Cemex 2012 Annual Report Download - page 26
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Consolidated Results
Net sales declined 2% to US$15.0 billion in 2012 com-
pared with 2011. Higher sales in the U.S. and South,
Central America and the Caribbean regions were more
than offset by lower sales in Mexico and our Northern
Europe and Mediterranean operations.
Cost of sales as a percentage of net sales decreased
1.3 percentage points, from 71.7% in 2011 to 70.4%
in 2012. The decrease in cost of sales as a percentage
of net sales was mainly the result of savings from our
cost-reduction initiatives and lower fuel costs. Sell-
ing, general, and administrative (SG&A) expenses as
a percentage of sales decreased 1.0 percentage point,
from 21.9% in 2011 to 20.9% in 2012. The decrease in
SG&A expenses was mainly the result of savings from
our cost-reduction initiatives.
Operating EBITDA increased 10% to US$2.6 billion in
2012. The increase was due mainly to higher con-
tributions from our U.S., South, Central America and
Caribbean, and Asia regions, as well as the continued
success of our initiatives to improve our operating
eciency. Operating EBITDA margin increased 1.9 per-
centage points, from 15.6% in 2011 to 17.5% in 2012.
Other expenses, net, for the year were US$433 mil-
lion, which mainly included a provision related to the
implementation phase of the outsourcing agreement
for back-oce services, severance payments, as well as
impairments of fixed assets and goodwill.
We reported an exchange gain of US$87 million in
2012, resulting mainly from the appreciation of the
euro and the Mexican peso against the U.S. dollar.
We reported a gain on nancial instruments of US$14
million in 2012 compared with a loss of US$6 million
in 2011. This gain resulted mainly from our equity
derivatives related to CEMEX shares.
We reported a controlling interest net loss of US$904
million in 2012 versus a loss of US$2.0 billion in
2011. The smaller annual loss mainly reflects higher
operating earnings before other expenses, net, an
exchange gain, lower income taxes, and a gain on
financial instruments.
Total debt plus perpetual notes decreased US$1.3 bil-
lion to US$16.6 billion at the end of 2012.
Management
discussion
and analysis
operational results and financial
condition of the company
Free cash ow after maintenance capital
expenditures1
millions of US dollars
Net sales1 Operating EBITDA1
millions of US dollars
08
09
10
11
12
2,600
1,215
455
191
169
08
09
10
11
12
20,131
4,080
14,544
2,657
14,021
2,355
15,215
2,372
14,984
2,615
1 2010, 2011 and 2012 figures are presented in accordance with IFRS. For more information read notes (A) and (B) on page 21.
Eurêka Center, France
26
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