Cemex - February 2013

Cemex' turnover eased by 1.5 per cent in 2012 to US$14,983.8m, but the EBITDA did improve by 10.2 per cent to US$2614.7m and the trading profit advanced by 35.3 per cent to US$1308m, having recovered by 12.2 per cent in the previous year from its low point. The net interest charge continued to rise and was ahead by five per cent to US$1420.4m, but 'other' items turned positive, giving a pre-tax loss that was more than halved to US$444.9m, and the net attributable loss fell by 54.5 per cent to US$903.5m. Net debt, including perpetual notes, was reduced by 6.9 per cent during the year to US$15,674m as a further 50 per cent of the perpetual notes were redeemed. Some 99 per cent of the debt is considered long-term and the gearing level works out at 129.4 per cent compared with 121.3 per cent a year earlier. Some 83 per cent of the debt was denominated in US dollars, compared with 15 per cent in euros and two per cent in Mexican pesos. Capital expenditure in the year was increased by 25.6 per cent to US$609m. 

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