MORE THANDISTRIBUTION2013 ANNUAL REPORT
Productos Químicos Mardupol, S.A. de C.V.
HR AAA and mx AAA ratings by S&P were obtained in two successful portfolio securitizations.
Despite the acquisitions completed in 2013,our balance sheet remained strong, due to a conservative leverage policy.
Our Net Debt-to-EBITDA ratio was2.20 times at the end of the year.
We grew15% and 14%in sales and EBITDA,
respectively, mainly due to a 40% increase in volume sold and better gross margins.
In December, 2013,
the COREMAL acquisition was completed. The firm is a leading chemical distributor that covers most of the Brazilian market.