CEMEX report strong full-year 2015 results

Last year saw positive net income achieved for the first time in six years, reaching US$75 million

CEMEX have reported that, on a like-to-like basis for ongoing operations and adjusting for currency fluctuations, consolidated net sales increased by 5% for the full-year 2015 to US$14.1 billion, compared with 2014, largely due to higher prices and volumes in the US and the Mediterranean and Asia regions.

Operating EBITDA, on a like-to-like basis, increased by 9% for the full year to US$2.6 billion, whilst operating EBITDA margin rose to 18.7%, up 1.1% from 2014. Operating earnings increased by 17% to US$1.7 billion, compared with 2014.

Reaching positive territory for the first time in six years, net income improved during the full year to reach US$75 million from a loss of US$507 million in 2014, whilst free cash flow after maintenance capital expenditures reached US$881 million, an increase of 121% compared with the previous 12 months.

Commenting on the results, Fernando A. Gonzalez, CEMEX’s chief executive officer, said: ‘Despite a challenging macroeconomic environment which has affected many of our markets, our industry, and CEMEX in specific, we have been able to meet these challenges and deliver strong operating and financial results, on a like-to-like basis.

‘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 programme of US$150 million as well as a positive operating leverage in several of our markets, which translated into a 1.1% improvement in 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 allowed us to reduce our debt by close to US$1 billion during the year.’