Cemex's consolidated 4Q16 and full year 2016 report

Cemex, SAB de CV announced that on a like-to-like basis for the ongoing operations and adjusting for currency fluctuations, consolidated net sales increased by four per cent during the fourth quarter of 2016 to US$3.2bn, and increased four per cent for the full year 2016 to US$13.4bn, versus the comparable periods in 2015.

Operating EBITDA on a like-to-like basis increased by 10 per cent during the 4Q16 to US$654m and increased by 15 per cent for the full year to US$2.7bn versus 2015.

The increase in quarterly consolidated net sales on a like-to-like basis was due to higher prices of the company's products, in local currency terms, in most of its operations, as well as higher volumes in Mexico, the UK and Germany.

Net sales in Cemex's operations in Mexico increased 25 per cent on a like-to-like basis in the 4Q16 to US$701m, compared with US$672m in the 4Q15. Operating EBITDA increased by 28 per cent on a like-to-like basis to US$245m versus the same period of last year.

Cemex's operations in the US reported net sales of US$880m in the 4Q16, flat on a like-to-like basis from the same period in 2015. Operating EBITDA increased by 16 per cent on a like-to-like basis to US$183m in the quarter, versus a gain of US$162m in the same quarter of 2015.

In South, Central America and the Caribbean, Cemex reported net sales of US$403m during the 4Q16, representing a decrease of six per cent on a like-to-like basis over the same period of 2015. Operating EBITDA decreased 12 per cent on a like-to-like basis to US$108m in the 4Q16, from US$125m in the 4Q15.

In Europe net sales for the 4Q16 decreased two per cent on a like-to-like basis to US$759m, compared with US$834m in the 4Q15. Operating EBITDA was US$76m for the quarter, three per cent lower on a like-to-like basis than the same period last year.

Operations in Africa, Middle East and Asia reported a nine per cent decrease in net sales on a like-to-like basis for the 4Q16, to US$328m, versus the 4Q15. Operating EBITDA for the quarter was US$76m, up five per cent on a like-to-like basis from the same period last year.

Cemex's CEO, Fernando A Gonzalez, said: "2016 was a very good year for Cemex. Despite continued volatility and uncertainty in the markets, we were able to deliver strong underlying operational and financial results by remaining focused on the variables that we control.

"In line with our stated objective to reach an investment grade capital structure as soon as possible, Cemex applied the proceeds from our free cash flow generation and asset sales mainly for debt reduction. Cemex’s total debt is close to US$2.3bn lower than that at the end of 2015. This represents a 15 per cent reduction from the debt level as of the end of 2015 and a 25 per cent reduction since the end of 2013."