Cemex's net sales up 8%
First publishedon www.AggBusiness.com
Latest figures from Cemex show that the company’s consolidated net sales increased by 6% during the fourth quarter of 2011 to approximately US$3.7billion and increased 8% for the full year to $15.1billion versus the comparable periods in 2010.
Operating EBITDA increased by 13% during the fourth quarter of 2011 to $542million and increased 1% for the full year to $2.3billion versus 2010.
Cemex says its consolidated fourth-quarter and full-year 2011 financial and operational highlights reveal that the increase in consolidated net sales for the quarter was due to higher volume and price in local currency terms mainly from its operations in Northern Europe, South, Central America and the Caribbean, and the United States.
The infrastructure and residential sectors were the main drivers of demand in most of Cemex’s markets.
Free cash flow after maintenance capital expenditures for the quarter was US$374 million, up 51% compared with $248million in the same quarter of 2010. For the full-year 2011, it was down 25% to $386 million.
Operating income in the fourth quarter increased by 79% to $224million from the comparable period in 2010 and increased 12%, to $960 million, for the full-year 2011.
Fernando A. González, executive vice president of finance and ddministration, said: “This is the fifth consecutive quarter of top-line growth in our results. We are particularly pleased with the quarterly performance of our operations in Northern Europe; the South, Central America and Caribbean region, and the United States.
“Regarding our full-year results, we saw net sales and operating EBITDA growing for the first time in four years.
“We also remain focused on our transformation process, having achieved a recurring improvement in our steady-state-EBITDA of about $150million during the second half of 2011, and expecting to reach a run rate of US$400million by the end of this year.
“We sold assets for $225million during 2011 and expect to sell an additional $500million during this year.
“We complied with our December 2011 covenants and would have complied even without the benefit from the compensation of our Venezuelan assets. We continue to be confident in our ability to meet all of our financial obligations. We have also prepaid all of maturities under our Financial Agreement until December 2013; established reserves for the payment of our Certificados Bursátiles maturing this year, and proactively bolstered our liquidity needs.”
During the fourth quarter of 2011, controlling interest net income was a loss of $146million compared to a loss of $574million in the fourth quarter of 2010.
The figures also showed that in Northern Europe, net sales increased 16% to $1.1billion, compared with $950million in the fourth quarter of 2010. Operating EBITDA reached $83million for the quarter, 71% higher than the same period last year.
Fourth quarter net sales in the Mediterranean region were US$385 million 14% lower than those in the comparable period in 2010. Operating EBITDA decreased 26% to $94million for the quarter versus the comparable period in 2010.