Cemex 1999 Annual Report Download - page 34

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32
Strong North American Economic Activity
A booming U.S. economy has driven seven consecutive years of sig-
nificant growth in cement consumption. In 1999, cement consump-
tion reached 106 million metric tons. The combination of low interest
rates, moderate GDP growth, and low unemployment rates fueled
strong residential and commercial construction activity. U.S. Govern-
ment infrastructure spending is on the rise, thanks, in large part, to
TEA-21 (Transportation Equity Act for the 21st Century), which
should contribute to cement consumption for the coming years.
For the year, CEMEX USA’s cement sales volume increased 15%
year-over-year due to the company’s expanding customer base and
improved conditions in its three main markets, Texas, California, and
Arizona.
exceeded
operating performance
expectations
review
global
Sales EBITDA Assets
1999 1998 % Change 1999 1998 % Change 1999 1998 % Change
North America:
Mexico 2,332 1,830 27 1,174 917 28 4,913 5,470 (10)
U.S. 590 534 10 140 92 52 702 673 4
South America & Caribbean:
Venezuela and Dominican Republic 657 669 (2) 213 246 (13) 1,363 1,280 7
Colombia 168 264 (36) 72 64 13 859 1,077 (20)
Central America and the Caribbean 163 107 51 47 32 47 337 187 80
Europe and Asia:
Spain 764 888 (14) 306 318 (4) 2,120 2,242 (5)
Philippines 121 0 — 26 0 — 812 321 153
Others/eliminations* (33) (24) 41 (188) (184) 2 758 (790) 196
Consolidated 4,828 4,315 12 1,791 1,485 21 11,864 10,460 13
Millions of US dollars.
* Includes the consolidation of one month of Egypt operations.