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Cemex announces 3Q12 results

World Cement,

Cement producer’s consolidated 3Q12 results

Controlling interest net income loss improved from US$730 million in 3Q11 to US$203 million in 3Q12. Total debt and perpetual notes rose by US$14 million during the quarter.

Fernando A. González, Executive Vice President of Finance and Administration, stated: “An improvement in pricing and volume in several of our regions as well as the continued success of our transformation effort has led to the highest operating EBITDA margin in three years. We are particularly pleased with the quarterly performance of our operations in Mexico, United States and the South, Central America and the Caribbean and Asia regions.

During the quarter we successfully completed the refinancing of our August 2009 Financing Agreement. Earlier this month, we also issued US$1.5 billion dollars in senior secured notes. We will use the proceeds from these notes to satisfy the US$1 billion dollar March 2013 prepayment milestone and the US$500 million amortisation due in February 2014 under the new Facilities Agreement. With these prepayments, we will have no significant maturities until February of 2014. […] We also remain focused on our transformation process and expect an incremental improvement of US$200 million in our steady-state EBITDA during 2012, reaching a run rate of US$400 million by the end of this year.”

Regional performances

  • Asia: net sales rose by 2% y/y to US$133 million, while operating EBITDA increased by 46% to reach US$28 million.
  • Northern Europe: net sales dropped 15% y/y, with operating EBITDA also declining by 18% to US$143 million.
  • Mediterranean: net sales fell from US$425 million in 3Q11 to US$342 million in 3Q12. Operating EBITDA dropped by 5% y/y.
  • Mexico: net sales rose by 2% y/y to US$875 million and operating EBITDA was up 9% to reach US$313 million.
  • South, Central America and the Caribbean: net sales came in at US$520 million, 15% higher than in 3Q11. Operating EBITDA experienced 25% y/y growth.
  • US: net sales reached US$826 million, marking a 12% y/y increase. Operating EBITDA increased to US$27 million in 3Q12, compared to a loss of US$11 million in 3Q11.

Adapted from press release by Louise Fordham.

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