Cemex - July 2015
Cemex' first-half turnover declined by 6.4 per cent to US$7244.4m while EBITDA did improve by 3.5 per cent to US$1314.3m, though on an underlying basis there were increases of six and 14 per cent, respectively. A 5.6 per cent reduction in operating expenses led to a 15.6 per cent advance in the trading profit to US$833.8m. Net interest payments declined by 23.4 per cent to US$645m and, with other charges, the re-defined pretax profit jumped from US$49.2m to US$184.4m. The net attributable loss declined by 85.7 per cent to US$31.6m. Equity shareholders' funds declined by 16.4 per cent by the end of June to US$8765.8m and the net debt came down by 5.3 per cent to US$15,442m. The gearing level, however, increased from 155.6 per cent a year ago to 176.2 per cent. Of the debt, 85 per cent was denominated in US dollar, 14 per cent in euro and one per cent in Mexican peso. Total capital expenditure for the year is forecast by the company to amount to some US$800m, of which maintenance capital expenditure should account for around US$500m.