Good start for Cemex in Mexico and Spain

摘要

The first quarter dollar results from Cemex show a 1.6 per cent advance in turnover to 1596.6m US dollars hut a 4.8 per cent decline in operating profit at the EBITDA level to 450.3m US dollars. Higher net interest payments were the main factor behind the 15.5 per cent drop in running profit before tax to 216.7m US dollars. The net debt at the end of March was 2.4 per cent higher than a year earlier at 6,179m US dollars, giving a gearing level of 92.1 per cent of the risk-bearing capital. Cement deliveries rose in Mexico, Spain and in the Central American and Caribbean operations in addition to which there was the inclusion of Puerto Rican Cement. The overall group cement volume was up by 5.1 per cent to 14.8Mt for the period and ready-mixed concrete deliveries showed an impressive growth rate of 27.6 per cent to 5.1Mm~3. Capital expenditure during the period amounted to a modest 20m US dollars. Currency movements had a notable impact on the results, in particular as individual areas were concerned. The results from Spain were boosted by a 19 per cent fall in the value of the US dollar against the euro, while the Mexican peso fell by 12 per cent. More notable falls were seen in the value of the Venezuelan, Colombian and Egyptian currencies. The weakness in the Mexican peso against the US dollar was the largest single factor behind the 65m US dollars foreign exchange loss in the quarter. Some 70 per cent of the total debt was denominated in US dollars, with most of the remainder fairly evenly split between the euro and the yen and only four per cent being in minor currencies. The 57m US dollars increase in the net debt during the period primarily reflected the fall in the value of the US dollar against the euro, while 69 per cent of the debt was at fixed and 31 per cent at variable rates.