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CEMEX shares full year 2021 financial results

Published by , Deputy Editor
World Cement,

CEMEX has announced strong results for the full year 2021 with double-digit EBITDA growth, the highest in more than a decade, coupled with a double-digit increase in sales driven by higher volumes and robust pricing in all core products in all regions. EBITDA margin increased 0.8 percentage points in the year, despite headwinds in energy and import costs. CO2 emissions declined 4.4 percentage points, the largest annual decline the company has ever achieved.

CEMEX’s Consolidated 2021 Full Year and Fourth Quarter Financial and Operational Highlights

  • Net Sales increased 14% to US$14 548 million in 2021, and 3% to US$3 618 million in fourth quarter.
  • Operating EBITDA increased 18% to US$2861 million in 2021, and 3% to US$651 million in fourth quarter. Operating EBITDA proforma increased 18% to US$2901 million in 2021, versus US$2455 million in 2020.
  • Operating EBITDA margin expanded 0.8 pp in 2021, to 19.7%, and declined by 0.1 pp, to 18.0% in fourth quarter.
  • Free Cash Flow after Maintenance Capital Expenditures rose 15% in 2021, reaching US$1101 million, and US$332 million in fourth quarter.
  • Controlling Interest Net Income was US$753 million in 2021 versus a loss of US$1467 million in 2020, due to an impairment charge in 2020. In the fourth quarter, Controlling Interest Net Income was US$195 million versus US$70 million in the same quarter of 2020, an increase of 179%.
  • CEMEX advanced significantly on its investment grade goal, reducing its leverage ratio1 by 1.4 x, to 2.73 x in 2021. Consolidated net debt was reduced by US$2265 billion1, achieving the longest average life of debt in more than a decade, at 6.2 years.

“We are very pleased to report exceptional financial and strategic performance during 2021, despite the unprecedented challenges from COVID and cost inflation. I am proud of our efforts, the organisation, and how we responded to the unique circumstances of the year,” said Fernando A. González, CEO of CEMEX. “In 2021, under our Future in Action programme, we accelerated our climate action ambition, establishing more aggressive 2030 decarbonisation goals as well as a detailed plant by plant roadmap to reach the targets. With our enhanced roadmap in place, we achieved our lowest carbon emission level on record and our largest annual year over year decline. And we pushed the boundaries on innovation – introducing new sustainable products and developing breakthrough decarbonisation technologies. Our performance gives me great confidence that we can reach not only our 2030 climate goal but also our Net Zero ambition.”

Geographical Markets 2021 Full Year and Fourth Quarter Highlights

Net Sales in Mexico increased 23% in 2021, to US$3466 million, and 1% in fourth quarter, to US$841 million. Operating EBITDA increased 25% in 2021, to US$1163 million, and decreased 9% in fourth quarter, to US$243 million.

CEMEX’s operations in the United States reported Net Sales of US$4355 million in 2021, an increase of 9%, and US$1094 million in fourth quarter, an increase of 8%. Operating EBITDA increased 2% to US$762 million in 2021 and decreased 7% to US$174 million in fourth quarter.

In the Europe, Middle East, Africa and Asia region, Net Sales increased by 10% in 2021, to US$4825 million, and 1% in fourth quarter, to US$1197 million. Operating EBITDA was US$676 million in 2021, 8% higher, and US$165 million for the fourth quarter, 4% higher.

CEMEX’s operations in the South, Central America and the Caribbean region, reported Net Sales of US$1567 million in 2021, an increase of 16%, and US$391 million in fourth quarter, an increase of 2%. Operating EBITDA increased by 24% to US$421 million in 2021 and increased 3% to US$99 million in the fourth quarter.

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