Cemex Reports 18% Increase in Net Sales and 22% Ebitda in Dollar Terms During 2000 First Quarter.Business Editors MONTERREY, Mexico--(BUSINESS WIRE)--April 25, 2000 CEMEX CEMEX Cementos Mexicanos , S.A. de C.V. (NYSE NYSE See: New York Stock Exchange : CX) announced today that its net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the first quarter of 2000 were US$1.325 billion, growing 18% in dollar terms compared to the first quarter of 1999. In real peso terms, net sales grew 16% to $12.297 billion pesos. After removing the effect of recent acquisitions, net sales grew 12% in dollar terms versus the first quarter of the previous year, mainly attributable to higher domestic demand and strong pricing in many of the company's markets. During the first quarter, EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become reached US$486 million, 22% higher in dollar terms versus the same period of 1999, while EBITDA margins expanded to 36.7% as a percentage of sales, from 35.6% a year ago. In real peso terms, EBITDA for the first quarter grew 19%, to $4.513 billion pesos. Hector Medina, Executive Vice President of Planning and Finance, said: "The first quarter results continue to highlight CEMEX's cash flow generation capacity. The company's operating performance during the quarter surpassed expectations, and set the company in the right path to make 2000 another record year for CEMEX." CEMEX's consolidated free cash flow for the first quarter of 2000 was 10% higher vis--vis the same quarter of 1999, totaling US$194 million. Free cash flow in real peso terms was $1.8 billion, up 8% compared to the first quarter of 1999. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the first quarter of 2000 rose 25% in dollars terms, to US$397 million, or 22% in real peso terms, to $3.684 billion pesos. As a percentage of sales, operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: was 30% for the quarter, compared to 28.3% for the same period of 1999. CEMEX's majority net income decreased 14% in dollar terms to US$258 million, while in real peso terms it was 16% lower, at $2.395 billion pesos. This reduction was due to foreign exchange movements and lower net monetary gains. Cash earnings, at US$1.37 per ADS, were up from US$1.17 per ADS in the same year-ago period. On a per-ADS basis, earnings were US$0.96, down from US$1.23 during the first quarter of 1999. Interest plus Preferred dividend coverage Preferred dividend coverage Net income after interest and taxes (before common stock dividends) divided by preferred stock dividends. preferred dividend coverage (EBITDA before operating lease Operating Lease A lease contract that allows the use of an asset, but does not convey rights similar to ownership of the asset. Notes: An operating lease is not capitalized it is accounted for as a rental expense. payments and cost restatements for inflation divided by interest expense plus dividend on preferred Capital Securities) increased to 3.72 times for trailing twelve months In commerce, the trailing twelve months (TTM) is a moving measurement (for example, an average or a sum) over the 12 previous months, using the most recent data available. Also sometimes known as last twelve months (LTM). , versus 3.12 times a year ago. Leverage, as defined by Net Debt to Trailing twelve Month EBITDA, declined to 2.45 times, versus 3.16 times at the end of the first quarter of 1999. CEMEX's worldwide consolidated cement volumes for the first quarter grew 19% versus the same quarter of 1999, while ready-mix volumes increased 14%. During the first quarter, CEMEX's North America region (which includes the Mexican and U.S. operations) had net sales of US$784 million, up 21% in dollar terms compared to same period of 1999. The region's EBITDA grew 21%, to US$350 million. South America & Caribbean region's net sales, at US$269 million, reported a 10% growth year-over-year, and EBITDA generation rose 7% reaching US$84 million. Net sales for the Europe & Asia region were US$292 million for the first quarter of 1999, 38% higher than the comparable year-ago period. The region's EBITDA grew 47% to US$107 million. Founded in 1906, CEMEX is one of the three largest cement companies in the world with approximately 65 million metric tons of production capacity. Through operating subsidiaries positioned in four different continents, CEMEX is engaged in the production, distribution, marketing and sale of cement, ready-mix concrete, aggregates and clinker clink·er n. 1. The incombustible residue, fused into an irregular lump, that remains after the combustion of coal. 2. A partially vitrified brick or a mass of bricks fused together. 3. . In addition, the company is the world's leading producer of white cement and the world's largest trader of cement and clinker. |
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