Portucel S.A. announced unaudited consolidated earnings results for the fourth quarter and full year of 2013. For the quarter, the company reported total sales of EUR 393.4 million, EBITDA of EUR 90.4 million, operating profits of EUR 50.0 million, net earnings of EUR 60.3 million, free cash flow of EUR 48.1 million. Capex was EUR 3.8 million and net debt was EUR 307.1 million. ROS was

For the year, the company reported total sales of EUR 1,530.6 million against EUR 1,501.6 million a year ago. EBITDA was EUR 350.5 million against EUR 385.4 million a year ago. Operating profits were EUR 233.7 million against EUR 286.2 million a year ago. Net earnings were EUR 210.0 million against EUR 211.2 million a year ago. Free cash flow was EUR 263.3 million against EUR 311.3 million a year ago. Capex was EUR 16.9 million against EUR 30.1 million a year ago. Net debt was EUR 307.1 million against EUR 363.3 million a year ago. ROS was 13.7% against 14.1% a year ago. ROE was 14.2% against 14.3% a year ago. ROCE was 12.9% against 15.1% a year ago. This increase was due partly to the positive contribution made by the pulp business, and also to performance in the energy sector. It should nonetheless be noted that energy sales in 2013 were boosted by the full consolidation of Soporgen, the company that operates the natural gas co-generation plant at the Figueira da Foz Industrial Complex.