Providencia Announced 4Q 2010 Results
OREANDA-NEWS. March 22, 2011. Sales volume amounted to 78.6 thousand tons in the full fiscal year 2010, an increase of 10.2% compared to the previous year. In 4Q10 it totaled 20.2 thousand tons, a 1.2% growth in relation to 4Q09;
Net Revenue reached BRL 453.3 million in the full fiscal year 2010, representing an increase of 9.8% against the previous period, basically due to the increase in sales volume;
Gross Profit was BRL 40.0 million in 4Q10, BRL 0.4 million more than the same period in 2009;
Net Debt increased by BRL 90.7 million, or 59.2% in relation to 4Q09. Compared with 3Q10 there was an increase of 5.8%, or BRL 13.4 million, the principal factor being additional funding for financing capex for the project in the
In October, the Company received pre-export finance resources through the BNDES for BRL 150 million at a fixed annual rate of interest of 7.0% and a maturity of 18 months;
We have concluded the adjustments for the convergence to IFRS in the consolidated financial statements of Companhia Providencia for fiscal year ending December 31 2010 and its respective quarters. The main impact was the registration of Attributed Cost, which reduced the net income for the year. However, this reduction will not affect the potential for dividend distribution;
Payment in November 29 2010 of interim dividends of BRL 11.1 million, equivalent to 100% of the net adjusted income for the first half of 2010. We will also propose, subject to resolution of the Company’s Annual General Meeting –AGM, the payment of 100% of the adjusted base for calculating the dividends, totaling an additional BRL 21.8 million payment.
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