CSM: Full year 2012 results
CSM increased net sales by 6.5% to � 3,315.7 million for the full year. As a result of better coverage of raw material costs and internal cost savings, our EBITA, excluding one-offs, improved by 13.3%, to � 170.8 million. Compared to last year, net debt was substantially reduced by � 104.7 million leading to a net debt/EBITDA ratio of 2.0x. On 7 May 2012, CSM announced its intended transformation into a bio-based ingredients company and the intended divestment of the Bakery Supplies businesses. We are making good progress to date, in line with our original expectations.
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