OREANDA-NEWS. In a year marked by challenging economic conditions, Vale outperformed expectations by ending 2013 with a cash flow, measured by Adjusted EBITDA, of USD 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 USD 6.6 billion, the biggest since 4Q11.

Watch our Chief Financial Officer and Investor Relations Executive Director comment on Vale's 2013 results

“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. Watch our video featuring a complete analysis by Siani, who also explains the impacts on the Vale's net earnings, such as the decision to pay the REFIS tax payment, the Brazilian real's weakening against the dollar, and write-downs of some assets, especially the Rio Colorado project in Argentina.

Austerity generates savings of USD 2.8 billion

The drive to reduce costs and expenses highlighted by Siani, which has been one of the pillars of Vale's management, generated savings of USD 2.8 billion in 2013. This discipline in the allocation of resources has guided the company's decisions to invest in world-class, high-return assets. This is the case with S11D, the biggest project under way in the global iron ore industry, which Vale is executing in the Brazilian state of Para. One of our milestones in 2013 was our obtaining of an environmental licence to implement this project.

Webcasts

On Thursday, February 27 our executives will take part in conference calls transmitted in real time on the internet to present Vale's results to the markets and the press. See how to access the webcast for investors and the one for journalists. An infographic showing some of our results in 2013 is shown below.