Cimpor - March 2013

Cimpor's turnover from continuing activities declined by 3.1 per cent to EUR1510m (US$1930m) and compares wit the actual EUR2275.3m shown in 2011 on the old structure. The comparable EBITDA eased by 3.3 per cent to EUR464.7m and compares with an actual EUR616m. The trading profit came off by 4.8 per cent from EUR321.2m to EUR305.8m, whereas a year ago EUR372.8m was declared. The net financial charge, which a year earlier had amounted to EUR80.9m, was re-defined as EUR46.8m and almost trebled from that level to EUR138.2m. The pre-tax profit fell by an underlying 38.9 per cent to EUR167.5m and the net attributable result dropped by 74 per cent to EUR51.5 per cent, after a 51.7 per cent increase in the tax charge. Pro forma, on the current structure, the turnover is given as around EUR2,800m and the EBITDA as about EUR760m. That would suggest an actual improvement in the EBITDA in the region of 23 per cent, but the two numbers are not strictly comparable as they reflect a very different make-up of businesses. Net debt at the end of 2012 stood at EUR3183m, just over twice the shareholders' funds of EUR1532.9m. Capital investment was 18 per cent lower at EUR178m.

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