SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K/A

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16
OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of March, 2022

(Commission File No. 1-14862 )

BRASKEM S.A.

(Exact Name as Specified in its Charter)

N/A

(Translation of registrant's name into English)

Rua Eteno, 1561, Polo Petroquimico de Camacari
Camacari, Bahia - CEP 42810-000 Brazil

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ___X___       Form 40-F ______

Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1). _____

Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7). _____

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ______       No ___X___

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _____.

CONTENTS

FORWARD-LOOKING STATEMENTS

This Earnings Release may contain forward-looking statements. These statements are not historical facts, but are based on the current view and estimates of the Company's management regarding future economic and other circumstances, industry conditions, financial performance and results, including any potential or projected impact from the geological event in Alagoas and related legal procedures and from covid-19 on the Company's business, financial condition and operating results. The words "forecasts," "believes," "estimates," "expects," "plans" and other similar expressions, when referring to the Company, are intended to identify forward-looking statements. Statements related to the possible outcome of legal and administrative proceedings, implementation of operational and financing strategies and investment plans, guidance about future operations, as well as factors or trends that affect the financial condition, liquidity or operating results of the Company are a few examples of forward-looking statements. These statements reflect the current views of the Company's management and are subject to diverse risks and uncertainties, many of which are beyond the control of the Company. There is no guarantee that said events, trends or expected results will actually occur. The statements are based on several assumptions and factors, including general economic and market conditions, industry conditions and operating factors. Any change in such assumptions or factors, including the projected impact from the geological event in Alagoas and related legal procedures and the unprecedented impact from the covid-19 pandemic on the businesses, employees, service providers, shareholders, investors and other stakeholders of the Company could cause actual results to differ significantly from current expectations. For a comprehensive description of the risks and other factors that could impact any forward-looking statements in this document, especially the factors discussed in the sections, see the reports filed with the Brazilian Securities and Exchange Commission (CVM). This Earnings Release is not an offer of securities for sale in the United States, any securities may not be offered or sold in the United States absent registration or an exemption from registration, any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from Braskem and that will contain detailed information about Braskem and management, as well as financial statements.

Braskem reports recurring Operating Result in 2021 of US$5.6 billion, a record high and 171% higher than in 2020

In December 2021, the Company distributed R$6.0 billion in anticipated dividends based on the results for fiscal year 2021

In 2021, the free cash flow yield was of 24%

^[1] Considers the period from 2011 to 2020.

^[2] Based on net profit (loss) attributable to the shareholders of the Company.

^[3] Considers the free cash flow generation of the last 12 months over the Company's market value in the quarter.

^[4] Excludes the Project Finance in Mexico and based on recurring Operating Result.

ESG:

BRAZIL

UNITED STATES & EUROPE

MEXICO

^[5] (US PE Price – naphtha ARA price)*82%+(US PE Price – 50% U.S. ethane price – 50% US propane price)*18%.

^[6] PP Asia Price – Naphtha ARA price.

^[7] The PVC Par spread better reflects the profitability of the Vinyls business, which is more profitable compared to the temporary/non-integrated business model of 2019/20, under which the Company imported EDC and caustic soda to keep serving its clients. Its calculation is PVC Asia Price + (0.685*US Caustic Soda/Chlor-Alkali) - (0.48*Europe Ethylene) - (1.014*Brent).

^[8] Average price of main base chemicals (Ethylene (20%), Butadiene (10%), Propylene (10%), Cumene (5%), Benzene (20%), Paraxylene (5%), Gasoline (25%) and Toluene (5%), according to Braskem’s sales volume) - Naphtha ARA price.

a) Resin demand in Brazilian market (PE, PP and PVC): decreased compared to 3Q21 (-3%), due to the seasonality of the period and lower demand from certain sectors, such as agribusiness. Compared to same quarter of 2020, demand was weaker (-20%), explained by the restocking trend in the converter chain in 4Q20 after the impacts from COVID.

b) Average utilization rate of petrochemical crackers: increase compared to 3Q21 (+6 p.p.) due to: (i) higher feedstock supply at the petrochemical complex in Rio de Janeiro; and (ii) higher PE demand in the Brazilian market. In relation to 4Q20, the utilization rate of the petrochemical crackers was stable.

c) Resins sales volume: in the Brazilian market, decreased compared to 3Q21 (-1%), explained by seasonality of the period, but with an increase of 1 p.p. of market share (65%). Compared to 4Q20, sales volume decreased (-13%), mainly due to the weaker resins demand in the Brazilian market.

Exports increased in comparison with 3Q21 (+13%) and 4Q20 (+27%), reflecting the higher product availability due to the seasonality of the Brazilian market in the period.

d) Main chemicals sales volume: in the Brazilian market, sales volume increased in relation to 3Q21 (+5%), supported by the higher product availability at petrochemical crackers. Compared to 4Q20, sales volume was practically stable, maintaining the activity of the client’s chain at healthy levels.

Exports increased compared to 3Q21 (+4%), driven by higher butadiene and toluene sales to the U.S. market, which maintained healthy spreads. Compared to 4Q20, export volumes increased (+40%) given the higher product availability at petrochemical crackers.

Average PVC utilization rate: considering the plants in Alagoas and Bahia, the capacity utilization rate was 69%, up from 3Q21 (+20 p.p.), mainly due to the restarting of operations after scheduled maintenance shutdowns at the PVC plants in both states.

PVC sales volume: PVC sales in the Brazilian market was 138,000 tons, up from 3Q21 (+16%) and 4Q20 (+7%), due to market share gains captured by the Company. The Company imported 25,000 tons of caustic soda in 4Q21, 61.5% less than in 3Q21.

To restart its chlor-alkali operations, the Company completed its project to outsource sea salt for use as feedstock in the chlor-alkali plants in Alagoas. The approved cost of the project was R$67.7 million, of which R$21.2 million already was invested in 2019, R$43.6 million in 2020 and R$0.9 million in 2021. The remaining balance, of R$2.0 million, will be invested in 2022.

In February 2021, after concluding the commissioning process in accordance with the applicable safety standards, the Company announced the restarting of production of chlor-alkali and dichloroethane. The restart process was planned in phases, with the phased startup carried out in January 2022, which brought the plant to full capacity.

In 4Q21, caustic soda production volume was approximately 42,000 tons, representing 37% of the unit’s utilization rate. During the quarter, caustic soda production was affected by the scheduled maintenance shutdown at Etenoduto, the pipeline that transports ethylene from Bahia to Alagoas.

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$7.7 billion, with R$4.4 billion under current liabilities and R$3.3 billion under non-current liabilities.

The following table shows the changes in the provision in the period:

The current provision can be segregated into the following action fronts:

For these actions, the recorded amount of R$3.4 billion (2020: R$5.2 billion) comprises expenses related to relocation actions, such as relocation allowance, rent allowance, household goods transportation and negotiation of individual agreements for financial compensation.

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$1.7 billion (2020: R$1.6 billion) to implement the measures described in this item was calculated based on existing techniques and the solutions planned for the current conditions of the wells, including expenses with technical studies and monitoring, as well as environmental actions already identified. The provision amount may change in the future, in accordance with the results of the monitoring of the wells, the progress of implementing the plans to close wells, the monitoring of the ongoing measures and other possible natural alterations.

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 this context, the Company is currently under negotiations with the Municipality of Maceió about its requests. To date, the Company is unable to predict the results and timeframe for concluding this negotiation or its possible scope and associated costs. In the same direction, Braskem became aware of the establishment of a special commission by the State of Alagoas Government to investigate possible damages caused to the State as a result of the vacation of risk areas or the geological event, and it is not possible to predict what types of claims may be formulated.

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.

For more information, see Note 26 (“Geological event - Alagoas”) of the Consolidated Financial Statements of December 31, 2021.

As of February 28, 2022, approximately 14,000 properties had been vacated from the areas specified in the Agreement to Compensate Residents, which represents 97.4% of the properties. Under the Financial Compensation and Support for Relocation Program (“PCF”), approximately R$2.2 billion had been disbursed by the end of February 2022.

A) NET REVENUE: increased in Brazilian real (+10%) and U.S. dollar (+3%) compared to 3Q21, explained by higher PP and PVC prices in the international market and the higher sales volume of resins and main chemicals.

Compared to 4Q20, the increase in Brazilian real (+50%) and U.S. dollar (+44%) is basically explained by the higher prices for resins and main chemicals in the international market, as well as the higher sales volume of main chemicals.

Sales by sector (%)

Sales by region (% in tons)

On November 4, Resolution GECEX No. 269 was approved by the Brazilian government regarding a temporary reduction of 10% in import duty rates for 87% of products in the tariff universe. As a result, the current rates for PP, PE and PVC resins decreased from 14% to 12.6% on November 12, 2021 and in principle will remain in force until December 31, 2022.

B) COST OF GOODS SOLD (COGS): increased in Brazilian real (+17%) and U.S. dollar (+10%) in relation to 3Q21 and in Brazilian real (+64%) and U.S. dollar (+58%) in relation to 4Q20, explained by higher prices for key petrochemical feedstocks (naphtha, ethane and propane) in the international market, influenced mainly by higher oil and natural gas prices in the international market and by higher sales volumes of main chemicals.

In the quarter, COGS was affected by the PIS/COFINS tax credit on feedstock purchases (REIQ) in the amount of US$64 million (R$357 million) and by the Reintegra tax credit in the amount of approximately US$0.7 million (R$4.0 million).

In March 2021, the Federal Government enacted Provisional Presidential Decree 1,034 that will terminate REIQ in August; however, in July of the same year, Brazil’s congress approved the Regime’s gradual reduction until 2025, which was converted into Federal Law 14,183/21. Accordingly, as of July, the reduction under REIQ in the PIS/COFINS tax rates levied on petrochemical feedstock purchases was 2.92%, which will be gradually reduced through 2025, in accordance with the decree’s conversion into Federal Law 14,183/21.

Additionally, on December 31, 2021, the Federal Government enacted Provisional Presidential Decree 1,095, also with the purpose of terminating REIQ, as of April 1, 2022. Since it is a Provisional Presidential Decree, it must be passed by both houses of Congress by June 1, 2022 to maintain the Law or officially modify its effects and conversion into Law.

C) SG&A EXPENSES: in U.S. dollar, remained in line with 3Q21 (-1%). Compared to 4Q20, increased 19%, mainly due to the higher expenses with third parties’ services.

D) RECURRING OPERATING RESULT: represented 63% of the Company’s consolidated recurring Operating Result.

^[9] U.S. PP – U.S. propylene price

^[10] EU PP – EU propylene price

a) PP demand: in the United States, PP demand decreased in relation to 3Q21 (-10%) and 4Q20 (-5%), due to seasonality, as well as the recovery in industrial activity in 4Q20 after COVID impacts.

In Europe, the reduction in relation to 3Q21 (-1%) is explained by seasonality, converters’ expectation of lower PP prices in the region and impacts from logistics constraints in the global supply chain. Compared to 4Q20, the stronger demand (+9%) is explained by impacts from the second phase of social distancing in certain regions with the rise of COVID cases in 4Q20.

b) Average utilization rate of PP plants: in the United States, it decreased in relation to 3Q21 (-21 p.p.) and 4Q20 (-12 p.p.) explained by the scheduled maintenance shutdown at one of the plants in the region in the period and by the production slowdowns to pace with reducing demand in the region.

In Europe, the utilization rate decreased compared to 3Q21 (-8 p.p.) due to the lower feedstock supply as a consequence of the scheduled maintenance shutdown at a propylene supplier in the period. In comparison with 4Q20, the utilization rate increased (+20 p.p.) reflecting the scheduled maintenance shutdown at the plants in the same quarter of previous year.

c) PP sales volume: in the United States, sales volume decreased in relation to 3Q21 (-15%) and to 4Q20 (-10%), mainly explained by the lower product availability and by the lower demand in the period.

In Europe, PP sales volume decreased (-6%) in relation to 3Q21, reflecting the lower product availability for sale in the period. Compared to 4Q20, the increase (+8%) is explained by the higher products availability in the period and by the weaker demand in 4Q20 due to COVID impacts.

A) NET REVENUE: decreased in Brazilian real (-21%) and U.S. dollar (-26%) compared to 3Q21, explained by the lower PP price in the United States and Europe and the lower sales volume in both regions. Compared to 4Q20, the increase in Brazilian real (+61%) and U.S. dollar (+56%) is explained by higher PP price in the United States and Europe and higher sales volume in Europe.

B) COST OF GOODS SOLD (COGS): compared to 3Q21, the decrease in Brazilian real (-13%) and U.S. dollar (-18%) is explained by the lower propylene price in the United States and the lower sales volume in both regions.

In relation to 4Q20, the increase in Brazilian real (+53%) and U.S. dollar (+48%) is explained by the higher propylene price in the United States and Europe and higher sales volume in Europe.

C) SG&A EXPENSES: in U.S. dollar, the 2% decrease in relation to 3Q21 is explained by lower costs with logistics and storage services. Compared to 4Q20, the increase in U.S. dollar (+9%) is mainly due to the higher fixed costs with third parties and the variable operating expenses with port services.

D) RECURRING OPERATING RESULT: represented to 23% of the Company’s consolidated recurring Operating Result.

^[11] U.S. PE – U.S. ethane price.

a) PE demand in Mexican market: decreased (-9%) in relation to 3Q21, due to seasonality. Compared to 4Q20, the increase (+7%) is explained by the normalization of demand and recovery of the Mexican economy.

b) Average utilization rate of PE plants: increase compared to 3Q21 (+13 p.p.) explained mainly by higher ethane imports from the United States under the Fast Track solution and by the higher ethane supply from PEMEX, in line with the volumes established in the amendment to the ethane supply agreement. Compared to 4Q20, the increase (+34 p.p.) mainly reflects the impacts from the shutdown in December 2020 due to the interruption in natural gas supply.

In 4Q21, to complement the supply of ethane by Pemex, Braskem Idesa imported from the United States on average 20,900 barrels of ethane per day, which represents around 84% of Fast Track’s current capacity.

Additionally, the Company is working on an expansion of the capacity of the Fast Track solution that involves the incorporation of additional unloading stations, which could enable Braskem Idesa to reach maximum ethane import volume capacity equivalent to 35,000 barrels per day, with the project's conclusion expected during 3Q22.

c) PE sales volume: increased (+20%) compared to 3Q21, due to the higher product availability for sale as a result of the increase in the quarter utilization rate. In relation to 4Q20, the increase (+4%) is explained by the higher product availability for sale compared to the same period of the previous year.

A) NET REVENUE: increased in Brazilian real (+11%) and U.S. dollar (+3%) compared to 3Q21, due to the higher sales volume in the period.

Compared to 4Q20, the increases in Brazilian real (+70%) and U.S. dollar (+65%) are mainly explained by the higher PE price in the international market.

Sales by sector (%)

Sales by region (% in tons)

B) COST OF GOODS SOLD (COGS): increases in Brazilian real (+16%) and U.S. dollar (+9%) compared to 3Q21, due to the higher sales volume and the higher ethane and natural gas prices in the international market.

Compared to 4Q20, the increases in Brazilian real (+22%) and U.S. dollar (+18%) are basically explained by the higher ethane price in the international market.

C) SG&A EXPENSES: in U.S. dollar, the increase in relation to 3Q21 (9%) is mainly explained by the increase in fixed operating expenses with third parties. Compared to 4Q20, SG&A expenses remained stable.

D) RECURRING OPERATING RESULT: represented to 13% of the Company’s consolidated recurring Operating Result.

As a result of allegations of alleged improper payments related to the Ethylene XXI project, originally reported in news items in the Mexican media and which were included in the testimony presented by the former CEO of PEMEX to the Office of the Attorney General of Mexico, Braskem, together with Braskem Idesa, in compliance with the standards established by the Global Policy of Braskem's Compliance System and in line with Braskem Idesa's governance guidelines, approved the hiring of an American law firm, with proven experience in similar cases, to carry out an independent internal investigation into the Allegations.

In February 2022, the investigation was completed. No evidence was identified to corroborate the former Pemex CEO's claims about allegedly improper payments in connection with or otherwise related to the Ethylene XXI project.

B) CONSOLIDATED COGS

C) OTHER REVENUE (EXPENSE), NET

The Company recorded in 4Q21 a net expense of R$1.5 billion, mainly due to: (i) the accounting provision in the amount of R$1.4 billion, according to item 2.1.3 of this document; and (ii) fines, rescissions and indemnifications in the amount of R$224 million, which is mainly explained by the take-or-pay clause in feedstock agreement with the domestic supplier. These negative impacts were partially offset by revenues related to taxes, mainly PIS and COFINS credits considered essential and material inputs.

D) RECURRING OPERATING RESULT^[12]

In 4Q21, the Company’s recurring Operating Result was US$1.1 billion, down 23% on 3Q21, mainly due to: (i) lower international spreads for main chemicals, PE and PP in Brazil, PP in the United States and Europe and PE in Mexico, though still above the historical average of the last 10 years^[13]; and (ii) the lower PP sales volume in Brazil, United States and Europe mainly due to the seasonality of the period. Compared to 4Q20, the Company’s recurring Operating Result in U.S. dollar advanced 36%, due to: (i) better spreads for main chemicals, PE and PVC in Brazil, for PP in the United States and Europe and for PE in Mexico; and (ii) the higher sales volume of main chemicals and PVC in Brazil, PP in Europe and PE in Mexico. In Brazilian reais, recurring Operating Result was R$6.3 billion, down 18% compared to 3Q21 and up 40% compared to 4Q20, reflecting the Brazilian real depreciation against the U.S. dollar of 6.8% and 3.5%, respectively.

In 2021, the Company’s recurring Operating Result was US$5.6 billion, advancing 171% on 2020, mainly due to: (i) better international spreads for main chemicals and resins in Brazil, PP in the United States and Europe and PE in Mexico; and (ii) the higher sales volume of main chemicals in Brazil and PP in the United States and Europe. In Brazilian real, recurring Operating Result was R$30.3 billion, up 176% compared to 2020, reflecting the Brazilian real depreciation against the U.S. dollar of 4.6%.

^[12] Braskem’s consolidated result corresponds to the sum of the results in Brazil, United States & Europe and Mexico, less eliminations from the revenues and costs related to transfers of products among these regions.

^[13] Considers the period from 2011 to 2020.

E) NET FINANCIAL RESULT

BRASKEM (ex-BRASKEM IDESA)

Financial expenses: increased in relation to 3Q21 (+29%) and 4Q20 (+29%), mainly due to accounting recognition of financial expense related to income tax on the loan to be received from Braskem Idesa.

Financial revenue: increases in relation to 3Q21 (19%) and 4Q20 (55%) due to: (i) the impact from higher revenue from derivatives; and (ii) the increase in profitability on financial investments in local currency as a result of higher interest rates in the period.

Net exchange variation: decreased compared to 3Q21, mainly due to the lower variation in U.S. dollar in the period on the average exposure to U.S. dollar in the amount US$2.4 billion. In relation to 4Q20, the reduction is mainly due to the effects from the depreciation in the Brazilian real against the U.S. dollar on net exposure in the amount of US$2.4 billion.

Transactions in financial instruments under hedge accounting

In the quarter, the Company registered US$200 million (R$395 million) in exports from a flow that was discontinued. The initial designation rate was US$1/R$2.0017, while the average realization rate was US$1/R$3.9786.

The balance of financial instruments designated for hedge accounting ended 4Q21 at US$4.7 billion.

Long-term Currency Hedge Program:

Braskem’s feedstock and products have prices denominated or strongly influenced by international commodity prices, which are usually denominated in U.S. dollars. Starting in 2016, Braskem contracted derivative instruments to mitigate part of the exposure of its cash flow denominated in Brazilian real. The main purpose of the program is to mitigate U.S. dollar call and put option agreements, protecting estimated flows for a 24-month period.

On December 31, 2021, Braskem had a notional value of outstanding put options of US$1.73 billion, at an average exercise price of R$/US$4.80. At the same time, the Company also had a notional value of outstanding call options of US$1.21 billion, at an average exercise price of R$/US$6.88. The contracted operations have a maximum term of 24 months. The mark-to-market (fair value) of these Zero Cost Collar (“ZCC”) operations was negative R$85 million at the end of the quarter.

As a result of the depreciation in the Brazilian real in relation to the U.S. dollar during the program, the Company exercised part of the calls of the ZCC program. The effect on cash flow for 4Q21 was R$42 million.

BRASKEM IDESA

Financial expenses: increase in relation to 3Q21 (+41%) and 4Q20 (+34%) due to: (i) the amortization of transaction costs associated with payment of the Project Finance; and (ii) the higher expenses with derivative instruments associated with the discontinuation of the interest rate swap operations under the Project Finance.

Financial revenue: increased in relation to 3Q21 and 4Q20, mainly due to the higher returns earned on the financial instruments as a result of higher cash balance.

Net exchange variation: increase compared to 3Q21, due to the higher expense with the transition of export hedge accounting that was recorded in shareholders' equity in the amount of R$139 million, as a result of the payment of Project Finance, and the higher average exposure in the period. Compared to 4Q20, the decrease is explained by the depreciation of the Mexican peso against the U.S. dollar on the outstanding balance of the loan from Braskem Idesa in the amount of US$ 2.4 billion.

F) FREE CASH FLOW

Free cash flow generation in 4Q21 was R$3.1 billion, explained mainly by: (i) the recurring Operating Result in the quarter; and (ii) the monetization of PIS/COFINS credits in the approximate amount of R$141 million. These positive impacts were offset mainly by: (i) the payments related to the geological event in Alagoas; (ii) the interest payments; (iii) the payment of IR/CSLL due to the recurring Operating Result; and (iv) consumption of the Company’s operating and strategic capex.

G) LIQUIDITY & CAPITAL RESOURCES

BRASKEM (ex-BRASKEM IDESA)

On December 31, 2021, the average debt term was around 15 years, with approximately 54% of maturities concentrated after 2030. The weighted average cost of the Company’s debt was exchange variation plus 5.24%.

In December, the Company contracted, with a syndicate of 11 global banks, an international stand-by credit facility in the amount of US$1 billion, due in December 2026, to replace the current facility.

The liquidity position of US$2.5 billion is sufficient to cover the payment of all liabilities coming due in the next 72 months, considering the international stand-by credit facility of US$1.0 billion available through 2026.

BRASKEM IDESA

On December 31, 2021, the average debt term was around 9 years, with 92% of maturities concentrated after 2029. The weighted average cost of the Company’s debt was exchange variation plus 7.0%.

In October, Braskem Idesa concluded its debt refinancing plan, which involved substituting the remaining balance of US$1.35 billion of the Project Finance with new debt, namely: (i) the bond issue in the amount of US$1.2 billion; and (ii) term loan in the amount of US$150 million. The new funding operations have long terms that lengthened the average debt term to 9 years and a weighted average cost of exchange variation plus 7.1%. With the settlement of the Project Finance debt, the guarantees pledged by Braskem to Braskem Idesa, in the total amount of US$358 million, will be terminated.

H) INVESTMENTS & VALUE CREATION

At the end of 2021, the Company registered investments in the approximate amount of US$663 million, down 13% from the projection of US$764 million. Expenditures were mainly affected by the postponement of projects and the Brazilian real depreciation against the U.S. dollar in the period.

Operating Investments 2021: the main operating investments were in: (i) the scheduled general maintenance shutdown at the plants in ABC, São Paulo carried out in 2Q21; (ii) the pit stop at the petrochemical complex in Rio Grande do Sul in 1Q21; (iii) the scheduled maintenance shutdown at the PVC plants in Bahia and in Maceió; (iv) the continued ramp-up in the restarting of the chlor-alkali plant in Maceió; (v) the scheduled shutdown at the Marcus Hook plant in the United States; and (vi) the implementation of the cracked gas transfer line project for furnaces at the Q3 Unit in ABC, São Paulo.

The main operating investments made by Braskem Idesa in 2021 were in expanding the import capacity of the Fast Track solution.

Strategic Investments 2021: expenditures were allocated to: (i) remaining payments related to the construction of the new PP plant in the United States (Delta); (ii) the project to modernize the electrical system of the petrochemical complex in ABC; (iii) the project to expand biopolymer capacity at the Triunfo Petrochemical Complex; and (iv) construction of a recycling line for high-quality post-consumer resin in Brazil.

Investments in 2022

The investments projected by Braskem to be made during 2022 amount to R$5.6 billion (US$1.0 billion), which will be allocated mainly to the scheduled maintenance shutdowns at the Rio Grande do Sul plants, preparation for the scheduled maintenance shutdown at the Bahia plants in 2023, catch-up of projects postponed due to COVID, and to strategic projects, such as expanding the biopolymers business and expanding recycled resin production capacity.

The total investment projected of R$5.6 billion (US$1.0 billion) considers the amount of R$1.3 billion (US$0.2 billion) related to projects by Braskem's Sustainable Development Macro-Objective to be carried out throughout 2022.

The projects are classified according to the following division:

Braskem Idesa

The investment projected to be made during 2022 by Braskem Idesa is of R$1.2 billion (US$0.2 billion). Operating investments will be allocated mainly to projects related to operating efficiency, such as expanding the ethane import capacity of the Fast Track solution, maintenance, productivity and HES. The strategic investment refers to the strategic project to build an ethane import terminal in a partnership with a potential partner in the amount of R$643 million (US$117 million) in 2022.

VALUE CREATION

Transform For Value Program

Over the course of 2021, the Transform for Value (TFV) program continued its progress in both mapping new opportunities and implementing initiatives already mapped. At the end of the year, around 600 initiatives were at an advanced stage of maturity, reaching the pace of approximately US$ 277^[14] million/year in capturing value. There are also around 150 other initiatives in preliminary stages, such as planning or execution, under the management of areas^[15], that fall under the program’s operational scope, which add up to US$390 million/year to be captured by 2023 in the program’s consolidated pipeline.

The program’s excellent performance in 2021 in terms of the value of the opportunities mapped is also explained by the petrochemical and macroeconomic scenario, which had a significant positive impact on the quantification of initiatives due to higher-than-expected spreads, the weaker local currency and other structural variables. For 2022, the Company expects this impact to be the opposite, since the probable normalization in scenario should affect the quantification of initiatives. However, this negative impact should be offset by advances in relevant initiatives for stages 4 & 5 and the identification of new opportunities for capturing value over the year.

Note that the program has a global scope and comprises initiatives with expected conclusion between 2020 and 2023, which present opportunities for capturing annual recurring value and are part of 5 different pipelines, namely:

Moreover, to facilitate the management and communication of advances, the initiatives are organized in accordance with the logic of the stage gates^[16] process model.

^[14] Considering only initiatives in stage 4 (Run-rate), when measurements of gains could vary as actions advance, and in stage 5 (Concluded), after stabilization and/or the internal audit.

^[15] Transformation Office, Digital Center, Energy, Continuous Improvement and C&P CAPEX.

^[16] Stage 1 – Identification: Initiatives in the formatting and/or identification of solutions phase – Recently conceived and/or still not prioritized for more in-depth analysis, do not count as a detailed business case;

The TFV program uses a solid methodology for measuring and consolidating the value of the initiatives in its pipelines. To ensure accuracy and transparency in its communication and reporting, the program’s evaluation process consider the following aspects:

Based on said methodology, it is possible to monitor the evolution of the program’s consolidated pipeline, which is submitted for regular updates to include the new opportunities mapped, the progress in ongoing initiatives and the impact from changes in the scenarios of the economy and petrochemical industry.

Capacity Expansion & Energy Efficiency Projects

Project to expand biopolymers production capacity in the Triunfo Petrochemical Complex in Rio Grande do Sul

Expansion of current green ethylene production capacity from 200,000 tons per year to 260,000 tons per year using feedstock made from sugarcane ethanol that is used to make I’m Green^TM biobased resins, with startup estimated towards the end of 2022 and investments estimated at around US$87 million. The project is aligned with the Company’s goal of reaching net zero carbon by 2050, while also reinforcing its position as the global leader in biopolymers production. As of 4Q21, the Company had disbursed US$13.6 million, with the investment reaching physical progress of 25.6%.

Project to produce high-quality recycled resin

In partnership with Valoren, a company specializing in developing and operating technologies for transforming solid waste, Braskem will invest R$67 million in the construction of a recycling line with capacity to transform some 250 million pieces of packaging into 14 tons of high-quality, post-consumer resin per year. The project is installed in Indaiatuba, in the interior of São Paulo state, and started its operation in december. As of 4Q21, the Company had disbursed R$58.0 million, with the investment’s physical progress at 97%.

Energy efficiency project for ABC petrochemical complex

In partnership with the German-based company Siemens, the Company is modernizing its ABC petrochemical complex in São Paulo. With total estimated investment of R$600 million, considering the disbursements from Braskem and Siemens, the project includes replacing the steam turbines that currently meet the needs of the complex with high-speed electrical engines developed with state-of-the-art and high-performance technology.

Stage 2 – Planning: Initiatives in the phase of finalizing/updating the quantifying of impacts and execution plan – Have a detailed business case, evaluation of capture potential and implementation timetable;

Stage 3 – Execution: Initiatives in implementation phase – Have the funds needed for their implementation already allocated, since they already have been prioritized and approved;

Stage 4 – Run-rate: Initiatives in initial operation phase, marked by the stabilization of performance and the measurement of gains in accordance with the previously defined assumptions;

Stage 5 – Concluded: Initiatives already implemented whose stabilization process has been concluded – In some cases, they undergo an internal audit to verify the gains.

The operation related to the new engines was expected to start fully during 3Q21 after the general maintenance shutdown of the ABC unit. However, a technical fault arose in one of the four engines that substituted the steam turbines, which delayed the motorization phase of the unit. The process of analyzing the engine that failed is still in progress with the supplier, so that the definitive solution can be implemented. In parallel, in December, the unit resumed its operations with a temporary solution, in which three of the four expected engines started operating.

In the energy cogeneration phase, which is under the scope of Siemens, Braskem's partner in the project, the two power generation units were assembled and began testing. These tests will continue over the course of 1Q22, together with the tests and commissioning of the steam generation system.

The ramp-up of the unit is expected for 1Q22, when the cogeneration plant is expected to be fully operational.

4.1

HEALTH & SAFETY

4.2

ECONOMIC AND FINANCIAL RESULTS

^[17] Incident with loss of containment of products above the limits established in the American Petroleum Institute (API) 754 for TIER 1, based on the product released, or any release that causes: fatality or lost-time injury of an employee or third party, hospital damages or fatality of the external public, financial losses greater than US$100,000, or evacuation of the community.

^[18] Incident with loss of containment of products above the limits established in the American Petroleum Institute (API) 754 for TIER 2, based on the product released, or any release that causes: reportable injury of own employee or third party and financial loss greater than US$2,500.

(i) Approval of the new charters of the Board of Directors and the Communication Strategy Committee to incorporate specific duties related to ESG criteria and to change its name to the Strategy, Communication and ESG Committee (“CECESG”). This coverage of ESG topics reflects its strategic importance and positions the Board of Directors as a major promoter and proponent of actions related to these criteria.

(ii) Presentation of the Company’s adoption of the Ecovadis platform for assessing the sustainability performance of its suppliers focusing on four main topics: (i) environment; (ii) labor and human rights; (iii) ethics; and (iv) sustainable acquisitions. In this way, Braskem seeks to engage its supplier chain and consequently contribute to the challenges of sustainable development for a better world.

Recycled Sales (I’m green^TM Recycled)

^[19] Board of Directors.

^[20] The recycled chemicals are not considered under the brand I'm green^TM biobased.

Green PE Sales (I’m green^TM bio-based)

In the year, the utilization rate of the green ethylene was 102%, 14 p.p. higher than in 2020, due to higher production levels in order to meet the growing demand for Green PE.

In the year, sales of Green PE were lower (-2%) compared to 2020, due to the impacts of logistical restrictions on the export supply chain.

The recurring Operating Result in Brazilian reais of this segment increased in relation to 3Q21 (+18%), mainly due to the higher sales volume. Compared to 4Q20, sales increased (+30%), explained by higher demand for the product, which had a positive effect on prices.

Green PE Sales (I’m green^TM bio-based) and ETBE

Net Revenue Green PE + ETBE: increase compared to 3Q21 (+72%) and 4Q20 (+123%), due to (i) the greater availability of products for sale, because of the stabilization of the ETBE operation after the conversion of the MTBE plant and higher volume of export of Green PE given the improvement in the logistics scenario; and (ii) attractive prices on the international market.

ECO-INDICATORS^[21]

In the year, the ecoefficiency indicators of the Company’s plants were mainly affected by the higher production volume due to (i) the restarting of the chlor-alkali plant in Alagoas state; (ii) the production increase in the new PP plant in the United States; and (iii) the higher utilization rate at the petrochemical complexes in Bahia and Rio Grande do Sul.

The energy consumption indicator fell (-4%) in relation to 2020, due to the increase in energy efficiency in the Company's petrochemical plants, explained by: (i) the continuous improvement projects and initiatives at the Bahia plant; (ii) the optimizations in electricity processes and purchases at the Rio Grande do Sul plant; (iii) the lower steam and natural gas consumption at the PVC plant in Bahia; and (iv) the optimization of furnaces and boilers and better adjustment of compressors.

The ecoefficiency in water consumption and wastewater generation led to declines of 3% and 1%, respectively, in relation to 2020, due to: (i) the optimization of water consumption for cooling processes for some systems; (ii) the reductions in leaks and minimization of losses; and (iii) the lower wastewater discharge at Braskem Idesa.

The solid waste generation eco-indicator was 2.43kg/t, increasing 9% from 2020, explained by the scheduled shutdowns at various plants, which led to higher solid waste generation related to maintenance services.

^[21] The data can be revised depending on internal updates.

On December 31, 2021, Braskem’s stock was quoted at R$57.63/ share (BRKM5) and US$20.56/ share (BAK). The Company’s shares are listed on the Level 1 corporate governance segment of the B3 – Brasil, Bolsa e Balcão and on the New York Stock Exchange (NYSE) through Level 2 American Depositary Receipts (ADRs). Each Braskem ADR (BAK) corresponds to two class “A” preferred shares issued by the Company.

In September, the risk rating agency S&P Global Ratings (S&P) upgraded Braskem’s risk rating on the global scale to BBB-, with a stable outlook. The agency highlighted that the rating upgrade to investment grade reflects the Company’s significant improvement in profitability and cash generation indicators, its commitment to deleveraging and the agency’s expectation that it will continue to benefit from high petrochemical spreads over the coming quarters.

In December, the risk rating agency Fitch upgraded the Company’s risk rating on the global scale from BB+ to BBB-, with a stable outlook. With the upgrade by Fitch, Braskem once again is considered an investment-grade company.

In addition, the Company contracted, in December, with a syndicate of 11 global banks, an international stand-by credit facility in the amount of US$1 billion, due in December 2026, to replace the current facility.

Lastly, the Company reinforces its continuous commitment to financial health and to maintaining a solid cash position with a very long debt maturity profile

BRAZIL

Maintenance of total resin sales volume (internal and external markets) due to the expectation of running the assets in Brazil at similar levels to the last quarter of last year. The Company also will continue its strategy of prioritizing sales to the Brazilian and South American markets.

For petrochemical spreads, the expectation of international external consultants is for a drop in PE and PP naphtha-based spreads. In the case of PVC, the spread should remain at levels above the recent historical average (2016-2020).

UNITED STATES & EUROPE

In the United States, the expectation is for growth in PP sales volume supported by higher supply of the product, given the expectations for operations to normalize, following the scheduled and unscheduled shutdowns in 4Q21.

In addition, based on forecasts by international external consultants, the PP-Propylene spread in the United States should remain above the recent historical average (2016-20), but below the level in the fourth quarter, mainly due to the decline in resin prices, explained by the product’s higher supply in the domestic market.

For Europe, sales volume should grow on the expected restarting of operations after scheduled maintenance shutdown at a local propylene supplier and the consequent normalization of PP production in the region. Meanwhile, Europe’s PP-Propylene spreads are expected to narrow reflecting the higher propylene price due to supply constraints and higher crude oil prices in the international market.

MEXICO

In Mexico, the expectation is for production and sales volume to increase, with PEMEX supplying feedstock volume in line with the Amendment signed in October 2021 and feedstock imports from the United States under the Fast Track solution complementing the feedstock supply.

For spreads, based on the projections of external consulting firms, the expectation is for the U.S. PE-Ethane spread to remain at levels above the recent historical average (2016-20), but to decrease due to a decline in the resin’s price explained by the improvement in its supply scenario.

LIST OF ANNEXES:

ANNEX I

Consolidated Income Statement

ANNEX II

Consolidated Recurring Operating Result Calculation

ANNEX III

Consolidated Balance Sheet

ANNEX IV

Consolidated Cash Flow

ANNEX V

Braskem Idesa Income Statement

ANNEX VI

Braskem Idesa Balance Sheet

ANNEX VII

Braskem Idesa Cash Flow

SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: March 18, 2022

DISCLAIMER ON FORWARD-LOOKING STATEMENTS

This report on Form 6-K may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are statements that are not historical facts, and are based on our management’s current view and estimates of future economic and other circumstances, industry conditions, company performance and financial results, including any potential or projected impact of the geological event in Alagoas and related legal proceedings and of COVID-19 on our business, financial condition and operating results. The words “anticipates,” “believes,” “estimates,” “expects,” “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the potential outcome of legal and administrative proceedings, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting our financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of our management and are subject to a number of risks and uncertainties, many of which are outside of the our control. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors, including the projected impact of the geological event in Alagoas and related legal proceedings and the unprecedented impact of COVID-19 pandemic on our business, employees, service providers, stockholders, investors and other stakeholders, could cause actual results to differ materially from current expectations. Please refer to our annual report on Form 20-F for the year ended December 31, 2019 filed with the SEC, as well as any subsequent filings made by us pursuant to the Exchange Act, each of which is available on the SEC’s website (www.sec.gov), for a full discussion of the risks and other factors that may impact any forward-looking statements in this presentation.