Place Value Grade 3

Braskem (NYSE: BAK)

CONSTELLATION BRANDS, INC.

Q4 2020 Antithesis Call

Mar 11, 2021, 9:00 a.m. ET

Operator

Good afternoon, ladies and gentlemen. At this time, we would like to acceptable anybody to Braskem's Fourth Division of 2020 antithesis appointment call. Today with us, we accept Roberto Simoes, CEO of Braskem; Pedro Freitas, Vice-President of Finance, Procurement and Accumulated Affairs; and Edison Terra, Vice President of South America Olefins and Polyolefins and Rosana Avolio, Investor Relations Director.

[Operator Instructions] We accept accompanying webcast that may be accessed through Braskem's IR website at http://www.braskem-ri.com.br, and the MZiQ platform, area the accelerate presentation is accessible for download. Please feel chargeless to cast through the slides during the appointment call. There will be a epitomize adeptness for this alarm on the website. We admonish you that questions which will be answered during the Q&A session, may be acquaint in beforehand on the website.

Before proceeding, let me acknowledgment that advanced statements are actuality fabricated beneath the Safe Harbor of Securities Litigations Reform Act of COVID-1996. Advanced statements are based on the behavior and assumptions of the Braskem administration and on advice currently accessible to the Company. They blot risks, uncertainties and assumptions because they chronicle to the approaching contest and therefore, depend on the affairs that may or may not action in the future. Investors should accept that accustomed bread-and-butter conditions, industry altitude and added operating factors could additionally affect the approaching after-effects of Braskem and could annual after-effects to alter materially from those bidding in such advanced statements.

Now I will about-face the appointment over to Rosana Avolio, Investor Relations Director. Ms. Avolio, you may activate your conference.

This commodity is a archetype of this appointment alarm produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not accept any albatross for your use of this content, and we acerb animate you to do your own research, including alert to the alarm yourself and annual the company's SEC filings. Please see our Acceding and Altitude for added details, including our Obligatory Capitalized Disclaimers of Liability.

Motley Fool Transcribers has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a acknowledgment policy.

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Rosana Avolio -- Investor Relations Director

Good morning all. We would like to acknowledge you for abutting Braskem's antithesis appointment call. Today, we will present fourth division 2020 and 2020 results.

Please, let's move to the Accelerate cardinal 3 in which we will allocution about Braskem basic achievements in 2020. First, apropos banking results, the aggregation presented net banknote bearing of BRL1.3 billion. Additionally, Braskem beforehand a able-bodied banknote position in the bulk of $2.9 billion with acceptable clamminess to awning liabilities advancing due in the abutting 84 months. In affiliation to leverage, the aggregation connected committed to abate its accumulated advantage in adjustment to be reassigned as beforehand brand company. For that the aggregation implemented the action in the deleveraging plan, accidental to a 0.63 times abridgement in accumulated leverage. Furthermore, accurate by the company's banknote bearing and allegation to banking health, accumulated advantage abstinent by the arrangement of net debt to alternating operating aftereffect was 2.94 times in US dollars, which represents a aciculate abridgement compared to 2019 leverage.

Regarding the geological abnormality in Alagoas, one of the company's antecedence in 2020, Braskem entered into agreements for the advantage of residents, amusing and ecology remediation and adjustment for workers and afterwards the approval of those agreements by the court, the accessible absorption civilian accomplishments filed adjoin Braskem were terminated. Addition highlight about the geological abnormality in Alagoas was the cessation of the able and absolute abstruse studies apprenticed by the aggregation from all-embracing accustomed entities for the appraisal of abeyant impacts in the apparent of the region. In the operational front, the aggregation appear a resumption of chlor-alkali bulb in Alagoas, which allows the aggregation to resume assembly of PVC and abrasive soda with an chip business model.

Moving to ESG positioning, and in band with the company's focus on acceptable development aback its conception in 2002, Braskem decides to aggrandize its accomplishment to accomplish the goals associated with active altitude change and eliminating artificial waste. In acceding of active altitude change, the company's appetite is to adeptness carbon neutrality by 2050, while additionally abbreviation its greenhouse gases emissions by 15% by 2030. Apropos eliminating artificial waste, Braskem will assignment to aggrandize its I'm blooming portfolio to accommodate by 2025, 300 kt of thermoplastic resins and actinic accessories with recycling agreeable and by 2030, 1 actor bags of these products.

Moving to the abutting slide. On Accelerate cardinal 4, we will present the basic measures taken by the aggregation in acknowledgment to COVID. Due to the beforehand of COVID, a alternation of measures were adopted to abbreviate the pandemic's impacts on the company's bulk chain, in assembly sales, as able-bodied as on the assurance and bloom of the aggregation members. With the algid of abutment and abet with the bulk chain, Braskem fabricated donations in the bulk of about BRL10.6 million, including hospital materials, careful items, tests, hygiene kits and more. Additionally, in adjustment to abutment its customers, Braskem accustomed a acclaim band of BRL1 billion to abutment mainly baby and mid-sized companies in the chain.

In the operations and sales front, the aggregation bargain its appliance ante and sales in Brazil and in the US in the added division of 2020 and afresh afterwards appeal recovered as from third division 2020, the aggregation presented almanac aerial sales in Brazil in band with the action to accent the Brazilian market. Apropos safety, which is a basic bulk for the company, Braskem adopted the afterward measures. Smaller teams for assembly and locking in the US, alien assignment for aggregation associates who assignment in their offices and medical abutment for aggregation associates with doubtable or accustomed COVID cases.

Moving to Accelerate cardinal 5, we will animadversion on circumscribed fourth division 2020 and 2020 highlights. In the fourth division 2020, the company's alternating operating aftereffect was $833 million, 22% college than third division 2020 and explained mainly by the bigger spreads for resins and basic chemicals in Brazil, PP in the United States and PE in Mexico. In 2020, alternating operating aftereffect was $2,082 million, 38% college than 2019 and explained mainly by the bigger spreads for resins in Brazil, PP in Europe and PE Mexico and additionally college ascent sales volumes in Brazil.

Moving to the abutting slide. On Accelerate cardinal 6, we will present the basic highlights of Brazil's operations. In 2020, the appliance bulk was 4 percentile credibility lower than 2019, mainly to the acting bead in appeal and to the destocking trend in the petrochemical circuitous assembly change in 2020 acquired by the pandemic. This aftereffect was partially annual by the normalization of alone operations as from third division 2020.

In the Brazilian market, adhesive sales added in affiliation to 2019 due to the stronger adhesive appeal in Brazil, to the company's action to focus on confined the Brazilian bazaar and additionally to the annual rebuilding trend in the alternation due to the dispatch in bread-and-butter activity. Accustomed that, Brazil's alternating operating aftereffect was $1,641 million, 73% college than 2019, apery 72% of the company's circumscribed alternating operating results.

In the abutting slide, we will accommodate an amend on geological blow in Alagoas. In this slide, we will allocution about the latest amend apropos the National Mining Bureau official letter. In February, the aggregation abreast the bazaar that the National Mining Bureau in Brazil has accustomed a reconsideration appeal fabricated by the aggregation requesting that the bureau will accede its adjustment administering the accomplishing of added measures for the abundance cease plan proposed by the company. As appear in November, such added measures would accept on a bulk bulk of about BRL3 actor if implemented. Additionally, the bureau accommodation maintains in abode the accomplishing of the measures complicated in the abundance cease plan originally proposed by the company. Lastly, because that the abundance cease plan is a activating action with circuitous execution, the bureau will abide to blank the after-effects of the measures that accept been taken by the aggregation and added evaluations, requirements and accoutrement may be all-important in the future.

Moving to the abutting slide. In this slide, we will allocution about the banking appulse of the geologic blow in Alagoas. In the blueprint on the larboard of the slide, we present the bulk schedule. Braskem estimates that costs accompanying to the case of Alagoas will be incurred over the abutting bristles years in the absolute bulk of BRL9.2 billion, of which BRL4.4 billion we apprehend to be disbursed this year. And afresh in the appropriate blueprint of the slide, we present how the aggregation intends to armamentarium the bulk bulk for 2021. The aggregation has already set abreast BRL1.3 billion in a specific coffer annual to abutment the association affairs of the company. That is additionally a BRL1 billion that the aggregation expects this year to monetize accompanying to tax acclaim of PIS/COFINS in Brazil, and additionally we accept $300 actor accompanying to accustomed accountability allowance that the aggregation is currently in talks with allowance companies.

Moving to the abutting slide. In this slide, we will allocution about the acknowledgment of the chlor-alkali assembly in Alagoas and the annual of operating the vinyl business in our new chip business model. In February, the aggregation appear the restarting of chlor-alkali assembly at its units in Alagoas, which had been shut bottomward aback May 2019. To restart the plant, Braskem assured the activity to aftermath alkali as feedstock fabricated from alien salt, which accustomed the aggregation to resume assembly of PVC and abrasive soda with an chip model. In acceding of spreads, for 2021, the chip business archetypal bigger the beforehand by about $200 per ton, impacting in a absolute way the advantage of the vinyl segment.

Moving to the abutting slide. In the United States, the boilerplate accommodation appliance bulk of our PP plants added in affiliation to 2019 explained by the normalization of operations as from third division 2020, which annual the acting arrest in the added division of 2020. In Europe, the accommodation appliance bulk additionally added explained by the operational adjustments in 2019. PP sales added 2% from 2019 due to the college accumulation of accomplished accessories in the United States and additionally in Europe. Because that, alternating operating after-effects in the United States and Europe was $352 million, 7% lower than 2019 and apery 15% of the company's circumscribed alternating operating results.

In the abutting slide, we will allocution about the basic highlight of Mexico's operation. In Mexico, the boilerplate accommodation appliance bulk of our PE plants decreased 2 percentile credibility in affiliation to 2019 explained by the shut bottomward of the circuitous in December due to an abeyance of accustomed gas busline by the Mexican government bureau that is amenable for the accustomed gas activity and busline arrangement in the region. In 2020, Braskem Idesa alien an boilerplate of 6,400 barrels per day of ethane from the United States to accompaniment the accumulation of ethane from Pemex, which corresponded to 10% of the accommodation appliance bulk of PE, which concluded the year at 74%. In December 2020, Braskem Idesa completed an amplification of the Fast Track operation, which currently has an accepted accommodation of 20,000 barrels per day of ethane or about 30% of the absolute ethane affirmation of the petrochemical complex. Polyethylene sales in Mexico added by 4% aback compared to 2019 due to the college accumulation of accomplished accessories accessible for sale. Mexico's alternating operating aftereffect was $283 million, 22% lower than 2019 and apery 12% of the company's circumscribed articulation results.

In the abutting slide, we will accommodate an amend on Braskem Idesa operation. In this slide, we will allocution about the aftermost amend apropos Braskem Idesa operation. In March, the aggregation abreast the bazaar that Braskem Idesa has active with PEMEX and Cenagas the afterward abstracts to accredit Braskem Idesa connected operation. A announcement of an compassionate with PEMEX ambience out corresponding understandings for the altercation of abeyant amendments to the ethane accumulation acceding and for the development of an ethane acceptation terminal accountable to negotiation, entering into absolute documentation, approvals of Braskem Idesa shareholders and creditors and with anxiety of rights and an acceding for accustomed gas busline annual with Cenagas with a appellation of 15 years, such appellation conditioned aloft the beheading of the absolute affidavit that I mentioned before. With the beheading of those abstracts by Braskem Idesa, Braskem Idesa anon alpha to accept the annual of accustomed gas transportation, which had been assured in December 2020. Additionally, the ethane accumulation arrangement amid Braskem Idesa and PEMEX charcoal in abounding force. At the time, Braskem Idesa cannot adumbrate the aftereffect of the discussions with PEMEX, its shareholders and creditors.

Moving to the abutting slide, area we will allocution about chargeless banknote breeze generation. In 2020, we had a absolute chargeless banknote breeze bearing of BRL1,276 actor mainly explained by the able operating after-effects of the company, the monetization of PIS/COFINS acclaim of BRL1,786 actor and the abridgement in estimated investments by 23%. Those impacts were partially annual by the appulse of alive basic on banknote breeze in the aboriginal bisected of 2020, which explained by the banknote burning due to the about-face in the feedstock contour with lower volumes of naphtha actuality imported.

Moving to the abutting slide, we will allocution about debt profile. In the end of December, the boilerplate debt appellation was about 19 years with about 50% of the absolute debt due afterwards 2030. Additionally because its banknote position, the aggregation has acceptable clamminess to awning debt maturities in the abutting 84 months.

Let's move to the abutting slide, which we will allocution about accumulated advantage and deleveraging plan. Accumulated advantage abstinent by the arrangement of net debt to alternating operating aftereffect in US dollars stood at 2.94 times in the end of 2020. This arrangement represents a cogent abridgement in the company's accumulated leverage, which has concluded 2019 at 4.71 times. During 2020, Braskem implemented measures to abate accumulated advantage in adjustment to be reassigned as an beforehand brand company. Aback the end of the added division of 2020, the aggregation has bargain decidedly its accumulated advantage activity from 7.11 times to the end of the year at 2.94 times. In 2020, the aggregation fabricated beforehand on the initiatives of its deleverage plan and concluded the year with the afterward achievements. Affair of amalgam band in July 2020 in the bulk of $600 actor advised as 50% disinterestedness by Standard & Poor's and Fitch Ratings, abridgement of investments from $721 actor to about $555 actor in 2020, beneath the appetite of $600 million, abridgement of about 9% in anchored costs from 2019, abreast the appetite of catastrophe 2020 with a abridgement of 10% and afresh monetization of about BRL1.8 billion in PIS/COFINS credits in the year.

Moving to the abutting slide, we started talking about our ESG highlight. In alignment with its action to aggrandize the use of apple-pie activity and its automated operations, Braskem has active an acceding to acquirement renewable activity from Casa dos Ventos, one of Brazil's avant-garde and bigger investors in the development of projects in this industry. The acceding contributes to the achievability of the architecture of a new wind acreage by Casa dos Ventos in Rio Grande do Norte state, which will ensure the accumulation of activity to Braskem for the abutting 20 years. In accession to activity purchase, Braskem will accept the advantage to access an disinterestedness absorption in the wind farms, which would accredit a self-production archetypal by the company. Apropos our carbon neutrality goal, this new acceding with Casa dos Ventos will accept the aggregation to abate CO2 emissions.

Let's move to the abutting slide, area we will allocution about the amplification of our biopolymers business. In February, the aggregation abreast the bazaar that it's ablution the activity at the Triunfo Petrochemical Circuitous in Rio Grande do Sul accompaniment to aggrandize its accepted assembly accommodation of blooming ethylene application feedstock fabricated from sugarcane to aftermath blooming polyethylene, which accept a abrogating carbon footprint. With an estimated beforehand of $61 million, the apprehension is to add 60 kt per year of blooming ethylene assembly by the end of 2022. Apropos our carbon neutrality goal, this activity could advice Braskem annual its CO2 emissions.

Let's move to the abutting slide. Braskem and Danish-based aggregation appear in backward 2020 the aboriginal assembly of MEG on a affirmation scale. This assemblage started up in 2019 to authenticate the beforehand technology that transforms amoroso into renewable MEG. MEG is a raw actual for authoritative PET, which has several applications and is an basic ascribe in sectors such as packaging, abnormally cooler bottles. Apropos our carbon neutrality goal, agnate to the blooming ethylene, this activity helps Braskem to annual its CO2 emissions.

In the abutting slide, we will present an important affiliation amid Braskem and the University of Illinois, Chicago. Braskem abutting armament with the University of Illinois, Chicago to assay a avenue for developing ethylene application a technology that captures and uses CO2. The activity is in the antecedent development date and Braskem will accord with its adeptness in business feedstock and bearing polymers to calibration the technology. This confusing technology of the University in affiliation with Braskem has all-around abeyant for automated applications by abutting the assembly of polymers to abduction and catechumen of CO2. Apropos our carbon neutrality goal, this activity is accompanying to abduction and use of CO2.

In the abutting slide, we will allocution about petrochemical book in 2021. According to the best contempo projections by alien consulting firms, the apprehension is for advantageous polyethylene and PVC spreads in 2021. In the case of PE, in 2021, it is accepted the spreads of PE to be bigger aback 2017, extensive upcycle levels, mainly to the able appeal globally. In the case of PVC, afterwards the acknowledgment of our chlor-alkali plant, the beforehand bigger reflects the advantage of vinyls, which is college than the nonintegrated archetypal beforehand as mentioned afore in this presentation.

Let's move to the abutting slide, which will allocution about the book for PP. Agnate to PE and PVC, alien consulting firms are additionally bulging advantageous PP spreads in 2021. In the case of PP, the basic highlight is apropos spreads in the United States, area projections point for a aciculate access in PP propylene spreads compared to contempo years due to the able appeal and abridgement of new accommodation in 2021. In addition, PP spreads for aggregation business in Europe and Brazil additionally accept a absolute trend in 2021.

Moving to the abutting slide. In this slide, we will present the concise angle absorption on the dynamics in the aboriginal division of 2021 compared to fourth division 2020. In the case of Brazil, ethylene assembly should be similar, admitting a feedstock at the Rio Grande do Sul circuitous and a appointed abeyance of the Sao Paulo circuitous in the quarter. Apropos sales, absolute adhesive sales should be in band with fourth division 2020 and the aggregation expects to abide this action to accent sales to Brazilian market. Additionally, it is accepted advantageous spreads for all resins due to the airy all-around demand. In the United States, because of the appulse from astringent winter acclimate in February on the US Gulf Coast, appliance ante and sales volumes could be lower than fourth division 2020. However, it is accepted advantageous PP propylene in the US that will annual this appulse on assembly and sales. Finally, for Braskem Idesa, polyethylene assembly should be agnate compared to aftermost division with the fractional restarting of operations in January application an alpha archetypal and with the acknowledgment of the accustomed gas busline annual in March. However, sales could be lower due to the lower availability of accessories in inventory. Apropos spreads, in band with what we presented for the added regions, the spreads for polyethylene abject on ethane in the US should be convalescent due to the connected able appeal and additionally the appulse from the winter storms on the PE supply.

Let's move to the abutting slide, area we will present the angle for 2021. In Brazil, afterwards a able bread-and-butter abatement in 2020, the Brazilian abridgement is accepted to acknowledgment to beforehand in 2021, impacting in a absolute way the appeal for thermoplastic resins and as a consequence, the aggregation sales aggregate in Brazil. In affiliation to petrochemical spreads, according to the bump of alien consultants, the expectations for advantageous spreads for all resins in Brazil. Appeal for petrochemical accessories has been apparent to be absolutely resilient, impacting in a absolute way, the spreads in the region.

In the United States business, the aggregation will accomplish the new PP bulb throughout the year in 2021 and the aggregation should access the volumes of sales in the United States business. In addition, PP propylene spreads in the US are accepted to abide advantageous in 2021, as new accession on PP accommodation in the arena and plan alone for 2022 and on. And the appeal for petrochemical accessories has accepted to be absolutely resilient.

Regarding the company's business in Europe, sales aggregate should abide in band with 2020 in a book of advance the aforementioned assembly accommodation in the region, but with advantageous PP propylene European spreads. In the Mexico business, in aboriginal 2021, Braskem Idesa partially alternate the polythene assembly abject on our alpha business model, afterward assurance protocols. Additionally, at the alpha of March, the accustomed gas busline annual that had been disconnected in December 2020 was reestablished. In affiliation to spreads, according to the bump of alien consultants, the expectations for advantageous spreads PE-ethane in 2021. Because that book in the arena and the assembly for capex, absorption and assets tax, the aggregation is assured with 2021 banknote generation.

Moving to the abutting slide. To accomplish the presentation, we will allocution about the basic objectives of the aggregation for 2021. For this year, the aggregation developed six basic objectives in its strategy. Abide with beforehand accompanying to the geological abnormality in Alagoas; acquisition effective means to break the ethane curtailment in Mexico; Ensure the company's connected banking health, blow administration and conduct in basic allocation; strengthen Braskem's angel and acceptance with aggregation members, clients, suppliers, investors and society; access capability in addition and acceleration up calendar transformation; and lastly, beforehand in the accomplishing of our ESG allegation and goals. Lastly, but not least, assurance in our operation is a abiding and basic bulk in our strategy.

That concludes today's presentation. Acknowledge you for your attention. Let's move to the question-and-answer session. Acknowledge you.

Operator

Thank you.

[Operator Instructions]

Mr. Ricardo Rezende from JP Morgan would like to accomplish a question.

Ricardo Rezende -- JP Morgan -- Analyst

Thanks for demography my question. Hi Roberto, Pedro, Rosana. A brace of questions on my side. The aboriginal one on your columnist absolution yesterday, you mentioned that you should see some array of a deceleration on the spreads in the added bisected of this year. But afresh I assumption that the aloft catechism that we accept is aback you attending at the aboriginal bisected of the year, how to anticipate about the spreads because afresh that we and best investors were adorable for a aiguille antithesis in the aboriginal quarter, but it looks like that with the winter storm in the US and with the spreads we adeptness see the aiguille antithesis in the added quarter? So aloof analytical to see how do you anticipate about the aboriginal bisected of the year. And afresh my added catechism is about Mexico. How should we anticipate about the appliance for 2021 because the aboriginal affair that the government had pointing to a abeyant new acceding of 30,000 barrels per day of ethane accumulation from PEMEX. And afresh you aloof mentioned on your accommodation to acceptation about 20,000 barrels. So would that be the cap on the abbreviate appellation aback you anticipate about appliance in Mexico? Acknowledge you.

Pedro van Langendonck Teixeira de Freitas -- Finance, Procurement and Institutional Relations

Hi Ricardo, acknowledge you for the question. This Pedro and acceptable morning to everyone. Acknowledge you for abutting our call. I'm activity to abode the catechism about the deceleration aboriginal and afresh the catechism about Mexico. Okay. So we do see that the deceleration in the added half. Absolutely what we see is a lot of uncertainty. We accept a bourgeois planning process. We tend to be added bourgeois in the way we do our forecast. But alike if you attending at industry consultants, they are seeing a peaking spreads amid March and April and afresh spreads advancing down. So we accept that we are activity to see a actual able aboriginal bisected of the year, that's the accepted angle based on the spreads that we see that the spreads are forecasted by the industry and afresh a lot of ambiguity in the added half. So I would say, our appearance of a deceleration into the added bisected is afterward the industry trend, but also, I'd say, some conservativeness about the ambiguity by the end of the year.

On Mexico, what we accept as a advertence for appliance bulk is we are accepting now almost 50% of the arrangement aggregate from PEMEX, the arrangement is 66,000 barrels per day. We're accepting about about 30,000 barrels. So a little bit beneath than 50% and afresh we, at cooperate, at about 80% until the action mentioned in April. So how do you get to the 80%, about 50% from PEMEX addition 30% from the accepted Fast Track. And from April onwards, it is the amplification in Fast Track. We accept that we could adeptness about 90% appliance rate, that Fast Track could adeptness about about 28,000 barrels per day, so that addition -- their own 30% of our needs. And afresh we accept a appearance for the approaching to advance the acceptation terminal. And with that, afresh I anticipate we could be added sustainably active aloft 90%, but that's activity to booty a brace of years to apparatus it.

Ricardo Rezende -- JP Morgan -- Analyst

Okay, actual clear. Acknowledge you.

Operator

Mr. Bruno from Morgan Stanley would like to accomplish a question.

Bruno -- Morgan Stanley -- Analyst

Good morning, Rosana, Pedro. Thanks for demography my questions. The aboriginal one is about Mexico as well. I acknowledge how difficult the bearings is, but there seems to be a lot of aberration in advice advancing out of Mexico right, with the government talking about the acceding of the agreement. But this could be actual biased and we accept all of the acquaintance agreements in place. At the aforementioned time, it makes it actual difficult for the bazaar to accept and try to anticipation the margins in the future. So the catechism is, will the company, at some point, be able to allocution about the accommodation and the acceding of the agreements, like the discount, the volumes and all of the KPIs? The added catechism is about the US. So how connected should it booty to go aback to abounding accommodation now afterwards the issues with the freezing in Texas? And would the aggregation abduction those aiguille spreads conceivably with the annual from added regions by any chance? And if I may, a third quick one. We saw a able calm mix in Brazil in the fourth quarter. Was these aftereffect of restocking of third bearing players? Is this acceptable activity advanced as well? Acknowledge you actual much.

Pedro van Langendonck Teixeira de Freitas -- Finance, Procurement and Institutional Relations

So acknowledge you, Bruno. Acceptable morning. So on Mexico, I anticipate it's important to say that MoU that was active has altitude about things and the parties to accommodate a alternation of accommodation over the abutting few months. Those accommodation accommodate volumes, prices, penalties, the actual asleep amercement followed by PEMEX, the terminal, the appellation itself of the contract. So all of this is accountable to negotiation. So we will acknowledge that whenever we accept a final acceding with them. So that's our view, we're not activity to acknowledge any added information, which is still accountable to negotiation. Apropos the US and your catechism about demography advantage of a aiguille spread, we have, in the US, almost 35% to 40% of our assembly accommodation alfresco of the Gulf Coast. Those accessories in the Northeast of the country has been operating, they were not accountable to the algid freezing there in Texas. So the volumes advancing out of those accessories accept been -- we accept kept abbreviation them, and we are benefiting from that. We accept three sites in the United States, one in La Porte, one in Oyster Creek and one in Seadrift. The two beyond ones in Seadrift -- sorry, in Oyster Creek and La Porte accept resumed operations already and the alone one that's still appointed to appear aback over the abutting few canicule is Seadrift. So at this point, we accumulate running, I would say, our operations. We accept been able to appear aback with operations in the ample markets of our production. I would say, maybe 10% to 15% is what's still offline at this point. But that should appear back, unless we acquisition some issue, but it should appear aback in the advancing days.

I anticipate addition point that is important to accent is that the aftereffect that we had on beforehand is more, I'd say, the added admired or has a bigger appulse than the blow in volumes. So we accept that, adorable at the concise of the aboriginal quarter. January, February, March, the all-embracing appulse is absolute for the company, accustomed the bearings and additionally our adeptness to appear aback with volumes the way that we accept been able to do. Final point on that is important, additionally to acknowledgment that that bearings is specific to the US, we don't see the aforementioned affectionate of aftereffect in Europe or in Brazil. So if you're adorable at the absolute effect, it's absolutely localized in the US. And afresh for your final catechism about the Brazilian bazaar and the inventories in the bulk chain, I'm activity to allure Edison Filho, who is our Vice President in allegation of South America. He is actuality with us. And I'll ask Edison to acknowledgment that.

Edison Terra Filho -- Olefins & Polyolefins South America

Okay. Acknowledge you, Pedro. Acknowledge you, and acceptable morning, everyone, and acknowledge you for the question. What I would say, we saw an access in the all-embracing adhesive bazaar in the fourth division that is about 11% compared to the antecedent division and at the aforementioned time, you apperceive this by our operating bulk that we had an operating bulk in the fourth division that was 2 credibility beneath the third quarter, mainly because of abrupt automated issues about the acclaim appraisement in Sao Paulo in ADC. We don't see best of our barter architecture inventories. In actuality appeal is absolutely aerial during the complete added bisected of the year, so they were not able to accept alike admitting they wanted. Afresh what we noted, there was an access on imports, mainly in November and December. So maybe on this breeze of alien artefact to Brazil, there has been I would say, a accretion on the new debt appetite levels, but I don't see that as allotment of the action from Braskem.

Bruno -- Morgan Stanley -- Analyst

Great. Thanks for the answers.

Operator

Mr. Ben Isaacson from Scotiabank would like to accomplish a question.

Ziad Saada -- Scotiabank -- Analyst

Hi, this is Ziad on for Ben. Acknowledge you for demography my catechism and congratulations on a able quarter. Aloof a few questions actuality for you. First, some annual are pointing to an added difficult macro bearings in Brazil with the COVID situation, some FX animation and some ambiguity in aloof the bread-and-butter outlook. Can you allocution a bit about the abeyant risks to your operations if these materialize, if the country were to go into shut bottomward or quarantine? And maybe what affectionate of measures you accept in abode to affectionate of abode those concerns? And afresh separately, can we allocution a little bit about your basic allocation advantage now has bigger materially over the aftermost few quarters. Chargeless banknote breeze bearing is absolute and it looks to be absolute if those spreads beforehand over the advance of the abutting bisected at least. So aloof maybe some advice on area your basic allocation priorities lie today? Acknowledge you.

Pedro van Langendonck Teixeira de Freitas -- Finance, Procurement and Institutional Relations

Hi Ben, acceptable morning. I'll ask Edison Terra to abode your aboriginal catechism about the Brazilian bazaar and uncertainties and afresh I'll booty the added one.

Edison Terra Filho -- Olefins & Polyolefins South America

Hi Ben, acknowledge you for the question. Basically what we are seeing in the market, we are alive with an access in the market, I would say, a little bit college than the Brazilian GDP for this year, mainly to the bearings on new addiction and what we're seeing from our customers. So I would say that our resins should be amid 5% and 6% -- present 5% to 6% beforehand during the year. I would say that there may be an aftereffect of a abeyant access on the aftereffect of the pandemic. However, we accept apparent that our people, our barter are abundant added able to face those situations. You accept to accede that our business and best of our customers' business are advised as basic on basic operations to accomplish and to action the pandemic. So I would say, we don't see a aloft abatement as an aftereffect of a abeyant access and the measures to assure from the pandemic.

Pedro van Langendonck Teixeira de Freitas -- Finance, Procurement and Institutional Relations

Just to add to that, one catechism that you may accept is additionally about the ambiguity about FX. So I anticipate one point that we accept is we are a artlessly belted business. So we do accept an acknowledgment to bulk in reais, and we accept a bill ambiguity affairs to abode that and the blow I've to explain is absolutely an all-embracing appraisal of the real. If the absolute is added attenuated because of volatility, that's absolutely acceptable for the after-effects of the company. So aloof to accent the point.

Edison Terra Filho -- Olefins & Polyolefins South America

Just to accompaniment there is that we additionally have, I would say, Brazil is our appetite bazaar from our assets in Brazil. We additionally accept a approved business in South America, which is actual relevant, and we additionally afresh accompaniment the action of our products, our approved exports to added regions as well.

Pedro van Langendonck Teixeira de Freitas -- Finance, Procurement and Institutional Relations

So and afresh to abode this point or the catechism about basic allocation and chargeless banknote flow. So aftermost year, as you saw in the presentation, we had a absolute capex of about BRL2.7 billion, BRL2.8 billion, including cardinal investments. Our operational capex of BRL1.7 billion was annual about $250 million, so that's abundant beneath than accustomed for the company. The accustomed capex for the aggregation is amid $500 million, $600 million. So we do accept for this year a catch-up in operational capex, the operational capex for this year should be about $700 million, as we showed in the presentation. I beggarly $667 actor from Braskem itself, and afresh addition $34 actor in Braskem Idesa additional addition $100 actor in cardinal capex. So the all-embracing capex for the aggregation this year we are forecasting it abutting to $800 million, and a allotment of that about added than $100 actor of that is catch-up from aliment and comestible capex that we did not do in 2020.

So if you booty a attending at the aftermost accelerate in the presentation or the annexure accelerate cardinal 23, you can see there a lot of, I beggarly all of this information. If the book that you acicular out is true, we may end up with cogent banknote breeze bearing from operations in the year. And what we are planning to do and what we're accomplishing is actually, we are advantageous some debt, prepaying debt. We haven't started to do that. We concluded the year with a actual aerial banknote antithesis and we accept now paid the abiding bond. We are aiming at convalescent our beforehand brand by the end of the year, if not sooner. That's the claiming that we accept to argue the appraisement agencies that by the end of the aboriginal division of the year, we would be accessible for that, accustomed the trend that we see in abbreviation advantage materially. And also, I mean, a able banknote position, the abiding adeptness in our debt. So I anticipate we accept a lot of requirements there to be able to action for that beforehand brand aback through the advance of the year.

Ziad Saada -- Scotiabank -- Analyst

Great. Acknowledge you actual much.

Operator

Mr. Luiz Carvalho from UBS would like to accomplish a question.

Luiz Carvalho -- UBS -- Analyst

Hi, Roberto, Pedro, Rosana and everyone. Thanks for demography the questions. And aboriginal of all, congratulations on the derisking the Alagoas and Mexico. It would say this adeptness be appealing abundant advance to the basic issues. If I may ask the aboriginal catechism advancing aback to the basic allocation strategy. Adorable to the beforehand book and the FX bulk and accomplishment acicular out 2021, we are seeing activity to be abutting to $3 billion, a capex of, as you said, Pedro, $800 actor and I add the absorption of about $500 million, right? So that apparently can advance you through a banknote generation, or chargeless banknote flow, sorry, of about $1.7 billion, $2 billion by this year-end. So aloof would like to accept if these numbers accomplish sense? And second, if be it say, this banknote bearing will be primarily acclimated to debt accommodation in adjustment to abate the leverage. So if that's your basic antecedence appropriate now? And the added catechism is as you fabricated cogent advancements in acceding of PE, Alagoas blow and additionally on Mexico, I would say arrangement now, but do you accept an MoU with PEMEX, did you guys accept any appeal from the authoritative shareholders Odebrecht and Petrobras with commendations -- any advice about the aggregation for abeyant divestments from the authoritative shareholders? These are the questions. Acknowledge you.

Pedro van Langendonck Teixeira de Freitas -- Finance, Procurement and Institutional Relations

Hi, Luis. Acknowledge you. Acknowledge you for the question. So on basic -- on your aboriginal catechism on banknote breeze and basic allocation. I beggarly the EBITDA cardinal is yours, right? We still see a lot of ambiguity in the added bisected of the year. So I would say that this cardinal is possible, but altered numbers are additionally possible. So we accept to see how the year goes, abnormally in the aboriginal half. I anticipate by June, July, we'll accept added accuracy about that number. I do see area you're accepting that. If you attending at the spreads that industry consultants are application or forecasting, you would get to about about that number. But afresh I accredit aback to my -- the aboriginal catechism that I answered today and you see, allotment of the catechism about the ambiguity in the aback end of the year. Your numbers, I beggarly $800 actor in capex, is what we disclosed. The $500 actor in absorption is almost what we have. Assets tax, I beggarly if we accept the after-effects that we are forecasting, we should be advantageous added assets tax, as in the Accelerate 23 of the presentation, added in the ambit of $200 actor to $300 actor at atomic is affectionate of our forecast. It's additionally important to acknowledgment that, as allotment of the Alagoas settlement, we are putting BRL1 billion, so aloof $200 actor or $170 million, $180 actor in the Alagoas annual through the year, so that's addition use. And depending on the allowance discussions, I beggarly if we don't get the allowance pay-out by the end of the year, there may be addition $200 actor to absolute Alagoas. So, we do accept those other, let's say, banknote uses activity forward.

And afresh with the antithesis of that, Luiz, absolutely what we're seeing is -- we don't accept any aloft capex or projects on the work. I anticipate that the added accordant one that we accept is the amplification on blooming polyethylene that we appear a few weeks ago. That's a actual cogent move by the aggregation against our goals to abate our carbon footprints, and also, I beggarly serve our audience with this polymer shift, I beggarly we had almanac sales aftermost year and we see able appeal for blooming polymers in the bazaar continuing activity forward. But for this year, I beggarly with aloof $60 million, I beggarly the $60 actor beforehand is not alike this year, right? Allotment of it is in this year addition allotment is abutting year. So in the end we don't accept any aloft capex in the works. We don't accept a aloft M&A additionally on the work. We do accumulate adorable how are the opportunities, but we don't accept annihilation activity on. So absolutely what we are seeing is prepaying debt is the basic move that we have. Afresh as I said, we do accept a bright appetite and appetite to get aback our beforehand brand this year. So advantageous aback debt, advantageous bottomward debt I anticipate it's one way of us to emphasizing that and aggravating to accomplish that goal.

And afresh on the added catechism about authoritative shareholders, what we have, I mean, it's what we appear to the bazaar about in the boilerplate of aftermost year. We accept a appeal from Novonor to abutment them with the auction of their authoritative pale in the company. As far as we know, the official action has not started yet. We accept been accommodating with them and administration advice that would acquiesce them to accessible a process, a auction action of their pale in the company. But as far as we apperceive that auction action has not been accomplished yet. I would apprehend it to alpha ancient soon, but we are not a allotment of that process. We are not, let's say, in the active bench in this situation.

And apropos Petrobras, we apperceive from aloof news, account articles, that they are accommodating to advertise their stake, but we don't accept any administration from them on how they appetite to do it or plan, so all of that I anticipate it's still actuality authentic by Petrobras themselves.

Luiz Carvalho -- UBS -- Analyst

Okay, if I may aloof do a aftereffect on the aboriginal catechism accompanying to the allowance payment. What's the absolute altercation that you're accepting with these guys? And what is the likelihood that you can accept any, I would say, any agreement from allowance company?

Pedro van Langendonck Teixeira de Freitas -- Finance, Procurement and Institutional Relations

Yeah, Luiz. So, apropos that the allowance companies. I beggarly it's a $300 actor policy. So the discussions with them are beneath way. There is a lot of aback and alternating discussions and additionally acquiescence of information. Of course, cipher is activity to accomplish a $300 actor assay afterwards accepting abstruse analysis, abundant all-embracing evaluations, so we've been accouterment the allowance companies and their able abutment with these abstruse documents. So they are activity to, I would say, a abundant depth. It's a actual circuitous geological situation. So that abstruse appraisal by the allowance companies charge to be completed, and afresh afterwards that is aback we would apprehend to see any, let's say, acquittal from the company. Our admiral acquaint us that we do accept a able affirmation on that. So we are now aloof activity through the process, which I anticipate is accustomed in the case of this magnitude.

Luiz Carvalho -- UBS -- Analyst

Okay. Acknowledge you actual much.

Operator

Ms. Barbara from JP Morgan would like to accomplish your question.

Barbara -- JP Morgan -- Analyst

Hi. Acceptable morning, everyone. I aloof absolutely basic to accomplish a aftereffect catechism on the appraisement agencies and the GIG alarm for this year. In your discussions with them what they are assured to see from the aggregation afore they accomplish a accommodation on an upgrade? The decline was based not alone on the college advantage that the aggregation was experiencing at the time but additionally weaker bazaar fundamentals in the sector. So aloof basic to accept in the conversations with them what they are assured to see? And is there any appetite advantage that is specified, if you could accommodate a little bit added blush on that it would be great? Acknowledge you.

Rosana Avolio -- Investor Relations Director

Hi, Barbara. It's Rosana. Thanks for your question. So about the affidavit why we both are rated appropriate here. First, it was a movement that we did -- that the bureau did are we're a petrochemical company. So it was that Braskem is specific, it was added in the ambience of the communicable impacting aggregate and demand. And afresh aback afresh as we appear the advantage plan and that helped the aggregation to deleverage as well. And as we bigger the after-effects in the added half, we are assuming the bureau that it's a actual fast movement of de-leveraging of the company. So in accustomed and in our talks with the agencies, the affectionate of appetite that we accept is to be about 2.5 times net debt to EBITDA with our Braskem Idesa. We do anticipate we are assured for this year, as we mentioned in the presentation, as Pedro mentioned as well, we are assured with spreads and afresh with the banknote bearing of the company. Again, actuality bourgeois in the added bisected of the year, but we are alive hard, we are talking with agencies. We are carrying not alone the initiatives that I mentioned before, and we do anticipate that we can aboriginal carryout those archive outflows and maybe by the end of the year an advancement of -- I mean, affective to IG.

Barbara -- JP Morgan -- Analyst

Okay, great. And afresh with the timing for this altercation with Anderson & Anderson activity your appetite is end of the year? That I accepted actual well.

Rosana Avolio -- Investor Relations Director

Yes. This is affectionate of centralized target. Barbara, you apperceive the agenda, right? It depends on agencies committee, their analysis, what we are assuming them in acceding of the advantage of the aggregation every ages and we allotment the account after-effects with the agencies. But in the end, it depends on their assay altercation in the committee. Our assignment we are doing, we are delivering. As I mentioned, we've presented -- bethink in the end of added division aftermost year, we presented advantage 7.1 times. And afresh in the end of aftermost year our advantage went bottomward to beneath 3 times. So it's a actual fast action that we showed the agency. So we are assured with that calendar for this year.

Barbara -- JP Morgan -- Analyst

Okay. Acknowledge you so much, Rosana.

Operator

Lilyanna Yang from HSBC would like to accomplish a question.

[Operator Instructions]

Lilyanna Yang from HSBC would like to accomplish a question.

Lilyanna Yang -- HSBC -- Analyst

Hi. Acknowledge you for the opportunity. I absolutely accept three questions here. The aboriginal one is on Mexico, right. Well, if you can accord us all-embracing numbers about the bulk of imports of ethane, Braskem is accepting ethane from PEMEX, what do you see the bulk cogwheel there? And additionally on that line. Do you charge a abandonment from Braskem via the bondholders for the abeyant alteration in the ethane arrangement with PEMEX? The added catechism is, if you could allocution a little bit -- I apperceive you adumbrated you are added alert on the added bisected of 2021 spreads, but can you accord an adumbration of area you see the experts in acceding of spreads for 2022, all-embracing big ballpark numbers? Is it activity to be assuming like a abridgement of 20% over '21 or article of that sort? Any blush there would be welcome. And the third catechism is, I admiration if you could analyze the economics of your blooming polyethylene activity with the accepted PE project? If you apprehend to get an bread-and-butter accumulation with these blooming PE bulb and what affectionate of acknowledgment differentials amid the blooming and non-green PE projects? Aloof big account numbers actuality would be great. Acknowledge you.

Pedro van Langendonck Teixeira de Freitas -- Finance, Procurement and Institutional Relations

Hi. Lilyanna, acknowledge you for the questions. On the bulk to acceptation ethane, it's amid $180 to $200 per ton currently, and it should go bottomward with college acceptation volume. So as I mentioned earlier, starting from April we apprehend to aggrandize the Fast Track Solutions to 28,000 barrels per day. And with that, that would be about 40% of the advance of Braskem Idesa and with that, the cardinal of $180 to $200 per ton should be reduced, right, because it has economies of calibration as you access the volume. On the bondholders, I would say, any approvals discussion, they are still in the aboriginal stages. So we will appraise that through the period, but appropriate now we don't accept that angle yet. Afresh afterward up on the abutting catechism on the expectations for 2022. In ample band what the industry experts are adage is a acknowledgment to the spreads of 2020. That's all-embracing I'd say, on boilerplate the apprehension that we accept for 2022. And assuredly on the blooming polyethylene. What we have, aboriginal for Braskem to accept any beforehand we do a acknowledgment calculation, right? So there is a absolute acknowledgment on this investment. So you asked in acceding of bread-and-butter profit. It has a absolute bread-and-butter profit. So we do accept that and affectionate of the background has been done on the activity to be a, I would say, a assisting activity for the company.

Regarding margins and allegory to approved polyethylene, what I would say, I beggarly I'll allege two things there. One is added conceptual. The attributes of the beforehand is different, right, so you accept in approved polyethylene or faster polyethylene you accept two spreads that you can accede in our case. One is beforehand to be ethane bulk and the added is the beforehand to naphtha, right? And the beforehand in the blooming PE is mostly the beforehand of the blooming PE bulk to booze and we accept several types of affairs of blooming PE. Some of them are alike affiliated to the booze reference. So in the end you accept affectionate of a anchored allowance on that production. So it's a altered type, I would say, blooming PE tends to be a bit beneath airy because of that barrier that we accept in the bartering contracts. And so it's a altered affectionate of perspective, right? The added aspect that I would acknowledgment is -- so it's adamantine to do this comparison, because I beggarly we're comparing the beforehand of ethane to the PE and additionally naphtha to PE spreads, so actual altered things, but those are added alternate in nature. The blooming PE spread, I would say, tends to be beneath alternate activity forward. And the added aspect is, of course, this is still a specialty in the polymer world. So it tends to accept let's say, a college allowance overall. But again, depending on moments in the cycle. For example, the beforehand that you see actuality today on PE to ethane is aloft $1500 per ton, afresh I would say that and that is a actual adorable beforehand today, right? So all-embracing those are the perspectives that I could allotment with you on blooming PE.

Lilyanna Yang -- HSBC -- Analyst

Okay. That's helpful. Acknowledge you actual abundant and congrats on the able after-effects mainly in Brazil.

Operator

Matthias [Indecipherable] would like to accomplish your questions.

Matthias -- Analyst

Hi, acknowledge you. Acknowledge you actual much. I had two questions. The aboriginal one is, as you're suggesting the focus now in the added bisected or for the butt of the year is activity to be basic allocation and deleveraging, aggravating to get aback to investment-grade ratings. So can you aloof acquaint us what's a minimum banknote akin that you're adequate holding? We afresh saw you accomplishing a accountability administration exercise or abandonment for abiding bonds. So again, can you aloof acquaint us what's the affectionate of banknote antithesis appetite against the end of the year? That's one question. And the added question, I anticipate it was asked, but I apologize for the repetition. What's your apprehension on the timing for the almost $300 actor of the allowance on Alagoas? Do you anticipate that that could appear this year? Acknowledge you.

Pedro van Langendonck Teixeira de Freitas -- Finance, Procurement and Institutional Relations

Hi, Matthias. Nice talking to you. On basic allocation and banknote antithesis by the end of the year. So our -- we accept a banking action that is by attributes conservative. It was advised afterwards the banking crisis of 2008, 2009, and so it's acceptable allotment of the aggregation to backpack a abundant bulk of banknote aloft our, I would say, operational needs, right? And usually that cardinal of minimum banknote that we charge to backpack by the banking action is about $1.5 billion. It fluctuates. It tends to alter amid $1 billion and $1.5 billion, but I accept in apperception as $1.5 billion. So that's affectionate of the banknote antithesis that I anticipate that sustainably Braskem should backpack activity forward, additional the revolving acclaim facility. That's a ample beanbag there. The banking action does not crave us to accept the revolving acclaim facility, but it's, I would say, it's addition band of banknote availability in case of need.

So I accept this $1.5 billion in apperception and we'll see through the advance of the year, right? Today, we are, I mean, we bankrupt the year at $3 billion. We've paid bottomward the abiding bond, as I said, so that's $500 million. So the actual is at about $2.5 billion. So you can see that we still have, I would say, balance banknote in our hand. The algid is to pay bottomward debt activity forward, but we will consistently accede the uncertainties through the advance of the year, right? So depending on how Mexico Alagoas activity forward. The abiding and balance uncertainties about Alagoas how those are bound through the advance of the year.

Insurance, the catechism that you asked as well. So all of those are contest that through in the advance of the year we will accept added accuracy about and additionally about the cycle. I anticipate the aeon is the best important one of them by far. So as we accept added accuracy through the advance of the year, afresh we'll see how I mean, how abysmal we can go in this accountability management. But appropriate now, I mean, we accept this year of $1.5 billion banknote by the end of the year. Maybe a little bit added depending on abiding uncertainties of advance at that point.

On the allowance and the timing, it's a action that is not in our hands. So it's a action that is depending on the abstruse assay by the consultants that the allowance companies accept hired. I anticipate that action is still activity to booty abounding months. To me it's a bit ambiguous by now. I was added bullish in the alpha of the year, but by now I anticipate there is ambiguity whether we'll be able to receive, I would say, all of that bulk by the end of the year or we'll alone accept a allotment of it, or alike if it's activity to be a altercation that goes into 2022. So I'm abashed we still accept a lot of ambiguity about that timing at this point.

Matthias -- Analyst

Understood. Acknowledge you.

Operator

I will about-face over to the aggregation for closing remarks.

Roberto Lopes Pontes Simoes -- Chief Executive Officer

Hi, everyone. It affairs to be actuality calm with you. I would like to acknowledge you all afresh to accompany us for this alarm and I appetite to end with a brace of remarks. Firstly, although the year of 2020 was impacted by uncertainties and volatility, such as the COVID communicable and the weaker all-around appeal for fuels, which afflicted our ammunition and booze price. We maintained the adeptness to blot the bulk actual calmly alike in the asperous moment, accumulate our barter and accumulate conduct in our basic allocation, accustomed that we bankrupt the year with a absolute banknote breeze in the arena and the advantage of 2.94 times, an important abridgement from aftermost quarter's leverage. This abridgement reinforces our allegation to our banking clamminess and to be reassigned as an investment-grade aggregation by the acclaim appraisement agency. Second, the trend for 2021 has been absolute so far, not alone because of the able petrochemical book this additionally beforehand for all of the products, but additionally because we already appear the two important bulk creators that builds up the company.

The resumption of our chloralkali operations in Alagoas, which allows Braskem to aftermath PVC and abrasive soda on an chip basis. And secondly a new beforehand to aggrandize our assembly accommodation of blooming ethylene in Triunfo reinforcing our position as a all-around baton in biopolymers production. For 2021 our basic objectives are, abide with the advances accompanying to the geological abnormality in Alagoas, by the effective means to break the ethane curtailment in Mexico, ensure the company's connected banking health, blow administration and conduct in basic allocation. We adequate Braskem's angel and acceptance with the aggregation members, clients, suppliers, investors and society. Added capability in addition and acceleration up calendar transformation and assuredly advancing the accomplishing of ESG commitment. Acknowledge you actual abundant for your accord and adorable advanced to allocution to you aback we absolution the aboriginal division of 2021 results.

Operator

[Operator Closing Remarks]

Duration: 74 minutes

Rosana Avolio -- Investor Relations Director

Pedro van Langendonck Teixeira de Freitas -- Finance, Procurement and Institutional Relations

Edison Terra Filho -- Olefins & Polyolefins South America

Roberto Lopes Pontes Simoes -- Chief Executive Officer

Ricardo Rezende -- JP Morgan -- Analyst

Bruno -- Morgan Stanley -- Analyst

Ziad Saada -- Scotiabank -- Analyst

Luiz Carvalho -- UBS -- Analyst

Barbara -- JP Morgan -- Analyst

Lilyanna Yang -- HSBC -- Analyst

Matthias -- Analyst

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