Operating EBITDA increased by 4% during the fourth quarter of 2013 to $642 million and increased 1% for the full-year to $2.6 billion versus 2012. On a like-to-like basis for the ongoing operations, adjusting for currency fluctuations and also for the extraordinary favourable effect in 2012 resulting from the change of a pension plan in Cemex’s Northern Europe region, full year 2013 operating EBITDA increased by 4% versus 2012.
The increase in consolidated net sales was due to higher volumes in the US and in Cemex’s Mediterranean, Northern Europe, Asia and South, Central America and the Caribbean regions, as well as higher prices of our products in local currency terms in most of its regions.
Operating earnings before other expenses, net, in the fourth quarter increased by 30%, to $359 million and increased 17%, to $1.5 billion, for the full-year 2013.
Fernando A. González, executive vice president of finance and administration, said: “During 2013 we continued to deliver. This is our third consecutive year of EBITDA growth, driven by improvement in pricing and volume in most of our regions, the favourable operating leverage effect in the US, as well as our continued initiatives to improve our operating efficiency.”
“Last year, we continued to successfully access the capital markets, issuing $3.1 billion in four separate transactions. Our financial initiatives done during the year are expected to represent annual cash interest savings of approximately $55 million. We are pleased with the way our credit continues to re-rate.
“We also remain focused on value creation, proactively improving our operating performance by focusing on pricing, value-added products and services, maintaining our cost discipline and outsourcing support activities, while at the same time we continue to look for ways to optimise our portfolio.”
While net sales in operations in Mexico decreased 6% in the fourth quarter of 2013 to $785 million compared with $832 million in the fourth quarter of 2012, Cemex’s operations in the United States reported net sales of $819 million in the fourth quarter of 2013, up 8% from the same period in 2012; in Northern Europe net sales for the fourth quarter of 2013 increased 5% to $1.1 billion and in the Mediterranean region they were $394 million, 11% higher than during the fourth quarter of 2012;
Cemex’s operations in South, Central America and the Caribbean reported net sales of $577 million during the fourth quarter of 2013, representing an increase of 11% over the same period of 2012, although operations in Asia reported a 4% decrease in net sales for the fourth quarter of 2013 to $133 million, versus the fourth quarter of 2012. Operating EBITDA for the quarter was $32 million, up 12% from the same period last year.
