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Cemex Latam Holdings reports significant growth in 4Q12

World Cement,

Cemex Latam Holdings (CLH)*, the Latin American arm of cement giant Cemex, has announced a massive 23% increase in consolidated net sales during 4Q12 and a 25% increase for the full year. Sales reached approximately US$1.6 billion in 2012, of which US$404 million was achieved in the final quarter, while operating EBITDA increased by 38% in 4Q12 and 44% for the full year. All results are announced on a pro forma basis.

The positive results are attributed to higher volumes and prices (in local currency terms) in most of CLH’s markets, with infrastructure and residential construction acting as the main drivers of demand. At this stage the company is reporting free cash flow after maintenance capex for the quarter was US$104 million in 4Q12 and US$307 million for the year. Net debt for the quarter was US$1.6 billion.

Highlights for the quarter include:

  • Net sales in CLH’s Colombian operations increased 28% y/y to US$235 million. Operating EBITDA rose 62% to US$106 million.
  • Panamanian net sales reached US$68 million, up 17% y.y, and operating EBITDA rose 21% to US$28 million.
  • Net sales in Costa Rica were up 25% to US$33 million; operating EBITDA increased by 22% to US$12 million.
  • The Rest of CLH net sales rose 14% to US$71 million and operating EBITDA decreased 2% to US$17 million.

CLH CEO Carlos Jack is pleased with the company’s growth: “During 2012, we achieved record cement volumes and operating EBITDA generation in Colombia, Panama, Nicaragua and Brazil.

For 2013 we expect a solid macroeconomic outlook and favorable industry fundamentals in our region that will translate into increased consolidated volumes. We are well-positioned to continue capturing this growth, supported by our customer solutions strategy for the different segments which we serve.”

*CEMEX Latam Holdings operates in Colombia, Panama, Costa Rica, Nicaragua, El Salvador, Guatemala, and Brazil.

Adapted from press release by Katherine Guenioui.

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