2013 full year results
Cemex Latam Holdings, S.A. (CLH) has released its results for both full year 2013 and 4Q13. In 2013, net sales increased by 10% on a pro forma basis and operating EBITDA was up by 16%, boosted by higher sales volumes and lower maintenance, fuel and distribution costs. The results mark the third year in a row of double-digit growth in net sales and operating EBITDA. Operating EBITDA margins rose to 36.2%, 1.8 percentage points higher than in 2012.
Consolidated net sales came in at US$462 million in the final quarter of 2013, an improvement of 14% on net sales in the corresponding period in 2012. The increase has been attributed to greater sales volumes in the majority of the markets in which CLH operates, in addition to the impact of the company’s new solutions businesses in Colombia. Operating EBITDA grew by 12% compared to 4Q12 to reach US$158 million.
- Colombia: operating EBITDA increased from US$106 million in 4Q12 to US$119 million in 4Q13. Net sales were up by 24% to US$291 million.
- Panama: net sales improved by 6% compared to the same quarter in 2012, coming in at US$72 million. However, operating EBITDA fell by 9% to US$25 million.
- Costa Rica: net sales and operating EBITDA grew by 12% and 40%, respectively, to reach US$38 million and US$17 million.
- Rest of CLH: operating EBITDA came in at US$18 million, 5% higher than in the corresponding period in 2012. Net sales of US$64 million were achieved in 4Q13.
“We are pleased with our results in 2013. In just 3 years, on a pro forma basis, we essentially doubled our operating EBITDA generation with an important increase in profitability. Since 2010 we have improved our asset base, reshaped our commercial offer and optimised our cost structure, resulting in sustained value creation for our stakeholders,” said CLH’s CEO Carlos Jacks.
“During 2013, CLH consolidated as a supplier of building solutions for the different construction segments and we are encouraged by the results achieved so far. We expect 2014 to be another positive year and are confident that our unique commercial strategy along with our enhanced footprint in our markets will help us reach our full year estimates,” added Jacks.
Adapted from press release by Louise Fordham
Read the article online at: https://www.worldcement.com/the-americas/06022014/cemex_latam_2013_and_4q13_results_699/