Cemex 1999 Annual Report Download - page 33
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Earnings per share
in US dollars
Net return on equity
percentage
Free cash flow
millions of US dollars
0.77
20.7
strong
19 99 was a
year for CEMEX
Interest expenses increased 1% with respect to 1998, to US$488
million, despite an increase of US$209 million in net debt. The com-
pany obtained more favorable terms and conditions on its debt, due
to its focus on improving its capital structure and financial condition.
Effective tax rate was 9.6% for 1999, comprising 64% income tax
and 36% PTU (employees’ statutory profit sharing).
Minority interest net income increased 43% in 1999 to US$56 million,
principally attributable to better results from the company’s minority
participation in cement companies in Mexico, Chile, and Indonesia.
Majority interest net income was US$973 million (US$0.77 per share;
US$3.87 per ADS), an increase of 21% versus 1998.
Operating cash flow (EBITDA) during the year was US$1.791 billion,
an increase of 21% over that of 1998. The operating cash flow margin
was 37.1%, compared to 34.4% in 1998. The increase in operating
cash flow is due to better operating profits.
862