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May 19, 2020
Executive director Luciano Siani comments on Vale's 2013 results
In a year marked by challenging economic conditions, Vale outperformed expectations by ending 2013 with a cash flow, measured by Adjusted EBITDA, of US$ 22.7 billion. It is the third best result of our history with an increase of approximately 18% from 2012. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) eliminates non-recurring effects on our cash flow. In the fourth quarter of last year alone, it amounted to US$ 6.6 billion, the biggest since 4Q11. "This result was possible thanks to sales records and, above all, the significant reduction in costs we managed to achieve in 2013. We had a very good year from a financial perspective, demonstrating Vale's efficiency and competitiveness," said our Chief Financial Officer and Investor Relations Executive Director, Luciano Siani.