Brazil CSN releases unaudited results for 2016

Wednesday, 29 March 2017 01:09:53 (GMT+3)   |   Sao Paulo
       

Brazilian steelmaker Companhia Siderurgica Nacional (CSN) announced this week it will miss a deadline set by the country’s securities exchange commission, CVM, to post its full year results for 2016, however, the company decided to release in advance its unaudited full-year results.
 
CSN said it will not file its financial figures for the year ended on December 31, 2016 due to the “review of the accounting treatment determined upon for the transactions carried out by the company on November 30, 2015, which resulted in the business combination of mining and related logistics assets, without changing the structure of said combination.”
 
The deadline for CSN to post its 2016 results is March 31, 2017. According to the company’s unaudited full-year results, net revenues in 2016 was BRL 15.2 billion, 12 percent up, year-on-year.
 
The company’s adjusted EBITDA in the full-year of 2016 rose 25 percent, year-on-year, to BRL 4.07 billion. Capex in 2016 fell 25 percent, year-on-year, to BRL 1.6 billion.
 
CSN did not disclose whether it posted a net profit or a net loss in 2016.


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