Cemex announced yesterday that, on a like-to-like basis for the ongoing operations and adjusting for currency fluctuations, consolidated net sales increased by two per cent during 4Q15 to US$3.4bn, and increased five per cent for the full year 2015 to US$14.1bn versus the comparable periods in 2014. Operating EBITDA on a like-to-like basis increased by seven per cent during 4Q15 to US$663m, and by nine per cent for the full year to US$2.6bn versus 2014.
Cemex said the increase in consolidated net sales, on a like-to-like basis, was due to higher prices of its products, in local currency terms, in most of its operations, as well as higher volumes in the US, and Mediterranean and Asia group regions.
Operating EBITDA on a like-to-like basis increased by seven and nine per cent during the quarter and the full year, respectively, to US$663m and US$2.6bn versus the comparable periods of 2014.
Operating EBITDA margin during the quarter grew by 0.9 percentage points on a year-over-year basis reaching 19.4 per cent. For the full year operating EBITDA margin increased to 18.7 per cent, up 1.1 percentage points from 2014.
Free cash flow after maintenance capital expenditures for the quarter increased by 35 per cent to US$566 million, compared to the same quarter of 2014. For the full year 2015, free cash flow after maintenance capital expenditures reached US$881 million, an increase of 121 per cent versus previous year.
Fernando A. Gonzalez, Cemex CEO, said: “Despite a challenging macroeconomic environment which has affected many of our markets, our industry, and Cemex in specific, we have been able to meet these challenges and deliver strong operating and financial results, on a like-to-like basis. Our full-year net income was positive for the first time in six years.
In addition, our operating EBITDA increased by nine per cent, on a like-to-like basis, reflecting our cost-reduction program of US$150m as well as a positive operating leverage in several of our markets, which translated into a 1.1 percentage-point improvement in operating EBITDA margin. I am particularly pleased with the growth in our free cash flow after maintenance capex of more than US$480m, which enabled us to reduce our debt by close to US$1bn during the year.”
Total debt plus perpetual notes decreased by US$254m during the quarter and by US$964m during 2015.
Net sales in its operations in Mexico decreased 19 per cent in the fourth quarter of 2015 to US$672 million, compared with US$827m in the fourth quarter of 2014. Operating EBITDA decreased by 10 per cent to US$231m versus the same period of last year.
Cemex’s operations in the United States reported net sales of US$967m in the fourth quarter of 2015, up five per cent from the same period in 2014. Operating EBITDA increased 26 per cent YoY to US$173m in the quarter.
In Northern Europe, net sales for 4Q15 decreased 18 per cent to US$738m. Operating EBITDA was US$71m for the quarter, 14 per cent lower than the same period last year.
Fourth-quarter net sales in the Mediterranean region were US$370m, four per cent higher compared with US$357m during 4Q14. Operating EBITDA decreased five per cent YoY to US$63m
Cemex’s operations in South, Central America and the Caribbean reported net sales of US$436m during the fourth quarter of 2015, representing a YoY decrease of 15 per cent. Operating EBITDA decreased 25 per cent to US$125m in the final three months of the year, from US$165m in the fourth quarter of 2014.
Operations in Asia reported a four per cent increase in net sales for the 4Q15 to US$162m and operating EBITDA for the quarter was US$46m, up four per cent from the same period last year.