CEMEX report fourth-quarter and full-year results
CEMEX say consolidated net sales decreased 17% in the fourth quarter of 2009, to US$3.4 billion, and decreased 28% for the full year, to US$14.5 billion, compared with the same periods in 2008.
After adjusting for the exclusion of the company’s Venezuelan operations, the sale of its assets in Australia and the Canary Islands, and currency fluctuations, net sales in the fourth quarter and for the full year decreased 20% and 19% respectively.
On a like-for-like basis, EBITDA decreased 39% in the fourth quarter and was down 25% for the full year, while operating income decreased 75% in the fourth quarter, to US$98 million, and was down 38%, to US$1.2 billion, for the full year.
Net debt at the end of the fourth quarter of was US$15.1 billion, representing a decrease of US$2 billion during the quarter.
With the infrastructure sector continuing to be the main driver of demand in most of their markets, CEMEX said the decline in sales in the fourth quarter of 2009 was primarily attributable to lower volumes and prices, mainly from their US and Spanish operations.
During the quarter, net sales in the US decreased 39% to US$602 million, while EBITDA showed a loss of US$4.5 million.
In Spain, net sales for the quarter were US$194 million, down 21% from the fourth quarter of 2008, while EBITDA decreased 27% to US$44 million.
Meanwhile, operations in the UK experienced a 10% decrease in net sales, to US$285 million, for the quarter, while EBITDA showed a loss of US$278,000.
Operations in Asia, however, reported a 17% increase in net sales, to US$122 million, compared with the fourth quarter of 2008, while EBITDA was up 44% to US$22 million.
Commenting on the results, Hector Medina, CEMEX executive vice-president of finance and legal, said: ‘During the fourth quarter and throughout 2009, we have been faced with the continuing global economic slowdown and a challenging business environment.
‘However, following our debt refinancing, our equity capital issuance, the sale of our Australian operations and through our global cost-reduction efforts, we believe we are strategically aligned as a leaner and more agile company, and will be able to successfully adapt to changes in the economic environment.’
Looking forward, Mr Medina said CEMEX would remain focused on paying down debt and regaining their financial flexibility.
After adjusting for the exclusion of the company’s Venezuelan operations, the sale of its assets in Australia and the Canary Islands, and currency fluctuations, net sales in the fourth quarter and for the full year decreased 20% and 19% respectively.
On a like-for-like basis, EBITDA decreased 39% in the fourth quarter and was down 25% for the full year, while operating income decreased 75% in the fourth quarter, to US$98 million, and was down 38%, to US$1.2 billion, for the full year.
Net debt at the end of the fourth quarter of was US$15.1 billion, representing a decrease of US$2 billion during the quarter.
With the infrastructure sector continuing to be the main driver of demand in most of their markets, CEMEX said the decline in sales in the fourth quarter of 2009 was primarily attributable to lower volumes and prices, mainly from their US and Spanish operations.
During the quarter, net sales in the US decreased 39% to US$602 million, while EBITDA showed a loss of US$4.5 million.
In Spain, net sales for the quarter were US$194 million, down 21% from the fourth quarter of 2008, while EBITDA decreased 27% to US$44 million.
Meanwhile, operations in the UK experienced a 10% decrease in net sales, to US$285 million, for the quarter, while EBITDA showed a loss of US$278,000.
Operations in Asia, however, reported a 17% increase in net sales, to US$122 million, compared with the fourth quarter of 2008, while EBITDA was up 44% to US$22 million.
Commenting on the results, Hector Medina, CEMEX executive vice-president of finance and legal, said: ‘During the fourth quarter and throughout 2009, we have been faced with the continuing global economic slowdown and a challenging business environment.
‘However, following our debt refinancing, our equity capital issuance, the sale of our Australian operations and through our global cost-reduction efforts, we believe we are strategically aligned as a leaner and more agile company, and will be able to successfully adapt to changes in the economic environment.’
Looking forward, Mr Medina said CEMEX would remain focused on paying down debt and regaining their financial flexibility.
