Cemex completes year of recovery

Cement producer Cemex reported a +10% increase in operating EBITDA to US$ 2.6 billion as it filed full year financials for 2012.

Net sales for the Mexico-based firm reached US$ 15 billion, a decline of -2% on a year-over-year basis.

Fernando A. González, executive vice president of finance and administration, called 2012 a year of recovery for Cemex. “During the year, we achieved the highest EBITDA generation and operating EBITDA margin since 2009 and the fourth quarter was the sixth consecutive quarter with a year-over-year EBITDA increase,” he noted.

Fourth quarter figures proved healthy with EBITDA up +13% to US$ 611 million, while net sales were stable at US$3.7 billion.

According to Cemex, the infrastructure and residential sectors were the main drivers of demand in most markets.

Net sales in Cemex’s domestic market of Mexico increased +2% in the fourth quarter of 2012 to US$ 832 million, compared with US$ 818 million in the fourth quarter of 2011.

The US reported net sales of US$ 756 million in the fourth quarter of 2012, up +11% from the same period in 2011. Operating EBITDA was US$ 13 million in the quarter. According to González this was the first time the company has been EBITDA-profitable in the US since 2009.

In Northern Europe, net sales decreased -8% to US$ 1 billion, compared with US$ 1.1 billion in the fourth quarter of 2011. Similarly, Q4 net sales in the Mediterranean region were US$ 354 million, also -8% lower than 2011.

Cemex’s operations in South, Central America and the Caribbean reported net sales of US$ 520 million for Q4 2012, an increase of +16% on 2011 figures.

Asia also saw growth with net sales up +12%, reaching US$ 139 million in the fourth quarter.