seeking to stabilize the subsidence phenomenon resulting from salt mining; and (iii) the social and environmental diagnoses conducted in connection with the Socio-Environmental Reparation Agreement. As assessed by the Company and its external advisors, considering the measures recommended on technical studies in the short and long-term and the existing information and refined estimates of expenses for implementing several measures connected with the geological event in Alagoas, the provision recorded as of December 31, 2021 was R$ 7,661,259 4,378,071 3,283,188 The following table shows the changes in the provision in the period Consolidated 2021 2020 2019 Balance at beginning of the year 9,175,777 3,383,067 Provisions 1,339,765 6,901,827 3,383,067 Payments and reclassifications (*) (2,928,081) (1,181,931) Realization of present value adjustment 73,798 72,814 Balance at the end of the year 7,661,259 9,175,777 3,383,067 Current liability 4,378,071 4,349,931 1,450,476 Non-current liability 3,283,188 4,825,846 1,932,591 Total 7,661,259 9,175,777 3,383,067 (*) Out of this amount, R$ 2,739,686 (2020: R$ 1,137,736 ) refers to payments made and R$ 188,395 (2020: R$44,195) was reclassified to other accounts payable. The current provision can be segregated into the following action fronts: a. Support for relocating and compensating for the residents, business and real state owners of properties located in the Civil Defense Map updated in December 2020, including establishments that requires special measures for their relocation, such as hospitals, schools and public equipment. For these actions, the recorded amount of R$ 3,390,849 5,194,627 1,687,700 b. Actions for closing and monitoring the salt wells, environmental actions and other technical matters. Based on the findings of sonar and technical studies, Braskem has defined stabilization and monitoring actions for all 35 existing salt mining wells. Considering the discussions held in December 2021, based on studies of the specialists, the recommendation was to fill 5 more salt wells with solid material, bringing the total wells to be filled to 9, a process that should take 4 years. For the remaining 26, the recommended actions are: conventional closure using the tamponade technique, which consists of promoting the cavity pressurization, applied worldwide for post-operation cavities; confirmation of natural filling status; and, for some wells, sonar monitoring. The monitoring system implemented by Braskem envisages actions to be developed during and after the closure of wells, focusing on safety and monitoring of region’s stability. The Company’s actions are based on technical studies conducted by outsourced specialists, with the recommendations presented to the competent authorities. The Company is implementing the actions approved by ANM. In December 2021, the environmental diagnosis study indicated preliminary proposal of actions for addressing the environmental impacts identified, which should still follow the process established in the Socio-Environmental Reparation Agreement. The provisioned amount of R$ 1,691,032 1,585,366 c. Social and urban measures, under the Agreement for Socio-environmental Reparation signed on December 30, 2020, allocating R$1,580,000 for the adoption of actions and measures in vacated areas, urban mobility and social compensation actions, of which R$300 million going to indemnification for social damages and collective pain and suffering and possible contingencies related to the actions in the vacated areas and urban mobility actions. d. Additional measures, for which the provision amounts to R$1,002,192 (2020: R$880,286), for expenses with: (i) actions related to the Technical Cooperation Agreements entered into by the Company; (ii) the hiring of external advisors to support the execution of the relocation actions and compensation of the families; (iii) infrastructure for assisting residents; (iv) expenses with managing the event in Alagoas relating to communication, compliance, legal services, etc.; (v) additional measures to assist the region and maintenance of areas; and (vi) other matters classified as a present obligation for the Company, even if not yet formalized. The provisions of the Company are based on current estimates and assumptions and may be updated in the future due to new facts and circumstances, including, but not limited to: changes in the execution time, scope and method; the success of action plans; new repercussions or developments arising from the geological event; and the conclusion of studies that indicate recommendations from specialists, including the Technical Monitoring Committee, according to Agreement for Compensation of Residents, and other new developments in the matter. The measures related to the mine closure plans are also subject to the analysis and approval by ANM, the monitoring of results of the measures under implementation as well as changes related to the dynamic nature of geological events. Continuous monitoring is essential for confirming the results of the current recommendations. Accordingly, the plans to close the wells may be updated based on the need to adopt technical alternatives to stabilize the subsidence phenomena arising from the extraction of salt. In addition, the conclusion of the studies to confirm the natural filling of certain cavities and the assessment of the future behavior of cavities to be monitored using sonar could indicate the need for certain additional measures to stabilize them. The actions to repair, mitigate or offset potential environmental impacts and damages, as provided for in the Socio-environmental Reparation Agreement, to be financed by Braskem, will be proposed considering the environmental diagnosis prepared by a specialized and independent company. After the conclusion of all discussions with authorities and regulatory agencies, as per the process established in the agreement, an action plan will be agreed to be part of the measures for a Plan to Recover Degraded Areas (“PRAD”). At this time, the preliminary actions for addressing the environmental impacts are already being mapped, but it is still impossible to predict the outcome of the environmental diagnosis, as well as possible costs to be added in the Company’s provisions. Furthermore, the Socio-Environmental Reparation Agreement envisages the potential adherence by other parties, including the Municipality of Maceió. In the context of developments in this topic, on February 25, 2022, the Municipality of Maceió signed the partial Term of Adhesion to the Socio-environmental Reparation Agreement, which addresses the allocation of resources provided for in mentioned Agreement to urban mobility actions, as disclosed in Note 37 (b). The Company continues in negotiation with the Municipality of Maceió regarding its other claims, however, to date, it It is not possible to anticipate all new claims, related to damages or other nature, that may be brought by individuals or groups, including public or private entities, that understand they suffered impacts or damages somehow related to the geological phenomenon and the relocation of people from risk areas, as well as new notices of infraction or administrative penalties of diverse natures. Braskem continues to face and could still face administrative procedures and various lawsuits filed by individuals or legal entities not included in the PCF or that disagree with the financial compensation offer for individual settlement, as well as new collective actions and new lawsuits filed by public utility concessionaires, entities of the direct or indirect administration of the State, Municipality or Federal level. Therefore, the number of such actions, their nature or the amounts involved cannot be estimated at this moment. Consequently, the Company cannot eliminate the possibility of future developments related to the Geological Event in Alagoas, the relocation process and actions in vacated and adjacent areas, so the expenses to be incurred may differ from its estimates and provisions. The Company is negotiating with its insurers the coverage of its insurance policies. The payment of compensation will depend on technical assessment of the insurance coverage under these policies, taking into consideration the complexity of the subject. For this reason, no payment of compensation was recognized in the financial statements of the Company. 26.1 Lawsuits pending In the context of this event, the following lawsuits were filed against the Company: (i) Public-Interest Civil Action (“ACP”) filed by the Alagoas State Prosecution Office (“MPE”) and the Alagoas State Public Defender’s Office – Reparation for Residents Public-Interest Civil Action claiming the payment of indemnification for damages caused to the buildings and the residents of areas affected in the Pinheiro district and surrounding areas (currently includes the Mutange, Bebedouro and Bom Parto districts), in the total minimum amount of R$6.7 billion, with initial request for provisional measure to freeze the Company’s financial and other assets in the same amount. Successive orders to freeze funds resulted in the court blocking of R$3.7 billion in assets in 2019, and the unfreezing occurred in January 2020. Once the case was sent to the Federal Courts, the Federal Prosecution Office started to participate in the action The first agreement under this Public-Interest Civil Action (Reparation for Residents) was ratified on January 3, 2020. The Agreement to Support the Relocation of People in Risk Areas (“Agreement”), entered into by Braskem and the Alagoas State Prosecutors’ Office (“MPE”), the Alagoas State Public Defenders’ Office (“DPE”), the Federal Prosecutors’ Office (“MPF”) and the Federal Public Defenders’ Office (“DPU”, and jointly with the MPE, DPE and MPF, the “Authorities”), establishes cooperative actions for relocating people in risk areas and guaranteeing their safety, which provides support under the Financial Compensation and Support for Relocation Program (“PCF”) implemented by Braskem, for the population in specified risk areas. After updates of the Map of Sectors of Damages and Priority Action Lines by the Civil Defense of Maceió (“Civil Defense Map”), two legal instruments were entered into with the Authorities, in July and October 2020, to include properties in the PCF. On December 30, 2020, the Company and the Authorities executed a second amendment to the Agreement (“Agreement for Compensation of Residents”) to terminate the Public-Interest Civil Action, through which the parties agreed to include in PCF the relocation of additional properties defined in the updated version of the Civil Defense Map, of December 2020, and in the independent technical and specialized studies engaged by the Company on the potential impact of the geological event on the surface of the region (“Studies”). The Agreement for Compensation of Residents includes the area currently affected by the geological event, according to the Civil Defense, and the areas with potential future impacts indicated in the Studies. The Company estimates that the total number of properties covered by PCF after the execution of the Second Amendment is around 15,000 properties. To implement the actions envisaged in the Public-Interest Civil Action, the Company undertook to maintain R$2.7 billion in a checking account (R$1.7 billion under the Agreement and an additional R$1 billion under the Second Amendment), with minimum working capital of R$100 million, whose transactions will be verified by an external audit company. As December 31, 2021, arising from the costs incurred related to the PCF, the balance of this checking account corresponded to R$835,517 under current assets (2020: R$1,322,725). In addition, the Company and the Authorities agreed to: (i) create a technical group (Technical Monitoring Committee) to monitor the geological event and study the areas adjacent to the Civil Defense Map for a period of five years; and (ii) maintain a performance bond in the amount of R$1.8 billion (down from the R$2 billion performance bond envisaged in the Agreement). With the judicial ratification by the courts of the Agreement for Compensation of Residents on January 6, 2021, this Public-Interest Civil Action was terminated. (ii) Public-Interest Civil Action filed by the Alagoas State Federal Prosecution Office (MPF-AL) – Social-environmental reparation Public-Interest Civil Action claiming the payment by the Company of indemnification for socio-environmental damages and other collective damages, as well as the adoption of corrective and environmental compliance measures, with preliminary injunction requiring the freezing of assets, suspension of borrowings with the BNDES, formation of an own private fund in the initial amount of R$3.1 billion and the pledging of guarantees in the amount of R$20.5 billion. The original amount of the action, initially at R$28.3 billion, was adjusted by a court decision to R$27.6 billion. On December 30, 2020, the Agreement for Socio-environmental Reparation was executed, with the Company mainly undertaking to: (i) adopt measures to stabilize and monitor the subsidence phenomenon resulting from salt mining; (ii) repair, mitigate or compensate potential impacts and environmental damages arising from salt mining in the Municipality of Maceió; and (iii) repair, mitigate or compensate potential impacts and social and urban damages arising from salt mining in the Municipality of Maceió, as detailed below: (i) To stabilize the cavities and monitor the soil, the Company will continue to implement the action plans involving the closure of mining fronts prepared by Braskem and approved by the ANM, whose measures can be adjusted until the stability of the subsidence phenomenon resulting from salt mining is verified. (ii) Regarding the potential environmental impacts and damages resulting from salt mining in the Municipality of Maceió: as agreed with the MPF, the Company hired a specialized independent company to identify and recommend measures for recovering, mitigating or compensating any environmental impacts identified as the result of salt mining activities in Maceió. After the ongoing study is concluded, the Company will implement and pay for any measures recommended by the study and agreed upon between the Company and the MPF. Since the study is in progress, we cannot anticipate its outcome or if it will entail additional provisions. (iii) Regarding potential impacts and social and urban damages arising from salt mining in the city of Maceió: to allocate the maximum amount of R$1,280 million for adopting actions and measures in vacated areas, urban mobility actions and social compensation actions. Moreover, the Company and the MPF agreed to: (i) allocate the additional amount of R$300 million for indemnification for social and collective pain and suffering and possible contingencies related to actions in vacated areas and in urban mobility actions; (ii) constitute a security interest on certain assets of the Company in the amount of R$2.8 billion to replace the performance bond of R$ 1 billion; and (iii) engage specialized consulting firms to support the definition of actions established in the Agreement for Socio-environmental Reparation and the assessment of the Company’s Socio-Environmental program. The Agreement for Socio-environmental Reparation was ratified by Court on January 6, 2021, with the termination of the Public-Interest Civil Action for Socio-environmental Reparation with regard to Braskem. Moreover, this agreement provides for the possibility of adhesion by other parties, at the discretion of the main parties. Finally, under the Agreement for Socio-environmental Reparation, on January 21, 2021 the Civil Investigation launched in June 2020 by the MPE was closed. It aimed to: (i) calculate the extent of the urban damages caused by the geological event that occurred in Maceió; (ii) seek, from liable parties, necessary and adequate architectural solutions for the destination, restoration and/or use of the cited empty spaces left in the districts impacted; (iii) calculate, if applicable, potential compensatory liabilities for the damages caused to the urban order. (iii) Public-Interest Civil Action filed by the Federal Public Defender’s Office (“DPU”): refusal of insurance within the scope of Housing Financial System (“SFH”) Public-interest civil action filed by DPU to question the denial of necessary insurance for contracts under the SFH to acquire properties located within a radius of 1 km outside the risk area defined by the version 4 map of Civil Defense authorities, which is the subject matter of the Residents PCA agreement – v. item (i). Insurers linked to SFH, financial agents, the regulatory agency and Braskem are the defendants. The main claim is only against the insurers, financial agents and the regulatory agency on the grounds that the refusal to contract the insurance is abusive and has no technical or legal grounds. There is a secondary and eventual claim to sentence Braskem to pay indemnification in an amount to be settled in the future, if the judge understands that the refusal somehow has grounds due to the subsidence phenomenon. It is not possible to estimate the indemnification amount, which will depend on the evidence of damages submitted by people whose insurance was denied. (iv) Indemnifying action: Companhia Brasileira de Trens Urbanos (“CBTU”) On February 2, 2021, the Company was notified of the filing of a lawsuit by Companhia Brasileira de Trens Urbanos (“CBTU”), formulating initially only a preliminary injunction for maintaining the terms of the cooperation agreement signed previously by the parties. The request was denied in lower and appellate courts, given the fulfillment of the obligations undertaken by Braskem. On February 24, CBTU filed an amendment to the initial request claiming the payment of compensation for losses and damages in the amount of R$222 million and for moral damages in the amount of R$500 thousand, as well as the imposition of obligations, including the construction of a new rail line to substitute the stretch that passed through the risk area. As of December 31, 2021, the updated value of this action is R$1.4 billion (the initial value attributed to the claim, by CBTU, is R$1.3 billion). Braskem signed a memorandum of understanding with CBTU to seek a consensual solution and the stay of the lawsuit during the negotiation period. As a result of a joint petition by the parties, the lawsuit was stayed until December 20, 2022. The Management, based on its evaluation and that of its external legal advisors, classifies the probability of loss in this case as possible. (v) Action for Damages: Pinheiro District Property Action for Damages filed by Construtora H. Lobo (under court-supervised reorganization), a Contractor that claimed it suffered damages and loss of profits due to an agreement to purchase from Braskem a property in the District of Pinheiro. Said agreement was terminated by Braskem due to lack of payment by the Contractor. Nevertheless, the Contractor claims that Braskem omitted information on the existence of structural problems in the deactivated salt mining wells located on said property. As of December 31, 2021, the amount of this action is R$264 million (2020: R$181 million). The Management, supported by the opinion of the external legal advisors, classifies the probability of loss in this case as possible. (vi) Individual actions: Indemnifications related to the impacts of subsidence and relocation of areas affected As of December 31, 2021, Braskem was defendant in several actions, that, in aggregate, involve the amount of R$895 million (2020: R$573 million), filed by individuals in Brazil and abroad, seeking the payment of indemnifications directly or indirectly related to the geological event in Maceió. |
Benefits offered to team member
Benefits offered to team members | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | |
Benefits offered to team members | 27 Benefits offered to team members 27.1 Short-term benefits The obligations of short-term benefits for employees are recognized as personnel expenses as the corresponding service is rendered. The liability is recognized at the amount of the expected payment if the Company has a legal or constructive obligation to pay the amount due to services rendered by an employee in the past and the obligation can be reliably estimated. Schedule of short-term benefits 2021 2020 2019 Health care 235,681 197,683 181,466 Private pension 136,851 94,302 90,687 Transport 77,201 66,752 67,761 Feeding 51,240 38,400 35,677 Life insurance 10,324 9,875 7,997 Training 15,723 14,892 26,261 Other 12,546 14,117 12,164 539,566 436,021 422,013 27.2 Long-term Incentive Plan (“LTI Plan”) The fair value at the issue date of share-based payments granted to employees is recognized as personnel expenses, with a corresponding increase in shareholders' equity, during the period the employees acquire the full right to the award. The amount recognized as an expense is adjusted to reflect the number of awards for which there is an expectation that the service and performance requirements will be fulfilled, so that the final amount recognized as an expense is based on the number of awards that effectively fulfill the service and performance conditions on the vesting date. For share-based payment awards with non-vesting conditions, the fair value at the grant date of the share-based awards is measured to reflect such conditions and no further adjustments are made for the differences between the expected and actual results. The fair value of the amount payable to employees related to rights on stock price appreciation, which are settled in cash, is recognized as an expense with a corresponding increase in liabilities during the period in which the employees acquire the full right to the payment. The liabilities are remeasured on each reporting date and on the settlement date, based on the fair value of the rights to stock price appreciation. Any changes in the fair value of the liability are recognized in the income statement as personnel expenses. On March 21, 2018, the Extraordinary Shareholders’ Meeting approved the Long-Term Incentive Plan (“LTI Plan”), which aims to align the interests of its participants with those of the Company’s shareholders. Also, the LTI Plan encourages participants’ retention at the Company by offering eligible participants an opportunity to receive shares of the Company by voluntarily investing their own funds and holding such shares through the end of the 3-year vesting period. The Board of Directors approved the programs listed below under the terms and conditions of the LTI Plan, which includes a list of eligible people, the period for the acquisition of own shares by the participants and the number of shares to be delivered to participants as consideration for each share acquired. Schedule of directors approved programs Program Name Approval Date Grant Date Description Expected amount for delivery 2018 LTI Program March 28, 2018 April 6, 2018 LTI Programs’ participants will receive shares held in treasury or acquired through repurchase programs. If these shares cannot be delivered, the Company may pay participants in cash in an amount corresponding to the share price traded on the stock exchange on the second business day immediately prior to the respective payment date. (*) 2019 LTI Program March 13, 2019 March 19, 2019 582 2020 LTI Program March 19, 2020 April 1, 2020 1,817 2021 LTI Program May 5, 2021 May 10, 2021 847 (*) In April 2021, the LTI Program 2018 was fully settled with the delivery of shares in Braskem held in treasury. Consequently, the difference between the historical cost of the shares held in treasury (R$11,507) and the amounts recorded at OCI (R$14,980) was transferred to capital reserve, corresponding to R$3,473. The fair value of the Company’s consideration is calculated in accordance with the agreed terms. For the eligible people of the Company, the fair value considers the price of the class A preferred shares. For the eligible people of subsidiaries abroad, the fair value considers the quoted price of the American Depository Receipts (“ADR”) on December 31, 2021. As of December 31, 2021, the amount recorded under shareholders equity is R$ 32,629 32,295 27.3 Post-employment benefits The obligations for contributions to defined contribution plans are recognized in profit or loss as personnel expenses when the related services are provided by employees. The contributions paid in advance are recognized as an asset to the extent that a cash reimbursement or a reduction in future payments is possible. The Company’s net obligation for defined benefit plans is calculated for each of the plans based on the estimated amount of future benefit that employees will receive in return for services rendered in the current and prior periods. Such amount is discounted to its present value and is reported net of the fair value of any of the plan’s assets. The calculation of the obligation of the defined benefit plan is made annually by a qualified accountant using the projected unit credit method. When calculations result in a potential asset for the Company, the asset to be recognized is limited to the present value of economic benefits available as future plan reimbursements or as a reduction in future contributions to the plan. To calculate the present value of economic benefits, any applicable minimum cost requirements are taken into account. Remeasurements of net obligation, which include actuarial gains and losses, return on plan assets (excluding interest) and the effects of the asset cap (if any, excluding interest), are immediately recognized in other comprehensive income. Braskem and subsidiaries in Brazil Braskem and the subsidiaries in Brazil sponsor a defined contribution plan for its team members managed by Vexty, a private pension plan entity. Vexty offers its participants, which are employees of the sponsoring companies, an optional defined contribution plan in which monthly and additional participant contributions and monthly and annual sponsor contributions are made to individual pension savings accounts. For this plan, the sponsors pay contributions to private pension plan on contractual or voluntary bases. As soon as the contributions are paid, the sponsors do not have any further obligations related to additional payments. As of December 31, 2021, the number of active participants in Vexty was 6,113 (2020: 5,834) and the contributions made by the sponsors in the year amounted to R$ 68,744 46,689 83,599 74,980 According to Brazilian laws, the type of health plan offered by Braskem, named contributory plan, ensures to the participant who retires or is dismissed without cause the right to remain in the plan with the same assistance coverage conditions they had during the employment term, provided they assume the full payment of the plan (Company’s part plus participant’s part). Braskem America The subsidiary Braskem America administers the Novamont, which is a closed defined benefit pension plan for the employees of a plant located in the State of West Virginia. On December 31, 2021, there were 36 active participants, 141 employees with deferred benefits along with 173 participants assisted (2020: 37 active participants, 151 employees with deferred benefits and 170 assisted participants). Due to the financing level of the plan, the subsidiary was not required to make contributions during the 2021 and 2020; therefore, there were no additional cash contributions made by the subsidiary or the participants in 2021 and 2020. Braskem Alemanha The subsidiary Braskem Alemanha is the sponsor of the defined benefit plans and defined contribution plans of its employees. On December 31, 2021, the plans have 158 participants (2020: 158 participants) and no contributions were made by the subsidiary or the participants in 2021 and 2020. Braskem Holanda The subsidiary Braskem Holanda is the sponsor of the defined contribution plans of its employees. On December 31, 2021, the plans have 9 participants (2020: 8 participants) and no contributions were made by the subsidiary or the participants in 2021 and 2020. Braskem Idesa The subsidiary Braskem Idesa is the sponsor of defined benefit plans for its team members. On December 31, 2021, the plan was composed of 936 active participants (2020: 833 active participants). The contributions the subsidiary made in the year amounted to R$3,810 (2020: R$3,037). During 2021 and 2020, there were no contributions from participants. Schedule of defined benefit obligations (a) Amounts in statement of financial position 2021 2020 Defined benefit Novamont Braskem America 117,509 113,662 Braskem Idesa 22,960 17,243 Braskem Alemanha and Braskem Holanda 223,193 239,955 363,662 370,860 Health care Bradesco saúde 243,706 217,089 Total obligations 607,368 587,949 Fair value of plan assets Novamont Braskem America (117,509) (113,662) Braskem Alemanha (2,162) (2,213) (119,671) (115,875) Consolidated net balance (non-current liabilities) 487,697 472,074 (b) Change in obligations 2021 2020 2019 Health Benefit Health Benefit Health Benefit insurance plans Total insurance plans Total insurance plans Total Balance at beginning of year 217,089 370,860 587,949 224,852 245,565 470,417 90,679 183,687 274,366 Current service cost 4,817 13,681 18,498 4,678 12,486 17,164 2,698 8,233 10,931 Interest cost 15,692 5,906 21,598 17,097 6,482 23,579 8,663 6,133 14,796 Benefits paid (10,712) (7,191) (17,903) (5,949) (7,409) (13,358) (5,817) (4,677) (10,494) Change plan 8,068 8,068 Actuarial losses (gain) 16,820 (26,668) (9,848) (23,589) 25,803 2,214 128,629 38,437 167,066 Exchange variation 7,074 7,074 87,933 87,933 5,684 5,684 Balance at the end of the year 243,706 363,662 607,368 217,089 370,860 587,949 224,852 245,565 470,417 (c) Change in fair value plan assets 2021 2020 2019 Balance at beginning of year 115,875 81,342 67,993 Actual return on plan assets 722 15,791 14,329 Employer contributions 285 Benefits paid (5,301) (4,973) (3,966) Exchange variation 8,375 23,715 2,701 Balance at the end of the year 119,671 115,875 81,342 As of December 31, 2021, and 2020, the balance of the fair value of assets is represented by the assets of the Novamont defined benefit plan, which has a level-1 fair value hierarchy. (d) Amounts recognized in profit and loss 2021 2020 2019 Health Benefit Health Benefit Health Benefit insurance plans Total insurance plans Total insurance plans Total Current service cost 4,817 13,681 18,498 4,678 12,486 17,164 2,698 8,233 10,931 Interest cost 15,692 5,906 21,598 17,097 6,482 23,579 8,663 6,133 14,796 Actuarial losses (24,203) (24,203) 15,461 15,461 28,936 28,936 20,509 (4,616) 15,893 21,775 34,429 56,204 11,361 43,302 54,663 (e) Actuarial assumptions (%) 2021 2020 2019 Health United Health United Health United insurance States Mexico Germany Netherlands insurance States Mexico Germany Netherlands insurance States Mexico Germany Netherlands Discount rate 5.33 2.90 8.00 1.20 1.20 3.99 2.60 7.25 0.70 0.70 3.60 3.35 7.25 2.00 2.00 Inflation rate 3.00 n/a 4.00 2.00 2.00 3.25 n/a 4.00 2.00 2.00 4.00 n/a 4.00 2.00 2.00 Expected return on plan assets n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Rate of increase in future salary levels n/a n/a 5.00 3.00 3.00 n/a n/a 5.00 3.00 3.00 n/a n/a 5.00 3.00 3.00 Rate of increase in future pension plan n/a n/a n/a 1.75 1.75 n/a n/a n/a 1.75 1.75 n/a n/a n/a 1.75 1.75 Aging factor 2.50 n/a n/a n/a n/a 2.50 n/a n/a n/a n/a 2.50 n/a n/a n/a n/a Medical inflation 3.50 n/a n/a n/a n/a 3.50 n/a n/a n/a n/a 3.50 n/a n/a n/a n/a Duration 14.16 n/a n/a n/a n/a 14.99 n/a n/a n/a n/a 15.32 n/a n/a n/a n/a (f) Sensitivity analysis Impact on the defined benefit obligation Premise change Premise increase Premise reduction Health United Health United Health United insurance States Mexico Germany Netherlands insurance States Mexico Germany Netherlands insurance States Mexico Germany Netherlands Discount rate 1.0% 1.0% 1.0% 0.3% 0.3% 26,078 15,283 1,752 10,495 558 (31,796) (12,714) (2,078) (11,294) (599) Real medical inflation n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Rate of increase in future salary levels n/a n/a n/a 0.5% 0.5% n/a n/a n/a 13,163 695 n/a n/a n/a (12,415) (655) Rate of increase in future pension plan 1.0% n/a n/a 0.25% 0.25% (5,870) n/a n/a 6,488 343 6,021 n/a n/a (6,296) (332) Life expectancy 1.0% n/a n/a 1 1 44,929 n/a n/a 5,565 294 (35,676) n/a n/a (5,809) (307) Mortality rate n/a 10.0% n/a n/a n/a n/a 6,455 n/a n/a n/a n/a (12,714) n/a n/a n/a Health insurance - Impact on cost of services and interests costs Premise change Premise increase Premise reduction Cost of Iterests Cost of Iterests Cost of Iterests services costs services costs services costs Discount rate 1.0% 1.0% 689 32 (879) 79 Life expectancy 1.0% 1.0% 604 3,814 (508) (3,029) Rate of increase in future pension plan 1.0% 1.0% 119 498 (122) (511) |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity | Equity 28.1 Capital As of December 31, 2021, the Company's subscribed and paid-up capital stock amounted to R$8,043,222 and comprised 797,207,834 shares with no par value, distributed as follows: Schedule of shares distributed Amount of shares Preferred Preferred Common shares shares shares % class A % class B % Total % Novonor 226,334,623 50.11 79,182,498 22.95 305,517,121 38.33 Petrobras 212,426,952 47.03 75,761,739 21.96 288,188,691 36.15 ADR (i) 35,476,394 10.28 35,476,394 4.45 Other 12,907,077 2.86 153,737,595 44.55 478,790 100.00 167,123,462 20.96 Total 451,668,652 100.00 344,158,226 99.74 478,790 100.00 796,305,668 99.89 Treasury shares 902,166 0.26 902,166 0.11 Total 451,668,652 100.00 345,060,392 100.00 478,790 100.00 797,207,834 100.00 Authorised 535,661,731 616,682,421 593,818 1,152,937,970 (i) American Depository Receipt Changes in shares during the year: Amount of shares Note 2020 Changes 2021 Outstanding shares Common shares 451,668,652 451,668,652 Preferred shares class A 28.4 343,824,794 333,432 344,158,226 Preferred shares class B 500,230 (21,440) 478,790 795,993,676 311,992 796,305,668 Treasury shares Preferred shares class A 28.4 1,224,878 (322,712) 902,166 Total 797,218,554 (10,720) 797,207,834 28.2 Capital reserves This reserve includes part of the shares issued in Company’s several capital increases. This reserve can be used to absorb losses, to redeem, reimburse or purchase shares, and to incorporate into the capital stock. The Company used the balance of this reserve to absorb the loss of the year 2020. 28.3 Profit reserves The Company used the balance of these reserves to absorb accumulated losses at the end of fiscal year 2020 being reconstituted in 2021 according to note 28.6. (a) Legal reserve Under Brazilian Corporation Law, companies must transfer 5% of net profit for the year to a legal reserve until this reserve is equivalent to 20% of the paid-up capital. The legal reserve can be used for capital increase or absorption of losses. (b) Tax incentive reserve The government grants (see note 31) are recognized in the profit or loss and are appropriated from retained earnings to the tax incentive reserve. This reserve may only be used to offset losses with subsequent reconstitution or increase share capital. (c) Profit retention In accordance with corporation law, portions of net income for the fiscal year may be allocated to reserves or retained based on the capital budget. Profits not allocated as such may be distributed to shareholders in the form of dividends. In 2021, a portion of net income was retained based on the capital budget for capital expenditures and to enable the buying of new shares and the securing of those held in treasury for making payments to the beneficiaries of programs under the Long-term Incentive Plan of the Company. 28.4 Share rights Preferred shares carry no voting rights, but they ensure priority, non-cumulative annual dividend of 6% of their unit value, according to profits available for distribution. The unit value of the shares is obtained through the division of capital by the total number of outstanding shares. As common shares, only class “A” preferred shares will have the same claim on the remaining profit that exceed the minimum mandatory dividend of 6% and will be entitled to dividends only after the priority dividend is paid to preferred shareholders. Only class “A” preferred shares also have the same claim as common shares on the distribution of shares resulting from capitalization of other reserves. Class “A” preferred shares can be converted into common shares upon resolution of majority voting shareholders present at a General Meeting. Class “B” preferred shares can be converted into class “A” preferred shares at any time, at the ratio of two class “B” preferred shares for one class “A” preferred share, upon a simple written request to the Company, provided that the non-transferability period provided for in specific legislation that allowed for the issue and payment of such shares with tax incentive funds has elapsed. In 2021, 322,712 shares (2020: 1,721 shares) held in treasury were delivered to participants of the LTI Program 2018, which was fully settled in April 2021 (Note 27.2). Moreover, in 2021, class B preferred shares (21,440 shares) were converted into class A preferred shares (10,720 shares). 28.5 Prepayment of dividends On December 2, 2021, the Board of Directors approved the prepayment of dividends based on the 2021 results of R$6,000,000 segregated in R$3,405,152 to common shareholders, R$2,594,545 to class A preferred shareholders, and R$303 to class B preferred shareholders. 28.6 Retained earnings Retained earnings in the fiscal year were allocated as follows: Schedule of retained earnings 2021 Profit for the year 13,984,946 Accumulate losses absorption (4,529,547) Comprehensive income 26,883 Dividends-lapse of statute of limitation 1,653 Profit for allocation 9,483,935 Alocation profit Prepaid dividends approved by Board (6,000,000) Profit reserves Tax incentive (1,017,546) Legal reserve (472,770) Retention of profits (643,619) Additional proposed dividends (1,350,000) (3,483,935) Total allocation (9,483,935) 28.7 Other comprehensive income Schedule of other comprehensive income Attributed to shareholders' interest Actuarial Deemed cost gain (loss) Foreign and additional Gain (loss) Foreign on Defined currency Total indexation of Fair value on interest sales Cash flow Benefit and translation Braskem Non-controlling PP&E adjustments in subsidiary hedge hedge health plan adjustment shareholders' interest in (ii) (iii) (i) (iv) (iv) (v) (vi) interest Braskem Idesa Total As of December 31, 2018 151,214 (450) (9,469) (7,626,515) (257,508) (53,574) 2,166,875 (5,629,427) (566,035) (6,195,462) Additional indexation Realization by depreciation or write-off assets (40,481) (40,481) (40,481) Income tax and social contribution 13,764 13,764 13,764 Deemed cost of jointly-controlled investment Realization by depreciation or write-off assets (1,338) (1,338) (1,338) Income tax and social contribution 455 455 455 Fair value adjustments Accounts receivable 15 15 15 Foreign sales hedge Exchange rate (507,464) (507,464) 116,202 (391,262) Transfer to result 1,585,480 1,585,480 66,787 1,652,267 Income tax and social contribution (344,567) (344,567) (54,897) (399,464) Fair value of Cash flow hedge Change in fair value 7,150 7,150 (23,078) (15,928) Transfer to result 54,450 54,450 16,752 71,202 Income tax and social contribution (21,703) (21,703) 1,898 (19,805) Fair value of cash flow hedge from jointly-controlled (RPR) (978) (978) (978) Actuarial loss with post-employment benefits, net of taxes (109,492) (109,492) (136) (109,628) Foreign currency translation adjustment 220,228 220,228 (83,506) 136,722 (Loss) gain from investments (50) (50) (34) (84) Effect of IAS29 - hyperinflation (3,561) (3,561) (3,561) As of December 31, 2019 123,614 (435) (9,469) (6,893,066) (218,589) (163,066) 2,383,492 (4,777,519) (526,047) (5,303,566) Additional indexation Realization by depreciation or write-off assets (39,853) (39,853) (39,853) Income tax and social contribution 13,551 13,551 13,551 Deemed cost of jointly-controlled investment Realization by depreciation or write-off assets (1,123) (1,123) (1,123) Income tax and social contribution 382 382 382 Fair value adjustments Accounts receivable 113 113 113 Foreign sales hedge Exchange rate (7,215,247) (7,215,247) (111,363) (7,326,610) Transfer to result 2,547,855 2,547,855 117,932 2,665,787 Income tax and social contribution 1,587,701 1,587,701 (1,965) 1,585,736 Fair value of Cash flow hedge Change in fair value (545,038) (545,038) 7,613 (537,425) Transfer to result (47,223) (47,223) (15,742) (62,965) Income tax and social contribution 200,393 200,393 2,439 202,832 Fair value of cash flow hedge from jointly-controlled (RPR) 1,260 1,260 1,260 Actuarial loss with post-employment benefits, net of taxes (648) (648) 1 (647) Foreign currency translation adjustment 3,054,126 3,054,126 (396,084) 2,658,042 (Loss) gain from investments 3,695 3,695 3,695 Effect of IAS29 - hyperinflation 8,077 8,077 8,077 As of December 31, 2020 96,571 (322) (5,774) (9,972,757) (609,197) (163,714) 5,445,695 (5,209,498) (923,216) (6,132,714) Attributed to shareholders' interest Actuarial Deemed cost gain (loss) Foreign and additional Gain (loss) Foreign on Defined currency Total indexation of Fair value on interest sales Cash flow Benefit and translation Braskem Non-controlling PP&E adjustments in subsidiary hedge hedge health plan adjustment shareholders' interest in (ii) (iii) (i) (iv) (iv) (v) (vi) interest Braskem Idesa Total As of December 31, 2020 96,571 (322) (5,774) (9,972,757) (609,197) (163,714) 5,445,695 (5,209,498) (923,216) (6,132,714) Additional indexation Realization by depreciation or write-off assets (39,644) (39,644) (39,644) Income tax and social contribution 13,480 13,480 13,480 Deemed cost of jointly-controlled investment Realization by depreciation or write-off assets (1,091) (1,091) (1,091) Income tax and social contribution 372 372 372 Fair value adjustments Accounts receivable (130) (130) (130) Exchange rate (2,063,726) (2,063,726) (51,152) (2,114,878) Transfer to result 2,283,425 2,283,425 126,807 2,410,232 Income tax and social contribution (65,619) (65,619) (22,696) (88,315) Fair value of Cash flow hedge Change in fair value 123,717 123,717 123,717 Transfer to result 260,058 260,058 86,686 346,744 Income tax and social contribution (120,081) (120,081) (26,006) (146,087) Fair value of cash flow hedge from jointly-controlled (RPR) (968) (968) (968) Actuarial loss with post-employment benefits, net of taxes 23,028 23,028 (14) 23,014 Foreign currency translation adjustment 1,591,094 1,591,094 (87,946) 1,503,148 Effect of IAS29 - hyperinflation 35,425 35,425 35,425 As of December 31, 2021 69,688 (452) (5,774) (9,818,677) (346,471) (140,686) 7,072,214 (3,170,158) (897,537) (4,067,695) (i) Transfer to the income statement when divestment or transfer of control of subsidiary. (ii) Transfer to retained earnings as the asset is depreciated or written-off/sold. (iii) For receivables classified as fair value through other comprehensive income, transfer to the income statement when attainment of jurisdiction or early liquidation. (iv) Transfer to the income statement when maturity, prepayment or loss of efficacy for hedge accounting. (v) Transfer to retained earnings when the extinction of the plan. (vi) Transfer to the income statement when write-off of subsidiary abroad. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share | 29 Earnings per share Basic earnings (loss) per share is calculated by means of the division of profit for the year attributable to the Company’s common and preferred shareholders by the weighted average number of these shares held by shareholders, excluding those held in treasury and following the rules for the distribution of dividends provided for in the Company’s bylaws, as described in Note 28.4, particularly in relation to the limited rights enjoyed by class “B” preferred shares. The calculation of the diluted earnings (loss) per share is based on the weighted average of class “A” preferred shares, assuming the conversion of all preferred shares into treasury that would cause the dilution. Class A preferred shares participate in dividends with common shares after the mandatory dividends has been attributed in accordance with the formula provided for in the Company’s bylaws, as described in Note 28.4 and there is no highest limit for their participation. The table below shows the reconciliation of profit or loss for the period adjusted for the amounts used to calculate basic and diluted earnings per share. 2021 2020 2019 Basic Diluted Basic Diluted Basic Diluted Profit (loss) for the year attributed to Company's shareholders 13,984,946 13,984,946 (6,691,720) (6,691,720) (2,540,995) (2,540,995) Distribution of priority dividends attributable to: Preferred shares class "A" 208,574 208,574 Preferred shares class "B" 290 290 208,864 208,864 Distribution of 6% of unit price of common shares 273,729 273,729 Distribution of excess profits, by class: Common shares 7,664,208 7,664,208 Preferred shares class "A" 5,838,145 5,838,145 13,502,353 13,502,353 Reconciliation of income available for distribution, by class (numerator): Common shares 7,937,937 7,937,937 (3,797,070) (3,797,071) (1,441,839) (1,441,839) Preferred shares class "A" 6,046,719 6,046,719 (2,890,445) (2,890,444) (1,097,559) (1,097,559) Preferred shares class "B" 290 290 (4,205) (4,205) (1,597) (1,597) 13,984,946 13,984,946 (6,691,720) (6,691,720) (2,540,995) (2,540,995) Weighted average number of shares, by class (denominator): Common shares 451,668,652 451,668,652 451,668,652 451,668,652 451,668,652 451,668,652 Preferred shares class "A" 344,054,700 345,049,701 343,823,811 345,049,672 343,820,162 345,049,672 Preferred shares class "B" 500,171 500,171 500,230 500,230 500,230 500,230 796,223,523 797,218,524 795,992,693 797,218,554 795,989,044 797,218,554 Earnings (loss) per share (in R$) Common shares 17.5747 17.5747 (8.4068) (8.4068) (3.1922) (3.1922) Preferred shares class "A" 17.5749 17.5242 (8.4068) (8.3769) (3.1922) (3.1809) Preferred shares class "B" 0.5798 0.5798 (8.4068) (8.4068) (3.1922) (3.1922) Weighing of shares 2021 Basic Preferred shares Class "A" Class "B" Outstanding Weighted Outstanding Weighted shares average shares average Amount at beginning of year 343,824,794 343,824,794 500,230 500,230 Incentive long term plan payments with treasury shares 322,712 229,877 Preferred shares Classe "B" converted into preferred shares Classe "A" 10,720 29 (21,440) (59) Amount at the end of the year 344,158,226 344,054,700 478,790 500,171 2020 Basic Preferred shares Class "A" Outstanding Weighted shares average Amount at beginning of year 343,823,073 343,823,073 Incentive long term plan payments with treasury shares 1,721 738 Amount at the end of the year 343,824,794 343,823,811 2019 Basic Preferred shares Class "A" Outstanding Weighted shares average Amount at beginning of year 343,814,914 343,814,914 Incentive long term plan payments with treasury shares 8,159 5,248 Amount at the end of the year 343,823,073 343,820,162 |
Net revenue
Net revenue | 12 Months Ended |
Dec. 31, 2021 | |
Net revenue | Net revenue Schedule of sales and service revenue 2021 2020 2019 Net sales and services revenue 105,625,201 58,543,494 52,323,525 Revenue from sales of products is recognized when the control of assets is transferred to the customer for an amount that reflects the consideration to which the Company expects to be entitled in exchange of these assets. The performance obligations are met at a specific moment in time. The Company does not make sales with continued management involvement. Most of Braskem’s sales are made to industrial customers and, in a lower volume, to resellers. The specific moment when the Company satisfies a performance obligation by transferring a promised good or service to the client is determined as follows: (i) for contracts under which the Company is responsible for the freight and insurance, the legal right and the risks and benefits are transferred to the client when the risk of the goods is delivered at the destination established in the contract; (ii) for agreements under which the freight and insurance are a responsibility of the client, risks and benefits are transferred when the products are delivered to the client’s carrier; and (iii) for contracts under which product delivery involves the use of pipelines, especially basic petrochemicals, the risks and benefits are transferred immediately after the Company’s official markers, which is the point of delivery of the products and transfer of their ownership. (a) Net revenue by country Schedule of revenue by country 2021 2020 2019 Brazil 55,830,330 32,369,199 28,523,327 United States 24,232,413 10,848,609 9,416,558 Mexico 5,505,893 2,765,815 2,335,198 Argentina 2,068,023 1,267,967 1,104,044 Germany 1,912,373 1,106,877 1,157,431 Italy 1,304,113 811,787 690,422 Switzerland 1,230,540 633,512 759,189 Chile 1,230,493 544,329 610,454 Singapore 1,175,133 1,183,838 1,162,432 Japan 1,162,226 618,940 240,579 Luxembourg 987,656 592,777 526,768 South Korea 669,055 360,704 279,900 Peru 666,867 471,847 551,967 Poland 649,825 285,714 200,563 Netherlands 642,844 432,897 516,409 United Kingdom 585,766 204,953 359,937 Canada 558,730 297,756 201,635 Spain 517,532 282,362 344,433 Uruguay 495,120 405,946 359,049 Sweden 481,289 310,984 296,601 China 354,071 496,920 542,209 France 326,570 247,062 225,986 Paraguay 318,842 254,255 194,859 Bolivia 296,138 190,447 231,848 Colombia 274,335 174,381 200,370 Taiwan 136,173 176,400 191,593 Other 2,012,852 1,207,216 1,099,764 105,625,201 58,543,494 52,323,525 (b) Net revenue by product Schedule of revenue by product 2021 2020 2019 PE/PP 73,306,089 41,137,288 34,287,597 Ethylene, Propylene 6,872,999 3,600,276 3,743,581 PVC/Caustic Soda/EDC 5,806,011 3,134,617 2,692,778 ETBE/Gasoline 4,321,371 2,170,289 2,319,253 Benzene, toluene and xylene 5,819,696 3,051,752 2,503,667 Butadiene 3,019,836 1,372,428 1,609,264 Cumene 1,342,811 636,635 723,469 Solvents 1,129,484 654,793 505,804 Naphtha, condensate and crude oil 1,648,581 915,807 676,044 Other 2,358,324 1,869,609 3,262,068 105,625,201 58,543,494 52,323,525 (c) Main clients The Company does not have any revenue arising from transactions with only one client that is equal to or higher than 10 2.7 |
Tax incentives
Tax incentives | 12 Months Ended |
Dec. 31, 2021 | |
Tax Incentives | |
Tax incentives | 31 Tax incentives (a) SUDENE - IR Since 2015, the Company obtained grant in lawsuits claiming the reduction of 75 Cloro Soda 10 years In 2021, the Company determined the taxable base for income tax for its operations in Brazil, which generated a R$125 million reduction in IR payable and R$31.5 million in reinvestment of IR paid, which may be used to purchase new equipment for the above-mentioned industrial plants. (b) PRODESIN - ICMS The Company has ICMS tax incentives granted by the state of Alagoas, through the state of Alagoas Integrated Development Program (“PRODESIN”), which are aimed at implementing and expanding a plant in that state. The Company obtained a final and no appealable decision (Case No. 0042875-86.2015.4.01.3300) that exempted it from the payment of IR/CSL on tax incentives granted under PRODESIN, ensuring their treatment as a reducer of taxes on sales, in the period between the calendar years 2010 to 2017, in the accumulated amount of R$ 425,913 176,284 68,893 |
Other income (expenses), net
Other income (expenses), net | 12 Months Ended |
Dec. 31, 2021 | |
Other income (expenses), net | 32 Other income (expenses), net Schedule of other income (expenses), net Note 2021 2020 2019 Other income PIS and COFINS credits - exclusion of ICMS from the calculation basis 10 (b) 1,031,099 310,557 1,904,206 Tax Credits recovery 209,558 219,254 3,094 Fine on supply contract of raw material 63,017 41,134 375,020 Fixed assets disposal results 40,353 7,035 11,140 Other 190,460 172,769 114,974 1,534,487 750,749 2,408,434 Other expenses Provision for damages - Alagoas 26 (1,339,765) (6,901,828) (3,383,067) Provision for environmental liabilities and other damages (588,110) (306,275) (141,536) Fine on purchase and sale contracts (i) (344,902) (4,008) (104,179) Allowance for attorney's fees and judicial claims, net of reversals (123,108) (59,836) (136,135) Expenses with plant maintenance (26,909) (116,233) (266,512) Other (246,496) (550,441) (415,513) (2,669,290) (7,938,621) (4,446,942) (i) Of the amount in 2021, R$263 million refers to the Take-or-Pay penalty applied to Braskem due to the non-consumption of HLR (chemical input) under the agreement with the supplier. |
Financial results
Financial results | 12 Months Ended |
Dec. 31, 2021 | |
Financial results | 33 Financial results Transactions in foreign currencies are translated into the respective functional currency of the Company’s subsidiaries at the exchange rates in effect on the transaction dates. Monetary assets and liabilities denominated and measured in foreign currency on the reporting date are re-translated into the functional currency at the exchange rate on said date. Non-monetary assets and liabilities measured at fair value in foreign currency are re-translated into the functional currency at the exchange rate on the date on which the fair value was determined. Non-monetary items that are measured based on the historical cost in foreign currencies are translated at the exchange rate on the date of the transaction. The differences in foreign currencies resulting from conversion are recognized in financial income, unless the liability involves a cash flow hedge accounting relationship. Schedule of financial results Schedule of results by segment Note 2021 2020 2019 Financial income Interest income 439,891 310,202 390,841 Inflation indexation income on tax assets 10(b) 1,041,917 170,857 317,701 Other 345,630 119,125 142,012 1,827,438 600,184 850,554 Financial expenses Interest expenses (2,922,958) (2,928,803) (2,191,765) Inflation indexation expenses on tax liabilities (93,722) (138,410) (232,612) Discounts granted (75,677) (81,920) (80,404) Loans transaction costs - amortization (691,243) (172,269) (465,000) Adjustment to present value - appropriation (179,461) (225,889) (348,930) Interest expense on leases (173,536) (164,166) (137,903) Losses on derivatives (1,003,502) (809,150) (115,050) Other (767,056) (392,758) (311,121) (5,907,155) (4,913,365) (3,882,785) Exchange rate variations, net On financial assets 230,370 336,527 (31,137) On financial liabilities (4,233,177) (5,635,238) (1,693,383) (4,002,807) (5,298,711) (1,724,520) Total (8,082,524) (9,611,892) (4,756,751) The effects from exchange variation on the Company’s transactions are mainly due to the variations in the following currencies: End of period rate at December 31 Average rate Variation 2021 2020 Variation 2021 2020 2019 2021-2020 2020-2019 U.S. dollar - Brazilizan real 5.5805 5.1967 7.39% 5.3956 5.1578 3.9461 4.61% 30.70% Euro - Brazilizan real 6.3210 6.3779 -0.89% 6.3784 5.8989 4.4159 8.13% 33.58% Mexican peso - Brazilizan real 0.2730 0.2610 4.60% 0.2660 0.2402 0.2049 10.75% 17.22% U.S. dollar - Mexican peso 20.4519 19.9240 2.65% 20.2900 21.5098 19.2568 -5.67% 11.70% U.S. dollar - Euro 0.8853 0.8166 8.41% 0.8458 0.8775 0.8930 -3.61% -1.74% |
Expenses by nature and function
Expenses by nature and function | 12 Months Ended |
Dec. 31, 2021 | |
Expenses by nature and function | 34 Expenses by nature and function Schedule of expenses by nature and function 2021 2020 2019 Classification by nature: Raw materials other inputs (63,570,499) (37,913,921) (37,380,310) Personnel expenses (3,478,323) (3,074,305) (3,004,762) Outsourced services (3,193,970) (2,219,413) (3,242,373) Depreciation and amortization (4,178,433) (4,048,081) (3,632,265) Freights (2,966,229) (2,321,740) (2,204,453) Costs of idle industrial plants (338,987) (518,528) (309,742) Provision - geological event in Alagoas (1,339,765) (6,901,828) (3,383,067) PIS and COFINS credits - exclusion of ICMS from the calculation basis 1,031,099 310,557 1,904,206 Other general and administrative expenses (1,551,191) (1,908,729) (927,294) Total (79,586,298) (58,595,988) (52,180,060) Classification by function: Cost of products sold (73,568,231) (47,331,414) (45,879,118) Selling and distribution (2,055,640) (1,852,055) (1,783,455) (Loss) reversals for impairment of trade accounts receivable (8,914) (55,252) (7,069) General and administrative (2,522,127) (1,918,747) (2,224,180) Research and development (296,583) (250,648) (247,730) Other income 1,534,487 750,749 2,408,434 Other expenses (2,669,290) (7,938,621) (4,446,942) Total (79,586,298) (58,595,988) (52,180,060) |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2021 | |
Segment information | 35 Segment information The Company’s organizational structure is formed by the following segments: - Brazil: - United States and Europe: - Mexico: (a) Presentation, measurement and reconciliation of segment results Information by segment is generated in accounting records, which are reflected in the consolidated financial statements. The operating segments are stated based on the results of operations. The eliminations and reclassifications line are mainly represented by purchases and sales between the Company's reportable segments. Corporate Unit comprises items not allocated directly to the reportable segments and are disclosed to reconcile the segments to the consolidated financial information. (b) Results by segmen 2021 Operating expenses Net Cost of Selling, general, Results from Other operating sales products Gross research and equity-accounted income Consolidated revenue sold profit loss of impairment investees (expenses), net Reporting segments Brazil 69,494,923 (49,309,552) 20,185,371 (1,608,185) (2,210,601) 16,366,585 USA and Europe 32,403,632 (23,343,205) 9,060,427 (900,885) (25,580) 8,133,962 Mexico 6,506,297 (3,413,652) 3,092,645 (471,821) (15,302) 2,605,522 Total 108,404,852 (76,066,409) 32,338,443 (2,980,891) (2,251,483) 27,106,069 Other segments 363,684 (233,084) 130,600 76,830 4,641 (28,674) 183,397 Corporate unit (1,963,137) 1,161,517 (801,620) Braskem consolidated before 108,768,536 (76,299,493) 32,469,043 (4,867,198) 4,641 (1,118,640) 26,487,846 Eliminations and reclassifications (3,143,335) 2,731,262 (412,073) (16,066) (16,163) (444,302) Profit before net financial expenses and taxes 105,625,201 (73,568,231) 32,056,970 (4,883,264) 4,641 (1,134,803) 26,043,544 2020 Operating expenses Net Cost of Selling, general, Results from Other operating sales products Gross research and equity-accounted income Consolidated revenue sold profit loss of impairment investees (expenses), net Reporting segments Brazil 40,794,387 (32,498,003) 8,296,384 (1,471,722) (7,082,604) (257,942) USA and Europe 14,638,660 (12,337,486) 2,301,174 (721,191) (82,695) 1,497,288 Mexico 4,000,805 (3,075,001) 925,804 (436,859) (364,259) 124,686 Total 59,433,852 (47,910,490) 11,523,362 (2,629,772) (7,529,558) 1,364,032 Other segments 302,374 (188,350) 114,024 63,874 (19,398) (320) 158,180 Corporate unit (1,493,479) 359,071 (1,134,408) Braskem consolidated before 59,736,226 (48,098,840) 11,637,386 (4,059,377) (19,398) (7,170,807) 387,804 Eliminations and reclassifications (1,192,732) 767,426 (425,306) (17,325) (17,065) (459,696) Loss before net financial expenses and taxes 58,543,494 (47,331,414) 11,212,080 (4,076,702) (19,398) (7,187,872) (71,892) 2019 Operating expenses Net Cost of Selling, general, Results from Other operating sales products Gross research and equity-accounted income Consolidated revenue sold profit loss of impairment investees (expenses), net Reporting segments Brazil 39,142,561 (35,245,941) 3,896,620 (1,852,908) (4,151,901) (2,108,189) USA and Europe 10,044,263 (8,217,515) 1,826,748 (525,701) (23,859) 1,277,188 Mexico 3,051,440 (2,504,012) 547,428 (351,199) 324,682 520,911 Total 52,238,264 (45,967,468) 6,270,796 (2,729,808) (3,851,078) (310,090) Other segments 296,285 (188,335) 107,950 40,306 10,218 4,175 162,649 Corporate unit (1,533,590) 1,773,267 239,677 Braskem consolidated before 52,534,549 (46,155,803) 6,378,746 (4,223,092) 10,218 (2,073,636) 92,236 Eliminations and reclassifications (211,024) 276,685 65,661 (39,342) 35,128 61,447 Profit before net financial expenses and taxes 52,323,525 (45,879,118) 6,444,407 (4,262,434) 10,218 (2,038,508) 153,683 (c) Property, plant and equipment and intangible assets by segment Schedule of property, plant and equipment and intangible assets by segment 2021 2020 Reporting segments Brazil 18,072,312 17,299,352 USA and Europe 7,688,713 7,242,262 Mexico 14,019,167 13,892,609 Total 39,780,192 38,434,223 Unallocated amounts 322,237 323,617 Total 40,102,429 38,757,840 |
Contractual obligations
Contractual obligations | 12 Months Ended |
Dec. 31, 2021 | |
Contractual Obligations | |
Contractual obligations | 36 Contractual obligations The Company has entered into contracts to purchase production inputs. As of December 31, 2021, these commitments summed R$ 6,079,568 |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent events | Subsequent events (a) On January 5, 2022, Braskem S.A. issued Certificates of Agribusiness Receivables (“CRA”) in the amount of R$721 million, with interest rates of IPCA plus 5.5386 5.5684 due in 7 and 10 years (b) On February 25, 2022, the Municipality of Maceió signed the partial Term of Adhesion to the Agreement for Socio-Environmental Reparation executed on December 30, 2020, which addresses the allocation of resources provided for in mentioned Agreement to urban mobility actions. The Term of Adhesion enables the implementation of adequate and sufficient urban mobility projects to mitigate the impacts of the evacuation of affected areas. The actions established in this term were already measured and recorded, not resulting in changes in the provision. (c) Global markets are currently operating in a period of global economic and financial uncertainty, volatility and disruption following Russia’s invasion. Although the length and impact of the ongoing military conflict is highly unpredictable, it and any other geopolitical tensions could impact the economy and business activity globally. The Company has formed a committee to closely monitor the consequences of such conflict to take measures to minimize the potential impacts on the Company, its team members and the communities where it operates. As of the date of these financial statements, no material impacts were identified on the Company’s business stemming from the sanctions and the adverse scenario caused by the military conflict. Due to the uncertainties arising from the potential impact on the global economy and, consequently, on the demand and costs of products, the global supply chain and industrial operations, we are unable to accurately predict the adverse impacts on the equity and financial position of the Company. Further sanctions, embargoes, regional instability, geopolitical shifts, adverse effects on macroeconomic conditions, currency exchange rates and financial markets may increase our costs, disrupt our supplies, reduce our sales, or otherwise affect our operations. (d) On April 19, 2022, the Annual and Extraordinary General Shareholders Meeting approved the dividends for the year 2021, corresponding to R$1,696348838321 (one real sixty-nine cents and fraction) per common and preferred share class “A” in circulation. The dividends will be paid as of May 2, 2022. |
Basis of preparation of the f_2
Basis of preparation of the financial statements (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of financial liabilities [abstract] | |
Basis of accounting | 2.1 Basis of accounting The consolidated financial statements were prepared and presented in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). |
Basis of presentation | 2.2 Basis of presentation The Company’s consolidated financial statements (“financial statements”) were prepared under the historical cost convention, unless stated otherwise in the accounting policies. These financial statements were prepared considering the continuity of its operating activities. The significant accounting policies applied in the preparation of these financial statements were included in the respective notes. The Company has consistently applied the accounting policies to all periods presented in these financial statements, except for the disclosures included in the note 2.5(a) New standards and pronouncements adopted in the current fiscal year. The issue of these financial statements was authorized by the Executive Board on April 27, 2022. |
Basis of consolidation | 2.3 Basis of consolidation The consolidated information comprises the financial statements of the Braskem S.A. and the following entities: Total and voting interest (%) Headquarters 2021 2020 2019 BM Insurance Company Limited ("BM Insurance") Bermuda 100.00 100.00 100.00 Braskem America Finance Company ("Braskem America Finance") USA 100.00 100.00 100.00 Braskem America, Inc. (“Braskem America”) USA 100.00 100.00 100.00 Braskem Argentina S.A. (“Braskem Argentina”) Argentina 100.00 100.00 100.00 Braskem Energy Ltda ("Braskem Energy") (i) Brazil 100.00 Braskem Europe GmbH ("Braskem Alemanha") Germany 100.00 100.00 100.00 Braskem Finance Limited (“Braskem Finance”) Cayman Islands 100.00 100.00 100.00 Braskem Green S.A. ("Braskem Brasil Green") (ii) Brazil 100.00 Braskem Idesa S.A.P.I. ("Braskem Idesa") Mexico 75.00 75.00 75.00 Braskem Idesa Servicios S.A. de CV ("Braskem Idesa Serviços") Mexico 75.00 75.00 75.00 Braskem Incorporated Limited ("Braskem Inc.") Cayman Islands 100.00 100.00 100.00 Braskem India Private Limited ("Braskem India") Índia 100.00 100.00 Braskem Mexico Proyectos S.A. de C.V. SOFOM ("Braskem México Sofom") Mexico 100.00 100.00 100.00 Braskem Mexico Servicios S. RL de CV ("Braskem México Serviços") Mexico 100.00 100.00 100.00 Braskem Mexico, S. de RL de CV ("Braskem México") Mexico 100.00 100.00 100.00 Braskem Netherlands B.V. ("Braskem Holanda") Netherlands 100.00 100.00 100.00 Braskem Netherlands Finance B.V. (“Braskem Holanda Finance”) Netherlands 100.00 100.00 100.00 Braskem Netherlands Green B.V. (“Braskem Holanda Green”) (iii) Netherlands 100.00 Braskem Netherlands Inc. B.V. (“Braskem Holanda Inc.”) Netherlands 100.00 100.00 100.00 Braskem Petroquímica Chile Ltda. (“Braskem Chile”) Chile 100.00 100.00 100.00 Cetrel S.A. ("Cetrel") Brazil 63.70 63.70 63.70 Distribuidora de Água Camaçari S.A. ("DAC") Brazil 63.70 63.70 63.70 Lantana Trading Co. Inc. (“Lantana”) Bahamas 100.00 100.00 100.00 Terminal Quimica Puerto México ("Terminal Química") (iv) Mexico 75.00 Special Purpose Entities (“SPE”) Fundo de Investimento Caixa Júpiter Multimercado Crédito Privado Longo Prazo ("FIM Júpiter") Brazil 100.00 100.00 100.00 Fundo de Investimento Santander Netuno Multimercado Crédito Privado Longo Prazo ("FIM Netuno") Brazil 100.00 100.00 100.00 (i) Subsidiary incorporated in April 2021 is currently in the preoperational phase. The main activities will include power trading and rendering management and representation services in the Free Energy Contracting Environment. (ii) Subsidiary incorporated in November 2021 is currently in the preoperational phase. The main activities will encompass the manufacture, trade, distribution, import and export of renewable products, development of technologies related to this purpose and holding interests in other companies. (iii) Subsidiary incorporated in September 2021 is currently in the preoperational phase. The main activities will encompass the trade, distribution, import and export of renewable products, development of technologies related to this purpose and holding interests in other companies. (iv) Subsidiary incorporated in December 2021 is currently in the preoperational phase. The main activities will encompass storing ethane, pumping feedstock to the complex and maintaining materials and its assets. (a) Subsidiaries The Company controls an entity when it is exposed to, or entitled to, the variable returns originating from its involvement with the entity and has the capacity to affect such returns by exercising its power over the entity. The financial statements of subsidiaries are included in these financial statements as from the date the Company obtains control until the date of the loss of control. (b) Equity method investees The Company’s investments in entities with accounting treatment using the equity method consist of their interests in associates and joint ventures. Associates are those in which over which the Company, directly or indirectly, holds has significant influence, but not control or shared control, over the financial and operational operating policies. To be classified as a joint venture, a contractual agreement must exist that gives the Company shared control of the entity and granting to the Company the right to the net assets of the joint venture, and not the right to its specific assets and liabilities. Such investments are initially recognized at cost, which includes the expenses with the transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Company’s interest in the net profit or loss for the fiscal year profit or loss and other comprehensive income of equity-accounted investees, in the investee until the date on which the significant influence or joint control ceases to exist. (c) Conversion of functional currency to presentation currency The assets and liabilities of foreign operations are translated into Reais at the exchange rates at the reporting date. The income and expenses of foreign operations are translated into Reais at the exchange rates at the dates of the transactions. Foreign currency differences are recognized in other comprehensive income. Since Argentina’s economy is considered hyperinflationary, to translate the financial statements of the subsidiary Braskem Argentina, the assets, liabilities, equity, income and expenses are translated into Reais at the exchange rate at the reporting date. (d) Transactions eliminated in consolidation Intragroup balances and transactions and any unrealized revenues or expenses arising from intragroup transactions are eliminated. Unrealized gains originating from transactions with investees recorded using the equity method are eliminated against the investment proportionately to the Company’s interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment loss. |
Functional and foreign currency | 2.4 Functional and foreign currency These financial statements are presented in Real, which is the functional currency of the Company. All amounts have been rounded to the nearest thousand, unless otherwise indicate. The subsidiaries with a functional currency different from Real (“R$”) are listed below: Functional currency Subsidiaries Braskem Alemanha Euro BM Insurance, Braskem America, Braskem America Finance, Braskem Holanda, Braskem Holanda Finance, Braskem Holanda Inc., Braskem México Sofom e Braskem Holanda Green U.S.dollar ("US$") Braskem Idesa, Braskem Idesa Serviços, Braskem México, Braskem México Serviços e Terminal Química Mexican peso Braskem Argentina Argentinean peso Braskem Chile Chilenean peso Braskem India Rupee |
New standards and interpretations | 2.5 New standards and interpretations (a) New standards and pronouncements adopted in the current fiscal year - Interest Rate Benchmark Reform: Phase 2 (amendments to IFRS9, IAS39, IFRS7, IFRS4 and IFRS16). The amendments to Pronouncements IAS39 and IFRS9 provide temporary exceptions that address the effects of financial statements when an interbank certificate of deposit rate is replaced by an alternative with a nearly risk-free rate. The amendments include the following practical expedients: • A practical expedient requiring contractual changes or changes in the cash flows directly required by the reform, to be treated as changes in the floating interest rate equivalent to the change in a market rate. • When a hedged item in a cash flow hedge is amended to reflect the changes that are required by the reform, the amount accumulated in the other comprehensive income will be deemed to be based on the alternative benchmark rate on which the hedged future cash flows are determined. • When a group of items is designated as a hedged item and an item in the group is amended to reflect the changes that are required by the reform, the hedged items are allocated to subgroups based on the benchmark rates being hedged. • If an entity reasonably expects that an alternative benchmark rate will be separately identifiable within a period of 24 months, it is not prohibited from designating the rate as a non-contractually specified risk component if it is not separately identifiable at the designation date. These amendments to standards do not impact these financial statements. The Company is monitoring the subject and the impacts are being measured (see Note 4.1). The Company intends to use the practical expedients in future periods if they become applicable. (b) New standards and interpretations not yet in force The standards issued by the IASB that have not yet come into force and have not been adopted by the Company are listed below. These new or amended standards are not expected to have a significant impact on Company’s financial statements: - Onerous Contracts: costs of fulfilling a contract (amendments to IAS37). - Annual improvements of IFRS Standards 2018-2020. - Property, Plant and Equipment: proceeds before intended use (amendments to IAS16). - Reference to Conceptual Framework (amendments to IFRS3). - Classification of Liabilities as Current or Non-Current (amendments to IAS1). - Definition of accounting estimates (amendment to IAS8). - Definition of materiality for disclosure of accounting policies (amendments to IAS1 and IFRS Practice Statement 2). - Deferred taxes related to assets and liabilities arising from a single transaction (amendments to IAS12). |
Main measures and impacts due to COVID-19 | 2.6 Main measures and impacts due to COVID-19 Braskem has been monitoring the impacts from the COVID-19 pandemic on its business and surrounding communities. In 2020, Braskem formed a crisis committee to establish global procedures focusing mainly on the health and safety of people and the continuity of its operations. The main measures taken by the Company are: |
Basis of preparation of the f_3
Basis of preparation of the financial statements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of financial liabilities [abstract] | |
The consolidated information comprises the financial statements of the Braskem S.A. and the following entities: | The consolidated information comprises the financial statements of the Braskem S.A. and the following entities: Total and voting interest (%) Headquarters 2021 2020 2019 BM Insurance Company Limited ("BM Insurance") Bermuda 100.00 100.00 100.00 Braskem America Finance Company ("Braskem America Finance") USA 100.00 100.00 100.00 Braskem America, Inc. (“Braskem America”) USA 100.00 100.00 100.00 Braskem Argentina S.A. (“Braskem Argentina”) Argentina 100.00 100.00 100.00 Braskem Energy Ltda ("Braskem Energy") (i) Brazil 100.00 Braskem Europe GmbH ("Braskem Alemanha") Germany 100.00 100.00 100.00 Braskem Finance Limited (“Braskem Finance”) Cayman Islands 100.00 100.00 100.00 Braskem Green S.A. ("Braskem Brasil Green") (ii) Brazil 100.00 Braskem Idesa S.A.P.I. ("Braskem Idesa") Mexico 75.00 75.00 75.00 Braskem Idesa Servicios S.A. de CV ("Braskem Idesa Serviços") Mexico 75.00 75.00 75.00 Braskem Incorporated Limited ("Braskem Inc.") Cayman Islands 100.00 100.00 100.00 Braskem India Private Limited ("Braskem India") Índia 100.00 100.00 Braskem Mexico Proyectos S.A. de C.V. SOFOM ("Braskem México Sofom") Mexico 100.00 100.00 100.00 Braskem Mexico Servicios S. RL de CV ("Braskem México Serviços") Mexico 100.00 100.00 100.00 Braskem Mexico, S. de RL de CV ("Braskem México") Mexico 100.00 100.00 100.00 Braskem Netherlands B.V. ("Braskem Holanda") Netherlands 100.00 100.00 100.00 Braskem Netherlands Finance B.V. (“Braskem Holanda Finance”) Netherlands 100.00 100.00 100.00 Braskem Netherlands Green B.V. (“Braskem Holanda Green”) (iii) Netherlands 100.00 Braskem Netherlands Inc. B.V. (“Braskem Holanda Inc.”) Netherlands 100.00 100.00 100.00 Braskem Petroquímica Chile Ltda. (“Braskem Chile”) Chile 100.00 100.00 100.00 Cetrel S.A. ("Cetrel") Brazil 63.70 63.70 63.70 Distribuidora de Água Camaçari S.A. ("DAC") Brazil 63.70 63.70 63.70 Lantana Trading Co. Inc. (“Lantana”) Bahamas 100.00 100.00 100.00 Terminal Quimica Puerto México ("Terminal Química") (iv) Mexico 75.00 Special Purpose Entities (“SPE”) Fundo de Investimento Caixa Júpiter Multimercado Crédito Privado Longo Prazo ("FIM Júpiter") Brazil 100.00 100.00 100.00 Fundo de Investimento Santander Netuno Multimercado Crédito Privado Longo Prazo ("FIM Netuno") Brazil 100.00 100.00 100.00 (i) Subsidiary incorporated in April 2021 is currently in the preoperational phase. The main activities will include power trading and rendering management and representation services in the Free Energy Contracting Environment. (ii) Subsidiary incorporated in November 2021 is currently in the preoperational phase. The main activities will encompass the manufacture, trade, distribution, import and export of renewable products, development of technologies related to this purpose and holding interests in other companies. (iii) Subsidiary incorporated in September 2021 is currently in the preoperational phase. The main activities will encompass the trade, distribution, import and export of renewable products, development of technologies related to this purpose and holding interests in other companies. (iv) Subsidiary incorporated in December 2021 is currently in the preoperational phase. The main activities will encompass storing ethane, pumping feedstock to the complex and maintaining materials and its assets. |
The subsidiaries with a functional currency different from Real (“R$”) are listed below: | The subsidiaries with a functional currency different from Real (“R$”) are listed below: Functional currency Subsidiaries Braskem Alemanha Euro BM Insurance, Braskem America, Braskem America Finance, Braskem Holanda, Braskem Holanda Finance, Braskem Holanda Inc., Braskem México Sofom e Braskem Holanda Green U.S.dollar ("US$") Braskem Idesa, Braskem Idesa Serviços, Braskem México, Braskem México Serviços e Terminal Química Mexican peso Braskem Argentina Argentinean peso Braskem Chile Chilenean peso Braskem India Rupee |
Risk management (Tables)
Risk management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of financial liabilities by maturity | The Company's financial liabilities, including the amounts due under the Leniency Agreement (Note 25), are shown in the table below by maturity. These amounts are calculated based on cash flows not discounted and may not be reconciled with the amounts disclosed in the statement of financial position. Schedule of financial liabilities by maturity Non-Discounted Cash Flows Carrying Until Between one Between two More than amount one year and two years and five years five years Total Trade payables 12,164,730 12,094,454 111,464 - - 12,205,918 Borrowings 34,897,260 1,455,227 5,872,409 1,519,649 62,653,643 71,500,929 Debentures 196,918 63,883 150,265 34,776 248,925 Braskem Idesa borrowings 12,311,535 147,961 275,968 697,761 19,658,847 20,780,537 Derivatives 585,179 260,277 232,748 202,056 695,081 Loan to non-controlling shareholder of Braskem Idesa 3,646,538 - - - 4,894,826 4,894,826 Leniency agreement 1,123,296 385,073 886,818 218,723 1,490,614 Lease 3,156,414 777,410 633,141 1,220,548 746,143 3,377,242 At December 31, 2021 68,081,870 15,184,286 8,162,814 3,893,514 87,953,458 115,194,073 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash And Cash Equivalents | |
Schedule of cash and cash equivalents | Schedule of cash and cash equivalents 2021 2020 Cash Domestic market 676,083 111,278 Foreign market (i) 4,374,739 1,835,685 Cash equivalents: Domestic market 1,141,221 8,271,312 Foreign market (i) 2,488,643 3,644,577 Total 8,680,686 13,862,852 (i) As of December 31, 2021, it includes cash of R$ 1,267,582 505,749 284,856 619,577 |
Financial investments (Tables)
Financial investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Investments | |
Schedule of financial investments | Schedule of financial investments 2021 2020 Amortized cost Time deposit investments 106,271 53,941 Fair value through profit or loss LFT´s and LF´s (i) 2,337,171 2,163,042 Restricted funds investments (ii) 852,362 1,338,289 Other 213,751 87,519 Total 3,509,555 3,642,791 Current assets 3,492,710 3,627,227 Non-current assets 16,845 15,564 Total 3,509,555 3,642,791 |
Trade accounts receivable (Tabl
Trade accounts receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of trade accounts receivable | Schedule of trade accounts receivable Note 2021 2020 Customers Domestic market Third parties 2,851,701 2,304,212 Related parties 9 12,240 20,863 2,863,941 2,325,075 Foreign market Third parties 4,434,653 2,603,140 4,434,653 2,603,140 Expected credit losses (i) (131,634) (173,007) Total 7,166,960 4,755,208 Current assets 7,153,565 4,731,979 Non-current assets 13,395 23,229 Total 7,166,960 4,755,208 (i) According to the Management, the Company’s Expected Credit Losses (“ECL”) are considered sufficient to cover any losses of receivables. Expected credit losses are determined based on the following stages: |
Schedule of expected credit loss | The following table shows the expected credit loss for each stage: Schedule of expected credit loss Estimated loss Trade accounts receivable Expected Credit Losses Stage 1 Operation risk 1 Minimum risk 4,167,950 Operation risk 2 Minimum risk 2,395,347 Operation risk 3 0.83 515,136 4,276 Operation risk 4 1.53 92,522 1,416 7,170,955 5,692 Stage 2 1st Renegotiation lower than or equal to 24 months 25 234 58 Between 90 and 180 days 30 2,172 651 2,406 709 Stage 3 Operation risk 5 100 18,738 18,738 Above 180 days 100 8,774 8,774 Legal 100 97,721 97,721 125,233 125,233 Total 7,298,594 131,634 |
Schedule of changes in allowance for doubtful accounts | The changes in the expected credit loss are presented below: Schedule of changes in allowance for doubtful accounts 2021 2020 2019 Balance of provision at the beginning of the year (173,007) (229,323) (233,625) Provision in the year (144,888) (65,571) (59,885) Reversal in the year 149,681 28,563 45,501 Write-offs 36,580 93,324 18,686 Balance of provision at the end of the year (131,634) (173,007) (229,323) |
Schedule of trade accounts receivable by maturity | The breakdown of trade accounts receivable by maturity is as follows: Schedule of trade accounts receivable by maturity 2021 2020 Accounts receivables not past due 6,705,123 4,368,714 Past due securities: Up to 90 days 431,899 396,953 Between 91 to 180 days 45,134 6,272 Above 180 days 116,438 156,276 7,298,594 4,928,215 Expected Credit Losses (131,634) (173,007) Total 7,166,960 4,755,208 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of inventory | Schedule of inventory 2021 2020 Finished goods 9,271,708 3,693,870 Semi-finished goods 568,914 409,674 Raw materials, production inputs and packaging 3,356,660 2,163,527 Maintenance materials 766,994 766,316 Advances to suppliers 62,573 69,965 Imports in transit 2,308,252 1,298,334 Total 16,335,101 8,401,686 Current assets 16,335,101 8,383,650 Non-current assets 18,036 Total 16,335,101 8,401,686 |
Schedule of provision for inventories | The effect of the provision for inventories at the year is shown below: Schedule of provision for inventories 2021 2020 2019 Balance at the beginning of the year 122,572 82,195 20,159 Additions 97,911 120,483 72,672 Utilization/reversals (138,265) (80,106) (10,636) Balance at the end of the year 82,218 122,572 82,195 |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of related party transactions | Schedule of related party transactions Balances at December 31, 2021 Balances at December 31, 2020 Novonor and Novonor and subsidiaries Petrobras and subsidiaries Petrobras and Balance sheet and associates subsidiaries Other Total and associates subsidiaries Other Total Assets Current Trade accounts receivable 4,894 7,346 12,240 6,354 14,509 20,863 Inventories 9,927 9,927 35,998 35,998 Dividends and interest on capital 165 165 Other Other receivabels 287 287 Non-current Related parties Other receivabels 38,987 38,987 Total assets 54,095 7,346 61,441 42,352 14,674 57,026 Liabilities Current Trade payables 103,259 134,063 11,113 248,435 33,100 601,203 9,641 643,944 Other payables 296,984 345 297,329 478 119 597 Non-current Loan to non-controlling shareholders 3,646,538 3,646,538 3,222,493 3,222,493 Total liabilities 103,259 431,047 3,657,996 4,192,302 33,100 601,681 3,232,253 3,867,034 Year ended December 31, 2021 Year ended December 31, 2020 Year ended December 31, 2019 Novonor and Novonor and Novonor and subsidiaries Petrobras and subsidiaries Petrobras and subsidiaries Petrobras and and associates subsidiaries Other Total and associates subsidiaries Other Total and associates subsidiaries Other Total Transactions Sales of products 171,665 540,855 712,520 182,521 326,825 509,346 665,417 588,785 1,254,202 Purchases of raw materials, finished goods services and utilities (306,426) (19,833,063) (6,953) (20,146,442) (133,127) (14,566,840) (20,350) (14,720,317) (293,501) (12,584,453) (10,738) (12,888,692) Financial income (expenses), net (141) (11,758) (245,819) (257,718) (452) (3,810) (818) (5,080) (96) (5) (10,967) (11,068) General and administrative expenses Post-employment benefits plan ("EPE") Private pension ("Vexty") (67,273) (67,273) (46,738) (46,738) (50,889) (50,889) Other expenses (217,497) (217,497) (34,873) (34,873) |
Schedule of key management personnel | The expenses related to the remuneration of key management personnel, including the Board of Directors, the Chief Executive Officer, and vice-presidents, recorded in the profit or loss for the year, are shown as follows: Schedule of key management personnel Statement of profit or loss transactions 2021 2020 2019 Remuneration Short-term benefits 119,734 74,943 70,366 Post-employment benefit 2,121 961 1,104 Long term incentive plan 14,394 7,456 14,724 Total 136,249 83,360 86,194 |
Taxes recoverable (Tables)
Taxes recoverable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Taxes Recoverable | |
Schedule of taxes recoverable | Schedule of taxes recoverable 2021 2020 Parent Company and subsidiaries in Brazil IPI 521 1,435 Value-added tax on sales and services (ICMS) (a) 291,424 293,193 ICMS - credits from PP&E 224,308 163,847 Social integration program (PIS) and social contribution on revenue (COFINS) 250,491 199 PIS and COFINS - credits from PP&E 447,476 353,928 REINTEGRA program 21,764 16,799 Federal tax credits (b) 948,448 1,109,122 Other 88,684 40,234 Foreign subsidiaries Value-added tax ("IVA") 348,021 277,175 Other 59,579 9,470 Total 2,680,716 2,265,402 Current assets 1,428,658 1,192,665 Non-current assets 1,252,058 1,072,737 Total 2,680,716 2,265,402 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Information on investments | (a) Information on investments Interest in total and Net profit (loss) for the year Equity voting capital (%) 2021 2020 2019 2021 2020 Jointly-controlled investment RPR (i) 33.20 312 (63,525) 29,687 50,064 32,217 Associate - - - - - Borealis (ii) 20.00 45,490 6,019 17,622 205,568 161,363 (i) The main activities are the refine, processing and sale and import of oil, its byproducts and correlated products. (ii) The main activities are the production and commercialization of petrochemical byproducts and correlated products. |
Changes in investments | (b) Changes in investments Domestic associate Borealis RPR Other Total Balance at 2019 32,816 30,887 140 63,843 Dividends and interest on equity (1,748) (164) (1,912) Equity in results of investees 1,204 (21,093) (19,889) Other comprehensive income 1,067 1,067 Other 44 44 Balance at 2020 32,272 10,697 184 43,153 Dividends and interest on equity (295) (295) Equity in results of investees 9,136 103 9,239 Other comprehensive income 5,825 5,825 Capital increase 1,001 1,001 Balance at 2021 41,113 16,625 1,185 58,923 |
The Company presents the financial information of the subsidiary in which the non-controlling shareholder holds interests, and the material effects on the Company’s consolidated statements: | The Company presents the financial information of the subsidiary in which the non-controlling shareholder holds interests, and the material effects on the Company’s consolidated statements: Balance sheet Consolidated Braskem without the effect of Braskem Idesa consolidated (i) Eliminations Consolidated 2021 2020 2021 2020 2021 2020 2021 2020 Assets Curent Cash and cash equivalents 6,907,355 12,958,419 1,773,331 904,433 8,680,686 13,862,852 Financial investments 3,492,710 3,627,227 3,492,710 3,627,227 Trade accounts receivable 6,607,762 4,386,825 1,225,479 577,530 (679,676) (232,376) 7,153,565 4,731,979 Inventories 15,325,001 7,876,485 1,010,100 507,165 16,335,101 8,383,650 Taxes recoverable 1,402,100 1,144,355 26,558 48,310 1,428,658 1,192,665 Recoverable income taxes 1,189,812 1,547,916 1,189,812 1,547,916 Derivatives 33,816 33,769 33,816 33,769 Other current assets 841,473 688,944 137,624 121,242 979,097 810,186 Total current assets 35,800,029 32,263,940 4,173,092 2,158,680 (679,676) (232,376) 39,293,445 34,190,244 Non-current Financial investments 16,845 15,564 16,845 15,564 Taxes recoverable 983,655 847,399 268,403 225,338 1,252,058 1,072,737 Income tax and social contribution 230,069 72,267 230,069 72,267 Deferred tax assets 6,481,642 6,658,276 1,775,610 1,871,696 8,257,252 8,529,972 Related parties 10,064,320 9,122,666 (ii) (10,064,320) (9,122,666) Derivatives 51 34,091 51 34,091 Judicial deposits 194,212 196,911 194,212 196,911 Other non-current assets 354,083 251,398 24,964 17,347 379,047 268,745 Investments 58,923 43,153 58,923 43,153 Property, plant and equipment 23,510,588 22,295,803 14,483,720 14,436,012 (iii) (769,178) (802,666) 37,225,130 35,929,149 Intangible 2,572,675 2,568,869 304,624 259,822 2,877,299 2,828,691 Right of use of assets 2,427,633 2,509,484 352,404 392,911 2,780,037 2,902,395 Total non current assets 46,894,696 44,615,881 17,209,725 17,203,126 (10,833,498) (9,925,332) 53,270,923 51,893,675 Total assets 82,694,725 76,879,821 21,382,817 19,361,806 (11,513,174) (10,157,708) 92,564,368 86,083,919 Liabilities and shareholders' equity Current Trade payables 11,861,563 9,753,762 871,379 424,929 (679,676) (232,376) 12,053,266 9,946,315 Borrowings 1,343,494 1,318,931 1,343,494 1,318,931 Debentures 59,088 54,436 59,088 54,436 Braskem Idesa Borrowings 86,765 7,660,128 86,765 7,660,128 Payroll and related charges 1,095,040 776,134 75,306 38,432 1,170,346 814,566 Taxes payable 1,003,813 927,039 8,303 25,650 1,012,116 952,689 Income tax and social contribution 1,672,844 284,129 1,672,844 284,129 Lease 598,523 821,695 76,843 73,414 675,366 895,109 Provision - geological event in Alagoas 4,378,071 4,349,931 4,378,071 4,349,931 Other current liabilities 2,495,544 1,947,569 246,623 163,371 2,742,167 2,110,940 Total current liabilities 24,507,980 20,233,626 1,365,219 8,385,924 (679,676) (232,376) 25,193,523 28,387,174 Non-current Loan agreements 33,553,766 40,413,192 33,553,766 40,413,192 Braskem Idesa Borrowings 12,224,770 4,399,110 12,224,770 4,399,110 Debentures 137,830 181,679 137,830 181,679 Accounts payable to related parties 10,134,287 9,140,064 (ii) (10,134,287) (9,140,064) Loan to non-controlling shareholders of Braskem Idesa (v) 3,646,538 3,222,493 3,646,538 3,222,493 Income tax and social contribution 576,174 576,174 Deferred tax liabilities 1,407,434 1,234,398 1,407,434 1,234,398 Provision for losses on subsidiaries 5,284,666 5,283,264 (iv) (5,284,666) (5,283,264) Lease 2,147,745 1,962,235 333,303 350,542 2,481,048 2,312,777 Provision - geological event in Alagoas 3,283,188 4,825,846 3,283,188 4,825,846 Other non-current liabilities 4,406,733 4,274,837 25,710 122,757 4,432,443 4,397,594 Total non current liabilities 50,221,362 58,751,625 26,364,608 17,234,966 (15,418,953) (14,423,328) 61,167,017 61,563,263 Shareholders' equity Attributable to theCompany's shareholders 7,865,819 (2,202,306) (6,347,010) (6,259,084) 6,347,010 6,259,084 7,865,819 (2,202,306) Non-controlling interest in subsidiaries 99,564 96,876 (1,761,555) (1,761,088) (1,661,991) (1,664,212) Total shareholders equity 7,965,383 (2,105,430) (6,347,010) (6,259,084) 4,585,455 4,497,996 6,203,828 (3,866,518) Total liabilities and shareholders' equity (net capital deficiency) 82,694,725 76,879,821 21,382,817 19,361,806 (11,513,174) (10,157,708) 92,564,368 86,083,919 (i) Consolidation of Braskem Idesa with its direct subsidiaries Braskem Idesa Serviços and Terminal Química. (ii) Loan from Braskem Holanda as part of shareholders’ contribution to the Braskem Idesa project. (iii) Adjustment corresponding to the capitalization of a portion of financial charges of the above-mentioned loan. (iv) Provision recorded in the subsidiary Braskem Holanda for the negative shareholders' equity of Braskem Idesa. (v) Loan payable, maturing December 2029 and 7% p.a., to the non-controlling shareholders of Braskem Idesa. These proceeds were used by Braskem Idesa to fund its construction project. Statement of profit or loss Consolidated Braskem Ex consolidated Braskem Idesa Braskem Idesa consolidated Eliminations Consolidated 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Net revenue 101,448,155 55,779,528 49,961,286 6,333,199 4,046,581 3,050,420 (2,156,153) (1,282,615) (688,181) 105,625,201 58,543,494 52,323,525 Cost of products sold (72,471,291) (45,563,723) (44,111,980) (3,321,601) (3,112,129) (2,509,060) 2,224,661 1,344,438 741,922 (73,568,231) (47,331,414) (45,879,118) 28,976,864 10,215,805 5,849,306 3,011,598 934,452 541,360 68,508 61,823 53,741 32,056,970 11,212,080 6,444,407 Income (expenses) Selling and distribution (1,834,303) (1,609,844) (1,582,794) (221,337) (242,211) (200,661) (2,055,640) (1,852,055) (1,783,455) (Loss) reversals for impairment (8,736) (55,074) (4,772) (178) (178) (2,297) (8,914) (55,252) (7,069) General and administrative (2,292,884) (1,739,541) (2,082,002) (229,334) (179,350) (141,269) 91 144 (909) (2,522,127) (1,918,747) (2,224,180) Research and development (296,583) (250,648) (247,730) (296,583) (250,648) (247,730) Results from equity-accounted investees (82,709) (1,026,922) (326,427) 87,353 1,007,524 336,645 4,644 (19,398) 10,218 Other income 1,530,443 748,923 2,102,684 4,044 1,826 305,750 1,534,487 750,749 2,408,434 Other expenses (2,651,425) (7,573,874) (4,466,450) (17,865) (364,747) 19,508 (2,669,290) (7,938,621) (4,446,942) 23,340,667 (1,291,175) (758,185) 2,546,928 149,792 522,391 155,952 1,069,491 389,477 26,043,547 (71,892) 153,683 Financial results Financial expenses (4,750,895) (3,851,233) (3,009,471) (1,618,020) (1,505,628) (1,205,412) 461,760 443,496 332,098 (5,907,155) (4,913,365) (3,882,785) Financial income 2,276,312 1,032,530 1,135,118 12,886 11,150 47,534 (461,760) (443,496) (332,098) 1,827,438 600,184 850,554 Exchange rate variations, net (2,884,292) (4,823,269) (1,768,850) (1,164,697) (482,125) 75,610 46,182 6,683 (31,280) (4,002,807) (5,298,711) (1,724,520) (5,358,875) (7,641,972) (3,643,203) (2,769,831) (1,976,603) (1,082,268) 46,182 6,683 (31,280) (8,082,524) (9,611,892) (4,756,751) Profit (loss) before income tax 17,981,792 (8,933,147) (4,401,388) (222,903) (1,826,811) (559,877) 202,134 1,076,174 358,197 17,961,023 (9,683,784) (4,603,068) Income taxes (3,991,055) 2,253,684 1,873,207 (8,348) 414,794 89,463 (3,999,403) 2,668,478 1,962,670 (3,991,055) 2,253,684 1,873,207 (8,348) 414,794 89,463 (3,999,403) 2,668,478 1,962,670 Net profit (loss) for the year 13,990,737 (6,679,463) (2,528,181) (231,251) (1,412,017) (470,414) 202,134 1,076,174 358,197 13,961,620 (7,015,306) (2,640,398) Statement of cash flows Consolidated Braskem Ex consolidated Braskem Idesa Braskem Idesa consolidated Eliminations Consolidated 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Profit (loss) before income tax 17,981,792 (8,933,147) (4,401,388) (222,903) (1,826,811) (559,877) 202,134 1,076,174 358,197 17,961,023 (9,683,784) (4,603,068) Adjustments for reconciliation of profit (loss) Depreciation and amortization 3,450,171 2,995,609 2,732,181 796,861 1,114,439 952,916 (68,599) (61,967) (52,832) 4,178,433 4,048,081 3,632,265 Results from equity-accounted investees 82,709 1,026,922 326,427 (87,353) (1,007,524) (336,645) (4,644) 19,398 (10,218) Net interest, monetary and foreign exchange gain/losses 3,792,708 8,541,980 3,050,987 2,564,905 1,921,975 1,062,843 (46,182) (6,683) 31,280 6,311,431 10,457,272 4,145,110 Provisions (reversal and recovery of credits), net 819,130 336,838 320,439 819,130 336,838 320,439 Provision - geological event in Alagoas 1,339,765 6,901,828 3,383,067 1,339,765 6,901,828 3,383,067 PIS and COFINS credits - exclusion of ICMS (1,031,099) (310,557) (1,904,206) (1,031,099) (310,557) (1,904,206) Loss (reversals) for impairment of trade accounts receivable 10,134 55,252 7,069 (1,220) 8,914 55,252 7,069 Provision for losses and write-offs of long-lived assets 114,148 8,794 224,825 1,039 379 115,187 8,794 225,204 Adjustments for reconciliation of profit 26,559,458 10,623,519 3,739,401 3,138,682 1,209,603 1,456,261 29,698,140 11,833,122 5,195,662 Changes in operating assets and liabilities Judicial deposits - unfreezing (blocking) Public Civil Action 3,746,107 (3,680,460) 3,746,107 (3,680,460) Financial investments 296,957 (1,860,827) 797,445 296,957 (1,860,827) 797,445 Trade accounts receivable (2,002,897) (2,247,729) 677,176 (619,688) (152,971) 325,820 447,300 212,874 (107,950) (2,175,285) (2,187,826) 895,046 Inventories (7,176,104) (309,492) 825,236 (398,181) 56,958 42,581 (7,574,285) (252,534) 867,817 Taxes recoverable 4,958,779 1,584,911 1,216,225 4,808 (52,357) (20,798) 4,963,587 1,532,554 1,195,427 Prepaid expenses (67,923) (172,027) 85,549 87,245 465,812 117,183 19,322 293,785 202,732 Other receivables (201,798) 44,513 (242,727) (16,080) 352,590 (30,938) (217,878) 397,103 (273,665) Trade payables 1,218,550 (2,926,585) 330,633 428,364 137,895 (156,138) (447,300) (212,874) 107,950 1,199,614 (3,001,564) 282,445 Taxes payable (2,878,056) 965,191 (485,309) (129,432) (515,430) (84,484) (3,007,488) 449,761 (569,793) Advances from customers (217,159) 224,764 176,189 (16,792) (25,776) 21,776 (233,951) 198,988 197,965 Leniency agreement (389,087) (349,842) (341,605) (389,087) (349,842) (341,605) Sundry provisions (482,565) (158,915) (226,519) 168,371 13,560 10,971 (314,194) (145,355) (215,548) Geological event in Alagoas (2,928,081) (1,181,931) (2,928,081) (1,181,931) Other payables 1,040,674 (217,997) 348,916 (1,271) 33,810 13,287 1,039,403 (184,187) 362,203 Cash generated from operations 17,730,748 7,763,660 3,220,150 2,646,026 1,523,694 1,695,521 20,376,774 9,287,354 4,915,671 Interest paid (2,207,196) (1,946,931) (1,576,526) (676,237) (789,890) (661,919) (2,883,433) (2,736,821) (2,238,445) Income taxes paid (2,697,829) (252,479) (403,614) (9,027) (5,063) (8,337) (2,706,856) (257,542) (411,951) Net cash generated by operating activities 12,825,723 5,564,250 1,240,010 1,960,762 728,741 1,025,265 14,786,485 6,292,991 2,265,275 Proceeds from the sale of property, plant and equipment 40,353 33,140 12,590 40,353 33,140 12,590 Dividends received 295 4,822 3,513 295 4,822 3,513 Acquisitions to property, plant and equipment (3,249,132) (2,653,009) (2,578,558) (172,192) (106,780) (103,964) (3,421,324) (2,759,789) (2,682,522) Net cash used in investing activities (3,208,484) (2,615,047) (2,562,455) (172,192) (106,780) (103,964) (3,380,676) (2,721,827) (2,666,419) Short-term and long-term debt Acquired 16,308 13,049,459 20,586,103 16,308 13,049,459 20,586,103 Payments (9,413,909) (8,734,505) (17,425,409) (9,413,909) (8,734,505) (17,425,409) Braskem Idesa borrowings Acquired 7,271,658 3,497,622 7,271,658 3,497,622 Payments (7,995,045) (905,210) (4,398,453) (7,995,045) (905,210) (4,398,453) Loan to non-controlling shareholders 216,862 (226,407) (37,618) (9,545) (37,618) Lease payments (787,932) (610,392) (407,320) (53,774) (51,676) (46,870) (841,706) (662,068) (454,190) Dividends paid (5,993,265) (2,380) (668,904) (5,993,265) (2,380) (668,904) Other financial liabilities (534,456) 499,999 (534,456) 499,999 Cash generated (used) in financing activities (15,961,936) 3,167,726 2,584,469 (1,003,568) (994,504) (947,701) (16,965,504) 2,173,222 1,636,768 Exchange variation on cash of foreign subsidiaries 293,633 1,054,845 (59,659) 83,896 259,741 80,278 377,529 1,314,586 20,619 (Decrease) increase in cash and cash equivalents (6,051,064) 7,171,774 1,202,365 868,898 (112,802) 53,878 - - - (5,182,166) 7,058,972 1,256,243 Represented by Cash and cash equivalents at the beginning for the year 12,958,419 5,786,645 4,584,280 904,433 1,017,235 963,357 - - - 13,862,852 6,803,880 5,547,637 Cash and cash equivalents at the end for the year 6,907,355 12,958,419 5,786,645 1,773,331 904,433 1,017,235 - - - 8,680,686 13,862,852 6,803,880 (Decrease) increase in cash and cash equivalents (6,051,064) 7,171,774 1,202,365 868,898 (112,802) 53,878 - - - (5,182,166) 7,058,972 1,256,243 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of estimated useful lives | The estimated useful lives applied to the assets determined the following average depreciation rates per year: Schedule of estimated useful lives 2021 2020 Buildings and improvements 2.92 2.82 Machinery, equipment and installations 6.74 6.31 Furniture and fixtures 10.06 10.03 IT equipment 21.18 20.23 Lab equipment 9.53 9.57 Security equipment 10.04 9.54 Vehicles 18.82 18.89 Other 17.05 13.55 |
Reconciliation of carrying amount | (a) Reconciliation of carrying amount Land Buildings and Improvements Machinery, Equipment and Facilities Projects and Stoppage in Progress (i) Other Total Cost 613,807 7,064,972 44,439,196 7,009,473 1,726,026 60,853,474 Accumulated depreciation and amortization (2,492,705) (24,789,920) (1,255,668) (28,538,293) Balance as of December 31, 2019 613,807 4,572,267 19,649,276 7,009,473 470,358 32,315,181 Acquisitions 590 60,130 2,609,565 4,030 2,674,315 Capitalized financial charges 252,427 252,427 Foreign currency translation adjustment Cost 69,244 1,132,817 2,982,072 1,136,671 74,856 5,395,660 Depreciation (314,092) (997,664) (46,919) (1,358,675) Transfers by concluded projects 105,702 6,248,845 (6,542,755) 188,208 Transfers to inventory (53,903) 76,709 22,806 Transfers to intangible (22,373) (18,619) (40,992) Disposals Cost (20) (22,657) (328,411) (12,576) (363,664) Depreciation 20,299 305,759 10,631 336,689 Depreciation and amortization (372,687) (2,787,042) (144,869) (3,304,598) Net book value 683,031 5,122,239 25,132,965 4,389,105 601,809 35,929,149 Cost 683,031 8,281,424 53,401,832 4,389,105 2,038,666 68,794,058 Accumulated depreciation (3,159,185) (28,268,867) - (1,436,857) (32,864,909) Balance as of December 31, 2020 683,031 5,122,239 25,132,965 4,389,105 601,809 35,929,149 Acquisitions 338 160,297 3,388,078 3,421 3,552,134 Capitalized financial charges 192,207 192,207 Foreign currency translation adjustment Cost 17,046 287,866 1,118,655 74,428 23,859 1,521,854 Depreciation (88,406) (313,267) (16,760) (418,433) Transfers by concluded projects 244 13,965 3,207,833 (3,412,665) 190,623 Transfers to inventory (16,838) (16,838) Transfers to intangible 31,495 (11,673) (73,397) (11,847) (65,422) Disposals Cost (10,856) 9,723 (353,274) (91,485) (41,066) (486,958) Depreciation 168 387,005 9,206 396,379 Depreciation (195,900) (3,038,176) (143,164) (3,377,241) Transfers to "non-current assets held for sale" (1,701) (2) 2 (1,701) Transfers Others 118,629 (40,095) (78,534) Net book value 687,764 5,181,488 26,408,992 4,409,338 537,549 37,225,130 Cost 687,764 8,591,020 57,535,343 4,449,433 2,215,503 73,479,063 Accumulated depreciation (3,409,532) (31,126,351) (40,095) (1,677,954) (36,253,933) Balance as of December 31, 2021 687,764 5,181,488 26,408,992 4,409,338 537,549 37,225,130 (i) As of December 31, 2021, the amounts recorded under this item corresponded to expenses with scheduled shutdowns in Brazil and at overseas plants in the amount of R$ 1,473,396 (2020: R$924,747), capitalized financial charges in the amount of R$237,519 (2020: R$233,963), inventories of spare parts in the amount of R$534,875 (2020: R$405,497), strategic projects ongoing in Brazil in the amount of R$351,657 (2020: R$256,873) and in Braskem America in the amount of R$136,342 (2020: R$313,080). The remainder corresponds mainly to various projects for maintaining the production capacity of plants. |
Schedule of property, plant and equipment by country | (b) Property, plant and equipment by country Schedule of property, plant and equipment by country 2021 2020 Brazil 15,867,387 15,105,253 Mexico 13,714,543 13,632,787 United States of America 7,281,077 6,823,655 Germany 356,288 363,975 Other 5,835 3,479 37,225,130 35,929,149 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [abstract] | |
Schedule of changes in intangible assets | Schedule of changes in intangible assets Customers Brands Software and Suppliers Goodwill and Patents licenses Agreements Total Cost 3,187,678 451,415 874,159 392,180 4,905,432 Accumulated amortization (1,128,804) (199,800) (602,223) (212,517) (2,143,344) Balance as of December 31, 2019 2,058,874 251,615 271,936 179,663 2,762,088 Acquisitions 1,789 38,660 66 40,515 Foreign currency translation adjustment 38,409 21,531 59,940 Cost 46,311 56,422 102,733 Amortization (7,902) (34,891) (42,793) Transfers from property, plant and equipment 40,992 40,992 Amortization (6,753) (46,075) (22,016) (74,844) Net book value 2,058,874 285,060 327,044 157,713 2,828,691 Cost 3,187,678 499,515 1,010,201 392,246 5,089,640 Accumulated amortization (1,128,804) (214,455) (683,157) (234,533) (2,260,949) Balance as of December 31, 2020 2,058,874 285,060 327,044 157,713 2,828,691 Acquisitions 670 67,686 420 68,776 Foreign currency translation adjustment 9,732 4,539 14,271 Cost 12,443 13,023 25,466 Amortization (2,711) (8,484) (11,195) Transfers from property, plant and equipment 28,770 36,652 65,422 Disposals (3,393) (3,393) Amortization (10,444) (64,008) (22,016) (96,468) Net book value 2,058,874 313,789 368,520 136,117 2,877,299 Cost 3,187,678 549,196 1,123,619 392,666 5,253,159 Accumulated amortization (1,128,804) (235,408) (755,099) (256,549) (2,375,860) Balance as of December 31, 2021 2,058,874 313,789 368,520 136,117 2,877,299 |
Schedule of goodwill impairment testing | The table below shows the results obtained in the tests conducted by the Company in December 2021: Schedule of goodwill impairment testing Allocated Recoverable Book goodwill amount (i) value (ii) CF/Book value Northeastern petrochemical complex 475,780 18,906,760 2,977,586 6.3 Southern petrochemical complex 1,390,741 32,032,400 6,674,673 4.8 Vinyls 192,353 9,020,523 2,937,569 3.1 Total 2,058,874 59,959,683 12,589,828 (i) The book value includes, in addition to goodwill, property, plant and equipment and intangible assets with defined useful lives and the working capital. The WACC used was 9.09 2.83 Given the potential impact on cash flows of the “discount rate” and “perpetuity”, the Company conducted a sensitivity analysis based on changes in these variables, with cash flows shown in the table below: +0.5% on -0.5% on discount rate perpetuity Northeastern petrochemical complex 17,604,424 18,124,544 Southern petrochemical complex 29,062,222 30,003,729 Vinyls 8,251,301 8,595,310 |
Schedule of amortization estimated useful life | Amortization is calculated using the straight-line method based on the estimated useful life of the items, and revised on each reporting date, as follows: Schedule of amortization estimated useful life - Brands and patents 10 20 - Software licenses and rights of use 5 10 - Customers and suppliers agreements 14 28 |
Schedule of intangible assets by country | 13.3 Intangible assets by country Schedule of intangible assets by country 2021 2020 Brazil 2,526,999 2,517,470 Mexico 304,624 259,822 United States of America 24,404 25,156 Germany 21,253 26,211 Other 19 32 2,877,299 2,828,691 |
Right-of-use assets and lease_2
Right-of-use assets and lease liability (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Right-of-use Assets And Lease Liability | |
Changes in right-of-use assets: | Changes in right-of-use assets: Balance as of Foreign currency Balance as of Dec. 31, 2020 Acquisitions Depreciation Disposal translation adjustment Dec. 31, 2021 Rail cars 1,007,336 102,648 (187,915) 63,992 986,061 Machinery and equipment 749,728 281,113 (207,985) (30,245) 643 793,254 Ships 834,848 258,201 (399,677) 3,289 696,661 Buildings and constructions 259,896 52,897 (52,997) (6,333) 11,849 265,312 Vehicles 33,888 51,171 (24,078) (31,667) 135 29,449 Computer equipment and goods 16,699 542 (4,334) (3,682) 75 9,300 Total 2,902,395 746,573 (876,986) (71,928) 79,983 2,780,037 Balance as of Foreign currency Balance as of Dec. 31, 2019 Acquisitions Depreciation Disposal translation adjustment Dec. 31, 2020 Rail cars 746,040 244,199 (180,146) 197,243 1,007,336 Ships 865,387 258,193 (286,905) (12,687) 10,860 834,848 Machinery and equipment 743,248 227,690 (198,441) (25,801) 3,032 749,728 Buildings and constructions 212,170 65,176 (54,712) 37,262 259,896 Vehicles 26,286 21,502 (14,473) 573 33,888 Computer equipment and goods 12,523 9,341 (5,499) 334 16,699 Total 2,605,654 826,101 (740,176) (38,488) 249,304 2,902,395 |
Changes in lease liabilities: | Changes in lease liabilities: 2021 2020 Balance at the beginning of the year 3,207,886 2,676,896 Acquired 746,573 826,101 Disposals (50,473) (38,488) Interests and monetary and exchange variations, net 206,375 327,135 Currency translation adjustments 85,984 267,493 Payments (841,706) (662,068) Interest paid (198,225) (189,183) Balance at the end of the year 3,156,414 3,207,886 Current liability 675,366 895,109 Non-current liability 2,481,048 2,312,777 Total 3,156,414 3,207,886 |
Schedule of payment schedule by maturity | The table below presents the obligations (minimum annual commitments) related to undiscounted lease agreements, by maturity, and may not be reconcilable with the statement of financial position. Schedule of payment schedule by maturity 2021 2022 777,410 2023 633,141 2024 493,147 2025 399,924 2026+ 1,073,620 Total 3,377,242 |
Trade payables (Tables)
Trade payables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule or trade account payables | Schedule or trade account payables Note 2021 2020 Trade payables: Domestic market Third parties 1,505,841 1,077,679 Third parties (forfait) (i) 487,806 239,512 Total Third parties 1,993,647 1,317,191 Related parties 208,287 97,900 Related parties (forfait) (i) 40,148 546,044 Total Related parties 9 248,435 643,944 Foreign market (ii) Third parties 9,962,736 8,023,032 Present value adjustment - foreign market (iii) (40,088) (30,619) 12,164,730 9,953,548 Current liabilities 12,053,266 9,946,315 Non-current liabilities 111,464 7,233 Total 12,164,730 9,953,548 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of borrowings | (a) Borrowings Schedule of borrowings Annual financial charges (%) 2021 2020 Foreign currency Bonds (i) Note 16 (b) 30,322,998 34,963,651 Export prepayment (ii) US dollar exchange variation + quartely Libor + 1.75 521,469 Investments Note 16 (c) 2,612,386 2,682,824 Other Note 16 (d) 2,090,673 2,755,200 Transactions costs (594,048) (688,814) 34,432,009 40,234,330 Current liabilities 1,284,483 1,206,084 Non-current liabilities 33,147,526 39,028,246 Total 34,432,009 40,234,330 Local currency Export credit notes (ii) 100.00 of CDI + 0.70 402,739 Commercial notes (ii) 100.00 of CDI + 0.85 545,171 BNDES 4.00 1,538 BNDES IPCA + 6.04 435,778 490,963 FINEP/FINISA (iii) Interest between 3.50 and 4.00 2,605 26,154 BNB-FNE (Fundo Constitucional de Financiamentos do Nordeste) (iv) IPCA + interest between 2.39 and 2.78 4,616 5,639 Fundo de Desenvolvimento do Nordeste (FDNE) 6.50 22,259 27,196 Transactions costs (7) (1,607) 465,251 1,497,793 Current liabilities 59,011 112,847 Non-current liabilities 406,240 1,384,946 Total 465,251 1,497,793 Foreign currency and local currency Current liabilities 1,343,494 1,318,931 Non-current liabilities 33,553,766 40,413,192 Total 34,897,260 41,732,123 (i) Braskem has fully, unconditionally and irrevocably, guaranteed the bonds issued by Braskem Finance, Braskem America Finance and Braskem Holanda Finance. The guarantees are senior unsecured obligations of Braskem, ranking equal in right of payment with all of its other existing and future senior unsecured debt. (ii) Prepaid in July 2021. (iii) Borrowings were made by Braskem and the subsidiary DAC, which provided a bank guarantee as collateral. (iv) Borrowings were made by the subsidiaries Cetrel and DAC, with bank guarantee and fiduciary assignment of liquidity fund in a reserve account as collateral. |
Schedule of long-term maturities | The maturity profile of the long-term debentures is as follows: Schedule of long-term maturities 2021 2020 2022 2,086,460 2023 1,199,143 1,824,477 2024 3,965,917 5,653,432 2025 645,517 1,121,748 2026 622,032 580,062 2027 552,171 514,819 2028 7,081,301 6,986,264 2029 230,557 217,418 2030 8,535,493 7,951,181 2031 61,617 57,096 2032 and thereafter 10,660,018 13,420,235 Total 33,553,766 40,413,192 |
Schedule of bonds | (b) Bonds Schedule of bonds Issue amount Outstanding amount Interest Issue date US$ in US$: principal plus interests Maturity (% per year) 2021 2020 Oct-2010 and Feb-2012 (i) 700,000 no maturity date 7.38 2,598,350 Jul-2011 and Jul-2012 (i) 750,000 590,792 Jul-2041 7.13 3,296,917 4,019,404 May-2012 (i) 500,000 May-2022 5.38 1,500,304 Feb-2014 and May-2014 (i) 750,000 612,444 Feb-2024 6.45 3,417,741 4,000,875 Oct-2017 (i) 500,000 106,436 Jan-2023 3.50 593,964 1,034,179 Oct-2017 1,250,000 1,199,760 Jan-2028 4.50 6,695,263 6,633,913 Nov-19 1,500,000 1,528,125 Jan-2030 4.50 8,527,701 7,941,207 Nov-19 750,000 768,359 Jan-2030 5.88 4,287,829 3,992,933 Jul-2020 (ii) 600,000 627,826 Jan-2081 8.50 3,503,583 3,242,486 Total 7,300,000 5,433,742 30,322,998 34,963,651 (i) Prepayments were made in 2021 in the total amount of US$1.3 billion (R$6.9 billion). (ii) The bond is recorded as a financial liability. According to the specific methodology applied by some rating agencies to calculate leverage, and only for such purpose, 50% of this bond is classified as a hybrid equity instrument. It can be repaid by the Company at par value in the 5 th th th |
Schedule of others - NEX | (c) Financings for investments in plants Schedule of others - NEX Issue date Issue Outstanding amount plus interests Maturity Charges (% per year) 2021 2020 sep-2017 (i) 135,000 82,876 mar-2027 Us dollar exchange variation + semianual Libor + 1.61 462,490 509,141 jul-2018 (ii) 205,956 169,859 dec-2028 Us dollar exchange variation + semianual Libor + 0.65 947,898 996,531 aug-2020 (iii) 225,000 215,393 feb-2031 Us dollar exchange variation + semianual Libor + 1.70 1,201,998 1,177,152 Total 565,956 468,128 2,612,386 2,682,824 (i) Financing contracted by the subsidiary Braskem Holanda Inc. and secured by NEXI, the Japanese export credit agency, and guaranteed by Braskem. (ii) Financing contracted by the subsidiary Braskem America and secured by Euler Hermes, the German export credit agency. (iii) Financing contracted by the subsidiary Braskem Holanda Finance and secured by NEXI, the Japanese export credit agency, and guaranteed by Braskem. |
Schedule of others - SACE | Schedule of others - SACE Initial amount of the transaction Outstanding amount Identification Issue date (US$) in US$: principal plus interests Maturity Charges (% per year) 2021 2020 SACE Nov-2018 (i) 295,125 206,819 Nov-2028 Us dollar exchange variation + semianual Libor + 0.90 1,154,146 1,228,285 SACE Dec-2019 (i) 150,000 120,083 Dec-2029 Us dollar exchange variation + semianual Libor + 0.90 670,124 702,027 MONFORTE Apr-2019 (ii) 72,345 47,738 Apr-2026 Us dollar exchange variation + semianual Libor + 1.00 266,403 300,434 ING Jan-2020 (iii) 100,000 Jan-2025 Us dollar exchange variation + semianual Libor + 1.65 524,454 Total 617,470 374,640 2,090,673 2,755,200 (i) Credit facility contracted by the subsidiary Braskem Holanda Finance and Braskem Holanda Inc. secured by SACE, an Italian export credit agency, and guaranteed by Braskem. (ii) Credit facility contracted by Braskem S.A. with a term of 7 years. To consummate this facility, certain assets of the Company’s plants were pledged to the financial institution in amount higher than financing. (iii) Prepaid in July 2021. |
Braskem Idesa Financing (Tables
Braskem Idesa Financing (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of braskem idesa financing | Schedule of braskem idesa financing Outstanding amount Principal amount US$ in US$: principal Identification plus interests Maturity Charges (% per year) 2021 2020 Project finance Project finance I 700,000 Feb-2027 Us dollar exchange variation + quarterly Libor + 3.25 (i) 2,444,515 Project finance II 210,000 Feb-2027 Us dollar exchange variation + 6.17 (i) 690,311 Project finance III 600,000 Feb-2029 Us dollar exchange variation + 4.33 (i) 2,145,326 Project finance IV 660,000 Feb-2029 Us dollar exchange variation + quarterly Libor + 3.88 (i) 2,419,920 Total under current liabilities 2,170,000 7,700,072 Bond Bond I 900,000 914,696 Nov-2029 Us dollar exchange variation + 7.45 5,104,463 4,729,587 Bond II 1,200,000 1,224,766 Feb-2032 Us dollar exchange variation + 6.99 (ii) 6,834,805 2,100,000 2,139,462 11,939,268 4,729,587 Other 150,000 152,291 Oct-2026 Us dollar exchange variation + quarterly Libor + 4.00 (ii) 849,859 Transactions costs (477,592) (370,421) Total 12,311,535 12,059,238 Current liabilities 86,765 7,660,128 Non-current liabilities 12,224,770 4,399,110 Total 12,311,535 12,059,238 (i) Prepaid in October 2021. (ii) Funding operation carried out in October 2021. |
The following table summarizes the long-term maturities of these financings as of December 31, 2021: | The following table summarizes the long-term maturities of these financings as of December 31, 2021: 2021 2020 2023 67,649 2024 68,694 2025 69,530 2026 408,445 2029 4,900,399 4,399,110 2032 6,710,053 Total 12,224,770 4,399,110 |
Debentures (Tables)
Debentures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of debentures | Schedule of debentures Issue date Issuer Series Maturity Annual financial charges (%) 2021 2020 Mar-2013 DAC Single Mar-2025 IPCA + 6% 150,013 177,009 Sep-2013 Cetrel Single Sep-2025 126.5% of CDI 46,905 59,106 196,918 236,115 Current liabilities 59,088 54,436 Non-current liabilities 137,830 181,679 Total 196,918 236,115 |
Schedule of long-term debenture maturity | The maturity profile of the long-term debentures is as follow: Schedule of long-term debenture maturity 2021 2020 2022 53,406 2023 57,045 53,417 2024 57,096 53,443 2025 23,689 21,413 Total 137,830 181,679 |
Reconciliation of borrowing a_2
Reconciliation of borrowing activities in the statement of cash flow (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Reconciliation Of Borrowing Activities In Statement Of Cash Flow | |
Reconciliation of borrowing activities in the statement of cash flow | Reconciliation of borrowing activities in the statement of cash flow Current and non-current Borrowings, debentures and Braskem Idesa financing Loan to Total non-controlling borrowings Braskem Idesa shareholders Borrowings Debentures and debentures financing of Braskem Idesa Lease Dividends Balance as of December 31, 2020 41,732,123 236,115 41,968,238 12,059,238 3,222,493 3,207,886 5,456 Acquired 16,308 16,308 7,271,658 Payments (9,374,653) (39,256) (9,413,909) (7,995,045) (9,545) (841,706) (5,993,265) Cash used in financing activities (9,358,345) (39,256) (9,397,601) (723,387) (9,545) (841,706) (5,993,265) Other changes Interest paid (2,001,552) (29,033) (2,030,585) (649,945) (4,679) (198,225) Interest and monetary and exchange variations, net 2,626,770 29,092 2,655,862 1,055,347 243,673 206,375 VAT on loan 42,457 Acquired 746,573 Disposal (50,473) Currency translation adjustments 1,898,264 1,898,264 570,282 152,139 85,984 Prepaid dividends approved by the Board 6,000,000 Dividends-lapse of statute of limitation (1,653) Other 2,523,482 59 2,523,541 975,684 433,590 790,234 5,998,347 Balance as of December 31, 2021 34,897,260 196,918 35,094,178 12,311,535 3,646,538 3,156,414 10,538 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of non-derivative financial instruments and other liabilities | 20.4 Non-derivative financial instruments and other liabilities: consolidated Schedule of non-derivative financial instruments and other liabilities Book value Fair value Note Classification by category Fair value hierarchy 2021 2020 2021 2020 Cash and cash equivalents 5 Cash and banks Amortized cost 5,050,822 1,946,963 5,050,822 1,946,963 Financial investments Fair value through profit or loss Level 2 3,629,864 11,915,889 3,629,864 11,915,889 8,680,686 13,862,852 8,680,686 13,862,852 Financial investments 6 LFT´s and LF´s Fair value through profit or loss Level 2 2,337,171 2,163,042 2,337,171 2,163,042 Time deposit investments Amortized cost 106,271 53,941 106,271 53,941 Other Fair value through profit or loss Level 2 1,066,113 1,425,808 1,066,113 1,425,808 3,509,555 3,642,791 3,509,555 3,642,791 Trade accounts receivable 7 Amortized cost 7,118,452 4,677,092 7,118,452 4,677,092 Trade accounts receivable 7 Fair value through other comprehensive income Level 2 48,508 78,116 48,508 78,116 Trade payables 15 Amortized cost 12,164,730 9,953,548 12,164,730 9,953,548 Borrowings 16 Amortized cost Foreign currency - Bond Level 1 30,322,998 34,963,651 33,690,876 37,155,060 Foreign currency - other borrowings Level 2 4,703,059 5,959,493 4,696,970 6,371,070 Local currency Level 2 465,258 1,499,400 451,899 2,591,920 35,491,315 42,422,544 38,839,745 46,118,050 Braskem Idesa borrowings 17 Amortized cost Project Finance Level 2 7,700,072 11,486,114 Bonds Level 1 11,939,268 4,729,587 12,197,524 4,411,259 Other Level 2 849,859 931,141 12,789,127 12,429,659 13,128,665 15,897,373 Debentures 18 Amortized cost Level 2 196,918 236,115 195,570 248,778 Loan to non-controlling 9(a) Amortized cost 3,646,538 3,222,493 3,646,538 3,222,493 Leniency agreement 25 Amortized cost 1,123,296 1,474,350 1,123,296 1,474,350 |
Schedule of changes in derivative financial instruments | 20.5 Derivative financial instruments Schedule of changes in derivative financial instruments Schedule of changes in derivative financial instruments Operation characteristics Accumulated Fair value Principal exposure OCI (equity) Net (Asset)/ Change in Financial Net (Asset)/ Identification hierarchy Derivatives Extrinsic value Intrinsic value Fair value Liability 2020 fair value settlement Liability 2021 Non-hedge accounting transactions Exchange swap Level 2 Argentine peso Dollar (3) 58 (52) 3 NCE swap Level 2 Real Dollar 145,144 48,726 (193,870) Swap C3/PGP Level 2 Propane Propene 63,901 202,002 (251,604) 14,299 Swap Nafta/Gasolina Level 2 Gasoline Naphtha 7,046 13,315 (37,208) (16,847) 216,088 264,101 (482,734) (2,545) Hedge accounting transactions Dollar call and put options Level 2 Real Dollar (20,223) (64,993) (85,216) 144,801 143,336 (202,921) 85,216 Interest rate swaps Level 2 Libor Fixed rates 155,775 (52,164) (103,611) Dollar swap CDI Level 2 Real Dollar+Fixed rates (502,508) 566,640 87,555 (151,687) 502,508 (20,223) (64,993) (587,724) 867,216 178,727 (458,219) 587,724 Derivatives Assets Current assets 33,769 33,816 Non-current assets 34,091 51 Total 67,860 33,867 Liabilities Current liabilities 592,251 256,131 Non-current liabilities 558,913 362,915 Total 1,151,164 619,046 Total (Liabilities (-)assets) 1,083,304 585,179 |
Schedule of non-derivative financial liabilities designated to hedge accounting | Schedule of non-derivative financial liabilities designated to hedge accounting Total nominal value Total nominal value US$ R$ 2024 288,854 1,611,950 2025 800,000 4,464,400 2028 1,250,000 6,975,626 2030 800,000 4,464,400 2031 800,000 4,464,400 2032 800,000 4,464,400 Total nominal value 4,738,854 26,445,177 |
Schedule of financial instruments designated for hedge | The following table shows the changes in financial instruments designated for this hedge in the year: Schedule of changes in derivative financial instruments Schedule of financial instruments designated for hedge US$ Discontinued Realized or realized discontinued 2020 hedge ( * ) hedge Designations 2021 Designated balance 5,274,854 (1,316,000) 380,000 400,000 4,738,854 (*) Out of this amount, US$600,000 refers to hedges that were discontinued and US$716,000 that were realized in 2021. |
Schedule of financial liability maturity | Schedule of financial liability maturity Total nominal value Total nominal value US$ R$ 2024 288,854 1,611,950 2025 800,000 4,464,400 2028 1,250,000 6,975,626 2030 800,000 4,464,400 2031 800,000 4,464,400 2032 800,000 4,464,400 Total nominal value 4,738,854 26,445,177 |
Schedule of future hedged sales | The following table provides the balance of discontinued hedge accounting in 2021 (US$1,837,372), which is recorded in OCI and will be transferred to financial income (expenses) in accordance with the schedule of future hedged sales: Schedule of future hedged sales Conversion rate Total nominal at Inception Closing rate Gross nominal value US$ R$/US$ R$/US$ value Hedge discontinued - From first to fourth quarter 2022 719,000 2.0017 3.9786 1,421,391 Hedge discontinued - From first to fourth quarter 2023 718,372 2.0017 4.2698 1,629,321 Hedge discontinued - From third to fourth quarter 2024 400,000 2.0017 5.6430 1,456,520 1,837,372 4,507,232 |
Schedule of exchange variation | Schedule of exchange variation Conversion rate Total nominal at Inception Closing rate Gross nominal value US$ R$/US$ R$/US$ value First quarter 150,000 2.0017 5.3747 505,946 Second quarter 186,000 2.0017 5.4739 645,837 Third quarter 180,000 2.0017 3.9786 355,842 Fourth quarter 200,000 2.0017 3.9786 395,380 716,000 1,903,005 |
Schedule of changes in foreign exchange variation and income tax and social contribution | Schedule of changes in foreign exchange variation and income tax and social contribution Exchange Net variation Income taxes effect As of December 31, 2020 (13,095,288) 4,452,397 (8,642,891) Exchange variation recorded in the period on OCI / Income taxes (1,910,274) 649,493 (1,260,781) Exchange variation transferred to profit or loss / Income taxes 1,903,004 (647,021) 1,255,983 As of December 31, 2021 (13,102,558) 4,454,869 (8,647,689) |
The quarterly schedule of hedged exports in the following quarters of 2022 follows: | In 2022, realizations will be made at the discounted cash flow rates. The quarterly schedule of hedged exports in the following quarters of 2022 follows: Total nominal Total nominal value US$ value R$ First quarter 175,000 976,588 Second quarter 208,000 1,160,744 Third quarter 186,000 1,037,973 Fourth quarter 150,000 837,075 719,000 4,012,380 |
Schedule of designated and unrealized sales | Schedule of designated and unrealized sales Nominal value Nominal value US$ R$ 2023 22,500 125,561 2024 22,500 125,561 2025 22,500 125,561 2026 82,500 460,391 2030 225,000 1,255,613 2031 225,000 1,255,613 2032 525,000 2,929,763 2033 525,000 2,929,763 2034 300,000 1,674,150 2035 300,000 1,674,150 Nominal value 2,250,000 12,556,126 |
Schedule of financial instruments designated for hedge | Schedule of financial instruments designated for hedge US$ Discontinued Realized discontinued New 2020 hedge hedge designations 2021 Designated balance 2,371,443 (1,622,370) 150,827 1,350,000 2,250,000 |
Schedule of designated financial liabilities maturities | Schedule of designated financial liabilities maturities Nominal value Nominal value US$ R$ 2023 22,500 125,561 2024 22,500 125,561 2025 22,500 125,561 2026 82,500 460,391 2030 225,000 1,255,613 2031 225,000 1,255,613 2032 525,000 2,929,763 2033 525,000 2,929,763 2034 300,000 1,674,150 2035 300,000 1,674,150 Nominal value 2,250,000 12,556,126 |
Schedule of discontinued hedge accounting | Schedule of discontinued hedge accounting Conversion rate Total nominal at Inception Closing rate Total nominal Gross nominal value US$ MXN/US$ MXN/US$ value MXN value Hedge discontinued in May 16, 2016 9,917 13.4541 17.9915 44,997 12,284 Hedge discontinued in December 2, 2019 622,965 13.6665 19.6113 3,703,429 1,011,036 Hedge discontinued in December 10, 2019 24,839 13.4541 19.3247 145,821 39,809 Hedge discontinued in February 18,2020 703 13.4541 18.5712 3,598 982 Hedge discontinued in October 20,2021 1,262,496 13.6576 20.3587 8,460,057 2,309,596 1,920,920 12,357,902 3,373,707 |
Schedule of exchange variation - Braskem Idesa | The following table provides the balances of exchange variation recognized in Braskem Idesa’s financial results due to the realization of sales designated and discontinued for this hedge in 2021: Schedule of exchange variation - Braskem Idesa Conversion rate Total nominal at Inception Closing rate Total nominal Gross nominal value US$ MXN/US$ MXN/US$ value MXN value First quarter 69,855 13.6534 19.9798 441,931 117,985 Second quarter 75,848 13.6515 20.5309 521,789 125,812 Third quarter 77,094 13.6518 19.8298 476,287 124,636 Fourth quarter 80,594 13.6512 20.1269 521,903 138,796 303,391 1,961,910 507,229 |
Schedule of changes in foreign exchange variation and income tax and social contribution - Braskem Idesa | The changes in foreign exchange variation and income taxes under OCI are as follows: Schedule of changes in foreign exchange variation and income tax and social contribution - Braskem Idesa Exchange Net variation Income taxes effect As of December 31, 2020 (2,534,135) 760,979 (1,773,156) Exchange variation recorded in the period on OCI / Income taxes (204,604) 61,381 (143,223) Exchange variation transferred to profit or loss / Income taxes 507,228 (152,168) 355,060 As of December 31, 2021 (2,231,511) 670,192 (1,561,319) |
Below is the quarterly schedule of hedged sales in US$ in 2022: | The realizations expected for 2022 will occur in accordance with the initial designation schedule, and the exchange variation recorded in other comprehensive income will be transferred to the financial results. Below is the quarterly schedule of hedged sales in US$ in 2022: Nominal value Nominal value US$ R$ First quarter 29,136 162,594 Second quarter 72,612 405,210 Third quarter 72,612 405,210 Fourth quarter 78,844 439,992 253,204 1,413,006 |
Schedule of trade accounts receivable by credit ratings | Schedule of trade accounts receivable by credit ratings (%) 2021 2020 Minimal Risk 65.39 67.53 Low Risk 26.65 20.08 Medium Risk 6.02 10.43 High Risk 1.54 1.10 Very High Risk (i) 0.40 0.86 (i) Most clients in this group are inactive and the respective accounts are in the process of collection actions in the courts. Clients in this group that are still active buy from the Company and pay in advance. |
Schedule of default indicators | Schedule of default indicators Last 12 months Domestic market Export market December 31, 2021 0.01% 0.08% December 31, 2020 0.05% 0.14% |
Schedule of financial assets with and without risk assessment | Schedule of financial assets with and without risk assessment 2021 2020 Financial assets with risk assessment AAA 6,858,500 13,639,273 AA+ 107,444 412,612 AA 816,408 735,755 AA- 73,888 199,405 A+ 2,919,276 1,336,334 A 107,057 53,941 A- 236,969 91,487 BBB+ 894 982,225 BBB 1,026,232 49 BBB- 554 BB+ 50 BB 1,479 12,148,751 17,451,081 Financial assets without risk assessment Quotas of investment funds in credit rights 1,721 Other financial assets with no risk assessment (i) 39,769 54,562 41,490 54,562 Total 12,190,241 17,505,643 (i) Investments approved by the Management, in accordance with the Financial Policy. |
The sensitivity values in the table below are the changes in the value of the financial instruments in each scenario: | The sensitivity values in the table below are the changes in the value of the financial instruments in each scenario: Additional variations to the book value Gain (losses) Exposure value as of Probable Reasonably possible Possible Instrument / Sensitivity December 31, 2021 1US$ = R$5,60 1US$ = R$6,32 1US$ = R$7,81 Real/US$ exchange rate Bonds (42,262,266) (147,677) (5,622,868) (16,868,605) Export prepayments (46,249) (162) (6,153) (18,460) Financings for investiments in plants (2,445,937) (8,547) (325,425) (976,274) SACE (1,824,276) (6,375) (242,714) (728,143) Dollar call and put options ( i ) (85,217) (7,729) (252,319) (1,458,259) Dollar swap x CDI (502,508) (8,388) (212,589) (632,005) MONFORTE (266,403) (931) (35,444) (106,332) Nexi (120,200) (420) (15,992) (47,977) Other (849,859) (2,970) (113,071) (339,214) Financial investments abroad 5,936,290 20,743 789,806 2,369,417 Gain (losses) Exposure value as of Probable Reasonably possible Possible Instrument / Sensitivity December 31, 2021 1,42% 0,3% 0,47% Libor floating interest rate Export prepayments (46,249) (19,280) (1,373) (4,118) Nexi (120,200) (96,406) (6,864) (20,591) SACE (1,824,276) (1,146,782) (81,646) (244,939) MONFORTE (266,403) (86,426) (6,153) (18,460) Financings for investiments in plants (2,445,937) (1,448,186) (103,105) (309,316) Other (849,859) (289,804) (20,633) (61,899) Gain (losses) Exposure value as of Probable Reasonably possible Possible Instrument / Sensitivity December 31, 2021 11,5% 11,88% 17,15% CDI interest rate Debentures (47,109) (3,833) (4,508) (14,472) Financial investments in Brazil 4,480,620 95,609 111,898 335,975 Gain (losses) Exposure value as of Probable Reasonably possible Possible Instrument / Sensitivity December 31, 2021 5,03% 11,51% 14,4% IPCA interest rate Debêntures (150,352) 24,477 (7,509) (23,180) BNDES (435,778) 241,788 (87,535) (291,961) BNB/ FINEP/ FUNDES/FINISA/FINAME/FNE (4,616) 830 (260) (809) Gain (losses) Exposure value as of Probable Reasonably possible Possible Instrument / Sensitivity December 31, 2021 11,5% 11,88% 17,15% Selic interest rate Leniency agreement (1,085,468) (36,697) (42,993) (130,903) Dollar swap x CDI (502,508) 16,752 20,802 77,279 (i) The Company is in the short position of a possible counterparty call. |
Taxes payable (Tables)
Taxes payable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Taxes Payable | |
Schedule of taxes payable | Schedule of taxes payable 2021 2020 Brazil IPI 131,290 125,338 ICMS 485,302 403,422 PIS and COFINS 33,516 284,944 Other 46,117 43,560 Other countries Value-added tax 229,571 16,027 Tax on financial income 346,817 Other 80,768 Total 1,272,613 954,059 Current liabilities 1,012,116 952,689 Non-current liabilities 260,497 1,370 Total 1,272,613 954,059 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of income tax and social contribution reconciliation | Schedule of income tax and social contribution reconciliation 2021 2020 2019 Profit (loss) before income taxes 17,961,023 (9,683,784) (4,603,068) Nominal income taxes computed based on Brazilian statutory corporate tax rates (34%) (6,106,748) 3,292,487 1,565,043 Permanent adjustments to the IR and CSL calculation basis Income taxes on equity in results of investees 1,578 6,595 3,469 Thin capitalization (i) (6,628) (695,741) (221,337) Tax benefits (Sudene and PAT) (ii) 137,338 Exclusion of inflation adjustement by Selic on undue tax payments from taxable income 22.1(a) 501,382 Effect of the refund of Braskem America´s tax benefit (737,841) Effect from the retrospective tax rate on bonus depreciation of Braskem America (iii) 334,460 Different jurisdictional taxes rates for companies abroad and tax basis (iv) 1,939,882 994,811 293,647 Fine in leniency agreement (25,390) Taxes on dividends distribution (265,454) (131,240) Other permanent adjustments (200,753) (395,053) 347,238 Effect of income taxes on results of operations (3,999,403) 2,668,478 1,962,670 Breakdown of income taxes: Current income taxes Current year (3,834,437) (52,830) (251,641) Changes in estimates related to prior years 22,696 Total current expenses (3,834,437) (52,830) (228,945) Deferred income taxes Origination and reversal of temporary differences (246,294) 2,677,328 2,062,501 Tax losses (IR) and negative base (CSL) 81,328 129,114 Recognition of previously unrecognised deductible temporary differences 43,980 Total Deferred income taxes (164,966) 2,721,308 2,191,615 Total (3,999,403) 2,668,478 1,962,670 Effective rate 22.3% 27.6% 42.6% (i) Includes the amount from the adjustment of interest rates in financial operations with subsidiaries in accordance with sub-capitalization tax rules. (ii) SUDENE is a tax benefits granted by the Brazilian Government to the companies. The tax benefit granted by the Northeast Development Department (“SUDENE”) is calculated based on the profit from exploration of the incentivized activity, with a period of utilization of 10 years. The Worker's Food Program (“PAT”) is a tax incentive program to companies that provide food to workers based on criteria established by the Ministry of Labor. (iii) Considering Universal Basis Taxation (“TBU”), the tax refund provided by U.S. Government affects the tax calculation of Braskem arising from the offsetting of Income Tax and Social Contribution Tax in the years of use of the bonus depreciation benefit . (iv) Besides the differences on tax basis calculation, it includes the impact from the difference between Brazilian tax rate (34%) and the tax rates in countries where the subsidiaries abroad are located, as follows: |
Schedule of foreign income tax rates | Schedule of foreign income tax rates Official rate - % Headquarters (Country) 2021 Braskem Alemanha Germany 31.11 Braskem America e Braskem America Finance USA 24.09 Braskem Argentina Argentina 25.00 Braskem Chile Chile 35.00 Braskem Holanda, Braskem Holanda Finance and Braskem Holanda Inc Netherlands 25.00 Braskem Idesa, Braskem Idesa Serviços, Braskem México Braskem México Serviços, Braskem México Proyectos and Terminal Química Mexico 30.00 Braskem India India 30.00 |
Schedule of changes in balances of deferred tax assets and liabilities | Schedule of changes in balances of deferred tax assets and liabilities Assets As of December 31, 2019 Impact on the P&L Impact on the equity As of December 31, 2020 Impact on the P&L Other As of December 31, 2021 Tax losses carryforward 2,150,692 1,127,492 3,278,184 76,532 3,354,716 Goodwill amortized 21,677 (15,157) 6,520 (4,061) 2,459 Exchange variations 1,132,351 2,685,264 3,817,615 462,447 4,280,062 Temporary differences 2,357,267 2,639,070 4,996,337 (145,999) 4,850,338 Business combination 85,539 (29,328) 56,211 (29,327) 26,884 Tax credits 49,833 27,199 77,032 (77,032) Other 62,288 (16,922) 45,366 4,462 49,828 5,859,647 6,417,618 12,277,265 287,022 12,564,287 Liabilities Amortization of goodwill based on future profitability 722,685 (463) 722,222 2,875 725,097 Tax depreciation 1,903,027 1,834,142 3,737,169 439,781 4,176,950 PIS/COFINS credit: exclusion of ICMS in basis of calculation 331,479 331,479 Temporary differences 432,587 (274,355) 158,232 (69,239) 88,993 Present value adjustment and amortized cost 11,276 68,644 79,920 74,771 154,691 Hedge accounting 1,788,568 (1,788,568) (234,402) 234,402 Amortization of fair value adjustments on 393,773 (114,452) 279,321 (46,888) 232,433 Long term incentive plan - LTI (4,823) 4,823 15,906 (15,906) Health care (8,020) 8,020 5,710 (5,710) Other 6,739 407,069 (408,981) 4,827 (68,005) 68,004 4,826 3,470,087 3,696,310 (2,184,706) 4,981,691 451,988 280,790 5,714,469 Net 2,389,560 2,721,308 2,184,706 7,295,574 (164,966) (280,790) 6,849,818 Presentation in the balance sheet: Non-current assets 2,662,596 8,529,972 8,257,252 (-) Non-current liabilities 273,036 1,234,398 1,407,434 |
Schedule of deferred taxes offset for the purpose of presentation in the balance sheet | Schedule of deferred taxes offset for the purpose of presentation in the balance sheet 2021 Headquarters (Country) Tax calculation Offsetting Balance Assets Braskem S.A. Brazil 8,841,886 (2,496,637) 6,345,249 Braskem Argentina Argentina 3,271 3,271 Braskem America USA 294,328 (294,328) Braskem Alemanha Germany 44,417 44,417 Braskem Chile Chile 92 92 Braskem Idesa Mexico 3,282,125 (1,506,541) 1,775,584 Braskem Idesa Serviços Mexico 26 26 Braskem México Serviços Mexico 2,502 2,502 Braskem México Mexico 16,181 16,181 Cetrel Brazil 40,434 (7,586) 32,848 DAC Brazil 39,025 (1,943) 37,082 12,564,287 (4,307,035) 8,257,252 Liabilities Braskem S.A Brazil 2,496,637 (2,496,637) Braskem America USA 1,701,762 (294,328) 1,407,434 Braskem Idesa Mexico 1,506,541 (1,506,541) Cetrel Brazil 7,586 (7,586) DAC Brazil 1,943 (1,943) 5,714,469 (4,307,035) 1,407,434 2020 Headquarters (Country) Tax calculation Offsetting Balance Assets Braskem S.A. Brazil 8,626,703 (2,090,002) 6,536,701 Braskem Argentina Argentina 2,850 2,850 Braskem America USA 293,942 (293,942) Braskem Alemanha Germany 47,277 47,277 Braskem Chile Chile 287 287 Braskem Idesa Mexico 3,213,624 (1,356,693) 1,856,931 Braskem México Serviços Mexico 14,765 14,765 Braskem México Mexico 8,503 8,503 Cetrel Brazil 23,645 (5,269) 18,376 DAC Brazil 45,669 (1,387) 44,282 12,277,265 (3,747,293) 8,529,972 Liabilities Braskem S.A Brazil 2,090,002 (2,090,002) Braskem America USA 1,528,340 (293,942) 1,234,398 Braskem Idesa Mexico 1,356,693 (1,356,693) Cetrel Brazil 5,269 (5,269) DAC Brazil 1,387 (1,387) 4,981,691 (3,747,293) 1,234,398 |
Sundry provisions (Tables)
Sundry provisions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of sundry provisions | Schedule of sundry provisions Note 2021 2020 Provision for environmental damages (a) 1,035,426 602,490 Provision for customers rebates (b) 101,253 123,465 Other 152,584 148,253 Total 1,289,263 874,208 Current liabilities 465,051 362,407 Non-current liabilities 824,212 511,801 Total 1,289,263 874,208 |
Schedule of changes in sundry provisions | (c) Changes in provisions Schedule of changes in sundry provisions Recovery of environmental damage Rebate Other Total December 31, 2019 365,155 84,110 55,941 505,206 Additions, monetary adjustments and exchange variation 306,274 150,132 119,831 576,237 Write-offs through usage and payments (68,939) (110,777) (27,519) (207,235) December 31, 2020 602,490 123,465 148,253 874,208 Additions, monetary adjustments and exchange variation 576,086 144,710 114,395 835,191 Write-offs through usage and payments (143,150) (166,922) (110,064) (420,136) December 31, 2021 1,035,426 101,253 152,584 1,289,263 |
Provisions for legal proceedi_2
Provisions for legal proceedings and contingent liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Provisions For Legal Proceedings And Contingent Liabilities | |
Claims with probable chance of loss and contingent liabilities | Claims with probable chance of loss and contingent liabilities 2021 2020 Labor claims (a) 268,758 280,066 Tax claims (b) IR and CSL 61,946 61,342 PIS and COFINS 299,202 291,783 ICMS 331,094 319,851 Other tax claims 22,857 19,759 715,099 692,735 Corporate claims 94,826 126,057 - - Civil claims and other 75,147 52,229 1,153,830 1,151,087 |
Schedule of changes in claims with probable chance of loss | (c) Changes in claims with probable chance of loss Schedule of changes in claims with probable chance of loss Corporate Civil claims Labor claims Tax claims claims and other Total December 31, 2019 315,437 672,088 118,485 45,514 1,151,524 Additions, inflation adjustments and exchange variation 140,386 130,302 10,242 32,207 313,137 Payments (42,174) (21,649) (9,166) (72,989) Reversals (*) (133,583) (88,006) (2,670) (16,326) (240,585) December 31, 2020 280,066 692,735 126,057 52,229 1,151,087 Additions, monetary adjustments and exchange variation 172,574 46,849 14,357 76,111 309,891 Payments (70,968) (3,659) (40,109) (2,770) (117,506) Reversals (*) (112,914) (20,826) (5,479) (50,423) (189,642) December 31, 2021 268,758 715,099 94,826 75,147 1,153,830 (*) A provision reversal occurs when the probability of loss or the value attributed to the lawsuit changes, or the suit is closed with a cash disbursement lower than the provisioned amount. |
Schedule of claims with probable chance of loss | 24.2 Contingent liabilities Schedule of claims with probable chance of loss Note 2021 2020 Tax claims (a) 17,224,429 12,156,030 Civil claims - Alagoas 26 2,614,344 796,712 Civil claims - Other (b) 737,083 708,120 Labor claims (c) 763,555 663,448 Environmental claims (d) 571,057 507,973 Social security claims (e) 398,783 326,730 Other lawsuits (f) 337,807 286,643 Total 22,647,058 15,445,656 |
Leniency agreement with autho_2
Leniency agreement with authorities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leniency Agreement With Authorities | |
The Company already has paid R$2,752,711, distributed as shown below: | The Company already has paid R$2,752,711, distributed as shown below: Agreements signed with: AGU FCG and MPF DoJ OAG MPF SEC Total Amounts paid 559,896 296,591 407,300 1,282,464 206,460 2,752,711 (*) Swiss Office of the Attorney General (“OAG”). |
Geological event - Alagoas (Tab
Geological event - Alagoas (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Geological Event - Alagoas | |
The following table shows the changes in the provision in the period | The following table shows the changes in the provision in the period Consolidated 2021 2020 2019 Balance at beginning of the year 9,175,777 3,383,067 Provisions 1,339,765 6,901,827 3,383,067 Payments and reclassifications (*) (2,928,081) (1,181,931) Realization of present value adjustment 73,798 72,814 Balance at the end of the year 7,661,259 9,175,777 3,383,067 Current liability 4,378,071 4,349,931 1,450,476 Non-current liability 3,283,188 4,825,846 1,932,591 Total 7,661,259 9,175,777 3,383,067 (*) Out of this amount, R$ 2,739,686 (2020: R$ 1,137,736 ) refers to payments made and R$ 188,395 (2020: R$44,195) was reclassified to other accounts payable. |
Benefits offered to team memb_2
Benefits offered to team members (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | |
Schedule of short-term benefits | Schedule of short-term benefits 2021 2020 2019 Health care 235,681 197,683 181,466 Private pension 136,851 94,302 90,687 Transport 77,201 66,752 67,761 Feeding 51,240 38,400 35,677 Life insurance 10,324 9,875 7,997 Training 15,723 14,892 26,261 Other 12,546 14,117 12,164 539,566 436,021 422,013 |
Schedule of directors approved programs | Schedule of directors approved programs Program Name Approval Date Grant Date Description Expected amount for delivery 2018 LTI Program March 28, 2018 April 6, 2018 LTI Programs’ participants will receive shares held in treasury or acquired through repurchase programs. If these shares cannot be delivered, the Company may pay participants in cash in an amount corresponding to the share price traded on the stock exchange on the second business day immediately prior to the respective payment date. (*) 2019 LTI Program March 13, 2019 March 19, 2019 582 2020 LTI Program March 19, 2020 April 1, 2020 1,817 2021 LTI Program May 5, 2021 May 10, 2021 847 (*) In April 2021, the LTI Program 2018 was fully settled with the delivery of shares in Braskem held in treasury. Consequently, the difference between the historical cost of the shares held in treasury (R$11,507) and the amounts recorded at OCI (R$14,980) was transferred to capital reserve, corresponding to R$3,473. |
Schedule of defined benefit obligations | Schedule of defined benefit obligations (a) Amounts in statement of financial position 2021 2020 Defined benefit Novamont Braskem America 117,509 113,662 Braskem Idesa 22,960 17,243 Braskem Alemanha and Braskem Holanda 223,193 239,955 363,662 370,860 Health care Bradesco saúde 243,706 217,089 Total obligations 607,368 587,949 Fair value of plan assets Novamont Braskem America (117,509) (113,662) Braskem Alemanha (2,162) (2,213) (119,671) (115,875) Consolidated net balance (non-current liabilities) 487,697 472,074 |
Change in obligations | (b) Change in obligations 2021 2020 2019 Health Benefit Health Benefit Health Benefit insurance plans Total insurance plans Total insurance plans Total Balance at beginning of year 217,089 370,860 587,949 224,852 245,565 470,417 90,679 183,687 274,366 Current service cost 4,817 13,681 18,498 4,678 12,486 17,164 2,698 8,233 10,931 Interest cost 15,692 5,906 21,598 17,097 6,482 23,579 8,663 6,133 14,796 Benefits paid (10,712) (7,191) (17,903) (5,949) (7,409) (13,358) (5,817) (4,677) (10,494) Change plan 8,068 8,068 Actuarial losses (gain) 16,820 (26,668) (9,848) (23,589) 25,803 2,214 128,629 38,437 167,066 Exchange variation 7,074 7,074 87,933 87,933 5,684 5,684 Balance at the end of the year 243,706 363,662 607,368 217,089 370,860 587,949 224,852 245,565 470,417 |
Change in fair value plan assets | (c) Change in fair value plan assets 2021 2020 2019 Balance at beginning of year 115,875 81,342 67,993 Actual return on plan assets 722 15,791 14,329 Employer contributions 285 Benefits paid (5,301) (4,973) (3,966) Exchange variation 8,375 23,715 2,701 Balance at the end of the year 119,671 115,875 81,342 |
Amounts recognized in profit and loss | As of December 31, 2021, and 2020, the balance of the fair value of assets is represented by the assets of the Novamont defined benefit plan, which has a level-1 fair value hierarchy. (d) Amounts recognized in profit and loss 2021 2020 2019 Health Benefit Health Benefit Health Benefit insurance plans Total insurance plans Total insurance plans Total Current service cost 4,817 13,681 18,498 4,678 12,486 17,164 2,698 8,233 10,931 Interest cost 15,692 5,906 21,598 17,097 6,482 23,579 8,663 6,133 14,796 Actuarial losses (24,203) (24,203) 15,461 15,461 28,936 28,936 20,509 (4,616) 15,893 21,775 34,429 56,204 11,361 43,302 54,663 |
Actuarial assumptions | (e) Actuarial assumptions (%) 2021 2020 2019 Health United Health United Health United insurance States Mexico Germany Netherlands insurance States Mexico Germany Netherlands insurance States Mexico Germany Netherlands Discount rate 5.33 2.90 8.00 1.20 1.20 3.99 2.60 7.25 0.70 0.70 3.60 3.35 7.25 2.00 2.00 Inflation rate 3.00 n/a 4.00 2.00 2.00 3.25 n/a 4.00 2.00 2.00 4.00 n/a 4.00 2.00 2.00 Expected return on plan assets n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Rate of increase in future salary levels n/a n/a 5.00 3.00 3.00 n/a n/a 5.00 3.00 3.00 n/a n/a 5.00 3.00 3.00 Rate of increase in future pension plan n/a n/a n/a 1.75 1.75 n/a n/a n/a 1.75 1.75 n/a n/a n/a 1.75 1.75 Aging factor 2.50 n/a n/a n/a n/a 2.50 n/a n/a n/a n/a 2.50 n/a n/a n/a n/a Medical inflation 3.50 n/a n/a n/a n/a 3.50 n/a n/a n/a n/a 3.50 n/a n/a n/a n/a Duration 14.16 n/a n/a n/a n/a 14.99 n/a n/a n/a n/a 15.32 n/a n/a n/a n/a |
Sensitivity analysis | (f) Sensitivity analysis Impact on the defined benefit obligation Premise change Premise increase Premise reduction Health United Health United Health United insurance States Mexico Germany Netherlands insurance States Mexico Germany Netherlands insurance States Mexico Germany Netherlands Discount rate 1.0% 1.0% 1.0% 0.3% 0.3% 26,078 15,283 1,752 10,495 558 (31,796) (12,714) (2,078) (11,294) (599) Real medical inflation n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Rate of increase in future salary levels n/a n/a n/a 0.5% 0.5% n/a n/a n/a 13,163 695 n/a n/a n/a (12,415) (655) Rate of increase in future pension plan 1.0% n/a n/a 0.25% 0.25% (5,870) n/a n/a 6,488 343 6,021 n/a n/a (6,296) (332) Life expectancy 1.0% n/a n/a 1 1 44,929 n/a n/a 5,565 294 (35,676) n/a n/a (5,809) (307) Mortality rate n/a 10.0% n/a n/a n/a n/a 6,455 n/a n/a n/a n/a (12,714) n/a n/a n/a Health insurance - Impact on cost of services and interests costs Premise change Premise increase Premise reduction Cost of Iterests Cost of Iterests Cost of Iterests services costs services costs services costs Discount rate 1.0% 1.0% 689 32 (879) 79 Life expectancy 1.0% 1.0% 604 3,814 (508) (3,029) Rate of increase in future pension plan 1.0% 1.0% 119 498 (122) (511) |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of shares distributed | As of December 31, 2021, the Company's subscribed and paid-up capital stock amounted to R$8,043,222 and comprised 797,207,834 shares with no par value, distributed as follows: Schedule of shares distributed Amount of shares Preferred Preferred Common shares shares shares % class A % class B % Total % Novonor 226,334,623 50.11 79,182,498 22.95 305,517,121 38.33 Petrobras 212,426,952 47.03 75,761,739 21.96 288,188,691 36.15 ADR (i) 35,476,394 10.28 35,476,394 4.45 Other 12,907,077 2.86 153,737,595 44.55 478,790 100.00 167,123,462 20.96 Total 451,668,652 100.00 344,158,226 99.74 478,790 100.00 796,305,668 99.89 Treasury shares 902,166 0.26 902,166 0.11 Total 451,668,652 100.00 345,060,392 100.00 478,790 100.00 797,207,834 100.00 Authorised 535,661,731 616,682,421 593,818 1,152,937,970 (i) American Depository Receipt |
Changes in shares during the year: | Changes in shares during the year: Amount of shares Note 2020 Changes 2021 Outstanding shares Common shares 451,668,652 451,668,652 Preferred shares class A 28.4 343,824,794 333,432 344,158,226 Preferred shares class B 500,230 (21,440) 478,790 795,993,676 311,992 796,305,668 Treasury shares Preferred shares class A 28.4 1,224,878 (322,712) 902,166 Total 797,218,554 (10,720) 797,207,834 |
Schedule of retained earnings | Retained earnings in the fiscal year were allocated as follows: Schedule of retained earnings 2021 Profit for the year 13,984,946 Accumulate losses absorption (4,529,547) Comprehensive income 26,883 Dividends-lapse of statute of limitation 1,653 Profit for allocation 9,483,935 Alocation profit Prepaid dividends approved by Board (6,000,000) Profit reserves Tax incentive (1,017,546) Legal reserve (472,770) Retention of profits (643,619) Additional proposed dividends (1,350,000) (3,483,935) Total allocation (9,483,935) |
Schedule of other comprehensive income | Schedule of other comprehensive income Attributed to shareholders' interest Actuarial Deemed cost gain (loss) Foreign and additional Gain (loss) Foreign on Defined currency Total indexation of Fair value on interest sales Cash flow Benefit and translation Braskem Non-controlling PP&E adjustments in subsidiary hedge hedge health plan adjustment shareholders' interest in (ii) (iii) (i) (iv) (iv) (v) (vi) interest Braskem Idesa Total As of December 31, 2018 151,214 (450) (9,469) (7,626,515) (257,508) (53,574) 2,166,875 (5,629,427) (566,035) (6,195,462) Additional indexation Realization by depreciation or write-off assets (40,481) (40,481) (40,481) Income tax and social contribution 13,764 13,764 13,764 Deemed cost of jointly-controlled investment Realization by depreciation or write-off assets (1,338) (1,338) (1,338) Income tax and social contribution 455 455 455 Fair value adjustments Accounts receivable 15 15 15 Foreign sales hedge Exchange rate (507,464) (507,464) 116,202 (391,262) Transfer to result 1,585,480 1,585,480 66,787 1,652,267 Income tax and social contribution (344,567) (344,567) (54,897) (399,464) Fair value of Cash flow hedge Change in fair value 7,150 7,150 (23,078) (15,928) Transfer to result 54,450 54,450 16,752 71,202 Income tax and social contribution (21,703) (21,703) 1,898 (19,805) Fair value of cash flow hedge from jointly-controlled (RPR) (978) (978) (978) Actuarial loss with post-employment benefits, net of taxes (109,492) (109,492) (136) (109,628) Foreign currency translation adjustment 220,228 220,228 (83,506) 136,722 (Loss) gain from investments (50) (50) (34) (84) Effect of IAS29 - hyperinflation (3,561) (3,561) (3,561) As of December 31, 2019 123,614 (435) (9,469) (6,893,066) (218,589) (163,066) 2,383,492 (4,777,519) (526,047) (5,303,566) Additional indexation Realization by depreciation or write-off assets (39,853) (39,853) (39,853) Income tax and social contribution 13,551 13,551 13,551 Deemed cost of jointly-controlled investment Realization by depreciation or write-off assets (1,123) (1,123) (1,123) Income tax and social contribution 382 382 382 Fair value adjustments Accounts receivable 113 113 113 Foreign sales hedge Exchange rate (7,215,247) (7,215,247) (111,363) (7,326,610) Transfer to result 2,547,855 2,547,855 117,932 2,665,787 Income tax and social contribution 1,587,701 1,587,701 (1,965) 1,585,736 Fair value of Cash flow hedge Change in fair value (545,038) (545,038) 7,613 (537,425) Transfer to result (47,223) (47,223) (15,742) (62,965) Income tax and social contribution 200,393 200,393 2,439 202,832 Fair value of cash flow hedge from jointly-controlled (RPR) 1,260 1,260 1,260 Actuarial loss with post-employment benefits, net of taxes (648) (648) 1 (647) Foreign currency translation adjustment 3,054,126 3,054,126 (396,084) 2,658,042 (Loss) gain from investments 3,695 3,695 3,695 Effect of IAS29 - hyperinflation 8,077 8,077 8,077 As of December 31, 2020 96,571 (322) (5,774) (9,972,757) (609,197) (163,714) 5,445,695 (5,209,498) (923,216) (6,132,714) Attributed to shareholders' interest Actuarial Deemed cost gain (loss) Foreign and additional Gain (loss) Foreign on Defined currency Total indexation of Fair value on interest sales Cash flow Benefit and translation Braskem Non-controlling PP&E adjustments in subsidiary hedge hedge health plan adjustment shareholders' interest in (ii) (iii) (i) (iv) (iv) (v) (vi) interest Braskem Idesa Total As of December 31, 2020 96,571 (322) (5,774) (9,972,757) (609,197) (163,714) 5,445,695 (5,209,498) (923,216) (6,132,714) Additional indexation Realization by depreciation or write-off assets (39,644) (39,644) (39,644) Income tax and social contribution 13,480 13,480 13,480 Deemed cost of jointly-controlled investment Realization by depreciation or write-off assets (1,091) (1,091) (1,091) Income tax and social contribution 372 372 372 Fair value adjustments Accounts receivable (130) (130) (130) Exchange rate (2,063,726) (2,063,726) (51,152) (2,114,878) Transfer to result 2,283,425 2,283,425 126,807 2,410,232 Income tax and social contribution (65,619) (65,619) (22,696) (88,315) Fair value of Cash flow hedge Change in fair value 123,717 123,717 123,717 Transfer to result 260,058 260,058 86,686 346,744 Income tax and social contribution (120,081) (120,081) (26,006) (146,087) Fair value of cash flow hedge from jointly-controlled (RPR) (968) (968) (968) Actuarial loss with post-employment benefits, net of taxes 23,028 23,028 (14) 23,014 Foreign currency translation adjustment 1,591,094 1,591,094 (87,946) 1,503,148 Effect of IAS29 - hyperinflation 35,425 35,425 35,425 As of December 31, 2021 69,688 (452) (5,774) (9,818,677) (346,471) (140,686) 7,072,214 (3,170,158) (897,537) (4,067,695) (i) Transfer to the income statement when divestment or transfer of control of subsidiary. (ii) Transfer to retained earnings as the asset is depreciated or written-off/sold. (iii) For receivables classified as fair value through other comprehensive income, transfer to the income statement when attainment of jurisdiction or early liquidation. (iv) Transfer to the income statement when maturity, prepayment or loss of efficacy for hedge accounting. (v) Transfer to retained earnings when the extinction of the plan. (vi) Transfer to the income statement when write-off of subsidiary abroad. |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
The table below shows the reconciliation of profit or loss for the period adjusted for the amounts used to calculate basic and diluted earnings per share. | The table below shows the reconciliation of profit or loss for the period adjusted for the amounts used to calculate basic and diluted earnings per share. 2021 2020 2019 Basic Diluted Basic Diluted Basic Diluted Profit (loss) for the year attributed to Company's shareholders 13,984,946 13,984,946 (6,691,720) (6,691,720) (2,540,995) (2,540,995) Distribution of priority dividends attributable to: Preferred shares class "A" 208,574 208,574 Preferred shares class "B" 290 290 208,864 208,864 Distribution of 6% of unit price of common shares 273,729 273,729 Distribution of excess profits, by class: Common shares 7,664,208 7,664,208 Preferred shares class "A" 5,838,145 5,838,145 13,502,353 13,502,353 Reconciliation of income available for distribution, by class (numerator): Common shares 7,937,937 7,937,937 (3,797,070) (3,797,071) (1,441,839) (1,441,839) Preferred shares class "A" 6,046,719 6,046,719 (2,890,445) (2,890,444) (1,097,559) (1,097,559) Preferred shares class "B" 290 290 (4,205) (4,205) (1,597) (1,597) 13,984,946 13,984,946 (6,691,720) (6,691,720) (2,540,995) (2,540,995) Weighted average number of shares, by class (denominator): Common shares 451,668,652 451,668,652 451,668,652 451,668,652 451,668,652 451,668,652 Preferred shares class "A" 344,054,700 345,049,701 343,823,811 345,049,672 343,820,162 345,049,672 Preferred shares class "B" 500,171 500,171 500,230 500,230 500,230 500,230 796,223,523 797,218,524 795,992,693 797,218,554 795,989,044 797,218,554 Earnings (loss) per share (in R$) Common shares 17.5747 17.5747 (8.4068) (8.4068) (3.1922) (3.1922) Preferred shares class "A" 17.5749 17.5242 (8.4068) (8.3769) (3.1922) (3.1809) Preferred shares class "B" 0.5798 0.5798 (8.4068) (8.4068) (3.1922) (3.1922) Weighing of shares 2021 Basic Preferred shares Class "A" Class "B" Outstanding Weighted Outstanding Weighted shares average shares average Amount at beginning of year 343,824,794 343,824,794 500,230 500,230 Incentive long term plan payments with treasury shares 322,712 229,877 Preferred shares Classe "B" converted into preferred shares Classe "A" 10,720 29 (21,440) (59) Amount at the end of the year 344,158,226 344,054,700 478,790 500,171 2020 Basic Preferred shares Class "A" Outstanding Weighted shares average Amount at beginning of year 343,823,073 343,823,073 Incentive long term plan payments with treasury shares 1,721 738 Amount at the end of the year 343,824,794 343,823,811 2019 Basic Preferred shares Class "A" Outstanding Weighted shares average Amount at beginning of year 343,814,914 343,814,914 Incentive long term plan payments with treasury shares 8,159 5,248 Amount at the end of the year 343,823,073 343,820,162 |
Net revenue (Tables)
Net revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of sales and service revenue | Schedule of sales and service revenue 2021 2020 2019 Net sales and services revenue 105,625,201 58,543,494 52,323,525 |
Schedule of revenue by country | (a) Net revenue by country Schedule of revenue by country 2021 2020 2019 Brazil 55,830,330 32,369,199 28,523,327 United States 24,232,413 10,848,609 9,416,558 Mexico 5,505,893 2,765,815 2,335,198 Argentina 2,068,023 1,267,967 1,104,044 Germany 1,912,373 1,106,877 1,157,431 Italy 1,304,113 811,787 690,422 Switzerland 1,230,540 633,512 759,189 Chile 1,230,493 544,329 610,454 Singapore 1,175,133 1,183,838 1,162,432 Japan 1,162,226 618,940 240,579 Luxembourg 987,656 592,777 526,768 South Korea 669,055 360,704 279,900 Peru 666,867 471,847 551,967 Poland 649,825 285,714 200,563 Netherlands 642,844 432,897 516,409 United Kingdom 585,766 204,953 359,937 Canada 558,730 297,756 201,635 Spain 517,532 282,362 344,433 Uruguay 495,120 405,946 359,049 Sweden 481,289 310,984 296,601 China 354,071 496,920 542,209 France 326,570 247,062 225,986 Paraguay 318,842 254,255 194,859 Bolivia 296,138 190,447 231,848 Colombia 274,335 174,381 200,370 Taiwan 136,173 176,400 191,593 Other 2,012,852 1,207,216 1,099,764 105,625,201 58,543,494 52,323,525 |
Schedule of revenue by product | (b) Net revenue by product Schedule of revenue by product 2021 2020 2019 PE/PP 73,306,089 41,137,288 34,287,597 Ethylene, Propylene 6,872,999 3,600,276 3,743,581 PVC/Caustic Soda/EDC 5,806,011 3,134,617 2,692,778 ETBE/Gasoline 4,321,371 2,170,289 2,319,253 Benzene, toluene and xylene 5,819,696 3,051,752 2,503,667 Butadiene 3,019,836 1,372,428 1,609,264 Cumene 1,342,811 636,635 723,469 Solvents 1,129,484 654,793 505,804 Naphtha, condensate and crude oil 1,648,581 915,807 676,044 Other 2,358,324 1,869,609 3,262,068 105,625,201 58,543,494 52,323,525 |
Other income (expenses), net (T
Other income (expenses), net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of other income (expenses), net | Schedule of other income (expenses), net Note 2021 2020 2019 Other income PIS and COFINS credits - exclusion of ICMS from the calculation basis 10 (b) 1,031,099 310,557 1,904,206 Tax Credits recovery 209,558 219,254 3,094 Fine on supply contract of raw material 63,017 41,134 375,020 Fixed assets disposal results 40,353 7,035 11,140 Other 190,460 172,769 114,974 1,534,487 750,749 2,408,434 Other expenses Provision for damages - Alagoas 26 (1,339,765) (6,901,828) (3,383,067) Provision for environmental liabilities and other damages (588,110) (306,275) (141,536) Fine on purchase and sale contracts (i) (344,902) (4,008) (104,179) Allowance for attorney's fees and judicial claims, net of reversals (123,108) (59,836) (136,135) Expenses with plant maintenance (26,909) (116,233) (266,512) Other (246,496) (550,441) (415,513) (2,669,290) (7,938,621) (4,446,942) (i) Of the amount in 2021, R$263 million refers to the Take-or-Pay penalty applied to Braskem due to the non-consumption of HLR (chemical input) under the agreement with the supplier. |
Financial results (Tables)
Financial results (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of results by segment | Schedule of financial results Schedule of results by segment Note 2021 2020 2019 Financial income Interest income 439,891 310,202 390,841 Inflation indexation income on tax assets 10(b) 1,041,917 170,857 317,701 Other 345,630 119,125 142,012 1,827,438 600,184 850,554 Financial expenses Interest expenses (2,922,958) (2,928,803) (2,191,765) Inflation indexation expenses on tax liabilities (93,722) (138,410) (232,612) Discounts granted (75,677) (81,920) (80,404) Loans transaction costs - amortization (691,243) (172,269) (465,000) Adjustment to present value - appropriation (179,461) (225,889) (348,930) Interest expense on leases (173,536) (164,166) (137,903) Losses on derivatives (1,003,502) (809,150) (115,050) Other (767,056) (392,758) (311,121) (5,907,155) (4,913,365) (3,882,785) Exchange rate variations, net On financial assets 230,370 336,527 (31,137) On financial liabilities (4,233,177) (5,635,238) (1,693,383) (4,002,807) (5,298,711) (1,724,520) Total (8,082,524) (9,611,892) (4,756,751) |
The effects from exchange variation on the Company’s transactions are mainly due to the variations in the following currencies: | The effects from exchange variation on the Company’s transactions are mainly due to the variations in the following currencies: End of period rate at December 31 Average rate Variation 2021 2020 Variation 2021 2020 2019 2021-2020 2020-2019 U.S. dollar - Brazilizan real 5.5805 5.1967 7.39% 5.3956 5.1578 3.9461 4.61% 30.70% Euro - Brazilizan real 6.3210 6.3779 -0.89% 6.3784 5.8989 4.4159 8.13% 33.58% Mexican peso - Brazilizan real 0.2730 0.2610 4.60% 0.2660 0.2402 0.2049 10.75% 17.22% U.S. dollar - Mexican peso 20.4519 19.9240 2.65% 20.2900 21.5098 19.2568 -5.67% 11.70% U.S. dollar - Euro 0.8853 0.8166 8.41% 0.8458 0.8775 0.8930 -3.61% -1.74% |
Expenses by nature and functi_2
Expenses by nature and function (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of expenses by nature and function | Schedule of expenses by nature and function 2021 2020 2019 Classification by nature: Raw materials other inputs (63,570,499) (37,913,921) (37,380,310) Personnel expenses (3,478,323) (3,074,305) (3,004,762) Outsourced services (3,193,970) (2,219,413) (3,242,373) Depreciation and amortization (4,178,433) (4,048,081) (3,632,265) Freights (2,966,229) (2,321,740) (2,204,453) Costs of idle industrial plants (338,987) (518,528) (309,742) Provision - geological event in Alagoas (1,339,765) (6,901,828) (3,383,067) PIS and COFINS credits - exclusion of ICMS from the calculation basis 1,031,099 310,557 1,904,206 Other general and administrative expenses (1,551,191) (1,908,729) (927,294) Total (79,586,298) (58,595,988) (52,180,060) Classification by function: Cost of products sold (73,568,231) (47,331,414) (45,879,118) Selling and distribution (2,055,640) (1,852,055) (1,783,455) (Loss) reversals for impairment of trade accounts receivable (8,914) (55,252) (7,069) General and administrative (2,522,127) (1,918,747) (2,224,180) Research and development (296,583) (250,648) (247,730) Other income 1,534,487 750,749 2,408,434 Other expenses (2,669,290) (7,938,621) (4,446,942) Total (79,586,298) (58,595,988) (52,180,060) |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Results by segmen | (b) Results by segmen 2021 Operating expenses Net Cost of Selling, general, Results from Other operating sales products Gross research and equity-accounted income Consolidated revenue sold profit loss of impairment investees (expenses), net Reporting segments Brazil 69,494,923 (49,309,552) 20,185,371 (1,608,185) (2,210,601) 16,366,585 USA and Europe 32,403,632 (23,343,205) 9,060,427 (900,885) (25,580) 8,133,962 Mexico 6,506,297 (3,413,652) 3,092,645 (471,821) (15,302) 2,605,522 Total 108,404,852 (76,066,409) 32,338,443 (2,980,891) (2,251,483) 27,106,069 Other segments 363,684 (233,084) 130,600 76,830 4,641 (28,674) 183,397 Corporate unit (1,963,137) 1,161,517 (801,620) Braskem consolidated before 108,768,536 (76,299,493) 32,469,043 (4,867,198) 4,641 (1,118,640) 26,487,846 Eliminations and reclassifications (3,143,335) 2,731,262 (412,073) (16,066) (16,163) (444,302) Profit before net financial expenses and taxes 105,625,201 (73,568,231) 32,056,970 (4,883,264) 4,641 (1,134,803) 26,043,544 2020 Operating expenses Net Cost of Selling, general, Results from Other operating sales products Gross research and equity-accounted income Consolidated revenue sold profit loss of impairment investees (expenses), net Reporting segments Brazil 40,794,387 (32,498,003) 8,296,384 (1,471,722) (7,082,604) (257,942) USA and Europe 14,638,660 (12,337,486) 2,301,174 (721,191) (82,695) 1,497,288 Mexico 4,000,805 (3,075,001) 925,804 (436,859) (364,259) 124,686 Total 59,433,852 (47,910,490) 11,523,362 (2,629,772) (7,529,558) 1,364,032 Other segments 302,374 (188,350) 114,024 63,874 (19,398) (320) 158,180 Corporate unit (1,493,479) 359,071 (1,134,408) Braskem consolidated before 59,736,226 (48,098,840) 11,637,386 (4,059,377) (19,398) (7,170,807) 387,804 Eliminations and reclassifications (1,192,732) 767,426 (425,306) (17,325) (17,065) (459,696) Loss before net financial expenses and taxes 58,543,494 (47,331,414) 11,212,080 (4,076,702) (19,398) (7,187,872) (71,892) 2019 Operating expenses Net Cost of Selling, general, Results from Other operating sales products Gross research and equity-accounted income Consolidated revenue sold profit loss of impairment investees (expenses), net Reporting segments Brazil 39,142,561 (35,245,941) 3,896,620 (1,852,908) (4,151,901) (2,108,189) USA and Europe 10,044,263 (8,217,515) 1,826,748 (525,701) (23,859) 1,277,188 Mexico 3,051,440 (2,504,012) 547,428 (351,199) 324,682 520,911 Total 52,238,264 (45,967,468) 6,270,796 (2,729,808) (3,851,078) (310,090) Other segments 296,285 (188,335) 107,950 40,306 10,218 4,175 162,649 Corporate unit (1,533,590) 1,773,267 239,677 Braskem consolidated before 52,534,549 (46,155,803) 6,378,746 (4,223,092) 10,218 (2,073,636) 92,236 Eliminations and reclassifications (211,024) 276,685 65,661 (39,342) 35,128 61,447 Profit before net financial expenses and taxes 52,323,525 (45,879,118) 6,444,407 (4,262,434) 10,218 (2,038,508) 153,683 |
Schedule of property, plant and equipment and intangible assets by segment | (c) Property, plant and equipment and intangible assets by segment Schedule of property, plant and equipment and intangible assets by segment 2021 2020 Reporting segments Brazil 18,072,312 17,299,352 USA and Europe 7,688,713 7,242,262 Mexico 14,019,167 13,892,609 Total 39,780,192 38,434,223 Unallocated amounts 322,237 323,617 Total 40,102,429 38,757,840 |
Operations (Details Narrative)
Operations (Details Narrative) - Number | Mar. 01, 2021 | Dec. 31, 2021 |
OperationsLineItems [Line Items] | ||
Number of barrels | 30,000 | |
Nonadjusting evens member | Natural gas transport service agreement member | Cenaga member | ||
OperationsLineItems [Line Items] | ||
Agreement term | 15 years | |
Odebrecht s a member | ||
OperationsLineItems [Line Items] | ||
Proportion of ownership interest | 50.11% | |
Proportion of voting rights | 38.32% |
The consolidated information co
The consolidated information comprises the financial statements of the Braskem S.A. and the following entities: (Details) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Subsidiary1 member | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary/Special Purpose Entity name | BM Insurance Company Limited ("BM Insurance") | |||
Headquarters | Bermuda | |||
Total voting interest | 100.00% | 100.00% | 100.00% | |
Subsidiary2 member | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary/Special Purpose Entity name | Braskem America Finance Company ("Braskem America Finance") | |||
Headquarters | USA | |||
Total voting interest | 100.00% | 100.00% | 100.00% | |
Subsidiary3 member | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary/Special Purpose Entity name | Braskem America, Inc. (“Braskem America”) | |||
Headquarters | USA | |||
Total voting interest | 100.00% | 100.00% | 100.00% | |
Subsidiary4 member | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary/Special Purpose Entity name | Braskem Argentina S.A. (“Braskem Argentina”) | |||
Headquarters | Argentina | |||
Total voting interest | 100.00% | 100.00% | 100.00% | |
Subsidiary31 member | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary/Special Purpose Entity name | Braskem Energy Ltda ("Braskem Energy") | |||
Headquarters | [1] | Brazil | ||
Total voting interest | [1] | 100.00% | ||
Subsidiary5 member | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary/Special Purpose Entity name | Braskem Europe GmbH ("Braskem Alemanha") | |||
Headquarters | Germany | |||
Total voting interest | 100.00% | 100.00% | 100.00% | |
Subsidiary6 member | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary/Special Purpose Entity name | Braskem Finance Limited (“Braskem Finance”) | |||
Headquarters | Cayman Islands | |||
Total voting interest | 100.00% | 100.00% | 100.00% | |
Subsidiary22 member | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary/Special Purpose Entity name | [2] | Braskem Green S.A. ("Braskem Brasil Green") | ||
Headquarters | [2] | Brazil | ||
Total voting interest | [2] | 100.00% | ||
Subsidiary7 member | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary/Special Purpose Entity name | Braskem Idesa S.A.P.I. ("Braskem Idesa") | |||
Headquarters | Mexico | |||
Total voting interest | 75.00% | 75.00% | 75.00% | |
Subsidiary8 member | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary/Special Purpose Entity name | Braskem Idesa Servicios S.A. de CV ("Braskem Idesa Serviços") | |||
Headquarters | Mexico | |||
Total voting interest | 75.00% | 75.00% | 75.00% | |
Subsidiary9 member | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary/Special Purpose Entity name | Braskem Incorporated Limited ("Braskem Inc.") | |||
Headquarters | Cayman Islands | |||
Total voting interest | 100.00% | 100.00% | 100.00% | |
Subsidiary101 member | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary/Special Purpose Entity name | Braskem India Private Limited ("Braskem India") | |||
Headquarters | Índia | |||
Total voting interest | 100.00% | 100.00% | ||
Subsidiary11 member | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary/Special Purpose Entity name | Braskem Mexico Proyectos S.A. de C.V. SOFOM ("Braskem México Sofom") | |||
Headquarters | Mexico | |||
Total voting interest | 100.00% | 100.00% | 100.00% | |
Subsidiary13 member | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary/Special Purpose Entity name | Braskem Mexico Servicios S. RL de CV ("Braskem México Serviços") | |||
Headquarters | Mexico | |||
Total voting interest | 100.00% | 100.00% | 100.00% | |
Subsidiary12 member | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary/Special Purpose Entity name | Braskem Mexico, S. de RL de CV ("Braskem México") | |||
Headquarters | Mexico | |||
Total voting interest | 100.00% | 100.00% | 100.00% | |
Subsidiary14 member | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary/Special Purpose Entity name | Braskem Netherlands B.V. ("Braskem Holanda") | |||
Headquarters | Netherlands | |||
Total voting interest | 100.00% | 100.00% | 100.00% | |
Subsidiary15 member | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary/Special Purpose Entity name | Braskem Netherlands Finance B.V. (“Braskem Holanda Finance”) | |||
Headquarters | Netherlands | |||
Total voting interest | 100.00% | 100.00% | 100.00% | |
Subsidiary30 member | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary/Special Purpose Entity name | [3] | Braskem Netherlands Green B.V. (“Braskem Holanda Green”) | ||
Headquarters | [3] | Netherlands | ||
Total voting interest | [3] | 100.00% | ||
Subsidiary16 member | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary/Special Purpose Entity name | Braskem Netherlands Inc. B.V. (“Braskem Holanda Inc.”) | |||
Headquarters | Netherlands | |||
Total voting interest | 100.00% | 100.00% | 100.00% | |
Subsidiary17 member | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary/Special Purpose Entity name | Braskem Petroquímica Chile Ltda. (“Braskem Chile”) | |||
Headquarters | Chile | |||
Total voting interest | 100.00% | 100.00% | 100.00% | |
Subsidiary18 member | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary/Special Purpose Entity name | Cetrel S.A. ("Cetrel") | |||
Headquarters | Brazil | |||
Total voting interest | 63.70% | 63.70% | 63.70% | |
Subsidiary19 member | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary/Special Purpose Entity name | Distribuidora de Água Camaçari S.A. ("DAC") | |||
Headquarters | Brazil | |||
Total voting interest | 63.70% | 63.70% | 63.70% | |
Subsidiary20 member | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary/Special Purpose Entity name | Lantana Trading Co. Inc. (“Lantana”) | |||
Headquarters | Bahamas | |||
Total voting interest | 100.00% | 100.00% | 100.00% | |
Subsidiary21 member | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary/Special Purpose Entity name | [4] | Terminal Quimica Puerto México ("Terminal Química") | ||
Headquarters | [4] | Mexico | ||
Total voting interest | [4] | 75.00% | ||
Specific purpose entity1 member | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary/Special Purpose Entity name | Fundo de Investimento Caixa Júpiter Multimercado Crédito Privado Longo Prazo ("FIM Júpiter") | |||
Headquarters | Brazil | |||
Total voting interest | 100.00% | 100.00% | 100.00% | |
Specific purpose entity2 member | ||||
Disclosure of subsidiaries [line items] | ||||
Subsidiary/Special Purpose Entity name | Fundo de Investimento Santander Netuno Multimercado Crédito Privado Longo Prazo ("FIM Netuno") | |||
Headquarters | Brazil | |||
Total voting interest | 100.00% | 100.00% | 100.00% | |
[1] | Subsidiary incorporated in April 2021 is currently in the preoperational phase. The main activities will include power trading and rendering management and representation services in the Free Energy Contracting Environment. | |||
[2] | Subsidiary incorporated in November 2021 is currently in the preoperational phase. The main activities will encompass the manufacture, trade, distribution, import and export of renewable products, development of technologies related to this purpose and holding interests in other companies. | |||
[3] | Subsidiary incorporated in September 2021 is currently in the preoperational phase. The main activities will encompass the trade, distribution, import and export of renewable products, development of technologies related to this purpose and holding interests in other companies. | |||
[4] | Subsidiary incorporated in December 2021 is currently in the preoperational phase. The main activities will encompass storing ethane, pumping feedstock to the complex and maintaining materials and its assets. |
The subsidiaries with a functio
The subsidiaries with a functional currency different from Real (“R$”) are listed below: (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Braskem alemanha member | |
Disclosure of subsidiaries [line items] | |
Functional currency | Euro |
B m insurance braskem america braskem america finance braskem holanda braskem holanda finance braskem holanda inc and braskem mexico sofom member | |
Disclosure of subsidiaries [line items] | |
Functional currency | U.S.dollar ("US$") |
Braskem idesa braskem idesa servicos braskem mexico and braskem mexico servicos member | |
Disclosure of subsidiaries [line items] | |
Functional currency | Mexican peso |
Braskem argentina member | |
Disclosure of subsidiaries [line items] | |
Functional currency | Argentinean peso |
Braskem chile member | |
Disclosure of subsidiaries [line items] | |
Functional currency | Chilenean peso |
Braskem india member | |
Disclosure of subsidiaries [line items] | |
Functional currency | Rupee |
Basis of preparation of the f_4
Basis of preparation of the financial statements (Details Narrative) - BRL (R$) | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2020 | Dec. 31, 2020 | Jul. 30, 2020 | |
Disclosure of financial liabilities [line items] | |||
Revolving credit facility | R$ 5200000 | ||
Revolving credit facility, expiration date | 2023 | ||
Braskem holanda member | |||
Disclosure of financial liabilities [line items] | |||
Bonds issued | R$ 3200000 | ||
Braskem holanda member | Top of range [member] | |||
Disclosure of financial liabilities [line items] | |||
Amount of investment | R$ 3900000 | ||
Braskem holanda member | Bottom of range [member] | |||
Disclosure of financial liabilities [line items] | |||
Amount of investment | 2,800,000 | ||
Braskem holanda member | United States of America, Dollars | |||
Disclosure of financial liabilities [line items] | |||
Bonds issued | R$ 60000000 | ||
Braskem holanda member | United States of America, Dollars | Bottom of range [member] | |||
Disclosure of financial liabilities [line items] | |||
Amount of investment | R$ 555000000 |
Schedule of financial liabiliti
Schedule of financial liabilities by maturity (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of subsidiaries [line items] | |||
Derivatives | R$ 619046 | R$ 1151164 | |
Lease | 3,156,414 | R$ 3207886 | R$ 2676896 |
Liquidity risk [member] | |||
Disclosure of subsidiaries [line items] | |||
Trade payables | 12,205,918 | ||
Borrowings | 71,500,929 | ||
Debentures | 248,925 | ||
Braskem Idesa borrowings | 20,780,537 | ||
Derivatives | 695,081 | ||
Loan to noncontrolling shareholders | 4,894,826 | ||
Leniency agreement (Note 25) | 1,490,614 | ||
Lease | 3,377,242 | ||
Total | 115,194,073 | ||
Liquidity risk [member] | Not later than one year [member] | |||
Disclosure of subsidiaries [line items] | |||
Trade payables | 12,094,454 | ||
Borrowings | 1,455,227 | ||
Debentures | 63,883 | ||
Braskem Idesa borrowings | 147,961 | ||
Derivatives | 260,277 | ||
Loan to noncontrolling shareholders | 0 | ||
Leniency agreement (Note 25) | 385,073 | ||
Lease | 777,410 | ||
Total | 15,184,286 | ||
Liquidity risk [member] | Later than one year and not later than two years [member] | |||
Disclosure of subsidiaries [line items] | |||
Trade payables | 111,464 | ||
Borrowings | 5,872,409 | ||
Debentures | 150,265 | ||
Braskem Idesa borrowings | 275,968 | ||
Derivatives | 232,748 | ||
Loan to noncontrolling shareholders | 0 | ||
Leniency agreement (Note 25) | 886,818 | ||
Lease | 633,141 | ||
Total | 8,162,814 | ||
Liquidity risk [member] | Later than two years and not later than five years [member] | |||
Disclosure of subsidiaries [line items] | |||
Loan to noncontrolling shareholders | 0 | ||
Liquidity risk [member] | Later than two years and not later than five years [member] | Early paymentdebt member | |||
Disclosure of subsidiaries [line items] | |||
Trade payables | 0 | ||
Borrowings | 1,519,649 | ||
Debentures | 34,776 | ||
Braskem Idesa borrowings | 697,761 | ||
Derivatives | 202,056 | ||
Leniency agreement (Note 25) | 218,723 | ||
Lease | 1,220,548 | ||
Total | 3,893,514 | ||
Liquidity risk [member] | Later than five years [member] | |||
Disclosure of subsidiaries [line items] | |||
Trade payables | 0 | ||
Borrowings | 62,653,643 | ||
Braskem Idesa borrowings | 19,658,847 | ||
Loan to noncontrolling shareholders | 4,894,826 | ||
Lease | 746,143 | ||
Total | 87,953,458 | ||
Liquidity risk [member] | Carrying Amount One [Member] | |||
Disclosure of subsidiaries [line items] | |||
Trade payables | 12,164,730 | ||
Borrowings | 34,897,260 | ||
Debentures | 196,918 | ||
Braskem Idesa borrowings | 12,311,535 | ||
Derivatives | 585,179 | ||
Loan to noncontrolling shareholders | 3,646,538 | ||
Leniency agreement (Note 25) | 1,123,296 | ||
Lease | 3,156,414 | ||
Total | R$ 68081870 |
Schedule of cash and cash equiv
Schedule of cash and cash equivalents (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | |||||
Total | R$ 8680686 | R$ 13862852 | R$ 6803880 | R$ 5547637 | |
Domestic market member | |||||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | |||||
Cash | 676,083 | 111,278 | |||
Cash equivalents | 1,141,221 | 8,271,312 | |||
Foreign market member | |||||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | |||||
Cash | [1] | 4,374,739 | 1,835,685 | ||
Cash equivalents | [1] | 2,488,643 | 3,644,577 | ||
Foreign market member | Braskem idesa member | |||||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | |||||
Cash | 1,267,582 | 284,856 | |||
Cash equivalents | R$ 505749 | R$ 619577 | |||
[1] | As of December 31, 2021, it includes cash of R$ 1,267,582 505,749 284,856 619,577 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details Narrative) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Domestic market member | ||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | ||
Average cash return | 102.50% | 98.59% |
Foreign market member | ||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | ||
Average cash return | 0.45% | 0.83% |
Schedule of financial investmen
Schedule of financial investments (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of financial liabilities [line items] | |||
Total | R$ 3509555 | R$ 3642791 | |
Current assets | 3,492,710 | 3,627,227 | |
Non current assets | 16,845 | 15,564 | |
Financial assets at amortised cost, class [member] | Time deposit investments member | |||
Disclosure of financial liabilities [line items] | |||
Total | 106,271 | 53,941 | |
Financial assets at fair value through profit or loss, category [member] | L f t and l f member | |||
Disclosure of financial liabilities [line items] | |||
Total | [1] | 2,337,171 | 2,163,042 |
Financial assets at fair value through profit or loss, category [member] | Restricted funds investments member | |||
Disclosure of financial liabilities [line items] | |||
Total | [2] | 852,362 | 1,338,289 |
Financial assets at fair value through profit or loss, category [member] | Other financial investments member | |||
Disclosure of financial liabilities [line items] | |||
Total | R$ 213751 | R$ 87519 | |
[1] | These financial instruments refer to Brazilian floating-rate government bonds (“LFTs”) issued by the Brazilian federal government and floating-rate bonds (“LFs”) issued by financial institutions. These bonds have original maturity above three months, immediate liquidity in the secondary market. | ||
[2] | Include the following amounts: R$ 835,517 16,845 100 |
Financial investments (Details
Financial investments (Details Narrative) - Financial assets at fair value through profit or loss, category [member] - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
DisclosureOfFinancialInvestmentsLineItems [Line Items] | ||
Deposits yields rate | 0.52% | 0.76% |
Restricted funds investments member | Interbank deposit rate member | ||
DisclosureOfFinancialInvestmentsLineItems [Line Items] | ||
Restricted fund | R$ 835517 | |
Bank deposits | R$ 16845 | |
Deposits yields rate | 100.00% |
Schedule of trade accounts rece
Schedule of trade accounts receivable (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | |||
Trade accounts receivable, gross | R$ 7298594 | R$ 4928215 | |
Expected credit losses | [1] | (131,634) | (173,007) |
Total | 7,166,960 | 4,755,208 | |
Current assets | 7,153,565 | 4,731,979 | |
Non-current assets | 13,395 | 23,229 | |
Domestic market member | |||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | |||
Trade accounts receivable, gross | 2,863,941 | 2,325,075 | |
Domestic market member | Third parties member | |||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | |||
Trade accounts receivable, gross | 2,851,701 | 2,304,212 | |
Domestic market member | Related party member | |||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | |||
Trade accounts receivable, gross | 12,240 | 20,863 | |
Foreign market member | |||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | |||
Trade accounts receivable, gross | 4,434,653 | 2,603,140 | |
Foreign market member | Third parties member | |||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | |||
Trade accounts receivable, gross | R$ 4434653 | R$ 2603140 | |
[1] | According to the Management, the Company’s Expected Credit Losses (“ECL”) are considered sufficient to cover any losses of receivables. Expected credit losses are determined based on the following stages: |
Schedule of expected credit los
Schedule of expected credit loss (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | ||||
Trade accounts receivable | R$ 7298594 | R$ 4928215 | ||
Allowance for doubtful accounts | (131,634) | R$ 173007 | R$ 229323 | R$ 233625 |
Allowance account for credit losses of financial assets1 | 131,634 | |||
Stage1 member | ||||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | ||||
Trade accounts receivable | 7,170,955 | |||
Allowance for doubtful accounts | R$ 5692 | |||
Stage1 member | Operation risk one member | ||||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | ||||
Description of estimated loss percentage | Minimum risk | |||
Trade accounts receivable | R$ 4167950 | |||
Stage1 member | Operation risk two member | ||||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | ||||
Description of estimated loss percentage | Minimum risk | |||
Trade accounts receivable | R$ 2395347 | |||
Stage1 member | Operation risk three member | ||||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | ||||
Trade accounts receivable | R$ 515136 | |||
Estimated loss percentage | 0.83% | |||
Allowance for doubtful accounts | R$ 4276 | |||
Stage1 member | Operation risk four member | ||||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | ||||
Trade accounts receivable | R$ 92522 | |||
Estimated loss percentage | 1.53% | |||
Allowance for doubtful accounts | R$ 1416 | |||
Stage two member | ||||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | ||||
Trade accounts receivable | 2,406 | |||
Allowance for doubtful accounts | 709 | |||
Stage two member | First renegotiation lower than twenty four months member | ||||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | ||||
Trade accounts receivable | R$ 234 | |||
Estimated loss percentage | 25.00% | |||
Allowance for doubtful accounts | R$ 58 | |||
Stage two member | Between90 and180 days member | ||||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | ||||
Trade accounts receivable | R$ 2172 | |||
Estimated loss percentage | 30.00% | |||
Allowance for doubtful accounts | R$ 651 | |||
Stage three member | ||||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | ||||
Trade accounts receivable | 125,233 | |||
Allowance for doubtful accounts | 125,233 | |||
Stage three member | Above180 days member | ||||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | ||||
Trade accounts receivable | R$ 8774 | |||
Estimated loss percentage | 100.00% | |||
Allowance for doubtful accounts | R$ 8774 | |||
Stage three member | Operation risk5 member | ||||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | ||||
Trade accounts receivable | R$ 18738 | |||
Estimated loss percentage | 100.00% | |||
Allowance for doubtful accounts | R$ 18738 | |||
Stage three member | Legal member | ||||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | ||||
Trade accounts receivable | R$ 97721 | |||
Estimated loss percentage | 100.00% | |||
Allowance for doubtful accounts | R$ 97721 |
Schedule of changes in allowanc
Schedule of changes in allowance for doubtful accounts (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Changes In Allowance For Doubtful Accounts | |||
Balance of provision at the beginning of the year | R$ 173007 | R$ 229323 | R$ 233625 |
Provision in the year | (144,888) | (65,571) | (59,885) |
Reversal in the year | 149,681 | 28,563 | 45,501 |
Write-offs | 36,580 | 93,324 | 18,686 |
Balance of provision at the end of the year | R$ 131634 | R$ 173007 | R$ 229323 |
Schedule of trade accounts re_2
Schedule of trade accounts receivable by maturity (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | ||||
Trade accounts receivable, gross | R$ 7298594 | R$ 4928215 | ||
Allowance for doubtful accounts | (131,634) | (173,007) | R$ 229323 | R$ 233625 |
Total | 7,166,960 | 4,755,208 | ||
Not past due member | ||||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | ||||
Trade accounts receivable, gross | 6,705,123 | 4,368,714 | ||
Not later than ninety days member | ||||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | ||||
Trade accounts receivable, gross | 431,899 | 396,953 | ||
Later than ninety days and not later than one hundred and eighty days member | ||||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | ||||
Trade accounts receivable, gross | 45,134 | 6,272 | ||
Later than one hundred and eighty days member | ||||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | ||||
Trade accounts receivable, gross | R$ 116438 | R$ 156276 |
Schedule of inventory (Details)
Schedule of inventory (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Inventory | ||
Finished goods | R$ 9271708 | R$ 3693870 |
Semi-finished goods | 568,914 | 409,674 |
Raw materials, production inputs and packaging | 3,356,660 | 2,163,527 |
Maintenance materials | 766,994 | 766,316 |
Advances to suppliers | 62,573 | 69,965 |
Imports in transit | 2,308,252 | 1,298,334 |
Total | 16,335,101 | 8,401,686 |
Current assets | 16,335,101 | 8,383,650 |
Non-current assets | 18,036 | |
Total | R$ 16335101 | R$ 8401686 |
Schedule of provision for inven
Schedule of provision for inventories (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Inventory | |||
Balance at the beginning of the year | R$ 122572 | R$ 82195 | R$ 20159 |
Additions | 97,911 | 120,483 | 72,672 |
Utilization/reversals | (138,265) | (80,106) | (10,636) |
Balance at the end of the year | R$ 82218 | R$ 122572 | R$ 82195 |
Schedule of related party trans
Schedule of related party transactions (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
IfrsStatementLineItems [Line Items] | ||||
Trade accounts receivable | R$ 7153565 | R$ 4731979 | ||
Trade accounts receivable | 12,240 | |||
Inventories | 16,335,101 | 8,383,650 | ||
Inventories | 9,927 | |||
Other receivabels | 287 | |||
Other eeceivabels non current | 38,987 | |||
Assets | 92,564,368 | 86,083,919 | ||
Assets1 | 61,441 | |||
Trade payables | 12,053,266 | 9,946,315 | ||
Trade and other current payables1 | 248,435 | |||
Other current payables | 1,452,396 | 466,341 | ||
Other current payables1 | 297,329 | |||
Loan to non-controlling shareholders of Braskem Idesa | [1] | 3,646,538 | 3,222,493 | |
Total liabilities | 4,192,302 | |||
Sales of products | 105,625,201 | 58,543,494 | R$ 52323525 | |
Purchases of raw materials, finished goods services and utilities | 73,568,231 | 47,331,414 | 45,879,118 | |
Financial income (expenses), net | (8,082,524) | (9,611,892) | (4,756,751) | |
Other expenses | (1,134,803) | (7,187,872) | (2,038,508) | |
Petrobras and subsidiaries member | ||||
IfrsStatementLineItems [Line Items] | ||||
Trade accounts receivable | 4,894 | 6,354 | ||
Inventories | 9,927 | 35,998 | ||
Other receivabels | 287 | |||
Other eeceivabels non current | 38,987 | |||
Assets | 54,095 | 42,352 | ||
Trade payables | 134,063 | 601,203 | ||
Other current payables | 296,984 | 478 | ||
Total liabilities | 431,047 | 601,681 | ||
Sales of products | 171,665 | 182,521 | 665,417 | |
Purchases of raw materials, finished goods services and utilities | (19,833,063) | (14,566,840) | (12,584,453) | |
Financial income (expenses), net | (11,758) | (3,810) | (5) | |
Other expenses | (217,497) | |||
Other related parties [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Trade accounts receivable | 7,346 | 14,509 | ||
Dividends and interest on capital | 165 | |||
Assets | 7,346 | 14,674 | ||
Trade payables | 11,113 | 9,641 | ||
Other current payables | 345 | 119 | ||
Loan to non-controlling shareholders of Braskem Idesa | 3,646,538 | 3,222,493 | ||
Total liabilities | 3,657,996 | 3,232,253 | ||
Sales of products | 540,855 | 326,825 | 588,785 | |
Purchases of raw materials, finished goods services and utilities | (20,350) | (10,738) | ||
Purchases of raw materials, finished goods services and utilities | (6,953) | |||
Financial income (expenses), net | (245,819) | (818) | (10,967) | |
Post-employment benefits plan ("EPE") Private pension ("Vexty") | (67,273) | (46,738) | (50,889) | |
Related parties [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Trade accounts receivable | 20,863 | |||
Inventories | 35,998 | |||
Dividends and interest on capital | 165 | |||
Assets1 | 57,026 | |||
Trade and other current payables1 | 643,944 | |||
Other current payables1 | 597 | |||
Loan to non-controlling shareholders of Braskem Idesa | 3,222,493 | |||
Total liabilities | 3,867,034 | |||
Sales of products | 712,520 | 509,346 | 1,254,202 | |
Purchases of raw materials, finished goods services and utilities | (306,426) | (133,127) | (293,501) | |
Purchases of raw materials, finished goods services and utilities | (20,146,442) | (14,720,317) | (12,888,692) | |
Finance income cost1 | (257,718) | (5,080) | (11,068) | |
Post-employment benefits plan ("EPE") Private pension ("Vexty") | (67,273) | (46,738) | (50,889) | |
Other operating income expense1 | (217,497) | (34,873) | ||
Odebrecht and subsidiaries and associates member | ||||
IfrsStatementLineItems [Line Items] | ||||
Trade payables | 103,259 | 33,100 | ||
Total liabilities | 103,259 | 33,100 | ||
Financial income (expenses), net | R$ 141 | R$ 452 | (96) | |
Other expenses | R$ 34873 | |||
[1] | Loan payable, maturing December 2029 and 7% p.a., to the non-controlling shareholders of Braskem Idesa. These proceeds were used by Braskem Idesa to fund its construction project. |
Trade accounts receivable (Deta
Trade accounts receivable (Details Narrative) - Related party member - BRL (R$) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Trade account receivables | R$ 3500000 | R$ 1800000 |
Interest expense | R$ 39000000 | R$ 12000000 |
Schedule of key management pers
Schedule of key management personnel (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Short-term benefits | R$ 119734 | R$ 74943 | R$ 70366 |
Post-employment benefit | 2,121 | 961 | 1,104 |
Long term incentive plan | 14,394 | 7,456 | 14,724 |
Total | R$ 136249 | R$ 83360 | R$ 86194 |
Related parties (Details Narrat
Related parties (Details Narrative) - BRL (R$) | 12 Months Ended | ||||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 31, 2021 | Mar. 31, 2021 | Jan. 31, 2021 | Jun. 30, 2020 | Feb. 29, 2020 | Jan. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||||||||
Sales | R$ 73568231000 | R$ 47331414000 | R$ 45879118000 | ||||||
Petroleo riograndanse s a member | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Sales | 100,539,000 | 93,632,000 | 257,295,000 | ||||||
New or renewedagreements with related companies member | Novonor s a member | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Related parties amount | R$ 221461 | R$ 45408 | |||||||
Related parties estimated value | 669,000 | ||||||||
New or renewedagreements with related companies member | Polypropylene and polyethylene member | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Related parties amount | 436,090 | R$ 213830 | |||||||
Related parties estimated value | R$ 1260000 | ||||||||
Petrobras member | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Related parties estimated value | 9,200,000,000 | ||||||||
Petrobras member | Sale agreement member | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Related parties amount | 5,074,529 | R$ 125163 | 37,194 | ||||||
Related parties estimated value | 25 | R$ 203314000 | |||||||
Petrobras member | Alberto pasqualini refinery member | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Related parties amount | 1,981,786 | ||||||||
Agreement with petrocoque member | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Related parties amount | 16,541,000 | 34,141,000 | |||||||
Related parties estimated value | R$ 325600000 | ||||||||
Petrobras one member | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Related parties estimated value | R$ 630000 | ||||||||
Petrobras one member | Sale agreement member | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Related parties amount | R$ 117000000 | ||||||||
Petrobras two member | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Related parties estimated value | 2,400,000 | ||||||||
Petrobras two member | Sale agreement member | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Related parties amount | 192,000 | ||||||||
Petrobras three member | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Related parties estimated value | 3,300,000 | ||||||||
Petrobras three member | Sale agreement member | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Related parties amount | 62,000,000 | ||||||||
Petrobras four member | Sale agreement member | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Related parties amount | 384,000 | ||||||||
Petrobras five member | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Related parties estimated value | 4,700,000 | ||||||||
Petrobras six member | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Related parties estimated value | 6,800,000,000 | ||||||||
Agreement with algas member | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Related parties amount | 311,434,000 | 183,476,000 | 236,913,000 | ||||||
Agreement with bahiagas member | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Related parties amount | 759,710,000 | 592,013,000 | 901,574,000 | ||||||
Sales option agreement member | Petrobras and its subsidiaries member | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Related parties amount | 1,770,231 | ||||||||
Related parties estimated value | R$ 30 | ||||||||
Amendments with transpetro member | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Related parties amount | 53,688 | 79,123 | |||||||
Related parties estimated value | 620,500 | 107,361 | |||||||
Sales option agreement one member | Petrobras and its subsidiaries member | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Related parties amount | 104,819 | ||||||||
Rlam member | Petrobras and its subsidiaries member | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Related parties amount | 947,330 | ||||||||
Refap member | Petrobras and its subsidiaries member | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Related parties amount | 2,408,198 | ||||||||
Agreement with petrobras member | Alberto pasqualini refinery member | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Related parties amount | 33,182 | R$ 31730 | R$ 24981 | ||||||
Related parties estimated value | R$ 240000 | ||||||||
Board of directors member | New or renewedagreements with related companies member | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Related parties amount | 60,000 | ||||||||
Board of directors member | New or renewedagreements with related companies member | Top of range [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Related parties amount | R$ 20000 |
Schedule of taxes recoverable (
Schedule of taxes recoverable (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Taxes recoverable | R$ 2680716 | R$ 2265402 |
Current taxes recoverable | 1,428,658 | 1,192,665 |
Current taxes recoverable | 1,252,058 | 1,072,737 |
Parent companys member | I p i member | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Taxes recoverable | 521 | 1,435 |
Parent companys member | Value added tax on sales and services i c m s normal pperations member | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Taxes recoverable | 291,424 | 293,193 |
Parent companys member | I c m s credits from property plant and equipment member | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Taxes recoverable | 224,308 | 163,847 |
Parent companys member | Social integration program p i s and social contribution on revenue member | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Taxes recoverable | 250,491 | 199 |
Parent companys member | P i s and c o f i n s credits from property plant and equipment member | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Taxes recoverable | 447,476 | 353,928 |
Parent companys member | R e i n t e g r a program member | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Taxes recoverable | 21,764 | 16,799 |
Parent companys member | Federal supervenience member | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Taxes recoverable | 948,448 | 1,109,122 |
Parent companys member | Other taxes recoverable member | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Taxes recoverable | 88,684 | 40,234 |
Subsidiaries [member] | Other taxes recoverable member | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Taxes recoverable | 59,579 | 9,470 |
Subsidiaries [member] | Value added tax i v a member | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Taxes recoverable | R$ 348021 | R$ 277175 |
Taxes recoverable (Details Narr
Taxes recoverable (Details Narrative) - BRL (R$) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
DisclosureOfTaxesRecoverableLineItems [Line Items] | |||
Taxes recoverable | R$ 2680716000 | R$ 2265402000 | |
Taxes recoverable | 789,420 | ||
P i s and c o f i n s taxes member | |||
DisclosureOfTaxesRecoverableLineItems [Line Items] | |||
Taxes recoverable | 2,021,976,000 | 438,045,000 | R$ 2048782000 |
Other operating income expenses member | |||
DisclosureOfTaxesRecoverableLineItems [Line Items] | |||
Taxes recoverable | 1,031,099,000 | 10,557,000 | 1,904,206,000 |
Financial income member | |||
DisclosureOfTaxesRecoverableLineItems [Line Items] | |||
Taxes recoverable | 990,877,000 | 127,488,000 | R$ 207582000 |
Current assets member | |||
DisclosureOfTaxesRecoverableLineItems [Line Items] | |||
Taxes recoverable | 787,676,000 | R$ 1002605000 | |
Non current assets member | |||
DisclosureOfTaxesRecoverableLineItems [Line Items] | |||
Taxes recoverable | R$ 1744000 |
Information on investments (Det
Information on investments (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
InvestmentLineItems [Line Items] | |||||
Net profit (loss) for the year | R$ 13961620 | R$ 7015306 | R$ 2640398 | ||
Equity | R$ 6203828 | (3,866,518) | 3,944,706 | R$ 5654670 | |
Investment1 member | |||||
InvestmentLineItems [Line Items] | |||||
Interest in total and voting capital (%) | [1] | 33.20% | |||
Net profit (loss) for the year | [1] | R$ 312 | (63,525) | 29,687 | |
Equity | [1] | R$ 50064 | 32,217 | ||
Associate member | |||||
InvestmentLineItems [Line Items] | |||||
Interest in total and voting capital (%) | [2] | 20.00% | |||
Net profit (loss) for the year | [2] | R$ 45490 | 6,019 | R$ 17622 | |
Equity | [2] | R$ 205568 | R$ 161363 | ||
[1] | The main activities are the refine, processing and sale and import of oil, its byproducts and correlated products. | ||||
[2] | The main activities are the production and commercialization of petrochemical byproducts and correlated products. |
Changes in investments (Details
Changes in investments (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
InvestmentLineItems [Line Items] | ||
Balance at 2020 | R$ 43153 | R$ 63843 |
Dividends and interest on equity | (295) | (1,912) |
Equity in results of investees | 9,239 | (19,889) |
Other comprehensive income | 5,825 | 1,067 |
Other | 44 | |
Capital increase | 1,001 | |
Balance at 2021 | 58,923 | 43,153 |
Associate1 member | ||
InvestmentLineItems [Line Items] | ||
Balance at 2020 | 32,272 | 32,816 |
Dividends and interest on equity | (295) | (1,748) |
Equity in results of investees | 9,136 | 1,204 |
Balance at 2021 | 41,113 | 32,272 |
Associate3 member | ||
InvestmentLineItems [Line Items] | ||
Balance at 2020 | 10,697 | 30,887 |
Dividends and interest on equity | (164) | |
Equity in results of investees | 103 | (21,093) |
Other comprehensive income | 5,825 | 1,067 |
Balance at 2021 | 16,625 | 10,697 |
Associate4 member | ||
InvestmentLineItems [Line Items] | ||
Balance at 2020 | 184 | 140 |
Other | 44 | |
Capital increase | 1,001 | |
Balance at 2021 | R$ 1185 | R$ 184 |
The Company presents the financ
The Company presents the financial information of the subsidiary in which the non-controlling shareholder holds interests, and the material effects on the Company’s consolidated statements: (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | 24 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Curent | ||||||||
Cash and cash equivalents | R$ 8680686 | R$ 13862852 | R$ 6803880 | R$ 6803880 | R$ 5547637 | |||
Financial investments | 3,492,710 | 3,627,227 | ||||||
Trade accounts receivable | 7,153,565 | 4,731,979 | ||||||
Inventories | 16,335,101 | 8,383,650 | ||||||
Taxes recoverable | 1,428,658 | 1,192,665 | ||||||
Recoverable income taxes | 1,189,812 | 1,547,916 | ||||||
Derivatives | 33,816 | 33,769 | ||||||
Other current assets | 979,097 | 810,186 | ||||||
Total current assets | 39,293,445 | 34,190,244 | ||||||
Non-current | ||||||||
Financial investments | 16,845 | 15,564 | ||||||
Taxes recoverable | 1,252,058 | 1,072,737 | ||||||
Income tax and social contribution | 230,069 | 72,267 | ||||||
Deferred tax assets | 8,257,252 | 8,529,972 | ||||||
Derivatives | 51 | 34,091 | ||||||
Judicial deposits | 194,212 | 196,911 | ||||||
Other non-current assets | 379,047 | 268,745 | ||||||
Investments | 58,923 | 43,153 | ||||||
Property, plant and equipment | 37,225,130 | [1] | 35,929,149 | [1] | 32,315,181 | 32,315,181 | ||
Intangible | 2,877,299 | 2,828,691 | ||||||
Right of use of assets | 2,780,037 | 2,902,395 | 2,605,654 | 2,605,654 | ||||
Total non current assets | 53,270,923 | 51,893,675 | ||||||
Total assets | 92,564,368 | 86,083,919 | ||||||
Current | ||||||||
Trade payables | 12,053,266 | 9,946,315 | ||||||
Borrowings | 1,343,494 | 1,318,931 | ||||||
Debentures | 59,088 | 54,436 | ||||||
Braskem Idesa Borrowings | 86,765 | 7,660,128 | ||||||
Payroll and related charges | 1,170,346 | 814,566 | ||||||
Taxes payable | 1,012,116 | 952,689 | ||||||
Income tax and social contribution | 1,672,844 | 284,129 | ||||||
Lease | 675,366 | 895,109 | ||||||
Provision - geological event in Alagoas | 4,378,071 | 4,349,931 | ||||||
Other current liabilities | 2,742,167 | 2,110,940 | ||||||
Total current liabilities | 25,193,523 | 28,387,174 | ||||||
Non-current | ||||||||
Loan agreements | 33,553,766 | 40,413,192 | ||||||
Braskem Idesa Borrowings | 12,224,770 | 4,399,110 | ||||||
Debentures | 137,830 | 181,679 | ||||||
Loan to non-controlling shareholders of Braskem Idesa | [2] | 3,646,538 | 3,222,493 | |||||
Income tax and social contribution | 576,174 | |||||||
Deferred tax liabilities | 1,407,434 | 1,234,398 | ||||||
Lease | 2,481,048 | 2,312,777 | ||||||
Provision - geological event in Alagoas | 3,283,188 | 4,825,846 | ||||||
Other non-current liabilities | 4,432,443 | 4,397,594 | ||||||
Total non current liabilities | 61,167,017 | 61,563,263 | ||||||
Shareholders' equity | ||||||||
Attributable to theCompany's shareholders | 7,865,819 | (2,202,306) | ||||||
Non-controlling interest in subsidiaries | (1,661,991) | (1,664,212) | ||||||
Total shareholders equity | 6,203,828 | (3,866,518) | 3,944,706 | 3,944,706 | R$ 5654670 | |||
Total liabilities and shareholders' equity (net capital deficiency) | 92,564,368 | 86,083,919 | ||||||
Net revenue | 105,625,201 | 58,543,494 | 52,323,525 | |||||
Cost of products sold | (73,568,231) | (47,331,414) | (45,879,118) | |||||
Gross profit | 32,056,970 | 11,212,080 | 6,444,407 | |||||
General and administrative | (2,522,127) | (1,918,747) | (2,224,180) | |||||
Research and development | (296,583) | (250,648) | (247,730) | |||||
Results from equity investments | (4,644) | 19,398 | (10,218) | |||||
Other income | 1,534,487 | 750,749 | 2,408,434 | |||||
Operating profit | 26,043,544 | (71,892) | 153,683 | |||||
Financial expenses | (5,907,155) | (4,913,365) | (3,882,785) | |||||
Financial income | 1,827,438 | 600,184 | 850,554 | |||||
Exchange rate variations, net | (4,002,807) | (5,298,711) | (1,724,520) | |||||
Finance income (cost) | (8,082,524) | (9,611,892) | (4,756,751) | |||||
(Loss) profit before income tax and social contribution | 17,961,023 | (9,683,784) | (4,603,068) | |||||
Income taxes | 3,999,403 | (2,668,478) | (1,962,670) | |||||
Profit (loss) before income tax | 17,961,023 | (9,683,784) | (4,603,068) | |||||
Adjustments for reconciliation of profit (loss) | ||||||||
4,178,433 | 4,048,081 | 3,632,265 | ||||||
(4,644) | 19,398 | (10,218) | ||||||
6,311,431 | 10,457,272 | 4,145,110 | ||||||
819,130 | 336,838 | 320,439 | ||||||
1,339,765 | 6,901,828 | 3,383,067 | ||||||
(1,031,099) | (310,557) | (1,904,206) | ||||||
8,914 | 55,252 | 7,069 | ||||||
115,187 | 8,794 | 225,204 | ||||||
29,698,140 | 11,833,122 | 5,195,662 | ||||||
Changes in operating assets and liabilities | ||||||||
3,746,107 | (3,680,460) | |||||||
296,957 | (1,860,827) | 797,445 | ||||||
(2,175,285) | (2,187,826) | 895,046 | ||||||
(7,574,285) | (252,534) | 867,817 | ||||||
4,963,587 | 1,532,554 | 1,195,427 | ||||||
19,322 | 293,785 | 202,732 | ||||||
(217,878) | 397,103 | (273,665) | ||||||
1,199,614 | (3,001,564) | 282,445 | ||||||
(3,007,488) | 449,761 | (569,793) | ||||||
(233,951) | 198,988 | 197,965 | ||||||
(389,087) | (349,842) | (341,605) | ||||||
314,194 | 145,355 | 215,548 | ||||||
(2,928,081) | (1,181,931) | |||||||
1,039,403 | (184,187) | 362,203 | ||||||
Cash generated from operations | 20,376,774 | 9,287,354 | 4,915,671 | |||||
(2,883,433) | (2,736,821) | (2,238,445) | ||||||
(2,706,856) | (257,542) | (411,951) | ||||||
Net cash generated by operating activities | 14,786,485 | 6,292,991 | 2,265,275 | |||||
Proceeds from the sale of property, plant and equipment and intangible assets | 40,353 | 33,140 | 12,590 | |||||
Dividends received | 295 | 4,822 | 3,513 | |||||
Acquisitions to property, plant and equipment and intangible assets | (3,421,324) | (2,759,789) | (2,682,522) | |||||
Net cash used in investing activities | (3,380,676) | (2,721,827) | (2,666,419) | |||||
Short-term and long-term debt | ||||||||
16,308 | 13,049,459 | 20,586,103 | ||||||
(9,413,909) | (8,734,505) | (17,425,409) | ||||||
Braskem Idesa borrowings | ||||||||
7,271,658 | 3,497,622 | |||||||
(7,995,045) | (905,210) | (4,398,453) | ||||||
Loan to non-controlling shareholders of Braskem Idesa - payment | (9,545) | (37,618) | ||||||
Lease payments | (841,706) | (662,068) | (454,190) | |||||
Dividends paid | (5,993,265) | (2,380) | (668,904) | |||||
Other financial liabilities | (534,456) | 499,999 | ||||||
Cash generated (used) in financing activities | (16,965,504) | 2,173,222 | 1,636,768 | |||||
Exchange variation on cash of foreign subsidiaries | 377,529 | 1,314,586 | 20,619 | |||||
(Decrease) increase in cash and cash equivalents | (5,182,166) | 7,058,972 | 1,256,243 | |||||
13,862,852 | 6,803,880 | 5,547,637 | ||||||
8,680,686 | 13,862,852 | 6,803,880 | 6,803,880 | |||||
Consolidated braskem without the effect of braskem idesa consolidated member | ||||||||
Curent | ||||||||
Cash and cash equivalents | 6,907,355 | 12,958,419 | ||||||
Financial investments | 3,492,710 | 3,627,227 | ||||||
Trade accounts receivable | 6,607,762 | 4,386,825 | ||||||
Inventories | 15,325,001 | 7,876,485 | ||||||
Taxes recoverable | 1,402,100 | 1,144,355 | ||||||
Recoverable income taxes | 1,189,812 | 1,547,916 | ||||||
Derivatives | 33,816 | 33,769 | ||||||
Other current assets | 841,473 | 688,944 | ||||||
Total current assets | 35,800,029 | 32,263,940 | ||||||
Non-current | ||||||||
Financial investments | 16,845 | 15,564 | ||||||
Taxes recoverable | 983,655 | 847,399 | ||||||
Income tax and social contribution | 230,069 | 72,267 | ||||||
Deferred tax assets | 6,481,642 | 6,658,276 | ||||||
Related parties | [3] | 10,064,320 | 9,122,666 | |||||
Derivatives | 51 | 34,091 | ||||||
Judicial deposits | 194,212 | 196,911 | ||||||
Other non-current assets | 354,083 | 251,398 | ||||||
Investments | 58,923 | 43,153 | ||||||
Property, plant and equipment | [1] | 23,510,588 | 22,295,803 | |||||
Intangible | 2,572,675 | 2,568,869 | ||||||
Right of use of assets | 2,427,633 | 2,509,484 | ||||||
Total non current assets | 46,894,696 | 44,615,881 | ||||||
Total assets | 82,694,725 | 76,879,821 | ||||||
Current | ||||||||
Trade payables | 11,861,563 | 9,753,762 | ||||||
Borrowings | 1,343,494 | 1,318,931 | ||||||
Debentures | 59,088 | 54,436 | ||||||
Payroll and related charges | 1,095,040 | 776,134 | ||||||
Taxes payable | 1,003,813 | 927,039 | ||||||
Income tax and social contribution | 1,672,844 | 284,129 | ||||||
Lease | 598,523 | 821,695 | ||||||
Provision - geological event in Alagoas | 4,378,071 | 4,349,931 | ||||||
Other current liabilities | 2,495,544 | 1,947,569 | ||||||
Total current liabilities | 24,507,980 | 20,233,626 | ||||||
Non-current | ||||||||
Loan agreements | 33,553,766 | 40,413,192 | ||||||
Debentures | 137,830 | 181,679 | ||||||
Income tax and social contribution | 576,174 | |||||||
Deferred tax liabilities | 1,407,434 | 1,234,398 | ||||||
Provision for losses on subsidiaries | [4] | 5,284,666 | 5,283,264 | |||||
Lease | 2,147,745 | 1,962,235 | ||||||
Provision - geological event in Alagoas | 3,283,188 | 4,825,846 | ||||||
Other non-current liabilities | 4,406,733 | 4,274,837 | ||||||
Total non current liabilities | 50,221,362 | 58,751,625 | ||||||
Shareholders' equity | ||||||||
Attributable to theCompany's shareholders | 7,865,819 | (2,202,306) | ||||||
Non-controlling interest in subsidiaries | 99,564 | 96,876 | ||||||
Total shareholders equity | 7,965,383 | (2,105,430) | ||||||
Total liabilities and shareholders' equity (net capital deficiency) | 82,694,725 | 76,879,821 | ||||||
Net revenue | 101,448,155 | 55,779,528 | 49,961,286 | |||||
Cost of products sold | (72,471,291) | (45,563,723) | (44,111,980) | |||||
Gross profit | 28,976,864 | 10,215,805 | 5,849,306 | |||||
Selling and distribution | (1,834,303) | (1,609,844) | (1,582,794) | |||||
(Loss) reversals for impairment of trade accounts receivable | (8,736) | (55,074) | (4,772) | |||||
General and administrative | (2,292,884) | (1,739,541) | (2,082,002) | |||||
Research and development | (296,583) | (250,648) | (247,730) | |||||
Results from equity investments | (82,709) | (1,026,922) | (326,427) | |||||
Other income | 1,530,443 | 748,923 | 2,102,684 | |||||
Other expenses | (2,651,425) | (7,573,874) | (4,466,450) | |||||
Other expenses | 2,651,425 | 7,573,874 | 4,466,450 | |||||
Operating profit | 23,340,667 | (1,291,175) | (758,185) | |||||
Financial expenses | (4,750,895) | (3,851,233) | (3,009,471) | |||||
Financial income | 2,276,312 | 1,032,530 | 1,135,118 | |||||
Exchange rate variations, net | (2,884,292) | (4,823,269) | (1,768,850) | |||||
Finance income (cost) | (5,358,875) | (7,641,972) | (3,643,203) | |||||
(Loss) profit before income tax and social contribution | 17,981,792 | (8,933,147) | (4,401,388) | |||||
Income taxes | (3,991,055) | 2,253,684 | 1,873,207 | |||||
Income taxes | (3,991,055) | 2,253,684 | 1,873,207 | |||||
(Loss) profit for the year | 13,990,737 | (6,679,463) | (2,528,181) | |||||
Profit (loss) before income tax | 17,981,792 | (8,933,147) | (4,401,388) | |||||
Adjustments for reconciliation of profit (loss) | ||||||||
3,450,171 | 2,995,609 | 2,732,181 | ||||||
82,709 | 1,026,922 | 326,427 | ||||||
3,792,708 | 8,541,980 | 3,050,987 | ||||||
819,130 | 336,838 | 320,439 | ||||||
1,339,765 | 6,901,828 | 3,383,067 | ||||||
(1,031,099) | (310,557) | (1,904,206) | ||||||
10,134 | 55,252 | 7,069 | ||||||
114,148 | 8,794 | 224,825 | ||||||
26,559,458 | 10,623,519 | 3,739,401 | ||||||
Changes in operating assets and liabilities | ||||||||
3,746,107 | (3,680,460) | |||||||
296,957 | (1,860,827) | 797,445 | ||||||
(2,002,897) | (2,247,729) | 677,176 | ||||||
(7,176,104) | (309,492) | 825,236 | ||||||
4,958,779 | 1,584,911 | 1,216,225 | ||||||
(67,923) | (172,027) | 85,549 | ||||||
(201,798) | 44,513 | (242,727) | ||||||
1,218,550 | (2,926,585) | 330,633 | ||||||
(2,878,056) | 965,191 | (485,309) | ||||||
(217,159) | 224,764 | 176,189 | ||||||
(389,087) | (349,842) | (341,605) | ||||||
482,565 | 158,915 | 226,519 | ||||||
(2,928,081) | (1,181,931) | |||||||
1,040,674 | (217,997) | 348,916 | ||||||
Cash generated from operations | 17,730,748 | 7,763,660 | 3,220,150 | |||||
(2,207,196) | (1,946,931) | (1,576,526) | ||||||
(2,697,829) | (252,479) | (403,614) | ||||||
Net cash generated by operating activities | 12,825,723 | 5,564,250 | 1,240,010 | |||||
Proceeds from the sale of property, plant and equipment and intangible assets | 40,353 | 33,140 | 12,590 | |||||
Dividends received | 295 | 4,822 | 3,513 | |||||
Acquisitions to property, plant and equipment and intangible assets | (3,249,132) | (2,653,009) | (2,578,558) | |||||
Net cash used in investing activities | (3,208,484) | (2,615,047) | (2,562,455) | |||||
Short-term and long-term debt | ||||||||
16,308 | 13,049,459 | 20,586,103 | ||||||
(9,413,909) | (8,734,505) | (17,425,409) | ||||||
Braskem Idesa borrowings | ||||||||
Loan to non-controlling shareholders of Braskem Idesa - payment | 216,862 | |||||||
Lease payments | (787,932) | (610,392) | (407,320) | |||||
Dividends paid | (5,993,265) | (2,380) | (668,904) | |||||
Other financial liabilities | (534,456) | 499,999 | ||||||
Cash generated (used) in financing activities | (15,961,936) | 3,167,726 | 2,584,469 | |||||
Exchange variation on cash of foreign subsidiaries | 293,633 | 1,054,845 | (59,659) | |||||
(Decrease) increase in cash and cash equivalents | (6,051,064) | 7,171,774 | 1,202,365 | |||||
12,958,419 | 5,786,645 | 4,584,280 | ||||||
6,907,355 | 12,958,419 | 5,786,645 | 5,786,645 | |||||
Braskem idesa consolidated member | ||||||||
Curent | ||||||||
Cash and cash equivalents | 1,773,331 | 904,433 | ||||||
Trade accounts receivable | 1,225,479 | 577,530 | ||||||
Inventories | 1,010,100 | 507,165 | ||||||
Taxes recoverable | 26,558 | 48,310 | ||||||
Other current assets | 137,624 | 121,242 | ||||||
Total current assets | 4,173,092 | 2,158,680 | ||||||
Non-current | ||||||||
Taxes recoverable | 268,403 | 225,338 | ||||||
Deferred tax assets | 1,775,610 | 1,871,696 | ||||||
Other non-current assets | 24,964 | 17,347 | ||||||
Property, plant and equipment | [1] | 14,483,720 | 14,436,012 | |||||
Intangible | 304,624 | 259,822 | ||||||
Right of use of assets | 352,404 | 392,911 | ||||||
Total non current assets | 17,209,725 | 17,203,126 | ||||||
Total assets | 21,382,817 | 19,361,806 | ||||||
Current | ||||||||
Trade payables | 871,379 | 424,929 | ||||||
Braskem Idesa Borrowings | 86,765 | 7,660,128 | ||||||
Payroll and related charges | 75,306 | 38,432 | ||||||
Taxes payable | 8,303 | 25,650 | ||||||
Lease | 76,843 | 73,414 | ||||||
Other current liabilities | 246,623 | 163,371 | ||||||
Total current liabilities | 1,365,219 | 8,385,924 | ||||||
Non-current | ||||||||
Braskem Idesa Borrowings | 12,224,770 | 4,399,110 | ||||||
Accounts payable to related parties | 10,134,287 | 9,140,064 | ||||||
Loan to non-controlling shareholders of Braskem Idesa | [2] | 3,646,538 | 3,222,493 | |||||
Lease | 333,303 | 350,542 | ||||||
Other non-current liabilities | 25,710 | 122,757 | ||||||
Total non current liabilities | 26,364,608 | 17,234,966 | ||||||
Shareholders' equity | ||||||||
Attributable to theCompany's shareholders | (6,347,010) | (6,259,084) | ||||||
Total shareholders equity | (6,347,010) | (6,259,084) | ||||||
Total liabilities and shareholders' equity (net capital deficiency) | 21,382,817 | 19,361,806 | ||||||
Net revenue | 6,333,199 | 4,046,581 | 3,050,420 | |||||
Cost of products sold | (3,321,601) | (3,112,129) | (2,509,060) | |||||
Gross profit | 3,011,598 | 934,452 | 541,360 | |||||
Selling and distribution | (221,337) | (242,211) | (200,661) | |||||
(Loss) reversals for impairment of trade accounts receivable | (178) | (178) | (2,297) | |||||
General and administrative | (229,334) | (179,350) | (141,269) | |||||
Other income | 4,044 | 1,826 | 305,750 | |||||
Other expenses | (17,865) | (364,747) | (19,508) | |||||
Other expenses | 17,865 | 364,747 | 19,508 | |||||
Operating profit | 2,546,928 | 149,792 | 522,391 | |||||
Financial expenses | (1,618,020) | (1,505,628) | (1,205,412) | |||||
Financial income | 12,886 | 11,150 | 47,534 | |||||
Exchange rate variations, net | (1,164,697) | (482,125) | 75,610 | |||||
Finance income (cost) | (2,769,831) | (1,976,603) | (1,082,268) | |||||
(Loss) profit before income tax and social contribution | (222,903) | (1,826,811) | (559,877) | |||||
Income taxes | (8,348) | 414,794 | 89,463 | |||||
Income taxes | (8,348) | 414,794 | 89,463 | |||||
(Loss) profit for the year | (231,251) | (1,412,017) | (470,414) | |||||
Profit (loss) before income tax | (222,903) | (1,826,811) | (559,877) | |||||
Adjustments for reconciliation of profit (loss) | ||||||||
796,861 | 1,114,439 | 952,916 | ||||||
2,564,905 | 1,921,975 | 1,062,843 | ||||||
(1,220) | ||||||||
1,039 | 379 | |||||||
3,138,682 | 1,209,603 | 1,456,261 | ||||||
Changes in operating assets and liabilities | ||||||||
(619,688) | (152,971) | 325,820 | ||||||
(398,181) | 56,958 | 42,581 | ||||||
4,808 | (52,357) | (20,798) | ||||||
87,245 | 465,812 | 117,183 | ||||||
(16,080) | 352,590 | (30,938) | ||||||
428,364 | 137,895 | (156,138) | ||||||
(129,432) | (515,430) | (84,484) | ||||||
(16,792) | (25,776) | 21,776 | ||||||
(168,371) | (13,560) | (10,971) | ||||||
(1,271) | 33,810 | 13,287 | ||||||
Cash generated from operations | 2,646,026 | 1,523,694 | 1,695,521 | |||||
(676,237) | (789,890) | (661,919) | ||||||
(9,027) | (5,063) | (8,337) | ||||||
Net cash generated by operating activities | 1,960,762 | 728,741 | 1,025,265 | |||||
Acquisitions to property, plant and equipment and intangible assets | (172,192) | (106,780) | (103,964) | |||||
Net cash used in investing activities | (172,192) | (106,780) | (103,964) | |||||
Braskem Idesa borrowings | ||||||||
7,271,658 | 3,497,622 | |||||||
(7,995,045) | (905,210) | (4,398,453) | ||||||
Loan to non-controlling shareholders of Braskem Idesa - payment | (226,407) | (37,618) | ||||||
Lease payments | (53,774) | (51,676) | (46,870) | |||||
Cash generated (used) in financing activities | (1,003,568) | (994,504) | (947,701) | |||||
Exchange variation on cash of foreign subsidiaries | 83,896 | 259,741 | 80,278 | |||||
(Decrease) increase in cash and cash equivalents | 868,898 | (112,802) | 53,878 | |||||
904,433 | 1,017,235 | 963,357 | ||||||
1,773,331 | 904,433 | 1,017,235 | 1,017,235 | |||||
Eliminations member | ||||||||
Curent | ||||||||
Trade accounts receivable | (679,676) | (232,376) | ||||||
Total current assets | (679,676) | (232,376) | ||||||
Non-current | ||||||||
Related parties | [3] | (10,064,320) | (9,122,666) | |||||
Property, plant and equipment | [1] | (769,178) | (802,666) | |||||
Total non current assets | (10,833,498) | (9,925,332) | ||||||
Total assets | (11,513,174) | (10,157,708) | ||||||
Current | ||||||||
Trade payables | (679,676) | (232,376) | ||||||
Total current liabilities | (679,676) | (232,376) | ||||||
Non-current | ||||||||
Accounts payable to related parties | (10,134,287) | (9,140,064) | ||||||
Provision for losses on subsidiaries | [4] | (5,284,666) | (5,283,264) | |||||
Total non current liabilities | (15,418,953) | (14,423,328) | ||||||
Shareholders' equity | ||||||||
Attributable to theCompany's shareholders | 6,347,010 | 6,259,084 | ||||||
Non-controlling interest in subsidiaries | (1,761,555) | (1,761,088) | ||||||
Total shareholders equity | 4,585,455 | 4,497,996 | ||||||
Total liabilities and shareholders' equity (net capital deficiency) | (11,513,174) | (10,157,708) | ||||||
Net revenue | (2,156,153) | (1,282,615) | (688,181) | |||||
Cost of products sold | 2,224,661 | 1,344,438 | 741,922 | |||||
Gross profit | 68,508 | 61,823 | 53,741 | |||||
General and administrative | 91 | 144 | (909) | |||||
Results from equity investments | 87,353 | 1,007,524 | 336,645 | |||||
Operating profit | 155,952 | 1,069,491 | 389,477 | |||||
Financial expenses | 461,760 | 443,496 | 332,098 | |||||
Financial income | (461,760) | (443,496) | (332,098) | |||||
Exchange rate variations, net | 46,182 | 6,683 | (31,280) | |||||
Finance income (cost) | 46,182 | 6,683 | (31,280) | |||||
(Loss) profit before income tax and social contribution | 202,134 | 1,076,174 | 358,197 | |||||
(Loss) profit for the year | 202,134 | 1,076,174 | 358,197 | |||||
Profit (loss) before income tax | 202,134 | 1,076,174 | 358,197 | |||||
Adjustments for reconciliation of profit (loss) | ||||||||
(68,599) | (61,967) | (52,832) | ||||||
(87,353) | (1,007,524) | (336,645) | ||||||
(46,182) | (6,683) | 31,280 | ||||||
Changes in operating assets and liabilities | ||||||||
447,300 | 212,874 | (107,950) | ||||||
(447,300) | (212,874) | 107,950 | ||||||
Braskem Idesa borrowings | ||||||||
(Decrease) increase in cash and cash equivalents | ||||||||
Consolidated [member] | ||||||||
Shareholders' equity | ||||||||
Net revenue | 105,625,201 | 58,543,494 | 52,323,525 | |||||
Cost of products sold | (73,568,231) | (47,331,414) | ||||||
Gross profit | 32,056,970 | 11,212,080 | 6,444,407 | |||||
Selling and distribution | (2,055,640) | (1,852,055) | (1,783,455) | |||||
(Loss) reversals for impairment of trade accounts receivable | (8,914) | (55,252) | (7,069) | |||||
General and administrative | (2,522,127) | (1,918,747) | (2,224,180) | |||||
Research and development | (296,583) | (250,648) | (247,730) | |||||
Results from equity investments | 4,644 | (19,398) | 10,218 | |||||
Other income | 1,534,487 | 750,749 | 2,408,434 | |||||
Other expenses | (2,669,290) | (7,938,621) | (4,446,942) | |||||
Other expenses | 2,669,290 | 7,938,621 | 4,446,942 | |||||
Operating profit | 26,043,547 | (71,892) | 153,683 | |||||
Financial expenses | (5,907,155) | (4,913,365) | (3,882,785) | |||||
Financial income | 1,827,438 | 600,184 | 850,554 | |||||
Exchange rate variations, net | (4,002,807) | (5,298,711) | (1,724,520) | |||||
Finance income (cost) | (8,082,524) | (9,611,892) | (4,756,751) | |||||
(Loss) profit before income tax and social contribution | 17,961,023 | (9,683,784) | (4,603,068) | |||||
Income taxes | (3,999,403) | 2,668,478 | 1,962,670 | |||||
Income taxes | (3,999,403) | 2,668,478 | 1,962,670 | |||||
(Loss) profit for the year | R$ 13961620 | R$ 7015306 | R$ 2640398 | |||||
[1] | Adjustment corresponding to the capitalization of a portion of financial charges of the above-mentioned loan. | |||||||
[2] | Loan payable, maturing December 2029 and 7% p.a., to the non-controlling shareholders of Braskem Idesa. These proceeds were used by Braskem Idesa to fund its construction project. | |||||||
[3] | Loan from Braskem Holanda as part of shareholders’ contribution to the Braskem Idesa project. | |||||||
[4] | Provision recorded in the subsidiary Braskem Holanda for the negative shareholders' equity of Braskem Idesa. |
Schedule of estimated useful li
Schedule of estimated useful lives (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimates useful lives | 2 years 11 months 1 day | 2 years 9 months 25 days |
Machinery and facilities member | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimates useful lives | 6 years 8 months 26 days | 6 years 3 months 22 days |
Fixtures and fittings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimates useful lives | 10 years 22 days | 10 years 11 days |
It equipment member | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimates useful lives | 21 years 2 months 5 days | 20 years 2 months 23 days |
Lab equipment member | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimates useful lives | 9 years 6 months 10 days | 9 years 6 months 25 days |
Security equipment member | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimates useful lives | 10 years 15 days | 9 years 6 months 14 days |
Vehicles [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimates useful lives | 18 years 9 months 25 days | 18 years 10 months 21 days |
Other member | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimates useful lives | 17 years 18 days | 13 years 6 months 18 days |
Reconciliation of carrying amou
Reconciliation of carrying amount (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Cost | R$ 73479063 | R$ 68794058 | R$ 60853474 | |||
Accumulated depreciation | (36,253,933) | (32,864,909) | (28,538,293) | |||
Beginning balance | 35,929,149 | [1] | 32,315,181 | |||
Acquisitions | 3,552,134 | 2,674,315 | ||||
Capitalized financial charges | 192,207 | 252,427 | ||||
Cost | 1,521,854 | 5,395,660 | ||||
Depreciation | (418,433) | (1,358,675) | ||||
Transfers to inventory | (16,838) | 22,806 | ||||
Transfers to intangible | (65,422) | (40,992) | ||||
Cost | (486,958) | (363,664) | ||||
Depreciation | 396,379 | 336,689 | ||||
Depreciation and amortization | (3,377,241) | (3,304,598) | ||||
Net book value | 37,225,130 | 35,929,149 | ||||
Transfers to "non-current assets held for sale" | (1,701) | |||||
Ending balance | 37,225,130 | [1] | 35,929,149 | [1] | 32,315,181 | |
Land [member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Cost | 687,764 | 683,031 | 613,807 | |||
Beginning balance | 683,031 | 613,807 | ||||
Cost | 17,046 | 69,244 | ||||
Transfers by concluded projects | 244 | |||||
Cost | (10,856) | (20) | ||||
Net book value | 687,764 | 683,031 | ||||
Transfers to "non-current assets held for sale" | (1,701) | |||||
Ending balance | 687,764 | 683,031 | 613,807 | |||
Buildings [member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Cost | 8,591,020 | 8,281,424 | 7,064,972 | |||
Accumulated depreciation | (3,409,532) | (3,159,185) | (2,492,705) | |||
Beginning balance | 5,122,239 | 4,572,267 | ||||
Acquisitions | 338 | 590 | ||||
Cost | 287,866 | 1,132,817 | ||||
Depreciation | (88,406) | (314,092) | ||||
Transfers by concluded projects | 13,965 | 105,702 | ||||
Transfers to inventory | 31,495 | |||||
Cost | 9,723 | (22,657) | ||||
Depreciation | 168 | 20,299 | ||||
Depreciation and amortization | (195,900) | (372,687) | ||||
Net book value | 5,181,488 | 5,122,239 | ||||
Ending balance | 5,181,488 | 5,122,239 | 4,572,267 | |||
Machinery and facilities member | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Cost | 57,535,343 | 53,401,832 | 44,439,196 | |||
Accumulated depreciation | (31,126,351) | (28,268,867) | (24,789,920) | |||
Beginning balance | 25,132,965 | 19,649,276 | ||||
Acquisitions | 160,297 | 60,130 | ||||
Cost | 1,118,655 | 2,982,072 | ||||
Depreciation | (313,267) | (997,664) | ||||
Transfers by concluded projects | 3,207,833 | 6,248,845 | ||||
Transfers to inventory | (11,673) | |||||
Cost | (353,274) | (328,411) | ||||
Depreciation | 387,005 | 305,759 | ||||
Depreciation and amortization | (3,038,176) | (2,787,042) | ||||
Net book value | 26,408,992 | 25,132,965 | ||||
Transfers to "non-current assets held for sale" | (2) | |||||
Disposals property plant and equipment transfer others | 118,629 | |||||
Ending balance | 26,408,992 | 25,132,965 | 19,649,276 | |||
Projects and stoppage in progress member | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Cost | [2] | 4,449,433 | 4,389,105 | 7,009,473 | ||
Accumulated depreciation | (40,095) | |||||
Beginning balance | [2] | 4,389,105 | 7,009,473 | |||
Acquisitions | [2] | 3,388,078 | 2,609,565 | |||
Capitalized financial charges | [2] | 192,207 | 252,427 | |||
Cost | [2] | 74,428 | 1,136,671 | |||
Transfers by concluded projects | [2] | (3,412,665) | (6,542,755) | |||
Transfers to inventory | [2] | (16,838) | (53,903) | |||
Transfers to intangible | [2] | (73,397) | (22,373) | |||
Cost | [2] | (91,485) | ||||
Net book value | [2] | 4,409,338 | 4,389,105 | |||
Disposals property plant and equipment transfer others | (40,095) | |||||
Ending balance | [2] | 4,409,338 | 4,389,105 | 7,009,473 | ||
Other member | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Cost | 2,215,503 | 2,038,666 | 1,726,026 | |||
Accumulated depreciation | (1,677,954) | (1,436,857) | (1,255,668) | |||
Beginning balance | 601,809 | 470,358 | ||||
Acquisitions | 3,421 | 4,030 | ||||
Cost | 23,859 | 74,856 | ||||
Depreciation | (16,760) | (46,919) | ||||
Transfers by concluded projects | 190,623 | 188,208 | ||||
Transfers to inventory | 76,709 | |||||
Transfers to intangible | (11,847) | (18,619) | ||||
Cost | (41,066) | (12,576) | ||||
Depreciation | 9,206 | 10,631 | ||||
Depreciation and amortization | (143,164) | (144,869) | ||||
Net book value | 537,549 | 601,809 | ||||
Transfers to "non-current assets held for sale" | 2 | |||||
Disposals property plant and equipment transfer others | (78,534) | |||||
Ending balance | R$ 537549 | R$ 601809 | R$ 470358 | |||
[1] | Adjustment corresponding to the capitalization of a portion of financial charges of the above-mentioned loan. | |||||
[2] | As of December 31, 2021, the amounts recorded under this item corresponded to expenses with scheduled shutdowns in Brazil and at overseas plants in the amount of R$ 1,473,396 (2020: R$924,747), capitalized financial charges in the amount of R$237,519 (2020: R$233,963), inventories of spare parts in the amount of R$534,875 (2020: R$405,497), strategic projects ongoing in Brazil in the amount of R$351,657 (2020: R$256,873) and in Braskem America in the amount of R$136,342 (2020: R$313,080). The remainder corresponds mainly to various projects for maintaining the production capacity of plants. |
Schedule of property, plant and
Schedule of property, plant and equipment by country (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | R$ 37225130 | [1] | R$ 35929149 | [1] | R$ 32315181 |
Brazil member | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | 15,867,387 | 15,105,253 | |||
Mexico member | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | 13,714,543 | 13,632,787 | |||
United states of america member | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | 7,281,077 | 6,823,655 | |||
Germany member | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | 356,288 | 363,975 | |||
Other member | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | R$ 5835 | R$ 3479 | |||
[1] | Adjustment corresponding to the capitalization of a portion of financial charges of the above-mentioned loan. |
Property, plant and equipment_2
Property, plant and equipment (Details Narrative) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Description of property, plant and equipment shutdowns duration | The Company makes shutdowns in regular intervals that vary from two to six years to perform these activities. | ||
Capitalized financial charges | R$ 192207 | R$ 252427 | |
Depreciation rate, property, plant and equipment | 8.33% | 7.85% | |
Acquisition of property, plant and equipment with payment installments | R$ 295056 | R$ 160877 | |
Projects and stoppage in progress member | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capitalized financial charges | [1] | R$ 192207 | R$ 252427 |
[1] | As of December 31, 2021, the amounts recorded under this item corresponded to expenses with scheduled shutdowns in Brazil and at overseas plants in the amount of R$ 1,473,396 (2020: R$924,747), capitalized financial charges in the amount of R$237,519 (2020: R$233,963), inventories of spare parts in the amount of R$534,875 (2020: R$405,497), strategic projects ongoing in Brazil in the amount of R$351,657 (2020: R$256,873) and in Braskem America in the amount of R$136,342 (2020: R$313,080). The remainder corresponds mainly to various projects for maintaining the production capacity of plants. |
Schedule of changes in intangib
Schedule of changes in intangible assets (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about intangible assets [line items] | |||
Cost | R$ 5253159 | R$ 5089640 | R$ 4905432 |
Accumulated amortization | (2,375,860) | (2,260,949) | (2,143,344) |
Balance as of beginning | 2,828,691 | 2,762,088 | |
Acquisitions | 68,776 | 40,515 | |
Foreign currency translation adjustment | 14,271 | 59,940 | |
Cost | 25,466 | 102,733 | |
Amortization | (11,195) | (42,793) | |
Transfers from property, plant and equipment projects and stoppage in progress | 65,422 | 40,992 | |
Amortization | (96,468) | (74,844) | |
Balance as of end | 2,877,299 | 2,828,691 | 2,762,088 |
Disposals | (3,393) | ||
Goodwill based on expected future profitability member | |||
Disclosure of detailed information about intangible assets [line items] | |||
Cost | 3,187,678 | 3,187,678 | 3,187,678 |
Accumulated amortization | (1,128,804) | (1,128,804) | (1,128,804) |
Balance as of beginning | 2,058,874 | 2,058,874 | |
Balance as of end | 2,058,874 | 2,058,874 | 2,058,874 |
Brand names [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Cost | 549,196 | 499,515 | 451,415 |
Accumulated amortization | (235,408) | (214,455) | (199,800) |
Balance as of beginning | 285,060 | 251,615 | |
Acquisitions | 670 | 1,789 | |
Foreign currency translation adjustment | 9,732 | 38,409 | |
Cost | 12,443 | 46,311 | |
Amortization | (2,711) | (7,902) | |
Transfers from property, plant and equipment projects and stoppage in progress | 28,770 | ||
Amortization | (10,444) | (6,753) | |
Balance as of end | 313,789 | 285,060 | 251,615 |
Computer software [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Cost | 1,123,619 | 1,010,201 | 874,159 |
Accumulated amortization | (755,099) | (683,157) | (602,223) |
Balance as of beginning | 327,044 | 271,936 | |
Acquisitions | 67,686 | 38,660 | |
Foreign currency translation adjustment | 4,539 | 21,531 | |
Cost | 13,023 | 56,422 | |
Amortization | (8,484) | (34,891) | |
Transfers from property, plant and equipment projects and stoppage in progress | 36,652 | 40,992 | |
Amortization | (64,008) | (46,075) | |
Balance as of end | 368,520 | 327,044 | 271,936 |
Disposals | (3,393) | ||
Customer-related intangible assets [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Cost | 392,666 | 392,246 | 392,180 |
Accumulated amortization | (256,549) | (234,533) | (212,517) |
Balance as of beginning | 157,713 | 179,663 | |
Balance as of end | 136,117 | 157,713 | R$ 179663 |
Customer related intangible assets1 [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Acquisitions | 420 | 66 | |
Amortization | R$ 22016 | R$ 22016 |
Schedule of goodwill impairment
Schedule of goodwill impairment testing (Details) R$ in Thousands | Dec. 31, 2021BRL (R$) |
Disclosure of detailed information about intangible assets [line items] | |
Allocated goodwill | R$ 2058874 |
Recoverable amount | 59,959,683 |
Book value | 12,589,828 |
Northeastern petrochemical complex member | |
Disclosure of detailed information about intangible assets [line items] | |
Allocated goodwill | 475,780 |
Recoverable amount | 18,906,760 |
Book value | 2,977,586 |
Discount rate | 17,604,424 |
Perpetuity | 18,124,544 |
Southern petrochemical complex member | |
Disclosure of detailed information about intangible assets [line items] | |
Allocated goodwill | 1,390,741 |
Recoverable amount | 32,032,400 |
Book value | 6,674,673 |
Discount rate | 29,062,222 |
Perpetuity | 30,003,729 |
Vinyls unity member | |
Disclosure of detailed information about intangible assets [line items] | |
Allocated goodwill | 192,353 |
Recoverable amount | 9,020,523 |
Book value | 2,937,569 |
Discount rate | 8,251,301 |
Perpetuity | R$ 8595310 |
Schedule of amortization estima
Schedule of amortization estimated useful life (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Brands and patents member | Bottom of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Amortization estimated useful life | 10 years |
Brands and patents member | Top of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Amortization estimated useful life | 20 years |
Software licenses and rights of use member | Bottom of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Amortization estimated useful life | 5 years |
Software licenses and rights of use member | Top of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Amortization estimated useful life | 10 years |
Customers and suppliers agreements member | Bottom of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Amortization estimated useful life | 14 years |
Customers and suppliers agreements member | Top of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Amortization estimated useful life | 28 years |
Schedule of intangible assets b
Schedule of intangible assets by country (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | R$ 2877299 | R$ 2828691 |
Brazil member | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 2,526,999 | 2,517,470 |
Mexico member | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 304,624 | 259,822 |
United states of america member | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 24,404 | 25,156 |
Germany member | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 21,253 | 26,211 |
Other member | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | R$ 19 | R$ 32 |
Intangible assets (Details Narr
Intangible assets (Details Narrative) | Dec. 31, 2021 |
Disclosure of detailed information about intangible assets [line items] | |
Inflation rate for perpetuity | 2.83% |
Weighted average cost of capital, measurement input [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Discount rate applied to cash flow projections | 9.09% |
Changes in right-of-use assets_
Changes in right-of-use assets: (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
DisclosureOfRightOfUseAssetsAndLeaseLiabilityLineItems [Line Items] | ||
Right-of-use assets, beginning balance | R$ 2902395 | R$ 2605654 |
Acquisitions | 746,573 | 826,101 |
Depreciation | (876,986) | (740,176) |
Foreign currency translation adjustment | 79,983 | 249,304 |
Right-of-use assets, beginning balance | 2,780,037 | 2,902,395 |
Disposal | (71,928) | (38,488) |
Rail cars member | ||
DisclosureOfRightOfUseAssetsAndLeaseLiabilityLineItems [Line Items] | ||
Right-of-use assets, beginning balance | 1,007,336 | 746,040 |
Acquisitions | 102,648 | 244,199 |
Depreciation | (187,915) | (180,146) |
Foreign currency translation adjustment | 63,992 | 197,243 |
Right-of-use assets, beginning balance | 986,061 | 1,007,336 |
Machinery and equipments member | ||
DisclosureOfRightOfUseAssetsAndLeaseLiabilityLineItems [Line Items] | ||
Right-of-use assets, beginning balance | 749,728 | 743,248 |
Acquisitions | 281,113 | 227,690 |
Depreciation | (207,985) | (198,441) |
Foreign currency translation adjustment | 643 | 3,032 |
Right-of-use assets, beginning balance | 793,254 | 749,728 |
Disposal | (30,245) | (25,801) |
Ships [member] | ||
DisclosureOfRightOfUseAssetsAndLeaseLiabilityLineItems [Line Items] | ||
Right-of-use assets, beginning balance | 834,848 | 865,387 |
Acquisitions | 258,201 | 258,193 |
Depreciation | (399,677) | (286,905) |
Foreign currency translation adjustment | 3,289 | 10,860 |
Right-of-use assets, beginning balance | 696,661 | 834,848 |
Disposal | (12,687) | |
Buildings and constructions member | ||
DisclosureOfRightOfUseAssetsAndLeaseLiabilityLineItems [Line Items] | ||
Right-of-use assets, beginning balance | 259,896 | 212,170 |
Acquisitions | 52,897 | 65,176 |
Depreciation | (52,997) | (54,712) |
Foreign currency translation adjustment | 11,849 | 37,262 |
Right-of-use assets, beginning balance | 265,312 | 259,896 |
Disposal | (6,333) | |
Vehicles [member] | ||
DisclosureOfRightOfUseAssetsAndLeaseLiabilityLineItems [Line Items] | ||
Right-of-use assets, beginning balance | 33,888 | 26,286 |
Acquisitions | 51,171 | 21,502 |
Depreciation | (24,078) | (14,473) |
Foreign currency translation adjustment | 135 | 573 |
Right-of-use assets, beginning balance | 29,449 | 33,888 |
Disposal | (31,667) | |
Computer equipment [member] | ||
DisclosureOfRightOfUseAssetsAndLeaseLiabilityLineItems [Line Items] | ||
Right-of-use assets, beginning balance | 16,699 | 12,523 |
Acquisitions | 542 | 9,341 |
Depreciation | (4,334) | (5,499) |
Foreign currency translation adjustment | 75 | 334 |
Right-of-use assets, beginning balance | 9,300 | R$ 16699 |
Disposal | R$ 3682 |
Changes in lease liabilities_ (
Changes in lease liabilities: (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Right-of-use Assets And Lease Liability | ||
Balance at the beginning of the year | R$ 3207886 | R$ 2676896 |
Acquired | 746,573 | 826,101 |
Disposals | (50,473) | (38,488) |
Interests and monetary and exchange variations, net | 206,375 | 327,135 |
Currency translation adjustments | 85,984 | 267,493 |
Payments | (841,706) | (662,068) |
Interest paid | 198,225 | 189,183 |
Balance at the end of the year | 3,156,414 | 3,207,886 |
Lease current liabilities | 675,366 | 895,109 |
Lease non current liabilities | 2,481,048 | 2,312,777 |
Lease liabilities | R$ 3156414 | R$ 3207886 |
Schedule of payment schedule by
Schedule of payment schedule by maturity (Details) R$ in Thousands | Dec. 31, 2021BRL (R$) |
DisclosureOfRightOfUseAssetsAndLeaseLiabilityLineItems [Line Items] | |
Total | R$ 3377242 |
Later than one year and not later than two years [member] | |
DisclosureOfRightOfUseAssetsAndLeaseLiabilityLineItems [Line Items] | |
Total | 777,410 |
Later than two years and not later than three years [member] | |
DisclosureOfRightOfUseAssetsAndLeaseLiabilityLineItems [Line Items] | |
Total | 633,141 |
Not later than one year1 member | |
DisclosureOfRightOfUseAssetsAndLeaseLiabilityLineItems [Line Items] | |
Total | 493,147 |
Later than three years and not later than four years1 member | |
DisclosureOfRightOfUseAssetsAndLeaseLiabilityLineItems [Line Items] | |
Total | 399,924 |
Later than four years and not later than five years1 member | |
DisclosureOfRightOfUseAssetsAndLeaseLiabilityLineItems [Line Items] | |
Total | R$ 1073620 |
Right-of-use assets and lease_3
Right-of-use assets and lease liability (Details Narrative) - BRL (R$) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
DisclosureOfRightOfUseAssetsAndLeaseLiabilityLineItems [Line Items] | ||
Low-value leases expense | R$ 7200000000 | R$ 981000 |
Contractual payments | R$ 70085 | R$ 62256000 |
Weighted average incremental rate | 5.18% | 7.30% |
Non-cash investing and financing activity | R$ 565774000 | R$ 787613000 |
Uninitiated lease arrangements member | ||
DisclosureOfRightOfUseAssetsAndLeaseLiabilityLineItems [Line Items] | ||
Commitments of lease agreement | R$ 1800000000 | |
United States of America, Dollars | ||
DisclosureOfRightOfUseAssetsAndLeaseLiabilityLineItems [Line Items] | ||
Contractual payments | R$ 12559000 |
Schedule or trade account payab
Schedule or trade account payables (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
DisclosureOfTradeAccountPayablesLineItems [Line Items] | |||
Trade account payables | R$ 12164730 | R$ 9953548 | |
Trade account payables, current | 12,053,266 | 9,946,315 | |
Trade account payables, current | 111,464 | 7,233 | |
Third parties forfait member | |||
DisclosureOfTradeAccountPayablesLineItems [Line Items] | |||
Trade account payables | [1] | 1,993,647 | 1,317,191 |
Related partie forfait member | |||
DisclosureOfTradeAccountPayablesLineItems [Line Items] | |||
Trade account payables | [1] | 248,435 | 643,944 |
Domestic market member | Third parties member | |||
DisclosureOfTradeAccountPayablesLineItems [Line Items] | |||
Trade account payables | 1,505,841 | 1,077,679 | |
Domestic market member | Third parties forfait member | |||
DisclosureOfTradeAccountPayablesLineItems [Line Items] | |||
Trade account payables | [1] | 487,806 | 239,512 |
Domestic market member | Related partie member | |||
DisclosureOfTradeAccountPayablesLineItems [Line Items] | |||
Trade account payables | 208,287 | 97,900 | |
Domestic market member | Related partie forfait member | |||
DisclosureOfTradeAccountPayablesLineItems [Line Items] | |||
Trade account payables | [1] | 40,148 | 546,044 |
Foreign market member | Third parties member | |||
DisclosureOfTradeAccountPayablesLineItems [Line Items] | |||
Trade account payables | [2] | 9,962,736 | 8,023,032 |
Present value adjustment foreign market member | |||
DisclosureOfTradeAccountPayablesLineItems [Line Items] | |||
Trade account payables | [3] | R$ 40088 | R$ 30619 |
[1] | The Company has payment agreements with financial institutions that allow certain suppliers to opt for granting their receivables from the Company upon accepting of financial institutions by acquiring or not the related receivables, without the Company’s interference. The grant operation does not imply any change in the instruments issued by suppliers, with the same conditions of the original amount and the payment term maintained. | ||
[2] | Considers R$4.7 billion (2020: R$4.7 billion) in raw material purchases due in up to 360 days for which the Company provides letters of credit issued by financial institutions that indicate the suppliers as beneficiaries. | ||
[3] | The rate for calculating the Present Value Adjustment (“PVA”) applied to the external market payments with terms equal to or longer than 90 days is calculated based on the average rate for lengthening the term of trade payables. |
Schedule of borrowings (Details
Schedule of borrowings (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | R$ 34897260 | R$ 41732123 | |
Current borrowings | 1,343,494 | 1,318,931 | |
Non-current portion of non-current borrowings | 33,553,766 | 40,413,192 | |
Bond member | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 914,696 | ||
Foreign currency member | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 34,432,009 | 40,234,330 | |
Current borrowings | 1,284,483 | 1,206,084 | |
Non-current portion of non-current borrowings | R$ 33147526 | 39,028,246 | |
Foreign currency member | Bond member | |||
Disclosure of detailed information about borrowings [line items] | |||
Description of borrowing interest rate | [1] | Note 16 (b) | |
Borrowings | [1] | R$ 30322998 | 34,963,651 |
Foreign currency member | Export prepayment member | |||
Disclosure of detailed information about borrowings [line items] | |||
Description of borrowing interest rate | [2] | US dollar exchange variation + quartely Libor + 1.75 | |
Borrowings | [2] | 521,469 | |
Foreign currency member | Investment one member | |||
Disclosure of detailed information about borrowings [line items] | |||
Description of borrowing interest rate | Note 16 (c) | ||
Borrowings | R$ 2612386 | 2,682,824 | |
Foreign currency member | Other borrowings member | |||
Disclosure of detailed information about borrowings [line items] | |||
Description of borrowing interest rate | Note 16 (d) | ||
Borrowings | R$ 2090673 | 2,755,200 | |
Foreign currency member | Transactions costs member | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | (594,048) | (688,814) | |
Local currency member | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 465,251 | 1,497,793 | |
Current borrowings | 59,011 | 112,847 | |
Non-current portion of non-current borrowings | 406,240 | 1,384,946 | |
Local currency member | Transactions costs member | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | R$ 7 | (1,607) | |
Local currency member | Export credit notes1 member | |||
Disclosure of detailed information about borrowings [line items] | |||
Description of borrowing interest rate | [2] | 100.00 of CDI + 0.70 | |
Borrowings | [2] | 402,739 | |
Local currency member | Commercial notes member | |||
Disclosure of detailed information about borrowings [line items] | |||
Description of borrowing interest rate | [2] | 100.00 of CDI + 0.85 | |
Borrowings | [2] | 545,171 | |
Local currency member | B n d e s4 member | |||
Disclosure of detailed information about borrowings [line items] | |||
Description of borrowing interest rate | 4.00 | ||
Borrowings | 1,538 | ||
Local currency member | B n d e s5 member | |||
Disclosure of detailed information about borrowings [line items] | |||
Description of borrowing interest rate | IPCA + 6.04 | ||
Borrowings | R$ 435778 | 490,963 | |
Local currency member | Bnb finep fundes finisa finame member | |||
Disclosure of detailed information about borrowings [line items] | |||
Description of borrowing interest rate | [3] | Interest between 3.50 and 4.00 | |
Borrowings | [3] | R$ 2605 | 26,154 |
Local currency member | B n b f n e member | |||
Disclosure of detailed information about borrowings [line items] | |||
Description of borrowing interest rate | [4] | IPCA + interest between 2.39 and 2.78 | |
Borrowings | [4] | R$ 4616 | 5,639 |
Local currency member | Fundo de desenvolvimento do nordeste member | |||
Disclosure of detailed information about borrowings [line items] | |||
Description of borrowing interest rate | 6.50 | ||
Borrowings | R$ 22259 | R$ 27196 | |
[1] | Braskem has fully, unconditionally and irrevocably, guaranteed the bonds issued by Braskem Finance, Braskem America Finance and Braskem Holanda Finance. The guarantees are senior unsecured obligations of Braskem, ranking equal in right of payment with all of its other existing and future senior unsecured debt. | ||
[2] | Prepaid in July 2021. | ||
[3] | Borrowings were made by Braskem and the subsidiary DAC, which provided a bank guarantee as collateral. | ||
[4] | Borrowings were made by the subsidiaries Cetrel and DAC, with bank guarantee and fiduciary assignment of liquidity fund in a reserve account as collateral. |
Schedule of long-term maturitie
Schedule of long-term maturities (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, noncurrent | R$ 33553766 | R$ 40413192 |
Twenty twenty two member | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, noncurrent | 2,086,460 | |
Twenty twenty three member | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, noncurrent | 1,199,143 | 1,824,477 |
Twenty twenty four member | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, noncurrent | 3,965,917 | 5,653,432 |
Twenty twenty five member | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, noncurrent | 645,517 | 1,121,748 |
Twenty twenty six member | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, noncurrent | 622,032 | 580,062 |
Twenty twenty seven member | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, noncurrent | 552,171 | 514,819 |
Twenty twenty eight member | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, noncurrent | 7,081,301 | 6,986,264 |
Twenty twenty nine member | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, noncurrent | 230,557 | 217,418 |
Twenty thirty member | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, noncurrent | 8,535,493 | 7,951,181 |
Twenty thirty one member | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, noncurrent | 61,617 | 57,096 |
Thirty two and thereafter member | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, noncurrent | R$ 10660018 | R$ 13420235 |
Schedule of bonds (Details)
Schedule of bonds (Details) - Foreign currency member - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of detailed information about borrowings [line items] | |||
Issue amount | R$ 7300000 | ||
Borrowings | 30,322,998 | R$ 34963651 | |
Outstanding amount | R$ 5433742 | ||
Bonds1 member | |||
Disclosure of detailed information about borrowings [line items] | |||
Issue date | [1] | Oct-2010 and Feb-2012 | |
Issue amount | [1] | R$ 700000 | |
Maturity | [1] | no maturity date | |
Interest (% per year) | [1] | 7.38% | |
Borrowings | [1] | 2,598,350 | |
Bonds2 member | |||
Disclosure of detailed information about borrowings [line items] | |||
Issue date | [1] | Jul-2011 and Jul-2012 | |
Issue amount | [1] | 750,000 | |
Maturity | [1] | Jul-2041 | |
Interest (% per year) | [1] | 7.13% | |
Borrowings | [1] | R$ 3296917 | 4,019,404 |
Outstanding amount | [1] | R$ 590792 | |
Bonds3 member | |||
Disclosure of detailed information about borrowings [line items] | |||
Issue date | [1] | May-2012 | |
Issue amount | [1] | R$ 500000 | |
Maturity | [1] | May-2022 | |
Interest (% per year) | [1] | 5.38% | |
Borrowings | [1] | 1,500,304 | |
Bonds4 member | |||
Disclosure of detailed information about borrowings [line items] | |||
Issue date | [1] | Feb-2014 and May-2014 | |
Issue amount | [1] | R$ 750000 | |
Maturity | [1] | Feb-2024 | |
Interest (% per year) | [1] | 6.45% | |
Borrowings | [1] | R$ 3417741 | 4,000,875 |
Outstanding amount | [1] | R$ 612444 | |
Bonds5 member | |||
Disclosure of detailed information about borrowings [line items] | |||
Issue date | [1] | Oct-2017 | |
Issue amount | [1] | R$ 500000 | |
Maturity | [1] | Jan-2023 | |
Interest (% per year) | [1] | 3.50% | |
Borrowings | [1] | R$ 593964 | 1,034,179 |
Outstanding amount | [1] | R$ 106436 | |
Bonds6 member | |||
Disclosure of detailed information about borrowings [line items] | |||
Issue date | Oct-2017 | ||
Issue amount | R$ 1250000 | ||
Maturity | Jan-2028 | ||
Interest (% per year) | 4.50% | ||
Borrowings | R$ 6695263 | 6,633,913 | |
Outstanding amount | R$ 1199760 | ||
Bonds7 member | |||
Disclosure of detailed information about borrowings [line items] | |||
Issue date | Nov-19 | ||
Issue amount | R$ 1500000 | ||
Maturity | Jan-2030 | ||
Interest (% per year) | 4.50% | ||
Borrowings | R$ 8527701 | 7,941,207 | |
Outstanding amount | R$ 1528125 | ||
Bonds8 member | |||
Disclosure of detailed information about borrowings [line items] | |||
Issue date | Nov-19 | ||
Issue amount | R$ 750000 | ||
Maturity | Jan-2030 | ||
Interest (% per year) | 5.88% | ||
Borrowings | R$ 4287829 | 3,992,933 | |
Outstanding amount | R$ 768359 | ||
Bonds9 member | |||
Disclosure of detailed information about borrowings [line items] | |||
Issue date | [2] | Jul-2020 | |
Issue amount | [2] | R$ 600000 | |
Maturity | [2] | Jan-2081 | |
Interest (% per year) | [2] | 8.50% | |
Borrowings | [2] | R$ 3503583 | R$ 3242486 |
Outstanding amount | [2] | R$ 627826 | |
[1] | Prepayments were made in 2021 in the total amount of US$1.3 billion (R$6.9 billion). | ||
[2] | The bond is recorded as a financial liability. According to the specific methodology applied by some rating agencies to calculate leverage, and only for such purpose, 50% of this bond is classified as a hybrid equity instrument. It can be repaid by the Company at par value in the 5 th th th |
Schedule of others - NEX (Detai
Schedule of others - NEX (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Foreign currency member | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount4 | R$ 565956 | ||
Other outstanding amount | R$ 468128 | ||
Foreign currency member | Other n e x i1 member | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings issue date | sep-2017 | ||
Notional amount4 | [1] | R$ 135000 | |
Other outstanding amount | [1] | R$ 82876 | |
Borrowings, maturity | mar-2027 | ||
Borrowings, interest rate basis | Us dollar exchange variation + semianual Libor + 1.61 | ||
Borrowings one | R$ 462490 | R$ 509141 | |
Foreign currency member | Other n e x i2 member | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings issue date | jul-2018 | ||
Notional amount4 | [2] | R$ 205956 | |
Other outstanding amount | [2] | R$ 169859 | |
Borrowings, maturity | dec-2028 | ||
Borrowings, interest rate basis | Us dollar exchange variation + semianual Libor + 0.65 | ||
Borrowings one | R$ 947898 | 996,531 | |
Foreign currency member | Other n e x i3 member | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings issue date | aug-2020 | ||
Notional amount4 | [3] | R$ 225000 | |
Other outstanding amount | [3] | R$ 215393 | |
Borrowings, maturity | feb-2031 | ||
Borrowings, interest rate basis | Us dollar exchange variation + semianual Libor + 1.70 | ||
Borrowings one | R$ 1201998 | 1,177,152 | |
Foreign currency three member | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings one | 2,612,386 | 2,755,200 | |
Borrowings two | R$ 2090673 | R$ 2682824 | |
[1] | Financing contracted by the subsidiary Braskem Holanda Inc. and secured by NEXI, the Japanese export credit agency, and guaranteed by Braskem. | ||
[2] | Financing contracted by the subsidiary Braskem America and secured by Euler Hermes, the German export credit agency. | ||
[3] | Financing contracted by the subsidiary Braskem Holanda Finance and secured by NEXI, the Japanese export credit agency, and guaranteed by Braskem. |
Schedule of others - SACE (Deta
Schedule of others - SACE (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Foreign currency member | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount4 | R$ 565956 | ||
Other outstanding amount | 468,128 | ||
Notional amount | 617,470 | ||
Outstanding amount | R$ 374640 | ||
Foreign currency member | Other s a c e1 member | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings issue date | Nov-2018 | ||
Notional amount4 | R$ 295125 | ||
Other outstanding amount | R$ 206819 | ||
Borrowings, maturity | Nov-2028 | ||
Borrowings, interest rate basis | Us dollar exchange variation + semianual Libor + 0.90 | ||
Borrowings one | R$ 1154146 | R$ 1228285 | |
Foreign currency member | Other s a c e one member | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings issue date | Dec-2019 | ||
Notional amount4 | R$ 150000 | ||
Other outstanding amount | R$ 120083 | ||
Borrowings, maturity | Dec-2029 | ||
Borrowings, interest rate basis | Us dollar exchange variation + semianual Libor + 0.90 | ||
Borrowings one | R$ 670124 | 702,027 | |
Foreign currency member | Other s a c e two member | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings issue date | Apr-2019 | ||
Notional amount4 | R$ 72345 | ||
Other outstanding amount | R$ 47738 | ||
Borrowings, maturity | Apr-2026 | ||
Borrowings, interest rate basis | Us dollar exchange variation + semianual Libor + 1.00 | ||
Borrowings one | R$ 266403 | 300,434 | |
Foreign currency member | Other s a c e three member | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings issue date | [1] | Jan-2020 | |
Notional amount4 | [1] | R$ 100000 | |
Borrowings, maturity | [1] | Jan-2025 | |
Borrowings, interest rate basis | [1] | Us dollar exchange variation + semianual Libor + 1.65 | |
Borrowings one | [1] | 524,454 | |
Foreign currency three member | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings one | R$ 2612386 | 2,755,200 | |
Borrowings two | R$ 2090673 | R$ 2682824 | |
[1] | Credit facility contracted by the subsidiary Braskem Holanda Finance and Braskem Holanda Inc. secured by SACE, an Italian export credit agency, and guaranteed by Braskem. |
Schedule of braskem idesa finan
Schedule of braskem idesa financing (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
IfrsStatementLineItems [Line Items] | |||
Notional amount2 | R$ 2100000 | ||
Braskem idesa borrowings | 11,939,268 | R$ 4729587 | |
Borrowings | 34,897,260 | 41,732,123 | |
Borrowings | 2,139,462 | ||
Non current braskem idesa borrowings3 | 12,311,535 | 12,059,238 | |
Current braskem idesa borrowings | 86,765 | 7,660,128 | |
Non current braskem idesa borrowings1 | 12,224,770 | 4,399,110 | |
Project finance1 member | |||
IfrsStatementLineItems [Line Items] | |||
Notional amount2 | [1] | R$ 700000 | |
Borrowings, maturity | [1] | Feb-2027 | |
Borrowings, interest rate basis | [1] | Us dollar exchange variation + quarterly Libor + 3.25 | |
Braskem idesa borrowings | [1] | 2,444,515 | |
Project finance2 member | |||
IfrsStatementLineItems [Line Items] | |||
Notional amount2 | R$ 210000 | ||
Borrowings, maturity | Feb-2027 | ||
Borrowings, interest rate basis | Us dollar exchange variation + 6.17 | ||
Braskem idesa borrowings | 690,311 | ||
Project finance3 member | |||
IfrsStatementLineItems [Line Items] | |||
Notional amount2 | [2] | R$ 600000 | |
Borrowings, maturity | [2] | Feb-2029 | |
Borrowings, interest rate basis | [2] | Us dollar exchange variation + 4.33 | |
Braskem idesa borrowings | [2] | 2,145,326 | |
Project finance4 member | |||
IfrsStatementLineItems [Line Items] | |||
Notional amount2 | R$ 660000 | ||
Borrowings, maturity | Feb-2029 | ||
Borrowings, interest rate basis | Us dollar exchange variation + quarterly Libor + 3.88 | ||
Braskem idesa borrowings | 2,419,920 | ||
Project finance ten member | |||
IfrsStatementLineItems [Line Items] | |||
Notional amount2 | R$ 2170000 | ||
Braskem idesa borrowings | 7,700,072 | ||
Bond member | |||
IfrsStatementLineItems [Line Items] | |||
Notional amount2 | R$ 900000 | ||
Borrowings, maturity | Nov-2029 | ||
Borrowings, interest rate basis | Us dollar exchange variation + 7.45 | ||
Braskem idesa borrowings | R$ 5104463 | 4,729,587 | |
Borrowings | 914,696 | ||
Bond i i member | |||
IfrsStatementLineItems [Line Items] | |||
Notional amount2 | R$ 1200000 | ||
Borrowings, maturity | Feb-2032 | ||
Borrowings, interest rate basis | Us dollar exchange variation + 6.99 | ||
Braskem idesa borrowings | R$ 6834805 | ||
Borrowings | 1,224,766 | ||
Other member | |||
IfrsStatementLineItems [Line Items] | |||
Notional amount2 | R$ 150000 | ||
Borrowings, maturity | Oct-2026 | ||
Borrowings, interest rate basis | Us dollar exchange variation + quarterly Libor + 4.00 | ||
Braskem idesa borrowings | R$ 849859 | ||
Borrowings | 152,291 | ||
Transactions costs member | |||
IfrsStatementLineItems [Line Items] | |||
Braskem idesa borrowings | R$ 477592 | R$ 370421 | |
[1] | Prepaid in October 2021. | ||
[2] | Funding operation carried out in October 2021. |
The following table summarizes
The following table summarizes the long-term maturities of these financings as of December 31, 2021: (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
DisclosureOfDetailedInformationAboutBraskemIdesaFinancingsLineItems [Line Items] | ||
Original Long-Term Maturities | R$ 12224770 | R$ 4399110 |
Twenty twenty two member | ||
DisclosureOfDetailedInformationAboutBraskemIdesaFinancingsLineItems [Line Items] | ||
Original Long-Term Maturities | 67,649 | |
Twenty twenty three member | ||
DisclosureOfDetailedInformationAboutBraskemIdesaFinancingsLineItems [Line Items] | ||
Original Long-Term Maturities | 68,694 | |
Twenty twenty four member | ||
DisclosureOfDetailedInformationAboutBraskemIdesaFinancingsLineItems [Line Items] | ||
Original Long-Term Maturities | 69,530 | |
Twenty twenty five member | ||
DisclosureOfDetailedInformationAboutBraskemIdesaFinancingsLineItems [Line Items] | ||
Original Long-Term Maturities | 408,445 | |
Twenty twenty nine and thereaftert member | ||
DisclosureOfDetailedInformationAboutBraskemIdesaFinancingsLineItems [Line Items] | ||
Original Long-Term Maturities | 4,900,399 | R$ 4399110 |
Twenty twenty nine and thereaftert three year member | ||
DisclosureOfDetailedInformationAboutBraskemIdesaFinancingsLineItems [Line Items] | ||
Original Long-Term Maturities | R$ 6710053 |
Schedule of debentures (Details
Schedule of debentures (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about borrowings [line items] | ||
Debentures | R$ 196918 | R$ 236115 |
Debentures, current | 59,088 | 54,436 |
Debentures, non current | R$ 137830 | 181,679 |
Debentures member | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual financial charges (%) | Mar-2013 | |
Borrowings, maturity | Mar-2025 | |
Annual financial charges (%) | IPCA + 6% | |
Debentures | R$ 150013 | 177,009 |
Debentures1 member | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual financial charges (%) | Sep-2013 | |
Borrowings, maturity | Sep-2025 | |
Annual financial charges (%) | 126.5% of CDI | |
Debentures | R$ 46905 | R$ 59106 |
Schedule of long-term debenture
Schedule of long-term debenture maturity (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings [line items] | ||
Debentures, noncurrent | R$ 137830 | R$ 181679 |
Twenty twenty two member | ||
Disclosure of detailed information about borrowings [line items] | ||
Debentures, noncurrent | 53,406 | |
Twenty twenty three member | ||
Disclosure of detailed information about borrowings [line items] | ||
Debentures, noncurrent | 57,045 | 53,417 |
Twenty twenty four member | ||
Disclosure of detailed information about borrowings [line items] | ||
Debentures, noncurrent | 57,096 | 53,443 |
Twenty twenty five member | ||
Disclosure of detailed information about borrowings [line items] | ||
Debentures, noncurrent | R$ 23689 | R$ 21413 |
Braskem Idesa Financing (Detail
Braskem Idesa Financing (Details Narrative) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Description of guarantees correspond | At the close of December 2020, such guarantees corresponded to US$194 million (R$1 billion) and US$208 million (R$1.1 billion), respectively. The financing also contained various other covenants typical to contracts of this kind | |
Bonds due year | 10 years | |
Description of credit facility | Credit facility in the amount of US$150 million (R$834 million) due in October 2026, at LIBOR plus 4% p.a. | |
Description of non-monetary covenants | On December 31, 2020, certain non-monetary covenants established in the contracts of Project Finance remained unfulfilled. As a result, the amount of R$6,538,646 was reclassified from non-current liabilities to current liabilities. | |
Sustainable link bond member | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings interest rate | 7.00% | |
Increased borrowings interest rate | 0.37% |
Reconciliation of borrowing a_3
Reconciliation of borrowing activities in the statement of cash flow (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
DisclosureOfFinancingActivitiesInStatementOfCashFlowLineItems [Line Items] | ||
Prepaid dividends approved by the Board | R$ 6000000 | |
Borrowing member | ||
DisclosureOfFinancingActivitiesInStatementOfCashFlowLineItems [Line Items] | ||
Beginning balance | 41,732,123 | |
Proceeds from debt classified as financing activities | 16,308 | |
Payments | (9,374,653) | |
Cash used in financing activities | (9,358,345) | |
Interest paid | (2,001,552) | |
Interest and monetary and exchange variations, net | 2,626,770 | |
Currency translation adjustments classified as financing activities | 1,898,264 | |
Total other changes | 2,523,482 | |
Ending balance | 34,897,260 | R$ 41732123 |
Debentures member | ||
DisclosureOfFinancingActivitiesInStatementOfCashFlowLineItems [Line Items] | ||
Beginning balance | 236,115 | |
Payments | (39,256) | |
Cash used in financing activities | (39,256) | |
Interest paid | (29,033) | |
Interest and monetary and exchange variations, net | 29,092 | |
Total other changes | 59 | |
Ending balance | 196,918 | 236,115 |
Borrowings and debentures member | ||
DisclosureOfFinancingActivitiesInStatementOfCashFlowLineItems [Line Items] | ||
Beginning balance | 41,968,238 | |
Proceeds from debt classified as financing activities | 16,308 | |
Payments | (9,413,909) | |
Cash used in financing activities | (9,397,601) | |
Interest paid | (2,030,585) | |
Interest and monetary and exchange variations, net | 2,655,862 | |
Currency translation adjustments classified as financing activities | 1,898,264 | |
Total other changes | 2,523,541 | |
Ending balance | 35,094,178 | 41,968,238 |
Braskem idesa financing member | ||
DisclosureOfFinancingActivitiesInStatementOfCashFlowLineItems [Line Items] | ||
Beginning balance | 12,059,238 | |
Proceeds from debt classified as financing activities | 7,271,658 | |
Payments | (7,995,045) | |
Cash used in financing activities | (723,387) | |
Interest paid | (649,945) | |
Interest and monetary and exchange variations, net | 1,055,347 | |
Currency translation adjustments classified as financing activities | 570,282 | |
Total other changes | 975,684 | |
Ending balance | 12,311,535 | 12,059,238 |
Loan to non controlling shareholders of braskem idesa member | ||
DisclosureOfFinancingActivitiesInStatementOfCashFlowLineItems [Line Items] | ||
Beginning balance | 3,222,493 | |
Payments | (9,545) | |
Cash used in financing activities | (9,545) | |
Interest paid | (4,679) | |
Interest and monetary and exchange variations, net | 243,673 | |
Initial adoption of lease | 42,457 | |
Currency translation adjustments classified as financing activities | 152,139 | |
Total other changes | 433,590 | |
Ending balance | 3,646,538 | 3,222,493 |
Lease member | ||
DisclosureOfFinancingActivitiesInStatementOfCashFlowLineItems [Line Items] | ||
Beginning balance | 3,207,886 | |
Payments | (841,706) | |
Cash used in financing activities | (841,706) | |
Interest paid | (198,225) | |
Interest and monetary and exchange variations, net | 206,375 | |
New contract classified as financing activities | 746,573 | |
Disposal | (50,473) | |
Currency translation adjustments classified as financing activities | 85,984 | |
Total other changes | 790,234 | |
Ending balance | 3,156,414 | 3,207,886 |
Dividends member | ||
DisclosureOfFinancingActivitiesInStatementOfCashFlowLineItems [Line Items] | ||
Beginning balance | 5,456 | |
Payments | (5,993,265) | |
Cash used in financing activities | (5,993,265) | |
Prepaid dividends approved by the Board | 6,000,000 | |
Dividends lapse of statute of limitation Other | (1,653) | |
Total other changes | 5,998,347 | |
Ending balance | R$ 10538 | R$ 5456 |
Schedule of non-derivative fina
Schedule of non-derivative financial instruments and other liabilities (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Trade payables member | Financial liabilities at amortised cost, category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value financial liabilities | R$ 12164730 | R$ 9953548 |
Fair value financial liabilities | 12,164,730 | 9,953,548 |
Borrowing member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value financial liabilities | 35,491,315 | 42,422,544 |
Fair value financial liabilities | 38,839,745 | 46,118,050 |
Braskem idesa borrowings member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value financial liabilities | 12,789,127 | 12,429,659 |
Fair value financial liabilities | 13,128,665 | 15,897,373 |
Loan to noncontrolling shareholder of braskem idesa member | Financial liabilities at amortised cost, category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value financial liabilities | 3,646,538 | 3,222,493 |
Fair value financial liabilities | 3,646,538 | 3,222,493 |
Leniency agreement member | Financial liabilities at amortised cost, category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value financial liabilities | 1,123,296 | 1,474,350 |
Fair value financial liabilities | 1,123,296 | 1,474,350 |
Level 2 of fair value hierarchy [member] | Borrowing member | Financial liabilities at amortised cost, category [member] | Foreign currency other borrowings member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value financial liabilities | 4,703,059 | 5,959,493 |
Fair value financial liabilities | 4,696,970 | 6,371,070 |
Level 2 of fair value hierarchy [member] | Borrowing member | Financial liabilities at amortised cost, category [member] | Local currency member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value financial liabilities | 465,258 | 1,499,400 |
Fair value financial liabilities | 451,899 | 2,591,920 |
Level 2 of fair value hierarchy [member] | Braskem idesa borrowings member | Financial liabilities at amortised cost, category [member] | Project finance member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value financial liabilities | 7,700,072 | |
Fair value financial liabilities | 11,486,114 | |
Level 2 of fair value hierarchy [member] | Braskem idesa borrowings member | Financial liabilities at amortised cost, category [member] | Other member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value financial liabilities | 849,859 | |
Fair value financial liabilities | 931,141 | |
Level 2 of fair value hierarchy [member] | Debentures member | Financial liabilities at amortised cost, category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value financial liabilities | 196,918 | 236,115 |
Fair value financial liabilities | 195,570 | 248,778 |
Level 1 of fair value hierarchy [member] | Borrowing member | Financial liabilities at amortised cost, category [member] | Foreign currency bond member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value financial liabilities | 30,322,998 | 34,963,651 |
Fair value financial liabilities | 33,690,876 | 37,155,060 |
Level 1 of fair value hierarchy [member] | Braskem idesa borrowings member | Financial liabilities at amortised cost, category [member] | Bond member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value financial liabilities | 11,939,268 | 4,729,587 |
Fair value financial liabilities | 12,197,524 | 4,411,259 |
Cash and cash equivalent member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value financial assets | 8,680,686 | 13,862,852 |
Fair value financial assets | 8,680,686 | 13,862,852 |
Cash and cash equivalent member | Financial assets at fair value through profit or loss, category [member] | Level 2 of fair value hierarchy [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value financial assets | 3,629,864 | 11,915,889 |
Fair value financial assets | 3,629,864 | 11,915,889 |
Cash and cash equivalent member | Cash and banks member | Financial assets at amortised cost, category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value financial assets | 5,050,822 | 1,946,963 |
Fair value financial assets | 5,050,822 | 1,946,963 |
Financial investments member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value financial assets | 3,509,555 | 3,642,791 |
Fair value financial assets | 3,509,555 | 3,642,791 |
Financial investments member | Letras financeiras do tesouro l f t member | Financial assets at fair value through profit or loss, category [member] | Level 2 of fair value hierarchy [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value financial assets | 2,337,171 | 2,163,042 |
Fair value financial assets | 2,337,171 | 2,163,042 |
Financial investments member | Time deposit investments member | Financial assets at amortised cost, class [member] | Level 2 of fair value hierarchy [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value financial assets | 106,271 | 53,941 |
Fair value financial assets | 106,271 | 53,941 |
Financial investments member | Other member | Financial assets at fair value through profit or loss, category [member] | Level 2 of fair value hierarchy [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value financial assets | 1,066,113 | 1,425,808 |
Fair value financial assets | 1,066,113 | 1,425,808 |
Trade accounts receivables member | Financial assets at fair value through profit or loss, category [member] | Level 2 of fair value hierarchy [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value financial assets | 48,508 | 78,116 |
Fair value financial assets | 48,508 | 78,116 |
Trade accounts receivables member | Financial assets at amortised cost, class [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Book value financial assets | 7,118,452 | 4,677,092 |
Fair value financial assets | R$ 7118452 | R$ 4677092 |
Schedule of changes in derivati
Schedule of changes in derivative financial instruments (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | ||
Current derivative financial assets | R$ 33816 | R$ 33769 |
Non-current derivative financial assets | 51 | 34,091 |
Derivative financial assets | 33,867 | 67,860 |
Current derivative financial liabilities | 256,131 | 592,251 |
Non-current derivative financial liabilities | 362,915 | 558,913 |
Derivative financial liabilities | 619,046 | 1,151,164 |
Derivative financial assets and liabilities | 585,179 | R$ 1083304 |
Non hedge accounting transactions member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Credit derivative, fair value at beginning of period | 216,088 | |
Increase (decrease) in credit derivative, fair value | 264,101 | |
Credit derivative financial settlement | (482,734) | |
Credit derivative, fair value at end of period | (2,545) | |
Non hedge accounting transactions member | Exchange swap member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Credit derivative, fair value at beginning of period | (3) | |
Increase (decrease) in credit derivative, fair value | 58 | |
Credit derivative financial settlement | (52) | |
Credit derivative, fair value at end of period | 3 | |
Non hedge accounting transactions member | N c e swap member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Credit derivative, fair value at beginning of period | 145,144 | |
Increase (decrease) in credit derivative, fair value | 48,726 | |
Credit derivative financial settlement | (193,870) | |
Non hedge accounting transactions member | Swap c3 p g p member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Credit derivative, fair value at beginning of period | 63,901 | |
Increase (decrease) in credit derivative, fair value | 202,002 | |
Credit derivative financial settlement | (251,604) | |
Credit derivative, fair value at end of period | 14,299 | |
Non hedge accounting transactions member | Swap nafta gasolina member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Credit derivative, fair value at beginning of period | 7,046 | |
Increase (decrease) in credit derivative, fair value | 13,315 | |
Credit derivative financial settlement | (37,208) | |
Credit derivative, fair value at end of period | (16,847) | |
Hedge accounting transactions member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Credit derivative, fair value at beginning of period | 867,216 | |
Increase (decrease) in credit derivative, fair value | 178,727 | |
Credit derivative financial settlement | (458,219) | |
Credit derivative, fair value at end of period | 587,724 | |
Extrinsic value | (20,223) | |
Derivative financial assets and liabilities accumulated other comprehensive income | (64,993) | |
Fair value | (587,724) | |
Hedge accounting transactions member | Dollar call and put ptions member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Credit derivative, fair value at beginning of period | 144,801 | |
Increase (decrease) in credit derivative, fair value | 143,336 | |
Credit derivative financial settlement | (202,921) | |
Credit derivative, fair value at end of period | 85,216 | |
Extrinsic value | (20,223) | |
Derivative financial assets and liabilities accumulated other comprehensive income | (64,993) | |
Fair value | (85,216) | |
Hedge accounting transactions member | Interest rate swaps member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Credit derivative, fair value at beginning of period | 155,775 | |
Increase (decrease) in credit derivative, fair value | (52,164) | |
Credit derivative financial settlement | (103,611) | |
Hedge accounting transactions member | Dollar swap c d i member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Credit derivative, fair value at beginning of period | 566,640 | |
Increase (decrease) in credit derivative, fair value | 87,555 | |
Credit derivative financial settlement | (151,687) | |
Credit derivative, fair value at end of period | 502,508 | |
Fair value | R$ 502508 |
Schedule of non-derivative fi_2
Schedule of non-derivative financial liabilities designated to hedge accounting (Details) - Dec. 31, 2021 - United States of America, Dollars R$ in Thousands, $ in Thousands | USD ($) | BRL (R$) |
Disclosure of detailed information about financial instruments [line items] | ||
Exports that were designated not yet realized and not discontinued nominal value | $ 4,738,854 | R$ 26445177 |
Later than four years and not later than five years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exports that were designated not yet realized and not discontinued nominal value | 288,854 | 1,611,950 |
Later than five years and not later than ten years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exports that were designated not yet realized and not discontinued nominal value | 800,000 | 4,464,400 |
Later than five years and not later than seven years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exports that were designated not yet realized and not discontinued nominal value | 1,250,000 | 6,975,626 |
Later than seven years and not later than ten years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exports that were designated not yet realized and not discontinued nominal value | 800,000 | 4,464,400 |
Later than ten years1 member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exports that were designated not yet realized and not discontinued nominal value | 800,000 | 4,464,400 |
Later than ten years and not later than fifteen years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exports that were designated not yet realized and not discontinued nominal value | $ 800,000 | R$ 4464400 |
Schedule of financial instrumen
Schedule of financial instruments designated for hedge (Details) - 12 months ended Dec. 31, 2021 R$ in Thousands, $ in Thousands | USD ($) | BRL (R$) |
Disclosure of detailed information about financial instruments [line items] | ||
New designations | $ 1,350,000 | |
Ending balance | 2,250,000 | R$ 12556126 |
United States of America, Dollars | ||
Disclosure of detailed information about financial instruments [line items] | ||
Beginning balance | 2,371,443 | |
Discontinued hedge | (1,622,370) | |
Rebalanced hedge | 150,827 | |
Ending balance | 2,250,000 | |
United States of America, Dollars | Future exports member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Designated balance, beginning | 5,274,854 | |
Hedge discontinued | (1,316,000) | |
Rebalance discontinued hedge | 380,000 | |
Designations | 400,000 | |
Designated balance, ending | $ 4,738,854 |
Schedule of financial liability
Schedule of financial liability maturity (Details) - Dec. 31, 2021 - United States of America, Dollars R$ in Thousands, $ in Thousands | USD ($) | BRL (R$) |
Disclosure of detailed information about financial instruments [line items] | ||
Financial liability maturities nominal value | $ 4,738,854 | R$ 26445177 |
Later than four years and not later than five years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liability maturities nominal value | 288,854 | 1,611,950 |
Later than five years and not later than ten years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liability maturities nominal value | 800,000 | 4,464,400 |
Later than five years and not later than seven years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liability maturities nominal value | 1,250,000 | 6,975,626 |
Later than seven years and not later than ten years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liability maturities nominal value | 800,000 | 4,464,400 |
Later than ten years1 member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liability maturities nominal value | 800,000 | 4,464,400 |
Later than ten years and not later than fifteen years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liability maturities nominal value | $ 800,000 | R$ 4464400 |
Schedule of future hedged sales
Schedule of future hedged sales (Details) R$ in Thousands, $ in Thousands | Dec. 31, 2021USD ($)Number | Dec. 31, 2021BRL (R$)Number |
Disclosure of detailed information about financial instruments [line items] | ||
Gross nominal value | R$ | R$ 1903005 | |
United States of America, Dollars | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total nominal value | $ | $ 716,000 | |
Hedge discontinued member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total nominal value | $ | 1,837,372 | |
Gross nominal value | R$ | R$ 4507232 | |
Hedge discontinued member | United States of America, Dollars | First to fourth quarter2022 member | Braskem idesa member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total nominal value | $ | $ 719,000 | |
Conversion rate at inception | 2.0017 | 2.0017 |
Closing rate | 3.9786 | 3.9786 |
Gross nominal value | R$ | R$ 1421391 | |
Hedge discontinued member | United States of America, Dollars | First to fourth quarter2023 member | Braskem idesa member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total nominal value | $ | $ 718,372 | |
Conversion rate at inception | 2.0017 | 2.0017 |
Closing rate | 4.2698 | 4.2698 |
Gross nominal value | R$ | R$ 1629321 | |
Hedge discontinued member | United States of America, Dollars | Third to fourth quarter2024 member | Braskem idesa member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total nominal value | $ | $ 400,000 | |
Conversion rate at inception | 2.0017 | 2.0017 |
Closing rate | 5.6430 | 5.6430 |
Gross nominal value | R$ | R$ 1456520 |
Schedule of exchange variation
Schedule of exchange variation (Details) R$ in Thousands, $ in Thousands | Dec. 31, 2021USD ($)Number | Dec. 31, 2021BRL (R$)Number |
Disclosure of detailed information about financial instruments [line items] | ||
Exports designated for hedge gross nominal value | R$ | R$ 1903005 | |
First quarter member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exports designated for hedge gross nominal value | R$ | 505,946 | |
Second quarter member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exports designated for hedge gross nominal value | R$ | 645,837 | |
Third quarter member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exports designated for hedge gross nominal value | R$ | 355,842 | |
Fourth quarter member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exports designated for hedge gross nominal value | R$ | R$ 395380 | |
United States of America, Dollars | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exports designated for hedge nominal value | $ | $ 716,000 | |
United States of America, Dollars | First quarter member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exports designated for hedge nominal value | $ | $ 150,000 | |
Opening foreign exchange rate | 2.0017 | 2.0017 |
Closing foreign exchange rate | 5.3747 | 5.3747 |
United States of America, Dollars | Second quarter member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exports designated for hedge nominal value | R$ | R$ 186000 | |
Opening foreign exchange rate | 2.0017 | 2.0017 |
Closing foreign exchange rate | 5.4739 | 5.4739 |
United States of America, Dollars | Third quarter member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exports designated for hedge nominal value | $ | $ 180,000 | |
Opening foreign exchange rate | 2.0017 | 2.0017 |
Closing foreign exchange rate | 3.9786 | 3.9786 |
United States of America, Dollars | Fourth quarter member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exports designated for hedge nominal value | $ | $ 200,000 | |
Opening foreign exchange rate | 2.0017 | 2.0017 |
Closing foreign exchange rate | 3.9786 | 3.9786 |
Schedule of changes in foreign
Schedule of changes in foreign exchange variation and income tax and social contribution (Details) R$ in Thousands | 12 Months Ended |
Dec. 31, 2021BRL (R$) | |
Disclosure of detailed information about financial instruments [line items] | |
Beginning balance | R$ 8642891 |
Exchange variation recorded in the period on OCI / IR and CSL | (1,260,781) |
Exchange variation transferred to profit or loss / IR and CSL | 1,255,983 |
Ending balance | (8,647,689) |
Exchange variation member | |
Disclosure of detailed information about financial instruments [line items] | |
Beginning balance | (13,095,288) |
Exchange variation recorded in the period on OCI / IR and CSL | (1,910,274) |
Exchange variation transferred to profit or loss / IR and CSL | 1,903,004 |
Ending balance | (13,102,558) |
I r and c s l member | |
Disclosure of detailed information about financial instruments [line items] | |
Beginning balance | 4,452,397 |
Exchange variation recorded in the period on OCI / IR and CSL | 649,493 |
Exchange variation transferred to profit or loss / IR and CSL | (647,021) |
Ending balance | R$ 4454869 |
The quarterly schedule of hedge
The quarterly schedule of hedged exports in the following quarters of 2022 follows: (Details) - Dec. 31, 2021 R$ in Thousands, $ in Thousands | USD ($) | BRL (R$) |
Disclosure of detailed information about financial instruments [line items] | ||
Total nominal value | R$ | R$ 4012380 | |
United States of America, Dollars | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total nominal value | $ | $ 719,000 | |
First quarter member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total nominal value | R$ | 976,588 | |
First quarter member | United States of America, Dollars | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total nominal value | $ | 175,000 | |
Second quarter member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total nominal value | R$ | 1,160,744 | |
Second quarter member | United States of America, Dollars | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total nominal value | $ | 208,000 | |
Third quarter member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total nominal value | R$ | 1,037,973 | |
Third quarter member | United States of America, Dollars | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total nominal value | $ | 186,000 | |
Fourth quarter member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total nominal value | R$ | R$ 837075 | |
Fourth quarter member | United States of America, Dollars | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total nominal value | $ | $ 150,000 |
Schedule of designated and unre
Schedule of designated and unrealized sales (Details) - Dec. 31, 2021 R$ in Thousands, $ in Thousands | USD ($) | BRL (R$) |
Disclosure of detailed information about financial instruments [line items] | ||
Designated and unrealized sales nominal value | $ 2,250,000 | R$ 12556126 |
Later than two years and not later than three years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Designated and unrealized sales nominal value | 22,500 | 125,561 |
Later than three years and not later than four years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Designated and unrealized sales nominal value | 22,500 | 125,561 |
Later than four years and not later than five years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Designated and unrealized sales nominal value | 22,500 | 125,561 |
Later than five years and not later than ten years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Designated and unrealized sales nominal value | 82,500 | 460,391 |
Later than seven years and not later than ten years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Designated and unrealized sales nominal value | 225,000 | 1,255,613 |
Later than ten years and not later than fifteen years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Designated and unrealized sales nominal value | 225,000 | 1,255,613 |
Later than fifteen years and not later than twenty years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Designated and unrealized sales nominal value | 525,000 | 2,929,763 |
Later than twenty years and not later than twenty-five years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Designated and unrealized sales nominal value | 525,000 | 2,929,763 |
Later than thirty years and not later than thirtyfive years member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Designated and unrealized sales nominal value | 300,000 | 1,674,150 |
Later than fourty years and not later than fourtyfive years member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Designated and unrealized sales nominal value | $ 300,000 | R$ 1674150 |
Schedule of designated financia
Schedule of designated financial liabilities maturities (Details) - Dec. 31, 2021 R$ in Thousands, $ in Thousands | USD ($) | BRL (R$) |
Disclosure of detailed information about financial instruments [line items] | ||
Project finance hedged item liabilities | $ 2,250,000 | R$ 12556126 |
Later than three years and not later than four years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Project finance hedged item liabilities | 22,500 | 125,561 |
Later than four years and not later than five years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Project finance hedged item liabilities | 22,500 | 125,561 |
Later than five years and not later than ten years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Project finance hedged item liabilities | 22,500 | 125,561 |
Later than five years and not later than six years member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Project finance hedged item liabilities | 82,500 | 460,391 |
Later than seven years and not later than ten years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Project finance hedged item liabilities | 225,000 | 1,255,613 |
Later than ten years1 member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Project finance hedged item liabilities | 225,000 | 1,255,613 |
Later than ten years and not later than fifteen years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Project finance hedged item liabilities | 525,000 | 2,929,763 |
Later than twenty years and not later than twenty-five years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Project finance hedged item liabilities | 525,000 | 2,929,763 |
Later than thirty years and not later than thirtyfive years member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Project finance hedged item liabilities | 300,000 | 1,674,150 |
Later than forty years and not later than forty five years member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Project finance hedged item liabilities | $ 300,000 | R$ 1674150 |
Schedule of discontinued hedge
Schedule of discontinued hedge accounting (Details) - Braskem idesa member R$ in Thousands, $ in Thousands, $ in Thousands | Dec. 31, 2021USD ($)Number | Dec. 31, 2021BRL (R$)Number | Dec. 31, 2021MXN ($)Number |
Disclosure of detailed information about financial instruments [line items] | |||
Gross nominal value | R$ | R$ 3373707 | ||
United States of America, Dollars | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total nominal value | $ 1,920,920 | ||
Hedge discontinued one member | |||
Disclosure of detailed information about financial instruments [line items] | |||
Opening foreign exchange rate | Number | 13.4541 | 13.4541 | 13.4541 |
Closing foreign exchange rate | Number | 17.9915 | 17.9915 | 17.9915 |
Gross nominal value | R$ | R$ 12284 | ||
Hedge discontinued one member | United States of America, Dollars | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total nominal value | $ 9,917 | ||
Hedge discontinued one member | Mexico, Pesos | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total nominal value | $ 44,997 | ||
Hedge discontinued two member | |||
Disclosure of detailed information about financial instruments [line items] | |||
Opening foreign exchange rate | Number | 13.6665 | 13.6665 | 13.6665 |
Closing foreign exchange rate | Number | 19.6113 | 19.6113 | 19.6113 |
Gross nominal value | R$ | R$ 1011036 | ||
Hedge discontinued two member | United States of America, Dollars | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total nominal value | $ 622,965 | ||
Hedge discontinued two member | Mexico, Pesos | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total nominal value | $ 3,703,429 | ||
Hedge discontinued three member | |||
Disclosure of detailed information about financial instruments [line items] | |||
Opening foreign exchange rate | Number | 13.4541 | 13.4541 | 13.4541 |
Closing foreign exchange rate | Number | 19.3247 | 19.3247 | 19.3247 |
Gross nominal value | R$ | R$ 39809 | ||
Hedge discontinued three member | United States of America, Dollars | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total nominal value | $ 24,839 | ||
Hedge discontinued three member | Mexico, Pesos | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total nominal value | $ 145,821 | ||
Hedge discontinued four member | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total nominal value | $ 12,357,902 | ||
Opening foreign exchange rate | Number | 13.4541 | 13.4541 | 13.4541 |
Closing foreign exchange rate | Number | 18.5712 | 18.5712 | 18.5712 |
Gross nominal value | R$ | R$ 982 | ||
Hedge discontinued four member | United States of America, Dollars | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total nominal value | $ 703 | ||
Hedge discontinued four member | Mexico, Pesos | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total nominal value | $ 3,598 | ||
Hedge discontinued five member | |||
Disclosure of detailed information about financial instruments [line items] | |||
Opening foreign exchange rate | Number | 13.6576 | 13.6576 | 13.6576 |
Closing foreign exchange rate | Number | 20.3587 | 20.3587 | 20.3587 |
Gross nominal value | R$ | R$ 2309596 | ||
Hedge discontinued five member | United States of America, Dollars | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total nominal value | $ 1,262,496 | ||
Hedge discontinued five member | Mexico, Pesos | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total nominal value | $ 8,460,057 |
Schedule of exchange variatio_2
Schedule of exchange variation - Braskem Idesa (Details) - Braskem idesa member R$ in Thousands, $ in Thousands, $ in Thousands | Dec. 31, 2021USD ($)Number | Dec. 31, 2021BRL (R$)Number | Dec. 31, 2021MXN ($)Number |
Disclosure of detailed information about financial instruments [line items] | |||
Sales designated for hedge gross nominal value | R$ | R$ 507229 | ||
United States of America, Dollars | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total nominal value | $ 303,391 | ||
Mexico, Pesos | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total nominal value | $ 1,961,910 | ||
First quarter member | |||
Disclosure of detailed information about financial instruments [line items] | |||
Opening foreign exchange rate1 | Number | 13.6534 | 13.6534 | 13.6534 |
Closing foreign exchange rate1 | Number | 19.9798 | 19.9798 | 19.9798 |
Sales designated for hedge gross nominal value | R$ | R$ 117985 | ||
First quarter member | United States of America, Dollars | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total nominal value | $ 69,855 | ||
First quarter member | Mexico, Pesos | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total nominal value | $ 441,931 | ||
Second quarter member | |||
Disclosure of detailed information about financial instruments [line items] | |||
Opening foreign exchange rate1 | Number | 13.6515 | 13.6515 | 13.6515 |
Closing foreign exchange rate1 | Number | 20.5309 | 20.5309 | 20.5309 |
Sales designated for hedge gross nominal value | R$ | R$ 125812 | ||
Second quarter member | United States of America, Dollars | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total nominal value | $ 75,848 | ||
Second quarter member | Mexico, Pesos | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total nominal value | $ 521,789 | ||
Third quarter member | |||
Disclosure of detailed information about financial instruments [line items] | |||
Opening foreign exchange rate1 | Number | 13.6518 | 13.6518 | 13.6518 |
Closing foreign exchange rate1 | Number | 19.8298 | 19.8298 | 19.8298 |
Sales designated for hedge gross nominal value | R$ | R$ 124636 | ||
Third quarter member | United States of America, Dollars | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total nominal value | $ 77,094 | ||
Third quarter member | Mexico, Pesos | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total nominal value | $ 476,287 | ||
Fourth quarter member | |||
Disclosure of detailed information about financial instruments [line items] | |||
Opening foreign exchange rate1 | Number | 13.6512 | 13.6512 | 13.6512 |
Closing foreign exchange rate1 | Number | 20.1269 | 20.1269 | 20.1269 |
Sales designated for hedge gross nominal value | R$ | R$ 138796 | ||
Fourth quarter member | United States of America, Dollars | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total nominal value | $ 80,594 | ||
Fourth quarter member | Mexico, Pesos | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total nominal value | $ 521,903 |
Schedule of changes in foreig_2
Schedule of changes in foreign exchange variation and income tax and social contribution - Braskem Idesa (Details) - Braskem idesa member R$ in Thousands | 12 Months Ended |
Dec. 31, 2021BRL (R$) | |
Disclosure of detailed information about financial instruments [line items] | |
Beginning balance | R$ 1773156 |
Exchange variation recorded in the period on OCI / IR | (143,223) |
Exchange variation transferred to profit or loss / IR | 355,060 |
Ending balance | (1,561,319) |
Exchange variation member | |
Disclosure of detailed information about financial instruments [line items] | |
Beginning balance | (2,534,135) |
Exchange variation recorded in the period on OCI / IR | (204,604) |
Exchange variation transferred to profit or loss / IR | 507,228 |
Ending balance | (2,231,511) |
Income tax member | |
Disclosure of detailed information about financial instruments [line items] | |
Beginning balance | 760,979 |
Exchange variation recorded in the period on OCI / IR | 61,381 |
Exchange variation transferred to profit or loss / IR | (152,168) |
Ending balance | R$ 670192 |
Below is the quarterly schedule
Below is the quarterly schedule of hedged sales in US$ in 2022: (Details) - Dec. 31, 2021 R$ in Thousands, $ in Thousands | USD ($) | BRL (R$) |
Disclosure of detailed information about financial instruments [line items] | ||
Total nominal value | R$ | R$ 1413006 | |
First quarter member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total nominal value | R$ | 162,594 | |
United States of America, Dollars | Second quarter member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total nominal value | $ | $ 72,612 | |
Second quarter member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total nominal value | R$ | 405,210 | |
Third quarter member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total nominal value | R$ | 405,210 | |
Fourth quarter member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total nominal value | R$ | R$ 439992 | |
United States of America, Dollars | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total nominal value | $ | 253,204 | |
United States of America, Dollars | First quarter member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total nominal value | $ | 29,136 | |
United States of America, Dollars | Third quarter member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total nominal value | $ | 72,612 | |
United States of America, Dollars | Fourth quarter member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total nominal value | $ | $ 78,844 |
Schedule of trade accounts re_3
Schedule of trade accounts receivable by credit ratings (Details) | Dec. 31, 2021 | Dec. 31, 2020 | |
Minimum risk member | |||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | |||
Expected credit loss rate | 65.39% | 67.53% | |
Low risk member | |||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | |||
Expected credit loss rate | 26.65% | 20.08% | |
Moderate risk member | |||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | |||
Expected credit loss rate | 6.02% | 10.43% | |
High risk member | |||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | |||
Expected credit loss rate | 1.54% | 1.10% | |
Very high risk member | |||
DisclosureOfCashAndCashEquivalentsLineItems [Line Items] | |||
Expected credit loss rate | [1] | 0.40% | 0.86% |
[1] | Most clients in this group are inactive and the respective accounts are in the process of collection actions in the courts. Clients in this group that are still active buy from the Company and pay in advance. |
Schedule of default indicators
Schedule of default indicators (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Domestic market member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Default indicators | 0.01% | 0.05% |
Export market member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Default indicators | 0.08% | 0.14% |
Schedule of financial assets wi
Schedule of financial assets with and without risk assessment (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets with risk assessment | R$ 12148751 | R$ 17451081 |
Financial assets without risk assessment | 41,490 | 54,562 |
Financial assets | 12,190,241 | 17,505,643 |
A a a member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets with risk assessment | 6,858,500 | 13,639,273 |
A a plus member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets with risk assessment | 107,444 | 412,612 |
A a member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets with risk assessment | 816,408 | 735,755 |
A a minus member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets with risk assessment | 73,888 | 199,405 |
A plus member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets with risk assessment | 2,919,276 | 1,336,334 |
A member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets with risk assessment | 107,057 | 53,941 |
A minus member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets with risk assessment | 236,969 | 91,487 |
B b b plus member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets with risk assessment | 894 | 982,225 |
B b b member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets with risk assessment | 1,026,232 | 49 |
B b b minus member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets with risk assessment | 554 | |
B b plus member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets with risk assessment | 50 | |
B b member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets with risk assessment | 1,479 | |
Quotas of investment funds in credit rights member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets without risk assessment | 1,721 | |
Other financial assets with no risk assessment member | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets without risk assessment | R$ 39769 | R$ 54562 |
The sensitivity values in the t
The sensitivity values in the table below are the changes in the value of the financial instruments in each scenario: (Details) R$ in Thousands | 12 Months Ended |
Dec. 31, 2021BRL (R$) | |
Brazilian real u s dollar exchange rate member | Bond member | |
Disclosure of detailed information about financial instruments [line items] | |
Exposure value | R$ 42262266 |
Probable gain (loss) | (147,677) |
Reasonably possible gain (loss) | (5,622,868) |
Possible gain (loss) | (16,868,605) |
Brazilian real u s dollar exchange rate member | Export prepayments member | |
Disclosure of detailed information about financial instruments [line items] | |
Exposure value | (46,249) |
Probable gain (loss) | (162) |
Reasonably possible gain (loss) | (6,153) |
Possible gain (loss) | (18,460) |
Brazilian real u s dollar exchange rate member | Financings for investiments in plants member | |
Disclosure of detailed information about financial instruments [line items] | |
Exposure value | (2,445,937) |
Probable gain (loss) | (8,547) |
Reasonably possible gain (loss) | (325,425) |
Possible gain (loss) | (976,274) |
Brazilian real u s dollar exchange rate member | Sace member | |
Disclosure of detailed information about financial instruments [line items] | |
Exposure value | (1,824,276) |
Probable gain (loss) | (6,375) |
Reasonably possible gain (loss) | (242,714) |
Possible gain (loss) | (728,143) |
Brazilian real u s dollar exchange rate member | Dollar call and put options member | |
Disclosure of detailed information about financial instruments [line items] | |
Exposure value | (85,217) |
Probable gain (loss) | (7,729) |
Reasonably possible gain (loss) | (252,319) |
Possible gain (loss) | (1,458,259) |
Brazilian real u s dollar exchange rate member | Dollar swap c d i member | |
Disclosure of detailed information about financial instruments [line items] | |
Exposure value | (502,508) |
Probable gain (loss) | (8,388) |
Reasonably possible gain (loss) | (212,589) |
Possible gain (loss) | (632,005) |
Brazilian real u s dollar exchange rate member | M o n f o r t e member | |
Disclosure of detailed information about financial instruments [line items] | |
Exposure value | (266,403) |
Probable gain (loss) | (931) |
Reasonably possible gain (loss) | (35,444) |
Possible gain (loss) | (106,332) |
Brazilian real u s dollar exchange rate member | Nexi member | |
Disclosure of detailed information about financial instruments [line items] | |
Exposure value | (120,200) |
Probable gain (loss) | (420) |
Reasonably possible gain (loss) | (15,992) |
Possible gain (loss) | (47,977) |
Brazilian real u s dollar exchange rate member | Other member | |
Disclosure of detailed information about financial instruments [line items] | |
Exposure value | (849,859) |
Probable gain (loss) | (2,970) |
Reasonably possible gain (loss) | (113,071) |
Possible gain (loss) | (339,214) |
Brazilian real u s dollar exchange rate member | Financial investments abroad member | |
Disclosure of detailed information about financial instruments [line items] | |
Exposure value | 5,936,290 |
Probable gain (loss) | 20,743 |
Reasonably possible gain (loss) | 789,806 |
Possible gain (loss) | 2,369,417 |
Libor floating interest rate member | Export prepayments member | |
Disclosure of detailed information about financial instruments [line items] | |
Exposure value | (46,249) |
Probable gain (loss) | (19,280) |
Reasonably possible gain (loss) | (1,373) |
Possible gain (loss) | (4,118) |
Libor floating interest rate member | Financings for investiments in plants member | |
Disclosure of detailed information about financial instruments [line items] | |
Exposure value | (2,445,937) |
Probable gain (loss) | (1,448,186) |
Reasonably possible gain (loss) | (103,105) |
Possible gain (loss) | (309,316) |
Libor floating interest rate member | Sace member | |
Disclosure of detailed information about financial instruments [line items] | |
Exposure value | (1,824,276) |
Probable gain (loss) | (1,146,782) |
Reasonably possible gain (loss) | (81,646) |
Possible gain (loss) | (244,939) |
Libor floating interest rate member | M o n f o r t e member | |
Disclosure of detailed information about financial instruments [line items] | |
Exposure value | (266,403) |
Probable gain (loss) | (86,426) |
Reasonably possible gain (loss) | (6,153) |
Possible gain (loss) | (18,460) |
Libor floating interest rate member | Nexi member | |
Disclosure of detailed information about financial instruments [line items] | |
Exposure value | (120,200) |
Probable gain (loss) | (96,406) |
Reasonably possible gain (loss) | (6,864) |
Possible gain (loss) | (20,591) |
Libor floating interest rate member | Other member | |
Disclosure of detailed information about financial instruments [line items] | |
Exposure value | (849,859) |
Probable gain (loss) | (289,804) |
Reasonably possible gain (loss) | (20,633) |
Possible gain (loss) | (61,899) |
C d i interest rate member | Debentures member | |
Disclosure of detailed information about financial instruments [line items] | |
Exposure value | (47,109) |
Probable gain (loss) | (3,833) |
Reasonably possible gain (loss) | (4,508) |
Possible gain (loss) | (14,472) |
C d i interest rate member | Financial investments in brazil member | |
Disclosure of detailed information about financial instruments [line items] | |
Exposure value | 4,480,620 |
Probable gain (loss) | 95,609 |
Reasonably possible gain (loss) | 111,898 |
Possible gain (loss) | 335,975 |
I p c a interest rate member | Bond member | |
Disclosure of detailed information about financial instruments [line items] | |
Exposure value | (435,778) |
Probable gain (loss) | 241,788 |
Reasonably possible gain (loss) | (87,535) |
Possible gain (loss) | (291,961) |
I p c a interest rate member | Debentures member | |
Disclosure of detailed information about financial instruments [line items] | |
Exposure value | (150,352) |
Probable gain (loss) | 24,477 |
Reasonably possible gain (loss) | (7,509) |
Possible gain (loss) | (23,180) |
I p c a interest rate member | B n b f i n e p f u n d e s f i n i s a f i n a m e f n e member | |
Disclosure of detailed information about financial instruments [line items] | |
Exposure value | (4,616) |
Probable gain (loss) | 830 |
Reasonably possible gain (loss) | (260) |
Possible gain (loss) | (809) |
Selic interest rate member | Dollar swap c d i member | |
Disclosure of detailed information about financial instruments [line items] | |
Exposure value | (502,508) |
Probable gain (loss) | 16,752 |
Reasonably possible gain (loss) | 20,802 |
Possible gain (loss) | 77,279 |
Selic interest rate member | Leniency agreement member | |
Disclosure of detailed information about financial instruments [line items] | |
Exposure value | (1,085,468) |
Probable gain (loss) | (36,697) |
Reasonably possible gain (loss) | (42,993) |
Possible gain (loss) | R$ 130903 |
Financial instruments (Details
Financial instruments (Details Narrative) $ in Millions | Oct. 02, 2014 | Oct. 31, 2021Number | Dec. 31, 2021BRL (R$)Number | Mar. 01, 2021USD ($) | Feb. 23, 2021BRL (R$) | Dec. 31, 2020BRL (R$) | Mar. 31, 2020Number | Jan. 02, 2020BRL (R$) |
Disclosure of detailed information about financial instruments [line items] | ||||||||
Average strike price | Number | Number | 2.4 | |||||||
Description of project finance of fututre sale | the subsidiary Braskem Idesa designated its liabilities in the amount of R$2,878,936 related to Project Finance, denominated in US$, as hedge instruments to protect highly probable future sales flows. Due to the disbursements by the project's lenders in 2015, Braskem Idesa designated new amounts in April and September 2015, of US$290,545 (R$916,640) and US$23,608 (R$86,700), respectively, for hedge accounting. | |||||||
Hedge accounting discontinued | R$ | R$ 1920920000 | |||||||
Decription of fair value at risk | the fair value adjustment that could result in one month as from December 31, 2021, with a probability of 5%, and under normal market conditions, was estimated by the Company at US$23,657 (R$132,018) for put options and call options (Note 20.5(a.i)) and US$26,082 (R$145,551) for the US$ swap (Note 20.5(a.ii)). | |||||||
Braskem idesa member | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Description of project finance of fututre sale | the subsidiary Braskem Idesa designated US$1,350,000 (R$7,277,175) in future sales due to the issue of sustainability-linked bonds | |||||||
Put options member | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Notional amount | R$ | R$ 1730000000 | R$ 9650000000 | ||||||
Average strike price | Number | Number | 4.80 | |||||||
Call options member | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Notional amount | R$ | R$ 1210000000 | R$ 6750000000 | ||||||
Average strike price | Number | Number | 6.88 | |||||||
Future exports member | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Designated | R$ | R$ 600000000 | |||||||
Maturity terms | Number | 400 | 362 | ||||||
Future exports member | United States of America, Dollars | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Designated | $ | $ 400 | |||||||
Future exports one member | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Maturity terms | Number | 2.3 | 1.9 | ||||||
Future exports two member | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Designated | R$ | R$ 2200000000 |
Schedule of taxes payable (Deta
Schedule of taxes payable (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
DisclosureOfTaxesPayableLineItems [Line Items] | ||
Current liabilities | R$ 1272613 | R$ 954059 |
Current liabilities | 1,012,116 | 952,689 |
Current liabilities | 260,497 | 1,370 |
Domestic member | I p i member | ||
DisclosureOfTaxesPayableLineItems [Line Items] | ||
Current liabilities | 131,290 | 125,338 |
Domestic member | I c m s member | ||
DisclosureOfTaxesPayableLineItems [Line Items] | ||
Current liabilities | 485,302 | 403,422 |
Domestic member | P i s and c o f i n s member | ||
DisclosureOfTaxesPayableLineItems [Line Items] | ||
Current liabilities | 33,516 | 284,944 |
Domestic member | Other member | ||
DisclosureOfTaxesPayableLineItems [Line Items] | ||
Current liabilities | 46,117 | 43,560 |
Other countries member | ||
DisclosureOfTaxesPayableLineItems [Line Items] | ||
Current liabilities | 1,272,613 | 954,059 |
Other countries member | Other member | ||
DisclosureOfTaxesPayableLineItems [Line Items] | ||
Current liabilities | 346,817 | 80,768 |
Other countries member | Value added tax member | ||
DisclosureOfTaxesPayableLineItems [Line Items] | ||
Current liabilities | R$ 229571 | R$ 16027 |
Schedule of income tax and soci
Schedule of income tax and social contribution reconciliation (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Schedule Of Income Tax And Social Contribution Reconciliation | ||||
Profit (loss) before income taxes | R$ 17961023 | R$ 9683784 | R$ 4603068 | |
Nominal income taxes computed based on Brazilian statutory corporate tax rates (34%) | (6,106,748) | 3,292,487 | 1,565,043 | |
Permanent adjustments to the IR and CSL calculation basis | ||||
Income taxes on equity in results of investees | 1,578 | 6,595 | 3,469 | |
Thin capitalization | [1] | (6,628) | (695,741) | (221,337) |
Tax benefits (Sudene and PAT) | [2] | 137,338 | ||
Exclusion of inflation adjustement by Selic on undue tax payments from taxable income | 501,382 | |||
Effect of the refund of Braskem America´s tax benefit | (737,841) | |||
Effect from the retrospective tax rate on bonus depreciation of Braskem America | [3] | 334,460 | ||
Different jurisdictional taxes rates for companies abroad and tax basis | [4] | 1,939,882 | 994,811 | 293,647 |
Fine in leniency agreement | (25,390) | |||
Taxes on dividends distribution | (265,454) | (131,240) | ||
Other permanent adjustments | (200,753) | (395,053) | 347,238 | |
Effect of income taxes on results of operations | (3,999,403) | 2,668,478 | 1,962,670 | |
Current income taxes | ||||
Current year | (3,834,437) | (52,830) | (251,641) | |
Changes in estimates related to prior years | 22,696 | |||
Total current expenses | (3,834,437) | (52,830) | (228,945) | |
Deferred income taxes | ||||
Origination and reversal of temporary differences | (246,294) | 2,677,328 | 2,062,501 | |
Tax losses (IR) and negative base (CSL) | 81,328 | 129,114 | ||
deductible temporary differences | 43,980 | |||
Total Deferred income taxes | (164,966) | 2,721,308 | 2,191,615 | |
Total | R$ 3999403 | R$ 2668478 | R$ 1962670 | |
Effective rate | 22.30% | 27.60% | 42.60% | |
[1] | Includes the amount from the adjustment of interest rates in financial operations with subsidiaries in accordance with sub-capitalization tax rules. | |||
[2] | SUDENE is a tax benefits granted by the Brazilian Government to the companies. The tax benefit granted by the Northeast Development Department (“SUDENE”) is calculated based on the profit from exploration of the incentivized activity, with a period of utilization of 10 years. The Worker's Food Program (“PAT”) is a tax incentive program to companies that provide food to workers based on criteria established by the Ministry of Labor. | |||
[3] | Considering Universal Basis Taxation (“TBU”), the tax refund provided by U.S. Government affects the tax calculation of Braskem arising from the offsetting of Income Tax and Social Contribution Tax in the years of use of the bonus depreciation benefit . | |||
[4] | Besides the differences on tax basis calculation, it includes the impact from the difference between Brazilian tax rate (34%) and the tax rates in countries where the subsidiaries abroad are located, as follows: |
Schedule of foreign income tax
Schedule of foreign income tax rates (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Subsidiary one member | |
DisclosureOfIncomeTaxLineItems [Line Items] | |
Headquarters country | Germany |
Official rate | 31.11% |
Subsidiary two member | |
DisclosureOfIncomeTaxLineItems [Line Items] | |
Headquarters country | USA |
Official rate | 24.09% |
Subsidiary three member | |
DisclosureOfIncomeTaxLineItems [Line Items] | |
Headquarters country | Argentina |
Official rate | 25.00% |
Subsidiary four member | |
DisclosureOfIncomeTaxLineItems [Line Items] | |
Headquarters country | Chile |
Official rate | 35.00% |
Subsidiary five member | |
DisclosureOfIncomeTaxLineItems [Line Items] | |
Headquarters country | Netherlands |
Official rate | 25.00% |
Subsidiary six member | |
DisclosureOfIncomeTaxLineItems [Line Items] | |
Headquarters country | Mexico |
Official rate | 30.00% |
Subsidiary seven member | |
DisclosureOfIncomeTaxLineItems [Line Items] | |
Headquarters country | India |
Official rate | 30.00% |
Schedule of changes in balances
Schedule of changes in balances of deferred tax assets and liabilities (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
DisclosureOfIncomeTaxLineItems [Line Items] | |||
Deferred tax assets1 | R$ 8257252 | R$ 2662596 | |
Deferred tax asset1 | R$ 8529972 | ||
Deferred tax liabilities1 | 1,407,434 | 1,234,398 | 273,036 |
Liabilities category member | |||
DisclosureOfIncomeTaxLineItems [Line Items] | |||
Ending balance | 5,714,469 | 4,981,691 | 3,470,087 |
Ending balance | 451,988 | 3,696,310 | |
Impact on the equity | (2,184,706) | ||
Other comprehensive income | 280,790 | ||
Net member | |||
DisclosureOfIncomeTaxLineItems [Line Items] | |||
Ending balance | 6,849,818 | 7,295,574 | 2,389,560 |
Ending balance | (164,966) | 2,721,308 | |
Impact on the equity | 2,184,706 | ||
Other comprehensive income | (280,790) | ||
Other member | Liabilities category member | |||
DisclosureOfIncomeTaxLineItems [Line Items] | |||
Ending balance | 4,826 | 4,827 | 6,739 |
Ending balance | (68,005) | 407,069 | |
Impact on the equity | (408,981) | ||
Other comprehensive income | 68,004 | ||
Amortization of fair value adjustments on the assets from the acquisiton of quattor member | Liabilities category member | |||
DisclosureOfIncomeTaxLineItems [Line Items] | |||
Ending balance | 725,097 | 722,222 | 722,685 |
Ending balance | 2,875 | (463) | |
Tax depreciation member | Liabilities category member | |||
DisclosureOfIncomeTaxLineItems [Line Items] | |||
Ending balance | 4,176,950 | 3,737,169 | 1,903,027 |
Ending balance | 439,781 | 1,834,142 | |
Present value adjustment and amortized cost member | Liabilities category member | |||
DisclosureOfIncomeTaxLineItems [Line Items] | |||
Ending balance | 154,691 | 79,920 | 11,276 |
Ending balance | 74,771 | 68,644 | |
Hedge accounting member | Liabilities category member | |||
DisclosureOfIncomeTaxLineItems [Line Items] | |||
Ending balance | (234,402) | 1,788,568 | |
Impact on the equity | (1,788,568) | ||
Other comprehensive income | 234,402 | ||
Amortization of fair value adjustments on the assets from the acquisiton of braskem qpar member | Liabilities category member | |||
DisclosureOfIncomeTaxLineItems [Line Items] | |||
Ending balance | 232,433 | 279,321 | 393,773 |
Ending balance | (46,888) | (114,452) | |
Long term incentive plan member | Liabilities category member | |||
DisclosureOfIncomeTaxLineItems [Line Items] | |||
Ending balance | 15,906 | (4,823) | |
Impact on the equity | 4,823 | ||
Other comprehensive income | (15,906) | ||
Health care one member | Liabilities category member | |||
DisclosureOfIncomeTaxLineItems [Line Items] | |||
Ending balance | 5,710 | (8,020) | |
Impact on the equity | 8,020 | ||
Other comprehensive income | (5,710) | ||
Asset member | |||
DisclosureOfIncomeTaxLineItems [Line Items] | |||
Ending balance | 12,564,287 | 12,277,265 | 5,859,647 |
Ending balance | 287,022 | 6,417,618 | |
Asset member | Tax losses i r and negative base c s l member | |||
DisclosureOfIncomeTaxLineItems [Line Items] | |||
Ending balance | 3,354,716 | 3,278,184 | 2,150,692 |
Ending balance | 76,532 | 1,127,492 | |
Asset member | Goodwill amortized member | |||
DisclosureOfIncomeTaxLineItems [Line Items] | |||
Ending balance | 2,459 | 6,520 | 21,677 |
Ending balance | (4,061) | (15,157) | |
Asset member | Exchange variations member | |||
DisclosureOfIncomeTaxLineItems [Line Items] | |||
Ending balance | 4,280,062 | 3,817,615 | 1,132,351 |
Ending balance | 462,447 | 2,685,264 | |
Asset member | Temporary adjustment member | |||
DisclosureOfIncomeTaxLineItems [Line Items] | |||
Ending balance | 4,850,338 | 4,996,337 | 2,357,267 |
Ending balance | (145,999) | 2,639,070 | |
Asset member | Business combination member | |||
DisclosureOfIncomeTaxLineItems [Line Items] | |||
Ending balance | 26,884 | 56,211 | 85,539 |
Ending balance | (29,327) | (29,328) | |
Asset member | Tax credits member | |||
DisclosureOfIncomeTaxLineItems [Line Items] | |||
Ending balance | 77,032 | 49,833 | |
Ending balance | (77,032) | 27,199 | |
Asset member | Other member | |||
DisclosureOfIncomeTaxLineItems [Line Items] | |||
Ending balance | 49,828 | 45,366 | 62,288 |
Ending balance | 4,462 | (16,922) | |
Liabilities category member | Temporary adjustment member | |||
DisclosureOfIncomeTaxLineItems [Line Items] | |||
Ending balance | 88,993 | 158,232 | R$ 432587 |
Ending balance | (69,239) | R$ 274355 | |
Liabilities category member | Exclusion of i c m s in basis of calculation member | |||
DisclosureOfIncomeTaxLineItems [Line Items] | |||
Ending balance | 331,479 | ||
Ending balance | R$ 331479 |
Schedule of deferred taxes offs
Schedule of deferred taxes offset for the purpose of presentation in the balance sheet (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Liabilities category member | ||
DisclosureOfIncomeTaxLineItems [Line Items] | ||
Tax calculation, liabilities | R$ 5714469 | R$ 4981691 |
IR and CSl offsetting, liabilites | (4,307,035) | (3,747,293) |
Balance, liabilities | R$ 1407434 | R$ 1234398 |
Braskem s a member | Liabilities category member | ||
DisclosureOfIncomeTaxLineItems [Line Items] | ||
Headquarters country | Brazil | Brazil |
Tax calculation, liabilities | R$ 2496637 | R$ 2090002 |
IR and CSl offsetting, liabilites | R$ 2496637 | R$ 2090002 |
Braskem america member | Liabilities category member | ||
DisclosureOfIncomeTaxLineItems [Line Items] | ||
Headquarters country | USA | USA |
Tax calculation, liabilities | R$ 1701762 | R$ 1528340 |
IR and CSl offsetting, liabilites | (294,328) | (293,942) |
Balance, liabilities | R$ 1407434 | R$ 1234398 |
Braskem idesa member | Liabilities category member | ||
DisclosureOfIncomeTaxLineItems [Line Items] | ||
Headquarters country | Mexico | Mexico |
Tax calculation, liabilities | R$ 1506541 | R$ 1356693 |
IR and CSl offsetting, liabilites | R$ 1506541 | R$ 1356693 |
Cetrel member | Liabilities category member | ||
DisclosureOfIncomeTaxLineItems [Line Items] | ||
Headquarters country | Brazil | Brazil |
Tax calculation, liabilities | R$ 7586 | R$ 5269 |
IR and CSl offsetting, liabilites | R$ 7586 | R$ 5269 |
D a c member | Liabilities category member | ||
DisclosureOfIncomeTaxLineItems [Line Items] | ||
Headquarters country | Brazil | Brazil |
Tax calculation, liabilities | R$ 1943 | R$ 1387 |
IR and CSl offsetting, liabilites | (1,943) | (1,387) |
Asset member | ||
DisclosureOfIncomeTaxLineItems [Line Items] | ||
Tax calculation, assets | 12,564,287 | 12,277,265 |
IR and CSL offsetting, assets | (4,307,035) | (3,747,293) |
Balance, assets | R$ 8257252 | R$ 8529972 |
Asset member | Braskem s a member | ||
DisclosureOfIncomeTaxLineItems [Line Items] | ||
Headquarters country | Brazil | Brazil |
Tax calculation, assets | R$ 8841886 | R$ 8626703 |
IR and CSL offsetting, assets | (2,496,637) | (2,090,002) |
Balance, assets | R$ 6345249 | R$ 6536701 |
Asset member | Braskem argentina member | ||
DisclosureOfIncomeTaxLineItems [Line Items] | ||
Headquarters country | Argentina | Argentina |
Tax calculation, assets | R$ 3271 | R$ 2850 |
Balance, assets | R$ 3271 | R$ 2850 |
Asset member | Braskem america member | ||
DisclosureOfIncomeTaxLineItems [Line Items] | ||
Headquarters country | USA | USA |
Tax calculation, assets | R$ 294328 | R$ 293942 |
IR and CSL offsetting, assets | R$ 294328 | R$ 293942 |
Asset member | Braskem alemanha member | ||
DisclosureOfIncomeTaxLineItems [Line Items] | ||
Headquarters country | Germany | Germany |
Tax calculation, assets | R$ 44417 | R$ 47277 |
Balance, assets | R$ 44417 | R$ 47277 |
Asset member | Braskem chile member | ||
DisclosureOfIncomeTaxLineItems [Line Items] | ||
Headquarters country | Chile | Chile |
Tax calculation, assets | R$ 92 | R$ 287 |
Balance, assets | R$ 92 | R$ 287 |
Asset member | Braskem idesa member | ||
DisclosureOfIncomeTaxLineItems [Line Items] | ||
Headquarters country | Mexico | Mexico |
Tax calculation, assets | R$ 3282125 | R$ 3213624 |
IR and CSL offsetting, assets | (1,506,541) | (1,356,693) |
Balance, assets | R$ 1775584 | R$ 1856931 |
Asset member | Braskem idesa servicos member | ||
DisclosureOfIncomeTaxLineItems [Line Items] | ||
Headquarters country | Mexico | Mexico |
Tax calculation, assets | R$ 26 | R$ 14765 |
Balance, assets | R$ 26 | R$ 14765 |
Asset member | Braskem mexico servicos member | ||
DisclosureOfIncomeTaxLineItems [Line Items] | ||
Headquarters country | Mexico | Mexico |
Tax calculation, assets | R$ 2502 | R$ 8503 |
Balance, assets | R$ 2502 | R$ 8503 |
Asset member | Braskem mexico member | ||
DisclosureOfIncomeTaxLineItems [Line Items] | ||
Headquarters country | Mexico | |
Tax calculation, assets | R$ 16181 | |
Balance, assets | R$ 16181 | |
Asset member | Cetrel member | ||
DisclosureOfIncomeTaxLineItems [Line Items] | ||
Headquarters country | Brazil | Brazil |
Tax calculation, assets | R$ 40434 | R$ 23645 |
IR and CSL offsetting, assets | (7,586) | (5,269) |
Balance, assets | R$ 32848 | R$ 18376 |
Asset member | D a c member | ||
DisclosureOfIncomeTaxLineItems [Line Items] | ||
Headquarters country | Brazil | Brazil |
Tax calculation, assets | R$ 39025 | R$ 45669 |
IR and CSL offsetting, assets | (1,943) | (1,387) |
Balance, assets | R$ 37082 | R$ 44282 |
Schedule of sundry provisions (
Schedule of sundry provisions (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
DisclosureOfSundryProvisionsLineItems [Line Items] | ||
Sundry provisions, current | R$ 1289263 | R$ 874208 |
Sundry provisions, current | 465,051 | 362,407 |
Sundry provisions, current | 824,212 | 511,801 |
Recovery of environmental damage member | ||
DisclosureOfSundryProvisionsLineItems [Line Items] | ||
Sundry provisions, current | 1,035,426 | 602,490 |
Provision for customers rebates member | ||
DisclosureOfSundryProvisionsLineItems [Line Items] | ||
Sundry provisions, current | 101,253 | 123,465 |
Other member | ||
DisclosureOfSundryProvisionsLineItems [Line Items] | ||
Sundry provisions, current | R$ 152584 | R$ 148253 |
Schedule of changes in sundry p
Schedule of changes in sundry provisions (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
DisclosureOfSundryProvisionsLineItems [Line Items] | ||
Beginning balance | R$ 874208 | R$ 505206 |
Additions, monetary adjustments and exchange variation | 835,191 | 576,237 |
Write-offs through usage and payments | (420,136) | (207,235) |
Ending balance | 1,289,263 | 874,208 |
Recovery of environmental damage member | ||
DisclosureOfSundryProvisionsLineItems [Line Items] | ||
Beginning balance | 602,490 | 365,155 |
Additions, monetary adjustments and exchange variation | 576,086 | 306,274 |
Write-offs through usage and payments | (143,150) | (68,939) |
Ending balance | 1,035,426 | 602,490 |
Rebate member | ||
DisclosureOfSundryProvisionsLineItems [Line Items] | ||
Beginning balance | 123,465 | 84,110 |
Additions, monetary adjustments and exchange variation | 144,710 | 150,132 |
Write-offs through usage and payments | (166,922) | (110,777) |
Ending balance | 101,253 | 123,465 |
Other member | ||
DisclosureOfSundryProvisionsLineItems [Line Items] | ||
Beginning balance | 148,253 | 55,941 |
Additions, monetary adjustments and exchange variation | 114,395 | 119,831 |
Write-offs through usage and payments | (110,064) | (27,519) |
Ending balance | R$ 152584 | R$ 148253 |
Income taxes (Details Narrative
Income taxes (Details Narrative) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Income taxes current | R$ 1189812 | R$ 1547916 |
Braskem holanda member | ||
IfrsStatementLineItems [Line Items] | ||
Description of recognized payment | the amount of R$501 million referring to calendar years from 2005 onwards. Deferred tax assets amounting to R$68 million were recognized for the periods in which tax losses increased. |
Claims with probable chance of
Claims with probable chance of loss and contingent liabilities (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Contingencies | R$ 1153830 | R$ 1151087 |
Labor claims member | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Contingencies | 268,758 | 280,066 |
Tax claims member | Normal operation member | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Contingencies | 715,099 | 692,735 |
Tax claims member | Normal operation member | I r and c s l member | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Contingencies | 61,946 | 61,342 |
Tax claims member | Normal operation member | P i s and c o f i n s member | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Contingencies | 299,202 | 291,783 |
Tax claims member | Normal operation member | I c m s member | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Contingencies | 331,094 | 319,851 |
Tax claims member | Normal operation member | Other tax claims member | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Contingencies | 22,857 | 19,759 |
Corporate claims member | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Contingencies | 94,826 | 126,057 |
Civil claims and other member | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Contingencies | R$ 75147 | R$ 52229 |
Schedule of changes in claims w
Schedule of changes in claims with probable chance of loss (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | |||
Beginning balance | R$ 1151087 | R$ 1151524 | |
Additions, inflation adjustments and exchange variation | 309,891 | 313,137 | |
Payments | (117,506) | (72,989) | |
Reversals | [1] | (189,642) | (240,585) |
Ending balance | 1,153,830 | 1,151,087 | |
Labor claims member | |||
ProvisionsForLegalProceedingsLineItems [Line Items] | |||
Beginning balance | 280,066 | 315,437 | |
Additions, inflation adjustments and exchange variation | 172,574 | 140,386 | |
Payments | (70,968) | (42,174) | |
Reversals | [1] | (112,914) | (133,583) |
Ending balance | 268,758 | 280,066 | |
Tax claims net member | |||
ProvisionsForLegalProceedingsLineItems [Line Items] | |||
Beginning balance | 692,735 | 672,088 | |
Additions, inflation adjustments and exchange variation | 46,849 | 130,302 | |
Payments | (3,659) | (21,649) | |
Reversals | [1] | (20,826) | (88,006) |
Ending balance | 715,099 | 692,735 | |
Corporate claim member | |||
ProvisionsForLegalProceedingsLineItems [Line Items] | |||
Beginning balance | 126,057 | 118,485 | |
Additions, inflation adjustments and exchange variation | 14,357 | 10,242 | |
Payments | (40,109) | ||
Reversals | [1] | (5,479) | (2,670) |
Ending balance | 94,826 | 126,057 | |
Civil claims and other member | |||
ProvisionsForLegalProceedingsLineItems [Line Items] | |||
Beginning balance | 52,229 | 45,514 | |
Additions, inflation adjustments and exchange variation | 76,111 | 32,207 | |
Payments | (2,770) | (9,166) | |
Reversals | [1] | (50,423) | (16,326) |
Ending balance | R$ 75147 | R$ 52229 | |
[1] | A provision reversal occurs when the probability of loss or the value attributed to the lawsuit changes, or the suit is closed with a cash disbursement lower than the provisioned amount. |
Schedule of claims with probabl
Schedule of claims with probable chance of loss (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Claims with possible chance of loss | R$ 22647058 | R$ 15445656 |
Tax claims member | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Claims with possible chance of loss | 17,224,429 | 12,156,030 |
Civil claims one member | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Claims with possible chance of loss | 2,614,344 | 796,712 |
Civil claims two member | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Claims with possible chance of loss | 737,083 | 708,120 |
Labor claims member | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Claims with possible chance of loss | 763,555 | 663,448 |
Environmental claims member | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Claims with possible chance of loss | 571,057 | 507,973 |
Social security claims member | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Claims with possible chance of loss | 398,783 | 326,730 |
Other lawsuits member | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Claims with possible chance of loss | R$ 337807 | R$ 286643 |
Provisions for legal proceedi_3
Provisions for legal proceedings and contingent liabilities (Details Narrative) - BRL (R$) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Labor claims for health and security cases | R$ 529 | |
Other provisions | R$ 202737000 | 197,707,000 |
Amount of these claims | 179,370 | 42,433 |
Amount under discussion | 1,334,000 | 1,266,000 |
Amount of provision for possibility of outflow of resources | 19,000 | 16,900,000 |
Amount evaluated as possible loss | 238,000 | |
Possible amount chance to loss | R$ 257000 | 206,000 |
I r and c s l member | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Percentage amount of the tax deficiency notice | 150.00% | |
Adjusted amount of uncertain tax treatment | R$ 1100000000 | 1,000,000,000 |
Claims with possible chance of loss | 430,000 | 352,000 |
Tax contingent liability [member] | Social security contributions member | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Other administrative proceedings | 173,000 | 182,000 |
Tax contingent liability [member] | I r and c s l charges with goodwill amortization member | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Claims with possible chance of loss | 271,000 | 279,000 |
Tax contingent liability [member] | I r p j and c s l l foreign earned income member | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Adjusted amount of uncertain tax treatment | 8,800,000,000 | 3,700,000,000 |
Civil claims resale of solvents member | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Claims with possible chance of loss | 265,000 | 223,000 |
Environmental member | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Payment for indemnifiction | 325,000 | 277,000 |
Social security member | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Estimated disbursement amount | 332,000 | 327,000 |
Tax claims i c m s member | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Undue use amount | R$ 58164 | |
Percentage fine for tax offense | 100.00% | |
Amounts indicated in tax | R$ 480389 | |
Adjusted value of cases | 587,000,000 | 569,000,000 |
Tax claims i c m s member | P i s and c o f i n s taxes member | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Updated value of this proceeding amounted | 910,000,000 | 892,000,000 |
Tax claims i c m s member | Tax contingent liability [member] | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Provisions for fine for tax offense | 313,380,000 | 305,747,000 |
Claims with possible chance of loss | 756,000 | 883,000 |
P i s and c o f i n s sundry member | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Labor claims for health and security cases | 131,000,000 | 130,000,000 |
I r r f i r and c s l commission expenses member | Tax contingent liability [member] | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Claims with possible chance of loss | 142,000 | 139,000 |
Isolated fine failure to ratify d c o m p s member | Tax contingent liability [member] | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Claims with possible chance of loss | 310,000 | 345,000 |
P i s and c o f i n s d cide fuels tax offset member | Tax contingent liability [member] | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Adjusted value of cases | 118,000 | 116,000 |
I r p j c s l l negative balance offset member | Tax contingent liability [member] | ||
ProvisionsForLegalProceedingsLineItems [Line Items] | ||
Claims with possible chance of loss | R$ 187000 | R$ 182000 |
The Company already has paid R$
The Company already has paid R$2,752,711, distributed as shown below: (Details) - Leniency agreements member - BRL (R$) R$ in Thousands | Jun. 28, 2018 | Jan. 30, 2018 | Apr. 27, 2017 | Feb. 08, 2017 |
DisclosureOfLeniencyAgreementLineItems [Line Items] | ||||
Settlement amount | R$ 2752711 | |||
Federal controller general and attorney generall agreement member | ||||
DisclosureOfLeniencyAgreementLineItems [Line Items] | ||||
Settlement amount | R$ 559896 | |||
Department of justice member | ||||
DisclosureOfLeniencyAgreementLineItems [Line Items] | ||||
Settlement amount | R$ 296591 | |||
Swiss office member | ||||
DisclosureOfLeniencyAgreementLineItems [Line Items] | ||||
Settlement amount | R$ 407300 | |||
Federal prosecution office member | ||||
DisclosureOfLeniencyAgreementLineItems [Line Items] | ||||
Settlement amount | R$ 1282464 | |||
Securities and exchange commission member | ||||
DisclosureOfLeniencyAgreementLineItems [Line Items] | ||||
Settlement amount | R$ 206460 |
Leniency agreement with autho_3
Leniency agreement with authorities (Details Narrative) - BRL (R$) | Apr. 27, 2017 | Dec. 31, 2016 | Dec. 31, 2021 | Dec. 31, 2020 |
DisclosureOfLeniencyAgreementLineItems [Line Items] | ||||
Outstanding amount | R$ 1123296000 | |||
Current liabilities | 353,385 | |||
Noncurrent liabilities | R$ 61167017000 | R$ 61563263000 | ||
Leniency agreements member | ||||
DisclosureOfLeniencyAgreementLineItems [Line Items] | ||||
Settlement of liabilities by entity on behalf of related party, related party transactions | R$ 2752711000 | |||
Leniency agreements member | Federal prosecution office and u s swiss authorities member | ||||
DisclosureOfLeniencyAgreementLineItems [Line Items] | ||||
Settlement of liabilities by entity on behalf of related party, related party transactions | R$ 3100000000 | |||
Leniency agreements member | Federal prosecution office and u s swiss authorities member | United States of America, Dollars | ||||
DisclosureOfLeniencyAgreementLineItems [Line Items] | ||||
Settlement of liabilities by entity on behalf of related party, related party transactions | R$ 957000000 |
The following table shows the c
The following table shows the changes in the provision in the period (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
GeologicalEventAlagoasLineItems [Line Items] | ||||
Provision | R$ 7661259 | |||
Alagoas member | ||||
GeologicalEventAlagoasLineItems [Line Items] | ||||
Legal proceedings provision1 | 9,175,777 | R$ 3383067 | ||
Reversal | 1,339,765 | 6,901,827 | R$ 3383067 | |
Payments and reclassifications | [1] | (2,928,081) | (1,181,931) | |
Realization of present value adjustment | 73,798 | 72,814 | ||
Balance at ending | 7,661,259 | 9,175,777 | 3,383,067 | |
Current liability | 4,378,071 | 4,349,931 | 1,450,476 | |
Non-current liability | 3,283,188 | 4,825,846 | 1,932,591 | |
Provision | R$ 7661259 | R$ 9175777 | R$ 3383067 | |
[1] | Out of this amount, R$ |
Geological event - Alagoas (Det
Geological event - Alagoas (Details Narrative) - BRL (R$) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
GeologicalEventAlagoasLineItems [Line Items] | |||
Provision | R$ 7661259000 | ||
Provision | 4,378,071,000 | ||
Provision | 3,283,188,000 | ||
Provision accrued amount | R$ 3390849000 | ||
Description of reparation for social-environmental | allocating R$1,580,000 for the adoption of actions and measures in vacated areas, urban mobility and social compensation actions, of which R$300 million going to indemnification for social damages and collective pain and suffering and possible contingencies related to the actions in the vacated areas and urban mobility actions. | ||
Description of individual actions | Braskem was defendant in several actions, that, in aggregate, involve the amount of R$895 million (2020: R$573 million), filed by individuals in Brazil and abroad, seeking the payment of indemnifications directly or indirectly related to the geological event in Maceió. | ||
Technical cooperation agreement member | |||
GeologicalEventAlagoasLineItems [Line Items] | |||
Provision accrued amount | R$ 1691032 | ||
Net of adjustment to present value | R$ 1585366 | ||
Description of reparation for residents | Public-Interest Civil Action claiming the payment of indemnification for damages caused to the buildings and the residents of areas affected in the Pinheiro district and surrounding areas (currently includes the Mutange, Bebedouro and Bom Parto districts), in the total minimum amount of R$6.7 billion, with initial request for provisional measure to freeze the Company’s financial and other assets in the same amount. Successive orders to freeze funds resulted in the court blocking of R$3.7 billion in assets in 2019, and the unfreezing occurred in January 2020. Once the case was sent to the Federal Courts, the Federal Prosecution Office started to participate in the action | ||
Technical cooperation agreement member | Alagoas state federal prosecution office member | |||
GeologicalEventAlagoasLineItems [Line Items] | |||
Net of adjustment to present value | R$ 5194627000 | R$ 1687700000 |
Schedule of short-term benefits
Schedule of short-term benefits (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of defined benefit plans [line items] | |||
Short-term benefits | R$ 539566 | R$ 436021 | R$ 422013 |
Health care benefits member | |||
Disclosure of defined benefit plans [line items] | |||
Short-term benefits | 235,681 | 197,683 | 181,466 |
Private pension benefits member | |||
Disclosure of defined benefit plans [line items] | |||
Short-term benefits | 136,851 | 94,302 | 90,687 |
Transport benefits member | |||
Disclosure of defined benefit plans [line items] | |||
Short-term benefits | 77,201 | 66,752 | 67,761 |
Feeding benefits member | |||
Disclosure of defined benefit plans [line items] | |||
Short-term benefits | 51,240 | 38,400 | 35,677 |
Life insurance benefits member | |||
Disclosure of defined benefit plans [line items] | |||
Short-term benefits | 10,324 | 9,875 | 7,997 |
Training benefits member | |||
Disclosure of defined benefit plans [line items] | |||
Short-term benefits | 15,723 | 14,892 | 26,261 |
Other benefits member | |||
Disclosure of defined benefit plans [line items] | |||
Short-term benefits | R$ 12546 | R$ 14117 | R$ 12164 |
Schedule of directors approved
Schedule of directors approved programs (Details) | 12 Months Ended | |
Dec. 31, 2021shares | ||
Program l t i2018 member | ||
Disclosure of defined benefit plans [line items] | ||
Name of program | 2018 LTI Program | [1] |
Date of approval | Mar. 28, 2018 | [1] |
Date of grant | Apr. 6, 2018 | [1] |
Program l t i member | ||
Disclosure of defined benefit plans [line items] | ||
Description of approved programs | LTI Programs’ participants will receive shares held in treasury or acquired through repurchase programs. | [1] |
Program l t i1 member | ||
Disclosure of defined benefit plans [line items] | ||
Description of approved programs | If these shares cannot be delivered, the Company may pay participants in cash in an amount corresponding to the share price traded on the stock exchange on the second business day immediately prior to the respective payment date. | |
Program l t i2019 member | ||
Disclosure of defined benefit plans [line items] | ||
Name of program | 2019 LTI Program | |
Date of approval | Mar. 13, 2019 | |
Date of grant | Mar. 19, 2019 | |
Expected shares for delivery | 582 | |
Program l t i2020 member | ||
Disclosure of defined benefit plans [line items] | ||
Name of program | 2020 LTI Program | |
Date of approval | Mar. 19, 2020 | |
Date of grant | Apr. 1, 2020 | |
Expected shares for delivery | 1,817 | |
Program l t i2021 member | ||
Disclosure of defined benefit plans [line items] | ||
Name of program | 2021 LTI Program | |
Date of approval | May 5, 2021 | |
Date of grant | May 10, 2021 | |
Expected shares for delivery | 847 | |
[1] | In April 2021, the LTI Program 2018 was fully settled with the delivery of shares in Braskem held in treasury. Consequently, the difference between the historical cost of the shares held in treasury (R$11,507) and the amounts recorded at OCI (R$14,980) was transferred to capital reserve, corresponding to R$3,473. |
Schedule of defined benefit obl
Schedule of defined benefit obligations (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of defined benefit plans [line items] | ||
Total obligations | R$ 607368 | R$ 587949 |
Fair value of plan assets | (119,671) | (115,875) |
Consolidated net balance (non-current liabilities) | 487,697 | 472,074 |
Novamont braskem america member | ||
Disclosure of defined benefit plans [line items] | ||
Fair value of plan assets | (117,509) | (113,662) |
Braskem alemanha member | ||
Disclosure of defined benefit plans [line items] | ||
Fair value of plan assets | (2,162) | (2,213) |
Defined benefit member | ||
Disclosure of defined benefit plans [line items] | ||
Total obligations | 363,662 | 370,860 |
Defined benefit member | Novamont braskem america member | ||
Disclosure of defined benefit plans [line items] | ||
Total obligations | 117,509 | 113,662 |
Defined benefit member | Braskem idesa member | ||
Disclosure of defined benefit plans [line items] | ||
Total obligations | 22,960 | 17,243 |
Defined benefit member | Braskem alemanha and braskem holanda member | ||
Disclosure of defined benefit plans [line items] | ||
Total obligations | 223,193 | 239,955 |
Health care plan member | Bradesco saude member | ||
Disclosure of defined benefit plans [line items] | ||
Total obligations | R$ 243706 | R$ 217089 |
Change in obligations (Details)
Change in obligations (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of defined benefit plans [line items] | |||
Balance at beginning of year | R$ 587949 | R$ 470417 | R$ 274366 |
Current service cost | 18,498 | 17,164 | 10,931 |
Interest cost | 21,598 | 23,579 | 14,796 |
Benefits paid | (17,903) | (13,358) | (10,494) |
Change plan | 8,068 | ||
Actuarial losses (gain) | (9,848) | 2,214 | 167,066 |
Exchange variation | 7,074 | 87,933 | 5,684 |
Balance at the end of the year | 607,368 | 587,949 | 470,417 |
Health insurance member | |||
Disclosure of defined benefit plans [line items] | |||
Balance at beginning of year | 217,089 | 224,852 | 90,679 |
Current service cost | 4,817 | 4,678 | 2,698 |
Interest cost | 15,692 | 17,097 | 8,663 |
Benefits paid | (10,712) | (5,949) | (5,817) |
Actuarial losses (gain) | 16,820 | (23,589) | 128,629 |
Balance at the end of the year | 243,706 | 217,089 | 224,852 |
Benefit plans member | |||
Disclosure of defined benefit plans [line items] | |||
Balance at beginning of year | 370,860 | 245,565 | 183,687 |
Current service cost | 13,681 | 12,486 | 8,233 |
Interest cost | 5,906 | 6,482 | 6,133 |
Benefits paid | (7,191) | (7,409) | (4,677) |
Change plan | 8,068 | ||
Actuarial losses (gain) | (26,668) | 25,803 | 38,437 |
Exchange variation | 7,074 | 87,933 | 5,684 |
Balance at the end of the year | R$ 363662 | R$ 370860 | R$ 245565 |
Change in fair value plan asset
Change in fair value plan assets (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of defined benefit plans [abstract] | |||
Balance at beginning of year | R$ 115875 | R$ 81342 | R$ 67993 |
Actual return on plan assets | 722 | 15,791 | 14,329 |
Employer contributions | 285 | ||
Benefits paid | (5,301) | (4,973) | (3,966) |
Exchange variation | 8,375 | 23,715 | 2,701 |
Balance at the end of the year | R$ 119671 | R$ 115875 | R$ 81342 |
Amounts recognized in profit an
Amounts recognized in profit and loss (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of defined benefit plans [line items] | |||
Current service cost | R$ 18498 | R$ 17164 | R$ 10931 |
Interest cost | 21,598 | 23,579 | 14,796 |
Actuarial losses | (24,203) | 15,461 | 28,936 |
15,893 | 56,204 | 54,663 | |
Health insurance member | |||
Disclosure of defined benefit plans [line items] | |||
Current service cost | 4,817 | 4,678 | 2,698 |
Interest cost | 15,692 | 17,097 | 8,663 |
20,509 | 21,775 | 11,361 | |
Benefit plans member | |||
Disclosure of defined benefit plans [line items] | |||
Current service cost | 13,681 | 12,486 | 8,233 |
Interest cost | 5,906 | 6,482 | 6,133 |
Actuarial losses | (24,203) | 15,461 | 28,936 |
R$ 4616 | R$ 34429 | R$ 43302 |
Actuarial assumptions (Details)
Actuarial assumptions (Details) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Health insurance member | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 5.33% | 3.99% | 3.60% |
Inflation rate | 3.00% | 3.25% | 4.00% |
Aging factor | 2.50% | 2.50% | 2.50% |
Medical inflation | 3.50% | 3.50% | 3.50% |
Duration | 14.16% | 14.99% | 15.32% |
United state of america member | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 2.90% | 2.60% | 3.35% |
Mexico member | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 8.00% | 7.25% | 7.25% |
Inflation rate | 4.00% | 4.00% | 4.00% |
Rate of increase in future salary levels | 5.00% | 5.00% | 5.00% |
Germany member | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 1.20% | 0.70% | 2.00% |
Inflation rate | 2.00% | 2.00% | 2.00% |
Rate of increase in future salary levels | 3.00% | 3.00% | 3.00% |
Rate of increase in future pension plan | 1.75% | 1.75% | 1.75% |
Netherlands member | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 1.20% | 0.70% | 2.00% |
Inflation rate | 2.00% | 2.00% | 2.00% |
Rate of increase in future salary levels | 3.00% | 3.00% | 3.00% |
Rate of increase in future pension plan | 1.75% | 1.75% | 1.75% |
Sensitivity analysis (Details)
Sensitivity analysis (Details) R$ in Thousands | 12 Months Ended |
Dec. 31, 2021BRL (R$) | |
Actuarial assumption of discount rates [member] | |
Disclosure of defined benefit plans [line items] | |
Premise change | 1.00% |
Percentage of reasonably possible increase in interest cost actuarial assumption | 1.00% |
Increase decrease in defined benefit obligation due to reasonably possible increase in cost of service actuarial assumption | R$ 689 |
Increase decrease in defined benefit obligation due to reasonably possible increase in interest cost actuarial assumption | 32 |
Increase decrease in defined benefit obligation due to reasonably possible decrease in cost of service actuarial assumption | (879) |
Increase decrease in defined benefit obligation due to reasonably possible decrease in interest cost actuarial assumption | R$ 79 |
Actuarial assumption of expected rates of pension increases [member] | |
Disclosure of defined benefit plans [line items] | |
Premise change | 1.00% |
Percentage of reasonably possible increase in interest cost actuarial assumption | 1.00% |
Increase decrease in defined benefit obligation due to reasonably possible increase in cost of service actuarial assumption | R$ 119 |
Increase decrease in defined benefit obligation due to reasonably possible increase in interest cost actuarial assumption | 498 |
Increase decrease in defined benefit obligation due to reasonably possible decrease in cost of service actuarial assumption | (122) |
Increase decrease in defined benefit obligation due to reasonably possible decrease in interest cost actuarial assumption | R$ 511 |
Actuarial assumption of life expectancy after retirement [member] | |
Disclosure of defined benefit plans [line items] | |
Premise change | 1.00% |
Percentage of reasonably possible increase in interest cost actuarial assumption | 1.00% |
Increase decrease in defined benefit obligation due to reasonably possible increase in cost of service actuarial assumption | R$ 604 |
Increase decrease in defined benefit obligation due to reasonably possible increase in interest cost actuarial assumption | 3,814 |
Increase decrease in defined benefit obligation due to reasonably possible decrease in cost of service actuarial assumption | (508) |
Increase decrease in defined benefit obligation due to reasonably possible decrease in interest cost actuarial assumption | R$ 3029 |
Health insurance member | Actuarial assumption of discount rates [member] | |
Disclosure of defined benefit plans [line items] | |
Premise change | 1.00% |
Premise increase | R$ 26078 |
Premise reduction | (31,796) |
Increase decrease in defined benefit obligation due to reasonably possible increase in future pension plan | R$ 5870 |
Health insurance member | Actuarial assumption of expected rates of pension increases [member] | |
Disclosure of defined benefit plans [line items] | |
Premise change | 1.00% |
Increase decrease in defined benefit obligation due to reasonably possible increase in future pension plan | R$ 6021 |
Health insurance member | Actuarial assumption of life expectancy after retirement [member] | |
Disclosure of defined benefit plans [line items] | |
Premise change | 1.00% |
Premise increase | R$ 44929 |
Premise reduction | R$ 35676 |
United states of america member | Actuarial assumption of discount rates [member] | |
Disclosure of defined benefit plans [line items] | |
Premise change | 1.00% |
Premise increase | R$ 15283 |
Premise reduction | R$ 12714 |
United states of america member | Actuarial assumption of mortality rates [member] | |
Disclosure of defined benefit plans [line items] | |
Premise change | 10.00% |
Premise increase | R$ 6455 |
Premise reduction | R$ 12714 |
Mexico member | Actuarial assumption of discount rates [member] | |
Disclosure of defined benefit plans [line items] | |
Premise change | 1.00% |
Premise increase | R$ 1752 |
Premise reduction | R$ 2078 |
Germany member | Actuarial assumption of discount rates [member] | |
Disclosure of defined benefit plans [line items] | |
Premise change | 0.30% |
Premise increase | R$ 10495 |
Premise reduction | R$ 11294 |
Germany member | Actuarial assumption of expected rates of salary increases [member] | |
Disclosure of defined benefit plans [line items] | |
Premise change | 0.50% |
Premise increase | R$ 13163 |
Premise reduction | R$ 12415 |
Germany member | Actuarial assumption of expected rates of pension increases [member] | |
Disclosure of defined benefit plans [line items] | |
Premise change | 0.25% |
Premise reduction | R$ 6296 |
Increase decrease in defined benefit obligation due to reasonably possible increase in future pension plan | 6,488 |
Germany member | Actuarial assumption of life expectancy after retirement [member] | |
Disclosure of defined benefit plans [line items] | |
Premise increase | 5,565 |
Premise reduction | R$ 5809 |
Life expectancy | 1 year |
Netherlands member | Actuarial assumption of discount rates [member] | |
Disclosure of defined benefit plans [line items] | |
Premise change | 0.30% |
Premise increase | R$ 558 |
Premise reduction | R$ 599 |
Netherlands member | Actuarial assumption of expected rates of salary increases [member] | |
Disclosure of defined benefit plans [line items] | |
Premise change | 0.50% |
Premise increase | R$ 695 |
Premise reduction | R$ 655 |
Netherlands member | Actuarial assumption of expected rates of pension increases [member] | |
Disclosure of defined benefit plans [line items] | |
Premise change | 0.25% |
Premise increase | R$ 343 |
Premise reduction | (332) |
Netherlands member | Actuarial assumption of life expectancy after retirement [member] | |
Disclosure of defined benefit plans [line items] | |
Premise increase | 294 |
Premise reduction | R$ 307 |
Life expectancy | 1 year |
Benefits offered to team memb_3
Benefits offered to team members (Details Narrative) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of classes of share capital [abstract] | ||
Fair value, net of taxes | R$ 32629 | R$ 32295 |
Sponsors expenses | 68,744 | 46,689 |
Participants expenses | R$ 83599 | R$ 74980 |
Schedule of shares distributed
Schedule of shares distributed (Details) | Dec. 31, 2021shares | |
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 797,207,834 | |
Percent of shares outstanding | 100.00% | |
Treasury shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 902,166 | |
Percent of shares outstanding | 0.11% | |
Authorised [Member] | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 1,152,937,970 | |
Novonor member | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 305,517,121 | |
Percent of shares outstanding | 38.33% | |
Petrobras member | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 288,188,691 | |
Percent of shares outstanding | 36.15% | |
Adrs member | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 35,476,394 | [1] |
Percent of shares outstanding | 4.45% | [1] |
Other2 member | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 167,123,462 | |
Percent of shares outstanding | 20.96% | |
Total member | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 796,305,668 | |
Percent of shares outstanding | 99.89% | |
Common shares member | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 451,668,652 | |
Percent of shares outstanding | 100.00% | |
Common shares member | Authorised [Member] | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 535,661,731 | |
Common shares member | Novonor member | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 226,334,623 | |
Percent of shares outstanding | 50.11% | |
Common shares member | Petrobras member | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 212,426,952 | |
Percent of shares outstanding | 47.03% | |
Common shares member | Other member | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 12,907,077 | |
Percent of shares outstanding | 2.86% | |
Common shares member | Total member | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 451,668,652,000 | |
Percent of shares outstanding | 100.00% | |
Class a preference shares member | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 345,060,392 | |
Percent of shares outstanding | 100.00% | |
Class a preference shares member | Treasury shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 902,166 | |
Percent of shares outstanding | 0.26% | |
Class a preference shares member | Authorised [Member] | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 616,682,421 | |
Class a preference shares member | Novonor member | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 79,182,498 | |
Percent of shares outstanding | 22.95% | |
Class a preference shares member | Petrobras member | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 75,761,739 | |
Percent of shares outstanding | 21.96% | |
Class a preference shares member | Adrs member | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 35,476,394 | [1] |
Percent of shares outstanding | 10.28% | [1] |
Class a preference shares member | Other member | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 153,737,595 | |
Percent of shares outstanding | 44.55% | |
Class a preference shares member | Total member | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 344,158,226 | |
Percent of shares outstanding | 99.74% | |
Class b preference shares member | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 478,790 | |
Percent of shares outstanding | 100.00% | |
Class b preference shares member | Authorised [Member] | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 593,818 | |
Class b preference shares member | Other member | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 478,790 | |
Percent of shares outstanding | 100.00% | |
Class b preference shares member | Total member | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 478,790 | |
Percent of shares outstanding | 100.00% | |
[1] | American Depository Receipt |
Changes in shares during the ye
Changes in shares during the year: (Details) - shares | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 797,207,834 | 797,218,554 |
Changes in shares | (10,720) | |
Treasury shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 902,166 | 1,224,878 |
Changes in shares | (322,712) | |
Total member | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 796,305,668 | 795,993,676 |
Changes in shares | 311,992 | |
Common shares member | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 451,668,652 | 451,668,652 |
Class a preference shares member | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 344,158,226 | 343,824,794 |
Changes in shares | 333,432 | |
Class b preference shares member | ||
Disclosure of classes of share capital [line items] | ||
Shares outstanding | 478,790 | 500,230 |
Changes in shares | (21,440) |
Schedule of retained earnings (
Schedule of retained earnings (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of classes of share capital [line items] | |||
Profit for the year | R$ 13984946 | ||
Accumulatelosses absorption | (4,529,547) | ||
Comprehensive income | 26,883 | R$ 7829296 | R$ 10375 |
Dividends lapse of statute of limitation | 1,653 | R$ 1110 | R$ 2005 |
Profit for allocation | 9,483,935 | ||
Prepaid dividends approved by Board | (6,000,000) | ||
Alocation profit | (3,483,935) | ||
Total allocation | (9,483,935) | ||
Tax incentive member | |||
Disclosure of classes of share capital [line items] | |||
Accumulatelosses absorption | (1,017,546) | ||
Statutory reserve [member] | |||
Disclosure of classes of share capital [line items] | |||
Accumulatelosses absorption | (472,770) | ||
Retention of profits member | |||
Disclosure of classes of share capital [line items] | |||
Accumulatelosses absorption | (643,619) | ||
Additional proposed dividends member | |||
Disclosure of classes of share capital [line items] | |||
Accumulatelosses absorption | R$ 1350000 |
Schedule of other comprehensive
Schedule of other comprehensive income (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | |
Disclosure of classes of share capital [line items] | ||||
Other comprehensive income loss | R$ 6132714 | R$ 5303566 | R$ 6195462 | R$ 6195462 |
Additional indexation realization by depreciation or writeoff assets1 | (39,644) | (39,853) | (40,481) | |
Income tax and social contribution2 | 13,480 | 13,551 | 13,764 | |
Deemed cost of jointly controlled investment realization by depreciation or writeoff assets | (1,091) | (1,123) | (1,338) | |
Deemed costof jointly controlled invetment income tax and social contribution | 372 | 382 | 455 | |
Fair value adjustments accounts receivable | (130) | 113 | 15 | |
Foreign sales hedge exchange rate | (2,114,878) | (7,326,610) | (391,262) | |
Foreign sales hedge transfer to result | 2,410,232 | 2,665,787 | 1,652,267 | |
Foreign sales hedge income tax and social contribution | (88,315) | 1,585,736 | (399,464) | |
Fair value of cash flow hedge change in fair value | (537,425) | (15,928) | ||
Fair value of cash flow hedge transfer to result | 346,744 | (62,965) | 71,202 | |
Fair value of cash flow hedge income tax and social contribution | (146,087) | 202,832 | (19,805) | |
Fair value of cash flow hedge from jointly controlled | 1,260 | (978) | ||
Fair value of cash flow hedge from actuarial loss with post employment benefits net of taxes | (647) | (109,628) | ||
Other comprehensive income loss foreign currency translation adjustment | 1,503,148 | 2,658,042 | 136,722 | |
Loss gain on investments | 3,695 | (84) | ||
Effect of cpc42 ias29 hyperinflation | 35,425 | 8,077 | (3,561) | |
Other comprehensive income loss | (4,067,695) | (6,132,714) | (5,303,566) | (6,132,714) |
Deemed cost and additional indexation of p p e member | ||||
Disclosure of classes of share capital [line items] | ||||
Other comprehensive income loss | 96,571 | 123,614 | 151,214 | 151,214 |
Additional indexation realization by depreciation or writeoff assets1 | (39,644) | (40,481) | (39,853) | |
Income tax and social contribution2 | 13,480 | 13,551 | 13,764 | |
Deemed cost of jointly controlled investment realization by depreciation or writeoff assets | (1,091) | (1,123) | (1,338) | |
Deemed costof jointly controlled invetment income tax and social contribution1 | 372 | 382 | 455 | |
Other comprehensive income loss | 69,688 | 96,571 | 123,614 | 96,571 |
Fair value adjustments of trade accounts recivable member | ||||
Disclosure of classes of share capital [line items] | ||||
Other comprehensive income loss | (322) | (435) | (450) | (450) |
Fair value adjustments accounts receivable | (130) | 113 | 15 | |
Other comprehensive income loss foreign currency translation adjustment | 1,591,094 | |||
Effect of cpc42 ias29 hyperinflation | 35,425 | |||
Other comprehensive income loss | (452) | (322) | (435) | (322) |
Gain loss on interest in subsidiary member | ||||
Disclosure of classes of share capital [line items] | ||||
Other comprehensive income loss | (5,774) | (9,469) | (9,469) | (9,469) |
Loss gain on investments | 3,695 | |||
Other comprehensive income loss | (5,774) | (5,774) | (9,469) | (5,774) |
Foreign sales hedge member | ||||
Disclosure of classes of share capital [line items] | ||||
Other comprehensive income loss | (9,972,757) | (6,893,066) | (7,626,515) | (7,626,515) |
Foreign sales hedge exchange rate | (2,063,726) | (7,215,247) | (507,464) | |
Foreign sales hedge transfer to result | 2,283,425 | 2,547,855 | 1,585,480 | |
Foreign sales hedge income tax and social contribution | (65,619) | 1,587,701 | (344,567) | |
Other comprehensive income loss | (9,818,677) | (9,972,757) | (6,893,066) | (9,972,757) |
Fair value of hedge member | ||||
Disclosure of classes of share capital [line items] | ||||
Other comprehensive income loss | (609,197) | (218,589) | (257,508) | (257,508) |
Fair value of cash flow hedge change in fair value | 123,717 | (545,038) | 7,150 | |
Fair value of cash flow hedge transfer to result | 260,058 | (47,223) | 54,450 | |
Fair value of cash flow hedge income tax and social contribution | (120,081) | 200,393 | (21,703) | |
Fair value of cash flow hedge from jointly controlled | (968) | 1,260 | (978) | |
Fair value of cash flow hedge from actuarial loss with post employment benefits net of taxes | 23,014 | |||
Other comprehensive income loss | (346,471) | (609,197) | (218,589) | (609,197) |
Actuarial gain (loss) on Defined Benefit and health plan member | ||||
Disclosure of classes of share capital [line items] | ||||
Other comprehensive income loss | (163,714) | (163,066) | (53,574) | (53,574) |
Fair value of cash flow hedge from actuarial loss with post employment benefits net of taxes | (109,492) | |||
Fair value of cash flow hedge from actuarial loss with post employment benefits net of taxes1 | 23,028 | (648) | ||
Other comprehensive income loss | (140,686) | (163,714) | (163,066) | (163,714) |
Foreign currency translation adjustment member | ||||
Disclosure of classes of share capital [line items] | ||||
Other comprehensive income loss | 5,445,695 | 2,383,492 | 2,166,875 | 2,166,875 |
Other comprehensive income loss foreign currency translation adjustment | 1,591,094 | 3,054,126 | 220,228 | |
Loss gain on investments | (50) | |||
Effect of cpc42 ias29 hyperinflation | 35,425 | 8,077 | (3,561) | |
Other comprehensive income loss | 7,072,214 | 5,445,695 | 2,383,492 | 5,445,695 |
Total braskem shareholders interest member | ||||
Disclosure of classes of share capital [line items] | ||||
Other comprehensive income loss | (5,209,498) | (4,777,519) | (5,629,427) | (5,629,427) |
Additional indexation realization by depreciation or writeoff assets1 | (39,644) | (39,853) | (40,481) | |
Income tax and social contribution2 | 13,480 | 13,551 | 13,764 | |
Deemed cost of jointly controlled investment realization by depreciation or writeoff assets | (1,091) | (1,123) | (1,338) | |
Deemed costof jointly controlled invetment income tax and social contribution | 372 | 382 | 455 | |
Fair value adjustments accounts receivable | (130) | 113 | 15 | |
Foreign sales hedge exchange rate | (2,063,726) | (7,215,247) | (507,464) | |
Foreign sales hedge transfer to result | 2,283,425 | 2,547,855 | 1,585,480 | |
Foreign sales hedge income tax and social contribution | 1,587,701 | (344,567) | ||
Fair value of cash flow hedge change in fair value | 123,717 | (545,038) | 7,150 | |
Fair value of cash flow hedge transfer to result | 260,058 | (47,223) | 54,450 | |
Fair value of cash flow hedge income tax and social contribution | (120,081) | 200,393 | (21,703) | |
Fair value of cash flow hedge from jointly controlled | (968) | 1,260 | (978) | |
Fair value of cash flow hedge from actuarial loss with post employment benefits net of taxes | 23,028 | (648) | (109,492) | |
Other comprehensive income loss foreign currency translation adjustment | 3,054,126 | 220,228 | ||
Loss gain on investments | 3,695 | (50) | ||
Effect of cpc42 ias29 hyperinflation | 8,077 | (3,561) | ||
Other comprehensive income loss | (3,170,158) | (5,209,498) | (4,777,519) | (5,209,498) |
Foreign sales hedge tax and social contribution | (65,619) | |||
Noncontrolling interest in braskem idesa member | ||||
Disclosure of classes of share capital [line items] | ||||
Other comprehensive income loss | (923,216) | (526,047) | (566,035) | (566,035) |
Foreign sales hedge exchange rate | (51,152) | (111,363) | 116,202 | |
Foreign sales hedge transfer to result | 126,807 | 117,932 | 66,787 | |
Foreign sales hedge income tax and social contribution | (22,696) | (1,965) | (54,897) | |
Fair value of cash flow hedge change in fair value | 7,613 | (23,078) | ||
Fair value of cash flow hedge transfer to result | 86,686 | (15,742) | 16,752 | |
Fair value of cash flow hedge income tax and social contribution | (26,006) | 2,439 | 1,898 | |
Fair value of cash flow hedge from actuarial loss with post employment benefits net of taxes | (14) | 1 | (136) | |
Other comprehensive income loss foreign currency translation adjustment | (87,946) | (83,506) | ||
Loss gain on investments | (34) | |||
Other comprehensive income loss foreign currency translation adjustment1 | (396,084) | |||
Other comprehensive income loss | R$ 897537 | R$ 923216 | R$ 526047 | R$ 923216 |
The table below shows the recon
The table below shows the reconciliation of profit or loss for the period adjusted for the amounts used to calculate basic and diluted earnings per share. (Details) - BRL (R$) R$ / shares in Units, R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings per share [line items] | |||
Profit (loss) for the year attributed to Company's shareholders | R$ 13984946 | R$ 6691720 | R$ 2540995 |
Profit loss from continuing operations attributable diluted to owners of parent | 13,984,946 | (6,691,720) | (2,540,995) |
Distribution of unit value of priority dividends diluted | 208,864 | ||
Distribution of unit value of priority dividends basic | 208,864 | ||
Distribution of 6% ??ofunit price of common shares | 273,729 | ||
Distribution of unit value of common shares diluted | 273,729 | ||
Distribution of excess profits, by class | 13,502,353 | ||
Distribution of plus income diluted | 13,502,353 | ||
Reconciliation of income available for distribution, by class (numerator) | 13,984,946 | (6,691,720) | (2,540,995) |
Profit loss available for distribution diluted | R$ 13984946 | R$ 6691720 | R$ 2540995 |
Weighted average number of shares, by class (denominator) | 796,223,523 | 795,992,693 | 795,989,044 |
Weighted average shares diluted | 797,218,524 | 797,218,554 | 797,218,554 |
Earnings (loss) per share | R$ 17.5747 | R$ 8.4068 | R$ 3.1922 |
Class a preference shares member | |||
Earnings per share [line items] | |||
Distribution of priority dividends attributable | R$ 208574 | ||
Distribution of unit value of priority dividends diluted | 208,574 | ||
Distribution of excess profits, by class | 5,838,145 | ||
Distribution of plus income diluted | 5,838,145 | ||
Reconciliation of income available for distribution, by class (numerator) | 6,046,719 | R$ 2890445 | R$ 1097559 |
Profit loss available for distribution diluted | R$ 6046719 | R$ 2890444 | R$ 1097559 |
Weighted average number of shares, by class (denominator) | 344,054,700 | 343,823,811 | 343,820,162 |
Weighted average shares diluted | 345,049,701 | 345,049,672 | 345,049,672 |
Earnings (loss) per share | R$ 17.5749 | R$ 8.4068 | R$ 3.1922 |
Diluted earnings loss per share1 | R$ 17.5242 | R$ 8.3769 | R$ 3.1809 |
Amount at beginning of year | 343,824,794 | ||
Incentive long term plan payments with treasury shares | 322,712 | 1,721 | 8,159 |
Preferred shares Classe "B" converted into preferred shares Classe "A" | 10,720 | ||
Amount at the end of the year | 344,158,226 | 343,824,794 | |
Amount at beginning of year | 343,824,794 | 343,823,073 | |
Amount at the end of the year | 343,824,794 | 343,823,073 | |
Amount at beginning of year | 343,823,073 | 343,814,914 | |
Amount at the end of the year | 343,823,073 | ||
Class a preference shares member | Weighted average [member] | |||
Earnings per share [line items] | |||
Amount at beginning of year | 343,824,794 | ||
Incentive long term plan payments with treasury shares | 229,877 | 738 | 5,248 |
Preferred shares Classe "B" converted into preferred shares Classe "A" | 29 | ||
Amount at the end of the year | 344,054,700 | 343,824,794 | |
Amount at beginning of year | 343,823,811 | 343,823,073 | |
Amount at the end of the year | 343,823,811 | 343,823,073 | |
Amount at beginning of year | 343,820,162 | 343,814,914 | |
Amount at the end of the year | 343,820,162 | ||
Class b preference shares member | |||
Earnings per share [line items] | |||
Distribution of unit value of priority dividends basic | R$ 290 | ||
Distribution of unit value o priority dividends diluted | 290 | ||
Reconciliation of income available for distribution, by class (numerator) | 290 | R$ 4205 | R$ 1597 |
Profit loss available for distribution diluted | R$ 290 | R$ 4205 | R$ 1597 |
Weighted average number of shares, by class (denominator) | 500,171 | 500,230 | 500,230 |
Weighted average shares diluted | 500,171 | 500,230 | 500,230 |
Earnings (loss) per share | R$ 0.5798 | R$ 8.4068 | R$ 3.1922 |
Diluted earnings loss per share1 | R$ 0.5798 | R$ 8.4068 | R$ 3.1922 |
Amount at beginning of year | 500,230 | ||
Preferred shares Classe "B" converted into preferred shares Classe "A" | (21,440) | ||
Amount at the end of the year | 478,790 | 500,230 | |
Class b preference shares member | Weighted average [member] | |||
Earnings per share [line items] | |||
Amount at beginning of year | 500,230 | ||
Preferred shares Classe "B" converted into preferred shares Classe "A" | (59) | ||
Amount at the end of the year | 500,171 | 500,230 | |
Common shares member | |||
Earnings per share [line items] | |||
Distribution of excess profits, by class | R$ 7664208 | ||
Distribution of plus income diluted | 7,664,208 | ||
Reconciliation of income available for distribution, by class (numerator) | 7,937,937 | R$ 3797070 | R$ 1441839 |
Profit loss available for distribution diluted | R$ 7937937 | R$ 3797071 | R$ 1441839 |
Weighted average number of shares, by class (denominator) | 451,668,652 | 451,668,652 | 451,668,652 |
Weighted average shares diluted | 451,668,652 | 451,668,652 | 451,668,652 |
Earnings (loss) per share | R$ 17.5747 | R$ 8.4068 | R$ 3.1922 |
Diluted earnings loss per share1 | R$ 17.5747 | R$ 8.4068 | R$ 3.1922 |
Schedule of sales and service r
Schedule of sales and service revenue (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net sales and services revenue | R$ 105625201 | R$ 58543494 | R$ 52323525 |
Schedule of revenue by country
Schedule of revenue by country (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Net revenue | R$ 105625201 | R$ 58543494 | R$ 52323525 |
Brazil member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 55,830,330 | 32,369,199 | |
B r member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 28,523,327 | ||
United states member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 24,232,413 | 10,848,609 | 9,416,558 |
Mexico member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 5,505,893 | 2,765,815 | 2,335,198 |
A r member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 2,068,023 | 1,267,967 | 1,104,044 |
D E [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 1,912,373 | 1,106,877 | 1,157,431 |
I t member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 1,304,113 | 811,787 | 690,422 |
C h member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 1,230,540 | 633,512 | 759,189 |
C l member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 1,230,493 | 544,329 | 610,454 |
S g member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 1,175,133 | 1,183,838 | 1,162,432 |
J p member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 1,162,226 | 618,940 | 240,579 |
L u member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 987,656 | 592,777 | 526,768 |
K r member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 669,055 | 360,704 | 279,900 |
P e member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 666,867 | 471,847 | 551,967 |
P l member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 649,825 | 285,714 | 200,563 |
N l member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 642,844 | 432,897 | 516,409 |
G b member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 585,766 | 204,953 | 359,937 |
C a member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 558,730 | 297,756 | 201,635 |
E s member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 517,532 | 282,362 | 344,433 |
U y member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 495,120 | 405,946 | 359,049 |
S e member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 481,289 | 310,984 | 296,601 |
C n member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 354,071 | 496,920 | 542,209 |
F r member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 326,570 | 247,062 | 225,986 |
P y member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 318,842 | 254,255 | 194,859 |
B o member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 296,138 | 190,447 | 231,848 |
C o member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 274,335 | 174,381 | 200,370 |
T w member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | 136,173 | 176,400 | 191,593 |
Other member | |||
IfrsStatementLineItems [Line Items] | |||
Net revenue | R$ 2012852 | R$ 1207216 | R$ 1099764 |
Schedule of revenue by product
Schedule of revenue by product (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net revenue | R$ 105625201 | R$ 58543494 | R$ 52323525 |
P e p p member | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net revenue | 73,306,089 | 41,137,288 | 34,287,597 |
Ethylene propylene member | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net revenue | 6,872,999 | 3,600,276 | 3,743,581 |
P v c caustic soda e d c member | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net revenue | 5,806,011 | 3,134,617 | 2,692,778 |
E t b e gasoline member | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net revenue | 4,321,371 | 2,170,289 | 2,319,253 |
Benzene toluene and xylene member | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net revenue | 5,819,696 | 3,051,752 | 2,503,667 |
Butadiene member | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net revenue | 3,019,836 | 1,372,428 | 1,609,264 |
Cumene member | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net revenue | 1,342,811 | 636,635 | 723,469 |
Solvents member | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net revenue | 1,129,484 | 654,793 | 505,804 |
Naphtha condensate and crude oil member | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net revenue | 1,648,581 | 915,807 | 676,044 |
Other1 member | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net revenue | R$ 2358324 | R$ 1869609 | R$ 3262068 |
Net revenue (Details Narrative)
Net revenue (Details Narrative) | 12 Months Ended |
Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |
Percentage of entity's revenue | 10.00% |
One client member | |
IfrsStatementLineItems [Line Items] | |
Percentage of entity's revenue | 2.70% |
Tax incentives (Details Narrati
Tax incentives (Details Narrative) - BRL (R$) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Tax Incentives | |||
Percentage of tax reduction | 75.00% | ||
Realization period | 10 years | ||
ICMS tax incentives | R$ 425913 | R$ 176284 | R$ 68893 |
Schedule of other income (expen
Schedule of other income (expenses), net (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
DisclosureOfOtherIncomeExpensesNetLineItems [Line Items] | ||||
Other income (expenses), net | R$ 2669290 | R$ 7938621 | R$ 4446942 | |
P i s and c o f i n s credits exclusion of i c m s from the calculation basis member | ||||
DisclosureOfOtherIncomeExpensesNetLineItems [Line Items] | ||||
Other income (expenses), net | 1,031,099 | 310,557 | 1,904,206 | |
Tax credits recovery member | ||||
DisclosureOfOtherIncomeExpensesNetLineItems [Line Items] | ||||
Other income (expenses), net | 209,558 | 219,254 | 3,094 | |
Fine on supply contract of raw material net member | ||||
DisclosureOfOtherIncomeExpensesNetLineItems [Line Items] | ||||
Other income (expenses), net | 63,017 | 41,134 | 375,020 | |
Fixed assets disposal results member | ||||
DisclosureOfOtherIncomeExpensesNetLineItems [Line Items] | ||||
Other income (expenses), net | 40,353 | 7,035 | 11,140 | |
Other incomes member | ||||
DisclosureOfOtherIncomeExpensesNetLineItems [Line Items] | ||||
Other income (expenses), net | 190,460 | 172,769 | 114,974 | |
Provision for damages alagoas member | ||||
DisclosureOfOtherIncomeExpensesNetLineItems [Line Items] | ||||
Other income (expenses), net | (1,339,765) | (6,901,828) | (3,383,067) | |
Provision for repairing environmental damages member | ||||
DisclosureOfOtherIncomeExpensesNetLineItems [Line Items] | ||||
Other income (expenses), net | (588,110) | (306,275) | (141,536) | |
Fine on sales contracts member | ||||
DisclosureOfOtherIncomeExpensesNetLineItems [Line Items] | ||||
Other income (expenses), net | [1] | (344,902) | (4,008) | (104,179) |
Allowance for judicial and labor claims member | ||||
DisclosureOfOtherIncomeExpensesNetLineItems [Line Items] | ||||
Other income (expenses), net | (123,108) | (59,836) | (136,135) | |
Expenses with plant maintenance member | ||||
DisclosureOfOtherIncomeExpensesNetLineItems [Line Items] | ||||
Other income (expenses), net | (26,909) | (116,233) | (266,512) | |
Other expenses member | ||||
DisclosureOfOtherIncomeExpensesNetLineItems [Line Items] | ||||
Other income (expenses), net | R$ 246496 | R$ 550441 | R$ 415513 | |
[1] | Of the amount in 2021, R$263 million refers to the Take-or-Pay penalty applied to Braskem due to the non-consumption of HLR (chemical input) under the agreement with the supplier. |
Schedule of results by segment
Schedule of results by segment (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of operating segments [line items] | |||
Finance income | R$ 1827438 | R$ 600184 | R$ 850554 |
Finance costs | 5,907,155 | 4,913,365 | 3,882,785 |
Financial expenses | (5,907,155) | (4,913,365) | (3,882,785) |
Gains (losses) on exchange differences on translation of foreign operations, before tax | (4,002,807) | (5,298,711) | (1,724,520) |
Finance income (cost) | (8,082,524) | (9,611,892) | (4,756,751) |
Financial interest income member | |||
Disclosure of operating segments [line items] | |||
Finance income | 439,891 | 310,202 | 390,841 |
Monetary variations on tax credits member | |||
Disclosure of operating segments [line items] | |||
Finance income | 1,041,917 | 170,857 | 317,701 |
Other financial income member | |||
Disclosure of operating segments [line items] | |||
Finance income | 345,630 | 119,125 | 142,012 |
Financial interest expenses member | |||
Disclosure of operating segments [line items] | |||
Finance costs | (2,922,958) | (2,928,803) | (2,191,765) |
Financial expenses | 2,922,958 | 2,928,803 | 2,191,765 |
Monetary variations on fiscal debts member | |||
Disclosure of operating segments [line items] | |||
Finance costs | (93,722) | (138,410) | (232,612) |
Financial expenses | 93,722 | 138,410 | 232,612 |
Discounts granted member | |||
Disclosure of operating segments [line items] | |||
Finance costs | (75,677) | (81,920) | (80,404) |
Financial expenses | 75,677 | 81,920 | 80,404 |
Loans transaction costs member | |||
Disclosure of operating segments [line items] | |||
Finance costs | (691,243) | (172,269) | (465,000) |
Financial expenses | 691,243 | 172,269 | 465,000 |
Adjustment to present value member | |||
Disclosure of operating segments [line items] | |||
Finance costs | (179,461) | (225,889) | (348,930) |
Financial expenses | 179,461 | 225,889 | 348,930 |
Interest expense on leases member | |||
Disclosure of operating segments [line items] | |||
Finance costs | (173,536) | (164,166) | (137,903) |
Financial expenses | 173,536 | 164,166 | 137,903 |
Losses on derivatives member | |||
Disclosure of operating segments [line items] | |||
Finance costs | (1,003,502) | (809,150) | (115,050) |
Financial expenses | 1,003,502 | 809,150 | 115,050 |
Other financial expenses member | |||
Disclosure of operating segments [line items] | |||
Finance costs | (767,056) | (392,758) | (311,121) |
Financial expenses | 767,056 | 392,758 | 311,121 |
Financial assets, class [member] | |||
Disclosure of operating segments [line items] | |||
Gains (losses) on exchange differences on translation of foreign operations, before tax | 230,370 | 336,527 | (31,137) |
Financial liabilities, class [member] | |||
Disclosure of operating segments [line items] | |||
Gains (losses) on exchange differences on translation of foreign operations, before tax | R$ 4233177 | R$ 5635238 | R$ 1693383 |
The effects from exchange varia
The effects from exchange variation on the Company’s transactions are mainly due to the variations in the following currencies: (Details) - Number | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
U s dollar brazilian real member | ||||
DisclosureOfFinancialResultsLineItems [Line Items] | ||||
Closing foreign exchange rate | 5.5805 | 5.1967 | ||
Closing foreign exchange rate variations | 7.39% | |||
Average foreign exchange rate | 5.1578 | 5.3956 | 3.9461 | |
Average foreign exchange rate variations | 4.61% | 30.70% | ||
Euro brazilian real member | ||||
DisclosureOfFinancialResultsLineItems [Line Items] | ||||
Closing foreign exchange rate | 6.3210 | 6.3779 | ||
Closing foreign exchange rate variations | (0.89%) | |||
Average foreign exchange rate | 5.8989 | 6.3784 | 4.4159 | |
Average foreign exchange rate variations | 8.13% | 33.58% | ||
Mexican peso brazilian real member | ||||
DisclosureOfFinancialResultsLineItems [Line Items] | ||||
Closing foreign exchange rate | 0.2730 | 0.2610 | ||
Closing foreign exchange rate variations | 4.60% | |||
Average foreign exchange rate | 0.2402 | 0.2660 | 0.2049 | |
Average foreign exchange rate variations | 10.75% | 17.22% | ||
U s dollar mexican peso member | ||||
DisclosureOfFinancialResultsLineItems [Line Items] | ||||
Closing foreign exchange rate | 20.4519 | 19.9240 | ||
Closing foreign exchange rate variations | 2.65% | |||
Average foreign exchange rate | 21.5098 | 20.2900 | 19.2568 | |
Average foreign exchange rate variations | (5.67%) | 11.70% | ||
U s dollar euro member | ||||
DisclosureOfFinancialResultsLineItems [Line Items] | ||||
Closing foreign exchange rate | 0.8853 | 0.8166 | ||
Closing foreign exchange rate variations | 8.41% | |||
Average foreign exchange rate | 0.8775 | 0.8458 | 0.8930 | |
Average foreign exchange rate variations | (3.61%) | (1.74%) |
Schedule of expenses by nature
Schedule of expenses by nature and function (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Nature member | |||
DisclosureOfExpensesByNatureAndFunctionLineItems [Line Items] | |||
Expenses, by nature | R$ 79586298 | R$ 58595988 | R$ 52180060 |
Nature member | Raw materials other inputs member | |||
DisclosureOfExpensesByNatureAndFunctionLineItems [Line Items] | |||
Expenses, by nature | (63,570,499) | (37,913,921) | (37,380,310) |
Nature member | Personnel expenses member | |||
DisclosureOfExpensesByNatureAndFunctionLineItems [Line Items] | |||
Expenses, by nature | (3,478,323) | (3,074,305) | (3,004,762) |
Nature member | Outsourced services member | |||
DisclosureOfExpensesByNatureAndFunctionLineItems [Line Items] | |||
Expenses, by nature | (3,193,970) | (2,219,413) | (3,242,373) |
Nature member | Depreciation amortization and depletion member | |||
DisclosureOfExpensesByNatureAndFunctionLineItems [Line Items] | |||
Expenses, by nature | (4,178,433) | (4,048,081) | (3,632,265) |
Nature member | Freights member | |||
DisclosureOfExpensesByNatureAndFunctionLineItems [Line Items] | |||
Expenses, by nature | (2,966,229) | (2,321,740) | (2,204,453) |
Nature member | Costs of idle industrial plants member | |||
DisclosureOfExpensesByNatureAndFunctionLineItems [Line Items] | |||
Expenses, by nature | (338,987) | (518,528) | (309,742) |
Nature member | Provision geological event in alagoas member | |||
DisclosureOfExpensesByNatureAndFunctionLineItems [Line Items] | |||
Expenses, by nature | (1,339,765) | (6,901,828) | (3,383,067) |
Nature member | P i s and c o f i n s credits exclusion of i c m s from the calculation basis member | |||
DisclosureOfExpensesByNatureAndFunctionLineItems [Line Items] | |||
Expenses, by nature | 1,031,099 | 310,557 | 1,904,206 |
Nature member | Other income expenses net member | |||
DisclosureOfExpensesByNatureAndFunctionLineItems [Line Items] | |||
Expenses, by nature | (1,551,191) | (1,908,729) | (927,294) |
Function member | |||
DisclosureOfExpensesByNatureAndFunctionLineItems [Line Items] | |||
Expenses, by nature | (79,586,298) | (58,595,988) | (52,180,060) |
Function member | Other income expenses net member | |||
DisclosureOfExpensesByNatureAndFunctionLineItems [Line Items] | |||
Expenses, by nature | 1,534,487 | 750,749 | 2,408,434 |
Function member | Cost of products sold member | |||
DisclosureOfExpensesByNatureAndFunctionLineItems [Line Items] | |||
Expenses, by nature | (73,568,231) | (47,331,414) | (45,879,118) |
Function member | Selling and distribution member | |||
DisclosureOfExpensesByNatureAndFunctionLineItems [Line Items] | |||
Expenses, by nature | (2,055,640) | (1,852,055) | (1,783,455) |
Function member | Loss reversals for impairment of trade accounts receivable member | |||
DisclosureOfExpensesByNatureAndFunctionLineItems [Line Items] | |||
Expenses, by nature | (8,914) | (55,252) | (7,069) |
Function member | General and administrative member | |||
DisclosureOfExpensesByNatureAndFunctionLineItems [Line Items] | |||
Expenses, by nature | (2,522,127) | (1,918,747) | (2,224,180) |
Function member | Research and development member | |||
DisclosureOfExpensesByNatureAndFunctionLineItems [Line Items] | |||
Expenses, by nature | (296,583) | (250,648) | (247,730) |
Function member | Other expenses member | |||
DisclosureOfExpensesByNatureAndFunctionLineItems [Line Items] | |||
Expenses, by nature | R$ 2669290 | R$ 7938621 | R$ 4446942 |
Results by segmen (Details)
Results by segmen (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of operating segments [line items] | |||
Net revenue | R$ 105625201 | R$ 58543494 | R$ 52323525 |
Cost of products sold | (73,568,231) | (47,331,414) | (45,879,118) |
Gross profit | 32,056,970 | 11,212,080 | 6,444,407 |
Selling, general and distribuition expenses | (4,883,264) | (4,076,702) | (4,262,434) |
Other operating income (expenses), net | (1,134,803) | (7,187,872) | (2,038,508) |
Operating profit (loss) | 26,043,544 | (71,892) | 153,683 |
Results from equity-accounted investee | (4,644) | 19,398 | (10,218) |
Share of profit (loss) of associates and joint ventures accounted for using equity method | 4,644 | (19,398) | 10,218 |
Reporting segments member | |||
Disclosure of operating segments [line items] | |||
Net revenue | 108,404,852 | 59,433,852 | 52,238,264 |
Cost of products sold | (76,066,409) | (47,910,490) | (45,967,468) |
Gross profit | 32,338,443 | 11,523,362 | 6,270,796 |
Selling, general and distribuition expenses | (2,980,891) | (2,629,772) | (2,729,808) |
Other operating income (expenses), net | (2,251,483) | (7,529,558) | (3,851,078) |
Operating profit (loss) | 27,106,069 | 1,364,032 | (310,090) |
Reporting segments member | Brazil member | |||
Disclosure of operating segments [line items] | |||
Net revenue | 69,494,923 | 40,794,387 | 39,142,561 |
Cost of products sold | (49,309,552) | (32,498,003) | (35,245,941) |
Gross profit | 20,185,371 | 8,296,384 | 3,896,620 |
Selling, general and distribuition expenses | (1,608,185) | (1,471,722) | (1,852,908) |
Other operating income (expenses), net | (2,210,601) | (7,082,604) | (4,151,901) |
Operating profit (loss) | 16,366,585 | (257,942) | (2,108,189) |
Reporting segments member | U s a and europe member | |||
Disclosure of operating segments [line items] | |||
Net revenue | 32,403,632 | 14,638,660 | 10,044,263 |
Cost of products sold | (23,343,205) | (12,337,486) | (8,217,515) |
Gross profit | 9,060,427 | 2,301,174 | 1,826,748 |
Selling, general and distribuition expenses | (900,885) | (721,191) | (525,701) |
Other operating income (expenses), net | (25,580) | (82,695) | (23,859) |
Operating profit (loss) | 8,133,962 | 1,497,288 | 1,277,188 |
Reporting segments member | Mexico member | |||
Disclosure of operating segments [line items] | |||
Net revenue | 6,506,297 | 4,000,805 | 3,051,440 |
Cost of products sold | (3,413,652) | (3,075,001) | (2,504,012) |
Gross profit | 3,092,645 | 925,804 | 547,428 |
Selling, general and distribuition expenses | (471,821) | (436,859) | (351,199) |
Other operating income (expenses), net | (15,302) | (364,259) | 324,682 |
Operating profit (loss) | 2,605,522 | 124,686 | 520,911 |
Other segments member | |||
Disclosure of operating segments [line items] | |||
Net revenue | 363,684 | 302,374 | 296,285 |
Cost of products sold | (233,084) | (188,350) | (188,335) |
Gross profit | 130,600 | 114,024 | 107,950 |
Selling, general and distribuition expenses | 76,830 | 63,874 | 40,306 |
Other operating income (expenses), net | (28,674) | (320) | 4,175 |
Operating profit (loss) | 183,397 | 158,180 | 162,649 |
Results from equity-accounted investee | 4,641 | (19,398) | 10,218 |
Share of profit (loss) of associates and joint ventures accounted for using equity method | (4,641) | 19,398 | (10,218) |
Corporate unit member | |||
Disclosure of operating segments [line items] | |||
Selling, general and distribuition expenses | (1,963,137) | (1,493,479) | (1,533,590) |
Other operating income (expenses), net | 1,161,517 | 359,071 | 1,773,267 |
Operating profit (loss) | (801,620) | (1,134,408) | 239,677 |
Braskem consolidated before eliminations and reclassifications member | |||
Disclosure of operating segments [line items] | |||
Net revenue | 108,768,536 | 59,736,226 | 52,534,549 |
Cost of products sold | (76,299,493) | (48,098,840) | (46,155,803) |
Gross profit | 32,469,043 | 11,637,386 | 6,378,746 |
Selling, general and distribuition expenses | (4,867,198) | (4,059,377) | (4,223,092) |
Other operating income (expenses), net | (1,118,640) | (7,170,807) | (2,073,636) |
Operating profit (loss) | 26,487,846 | 387,804 | 92,236 |
Results from equity-accounted investee | 4,641 | (19,398) | 10,218 |
Share of profit (loss) of associates and joint ventures accounted for using equity method | (4,641) | 19,398 | (10,218) |
Eliminations and reclassifications member | |||
Disclosure of operating segments [line items] | |||
Net revenue | (3,143,335) | (1,192,732) | (211,024) |
Cost of products sold | 2,731,262 | 767,426 | 276,685 |
Gross profit | (412,073) | (425,306) | 65,661 |
Selling, general and distribuition expenses | (16,066) | (17,325) | (39,342) |
Other operating income (expenses), net | (16,163) | (17,065) | 35,128 |
Operating profit (loss) | R$ 444302 | R$ 459696 | R$ 61447 |
Schedule of property, plant a_2
Schedule of property, plant and equipment and intangible assets by segment (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment and intangible assets | R$ 40102429 | R$ 38757840 |
Reporting segments member | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment and intangible assets | 39,780,192 | 38,434,223 |
Reporting segments member | Brazil member | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment and intangible assets | 18,072,312 | 17,299,352 |
Reporting segments member | U s a and europe member | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment and intangible assets | 7,688,713 | 7,242,262 |
Reporting segments member | Mexico member | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment and intangible assets | 14,019,167 | 13,892,609 |
Reporting segments member | Unallocated member | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment and intangible assets | R$ 322237 | R$ 323617 |
Contractual obligations (Detail
Contractual obligations (Details Narrative) | Dec. 31, 2021BRL (R$) |
Energy agreement member | |
ContractualObligationsLineItems [Line Items] | |
Contractual capital commitments | R$ 6079568 |
Subsequent events (Details Narr
Subsequent events (Details Narrative) - Events after reporting period member | Jan. 05, 2022 |
IfrsStatementLineItems [Line Items] | |
Interest rate | 5.5386% |
Interest rate | 5.5684% |
Description of duration | due in 7 and 10 years |