Net debt at the end of the third quarter was US$19.2bn, representing an increase of approximately US$15.1bn during the quarter, due to the Rinker acquisition. The net-debt-to-EBITDA ratio increased to 3.6 times from 1.0 time at the end of the second quarter of 2007. Interest coverage reached 6.9 times during the quarter, down from 8.3 times a year ago.
Net sales in Mexico increased 6% during the third quarter of 2007 to US$950m, compared with US$899m in the same period of 2006. EBITDA increased 3% to US$336m versus the same period of last year. Cement, ready-mix, and aggregates volumes increased 5%, 8% and 50%, respectively, during the quarter versus the same period last year.
Cemex’s operations in the United States reported net sales of US$1.7bn in the third quarter of 2007, up 57% from the same period in 2006. EBITDA increased 25% to US$420m, from US$336m in the third quarter of 2006. Domestic cement volume decreased 1% versus the same quarter in 2006. Ready-mix and aggregates volumes increased 54% and 173%, respectively, versus the same period last year. These results include the impact of Rinker’s operations.
In Spain, net sales for the quarter were US$502m, up 16% from the third quarter of 2006, while EBITDA increased 12% to US$149m. Cement, ready-mix, and aggregates volumes decreased 6%, 5% and 3%, respectively, during the quarter compared with the third quarter of 2006.
United Kingdom operations experienced a 10% increase in net sales, to US$550m, when compared with the same quarter of 2006. EBITDA decreased 18% to US$34m in the third quarter from US$41m in the comparable period in 2006.
