CSN announces 4Q13 and 2013 Results
São Paulo, February 28, 2014 – Companhia Siderúrgica Nacional (CSN) (BM&FBOVESPA: CSNA3) (NYSE: SID) announces today its consolidated results for the fourth quarter (4Q13) and the full year of 2013, which are presented in Brazilian Reais and in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and with Brazilian accounting practices, which are fully convergent with international accounting norms, issued by the Accounting Pronouncements Committee (CPC) and approved by the Brazilian Securities and Exchange Commission (CVM), pursuant to CVM Instruction 485 of September 1, 2010. The comments herein refer to the Company’s consolidated results and comparisons refer to the third quarter of 2013 (3Q13) and full year of 2012, unless otherwise stated. On December 31, 2013, the Real/US Dollar exchange rate was R$2.343.
Highligths
- Net revenue totaled a record R$17.3 billion in 2013, 14% up on the previous year. Fourth-quarter net revenue increased by 6% over 3Q13 to R$4.9 billion, another new record.
- Annual net revenue from steel operations totaled R$12.4 billion in 2013, also a record, 15% up on 2012;
- Total annual steel sales amounted to 6.1 million tonnes, while domestic sales totaled 4.7 million tonnes, 5% and 3% up on 2012, respectively, and also new records;
- Fourth-quarter net revenue from mining operations came to R$1.9 billion, 17% more than in the previous three months.
- Iron ore sales volume totaled 7.8 million tonnes in 4Q13, 2% higher than in 3Q13, while iron ore shipped through Tecar, in the Port of Itaguaí, reached a record 8.9 million tonnes, 8% up in the same period;
- Adjusted EBITDA amounted to R$1.8 billion in 4Q13, 6% up on the R$1.7 billion posted in 3Q13, primarily fueled by the mining segment;
- The consolidated EBITDA margin reached 32% in 4Q13, the highest quarterly figure since 4Q11;
- CSN and Namisa adhered to the Tax Settlement Program (REFIS), which impacted the consolidated result by R$937 million. Excluding this effect, CSN would have recorded consolidated net income of R$450 million in 4Q13;
- CSN closed the fourth quarter with cash and cash equivalents of R$13.1 billion.
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