Free cash flow generation in excess of US$900 million and debt reduction close to US$1 billion
CEMEX have reported that, on a like-for-like basis, consolidated net sales for the full year 2018 increased by 6% to US$14.4 billion versus the full year 2017. Operating EBITDA for 2018, also on a like-for-like basis, increased by 1% to US$2.6 billion.
Operating earnings before other expenses increased by 2%, to US$1.7 billion, for the full year 2018, on a like-for-like basis, while operating EBITDA increased by 1% to US$2.6 billion. Operating EBITDA margin for the full year 2018 decreased to 17.8% from 18.9% during 2017.
Free cash flow after maintenance capital expenditures for the full year 2018 reached US$918 million and conversion of EBITDA into free cash flow after maintenance capex reached 36%.
Commenting on the results, Fernando A. Gonzalez (pictured), chief executive officer of CEMEX, said: ‘We are pleased with our 6% top-line growth during 2018, supported by higher consolidated volumes and prices in our three core products. Operating EBITDA grew by 1% on a like-to-like basis in this period.
‘During 2018 we generated more than US$900 million in free cash flow after maintenance capex, with a strong EBITDA-to-free-cash-flow conversion rate, which allowed us to reduce our total debt by 8% or close to US$1 billion.
‘We also made significant advances under our ‘A Stronger CEMEX’ plan during the second half of last year and are on track to achieve our 2019 and 2020 targets under this programme.’