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Consolidated
investment
(R$ million)

Distribution of investments

The lower economic growth in 2011 affected the Engineering and Construction business, which was also affected by the lack of skilled labor, the appreciation of exchange rates, and limited public investments despite the progress made along the past years.

To face these challenges, Camargo Corrêa conducted its operations with the proper caution, and continued to make important adjustments to its business portfolio. In this sense, the company sold its 13% shareholding interest at the voting stock of Usiminas S.A.; disposed of the whole shareholding interest at Loga and Cavo Serviços e Saneamento S.A., and broadly restructured the management of Engineering and Construction and Real Estate Development. |GRI 2.9|

The Group’s cash flow, measured by the EBITDA, was R$ 2,138 million. The highest contributions were from the Division of Energy Concessions (R$ 1,021 million) and Cement (R$ 695 million), up 7% and 12.8% respectively from 2010. Another highlight was the Transport Concessions Division, which increased 21.9% compared to the previous year, with EBITDA of R$ 499 million. On the other side, the Shipbuilding Division, which is undergoing a process of learning and resuming the Brazilian shipbuilding industry, recorded the hardest impact on the cash flow (-R$ 449 million).

The consolidated result was a net profit of R$ 588 million (R$ 1,343 million in 2010). A significant portion of the result reflects earnings from the sale of assets (Usiminas and Cavo) and a relevant