Cemex has 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.
Cemex’s consolidated fourth-quarter and full-year 2015 financial and operational highlights:
- The increase in consolidated net sales, on a like-to-like basis, was due to higher prices of our products, in local currency terms, in most of our operations, as well as higher volumes in the US, and our Mediterranean and Asia regions.
- On a like-to-like basis, operating earnings before other expenses, net, in the fourth quarter increased by 11% to US$410 million and in the full year increased by 17% to US$1.7 billion versus the comparable periods in 2014.
- Controlling interest net income improved to US$144 million during the fourth quarter of 2015 from a loss of US$178 million in the same period last year. Also, controlling interest net income improved during the full year to US$75 million from a loss of US$507 million in 2014.
- Operating EBITDA on a like-to-like basis increased by 7% and 9% during the quarter and the full year, respectively, to US$663 million and US$2.6 billion versus the comparable periods of 2014.
- Operating EBITDA margin during the quarter grew by 0.9 percentage points on a year-over-year basis reaching 19.4%. For the full year operating EBITDA margin increased to 18.7%, up 1.1 percentage points from 2014.
- Free cash flow after maintenance capital expenditures for the quarter increased by 35% to US$566 million, compared to the same quarter of 2014. For the full year 2015, free cash flow after maintenance capital expenditures reached US$881 million, an increase of 121% versus previous year.
Fernando A. Gonzalez, Cemex 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 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 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.”
Adapted from press release by Joseph Green
Read the article online at: https://www.worldcement.com/the-americas/05022016/cemex-releases-q4-2015-results-452/