As a result of the flotation of a minority stake in the Central and South American operations of Cemex, Cemex Latin American Holdings' 2012 results have just been published for the first time, on the eve of the parent company's annual results announcement.
The pro forma figures show a 25.4 per cent increase in turnover to US$1591.7m and an EBITDA advancing by 44.4 per cent to US$547.5m as the margin increased from 29.9 per cent to 34.4 per cent. The trading profit showed a 55.3 per cent advance to US$480m, with the net income amounting to US$265m. Net debt at the end of December, which had been increased by 184 per cent compared with the previous year's pro forma number, gave rise to a gearing level of 113.7 per cent. Capital expenditure in the year was just more than doubled to US$103m.
Cemex LatAm employs 3491 people, an increase of 7.7 per cent over the past year. Colombia accounted for 56.5 per cent of the turnover, Panama for 18 per cent, Costa Rica for 8.3 per cent and the rest for a combined 17.2 per cent.
Cement shipments increased by 7.7 per cent to 7.19Mt, of which grey cement accounted for 6.61Mt, or 92 per centl. Aggregates deliveries were 15.9 per cent higher at 6.83Mt, while the ready-mixed concrete volume advanced by 12.55 to 3.08Mm³.
Group regions
Colombia generated a turnover 33.2 per cent higher at US$907.5m, while the EBITDA jumped by 57 per cent to US$346.7m and the trading profit by 69.8 per cent to US$346.7m. Cement shipments improved by five per cent, while the aggregates volume was up by a quarter are ready-mixed concrete deliveries advanced by 14 per cent.
Panama increased turnover by 25.1 per cent to US$289.8m, EBITDA by 48.9 per cent to US$126m and trading profit by 61.4 per cent to US$108.6m. Cement shipments in Panama jumped by 32 per cent, but aggregates deliveries were off by one per cent and ready-mixed concrete deliveries increased by eight per cent. The sharp increase in cement deliveries primarily reflects spending on the Panama Canal expansion and on the Panama City metro.
In Costa Rica, turnover rose 9.5 per cent to US$138.9m, the EBITDA by 11.5 per cent to US$52.7m and the trading profit by 20.9 per cent to US$44.9. Cement shipments rose by 12 per cent, but aggregates deliveries fell by 12 per cent while ready-mixed concrete deliveries advanced by 18 per cent. In the remainder of the region, where Nicaragua showed the strongest growth during the year, turnover increased by 10 per cent to US$276.6m, EBITDA by 8.3 per cent to US$72.8m and the trading profit by 14.9 per cent to US$66.4m. Here volumes rose by nine per cent in cement, 20 per cent in aggregates and eight per cent in ready-mixed concrete.
