Recurring adjusted EBITDA for the year, of
R$319.5 million, with an EBITDA margin of 23.4%,
exceeded the result for 2012 by 9.3%. In the
fourth quarter this result was R$71.0 million, with
an EBITDA margin of 21.3%, lower than the figure reported in the immediately preceding period.
This performance can be explained by the
increase in costs, evidenced by the growth in
Unit Cash Costs on the same basis as revenue, in
2013, and 3.1 percentage points higher than this
over the quarter, following the collective wage increase agreement in the metal bathroom fittings
segment during the period, and costs associated
with the ramp-up of the vitreous chinaware unit
inaugurated in Queimados/RJ.