In the first nine months of the year, Cemex’ turnover decreased  2.1 per cent to US$11,273.8m but the EBITDA did improve nine per cent to US$2003.2m. The company's gearing is coming down but is still at very high levels.

For the nine months to September 2012, the trading profit rose by 37.8 per cent to US$1921.8m and the net interest charge increased by 3.7 per cent to US$1044.8m. After taking losses on financial instruments and other non-trading items into account, the pre-tax loss, which had jumped by 113.2 per cent a year earlier, fell by 74.7 per cent to US$174.3m. The net attributable loss dropped by 64.8 per cent to US$419.7m.

Net debt at the end of September was 4.4 per cent lower than a year earlier at US$16,866m, giving a gearing level of 146.8 per cent, compared with 153.1 per cent a year earlier. The number of employees as the end of September was 0.5 per cent higher at 45,087, having fallen by 4.3 per cent this time last year.

Mexico accounted for 22.6 per cent of the turnover, while the Mexican share of the EBITDA was 45.5 per cent compared with 45.8 per cent a year earlier.

orthern Europe accounted for 27.4 per cent of turnover and for 16.2 per cent of the EBITDA, while the Mediterranean region represented 9.8 per cent of turnover and 14.6 per cent of the EBITDA. South & Central America produced 14 per cent of the turnover and 27.2 per cent of the EBITDA, while Asia contributed 3.6 per cent of the turnover and 3.5 per cent of the EBITDA.

The United States, finally, represented 20.5 per cent of turnover and the EBITDA returned to positive territory, but the margin was a mere 1.5 per cent. Cement shipments in the nine month period were 0.8 per cent lower at 50.08Mt and aggregates deliveries declined by 1.7 per cent to 118.87Mt, but ready-mixed concrete deliveries did improve by 0.6 per cent advance to 41.2Mm³.

Mexican deliveries of grey cement were 1 per cent higher and in the third quarter there was a four per cent advance. Cement prices improved by three per cent in local currency but fell by 9 per cent in US dollar terms.

The US turnover recovered and rose by 19.2 per cent to US$2305.4m and the EBITDA swang back into profit to the dune of US$29.8m, compared with a US$73.8m loss a year earlier. At the trading level, the loss was reduced by 28.7 per cent to US$347.4m. Grey cement deliveries showed a 16 per cent improvement in the nine months, with half of that coming in the third quarter.

Cemex’ Northern European turnover declined by 15.1 per cent to US$3085.6m and the EBITDA was just off by 2.3 per cent to US$324.3m but the trading profit continued its rapid rise and advanced by 33.4 per cent to US$139m. Deliveries of grey cement declined by 13 per cent in the nine months, but there was an 8 per cent improvement in the third quarter.

The Mediterranean region saw turnover fall by 17.5 per cent to US$1,103.2m, with the EBITDA declining by 15.2 per cent to US$292.7m and the trading profit went into reverse by 18.6 per cent to US$206.2m. Regional domestic cement deliveries fell by 20 per cent, while the average selling price in local currency showed a two per cent decline.

The Cemex operations in South America, Central America and the Caribbean managed to increase turnover by 21.3 per cent to US$1574m and the EBITDA which had managed just a 6.2 per cent increase a year ago, jumped by 44.8 per cent to US$544m and the trading profit shot up by 61.4 per cent to US$481.5m. Cement volumes improved six per cent and prices in local currency were some 12 per cent higher, or by 11 per cent if measured in US dollars.

The Cemex operations in South America, Central America and the Caribbean managed to increase turnover by 21.3 per cent to US$1574m and the EBITDA, which had managed just a 6.2 per cent increase a year ago, jumped by 44.8 per cent to US$544m and the trading profit shot up by 61.4 per cent to US$481.5m. Cement volumes improved by six per cent and prices in local currency were some 12 per cent higher, or by 11 per cent if measured in US dollars.