Cemex: 2015 – positive net income for the first time in 6 years
Cemex announced that, on a like-to-like basis for the ongoing operations and adjusting for currency fluctuations, consolidated net sales increased by 2 % during the fourth quarter of 2015 to US$ 3.4 billion, and increased 5 % for the full year 2015 to US$ 14.1 billion versus the comparable periods in 2014. Operating EBITDA on a like-to-like basis increased by 7 % during the fourth quarter to US$ 663 million, and increased 9 % for the full year to US$ 2.6 billion versus the comparable periods of 2014.
Fernando A. Gonzalez, Cemex Chief Executive Officer, said: “Our full-year net income was positive for the first time in six years. In addition, our operating EBITDA increased by 9 %, on a like-to-like basis, reflecting our cost-reduction program of US$ 150 million as well as a positive operating leverage in several of our markets, which translated into a 1.1 percentage-point improvement in the operating EBITDA margin. I am particularly pleased with the growth in our free cash flow after maintenance capex of more than US$ 480 million, which enabled us to reduce our debt by close to US$ 1 billion during the year.”
Consolidated corporate results
During the fourth quarter of 2015, controlling interest net income was US$ 144 million, an improvement over a loss of US$ 178 million in the same period last year.
Total debt plus perpetual notes decreased by US$ 254 million during the quarter and by US$ 964 million during 2015.
Geographical markets
Fourth-quarter 2015 highlights
Net sales in Cemex operations in Mexico decreased 19 % in the fourth quarter of 2015 to US$ 672 million, compared with US$ 827 million in the fourth quarter of 2014. Operating EBITDA decreased by 10 % to US$ 231 million versus the same period of last year.
Cemex’s operations in the United States reported net sales of US$ 967 million in the fourth quarter of 2015, up 5 % from the same period in 2014. Operating EBITDA increased 26 % to US$ 173 million in the quarter, versus US$ 138 million in the same quarter of 2014.
In Northern Europe, net sales for the fourth quarter of 2015 decreased 18 % to US$ 738 million, compared with US$ 901 million in the fourth quarter of 2014. Operating EBITDA was US $71 million for the quarter, 14 % lower than the same period last year.
Fourth-quarter net sales in the Mediterranean region were US$ 370 million, 4 % higher compared with US$ 357 million during the fourth quarter of 2014. Operating EBITDA decreased 5 % to US$ 63 million for the quarter versus the comparable period in 2014.
Cemex’s operations in South, Central America and the Caribbean reported net sales of US$ 436 million during the fourth quarter of 2015, representing a decrease of 15 % over the same period of 2014. Operating EBITDA decreased 25 % to US$ 125 million in the fourth quarter of 2015, from US$ 165 million in the fourth quarter of 2014.
Operations in Asia reported a 4 % increase in net sales for the fourth quarter of 2015 to US$ 162 million, versus the fourth quarter of 2014, and operating EBITDA for the quarter was US$ 46 million, up 4 % from the same period last year.
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