Cemex 1999 Annual Report Download - page 44

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42
YEARS ENDED ON DECEMBER 31,
1999 1998 1997
Net sales $ 45,913,946 42,767,440 38,506,438
Cost of sales (25,581,085) (24,727,878) (23,596,432)
Gross profit 20,332,861 18,039,562 14,910,006
Operating expenses:
Administrative (4,973,151) (4,603,483) (3,936,520)
Selling (1,698,647) (1,763,114) (1,874,468)
Total operating expenses (6,671,798) (6,366,597) (5,810,988)
Operating income 13,661,063 11,672,965 9,099,018
Comprehensive financing income (cost):
Financial expenses (4,639,255) (4,810,542) (5,184,047)
Financial income 387,714 106,419 1,051,693
Foreign exchange result, net 262,463 (2,194,669) (120,187)
Monetary position result 3,713,965 5,588,622 5,865,568
Net comprehensive financing
income (cost) (275,113) (1,310,170) 1,613,027
Other expense, net (2,823,124) (1,507,782) (1,397,979)
Income before income taxes,
employees’ statutory profit
sharing and equity in income
of affiliates 10,562,826 8,855,013 9,314,066
Income tax and business assets tax,
net (note 16) (650,321) (457,940) (508,792)
Employees’ statutory profit sharing (note16) (364,087) (200,410) (165,913)
Total income tax, business
assets tax and employees’
statutory profit sharing (1,014,408) (658,350) (674,705)
Income before equity in income
of affiliates 9,548,418 8,196,663 8,639,361
Equity in income of affiliates 236,592 155,328 177,720
Consolidated net income 9,785,010 8,351,991 8,817,081
Minority interest net income 535,964 391,147 1,083,902
Majority interest net income $ 9,249,046 7,960,844 7,733,179
Basic Earnings Per Share
(note 2A and note 20) $ 2.45 2.10 2.01
Diluted Earnings Per Share
(note 2A and note 20) $ 2.44 2.10 1.98
See accompanying notes to consolidated financial statements.
CEMEX, S.A. DE C.V. AND SUBSIDIARIES
(THOUSANDS OF CONSTANT MEXICAN PESOS AS OF DECEMBER 31, 1999, EXCEPT FOR EARNINGS PER SHARE)
CONSOLIDATED STATEMENTS OF INCOME