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Cemex reports 6% increase in 2014 net sales and operating EBITDA

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World Cement,

Cemex’s consolidated net sales increased by 5% y/y in 4Q14, reaching approximately US$3.8 billion. Sales were up 6% y/y for the full year, at US$15.7 billion. Operating EBITDA increased 16% on a like-for-like basis in 4Q14 and by 6% in the full year, at US$2.7 billion.


The increase in consolidated net sales was due to higher selling prices in most of the group’s operations, as well as higher volumes in Mexico, the US, the Mediterranean, South, Central America and the Caribbean and Asia. Net operating earnings before other expenses increased 31% in 4Q14 and by 13% in the full year to US$1.7 billion.

Cemex reported a narrower controlling interest net loss of US$178 million during 4Q14 versus a loss of US$255 million in the same period last year. For the full year 2014 controlling interest net loss improved to US$507 million from a loss of US$843 million in 2013. Operating EBITDA on a like-for-like basis increased by 16% during the quarter to US$701 million. On a like-for-like basis, full-year operating EBITDA increased by 6% to US$2.7 billion. Operating EBITDA margin grew by 1.7 percentage points on a year-over-year basis reaching 18.3%. For the full year 2014, operating EBITDA margin remained flat at 17.4% versus the comparable period in 2013. Free cash flow after maintenance capital expenditures for the quarter was US$421 million, compared with US$216 million in the same quarter of 2013.

“During 2014, we reported a narrower controlling interest net loss for the third consecutive year and 40% lower than in 2013,” said Fernando A. Gonzalez, CEO. “Our operating EBITDA on a like-for-like basis grew by 16% during the fourth quarter of 2014 and by 6% for the full year 2014 versus the comparable periods in 2013. We are pleased with the growth in volumes and local-currency prices for our products in most of our regions, reflecting the continued positive outcome of our value-before-volume strategy.

“We generated the highest quarterly and annual free cash flow since the second quarter of 2009 and the full year 2010, respectively. We continue to improve our debt maturity profile and interest expense through our debt reduction of close to US$1.2 billion and our refinancing activities of approximately US$5 billion during the year. We are encouraged with the way our credit continues to re-rate.”

Geographical variations

Net sales in Mexico increased 5% in 4Q14 to US$827 million, compared with US$785 million in the 4Q13. Operating EBITDA increased by 3% to US$255 million versus the same period of last year.

In the US, net sales were US$923 million in 4Q14, up 13% y/y. Operating EBITDA increased 78% to US$138 million in the quarter, versus US$77 million in the same quarter of 2013.

The Northern Europe business saw a 9% fall in net sales in 4Q14, though operating EBITDA was up 9% y/y.

Net sales in the Mediterranean region were 2% down y/y in 4Q14 at US$387 million and operating EBITDA fell 9% to US$71 million.

Cemex’s operations in South, Central America and the Caribbean reported net sales of US$514 million in the quarter, representing a decrease of 11% over the same period of 2013. Operating EBITDA fell 9% to US$165 million.

Operations in Asia reported a 16% increase in net sales for the fourth quarter of 2014, to US$155 million and operating EBITDA for the quarter was US$44 million, up 37% from the same period last year.

Adapted from press release by

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