Cemex 2012 Annual Report Download - page 29

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while the industrial sector’s performance was hampered
by an overall reduction of industrial activity and financ-
ing constraints faced by local administrations.
In Germany, our operations’ domestic gray cement
volumes decreased 10% for 2012. The residential
sector was the main driver of demand for the year,
favored by low mortgage rates and low unemploy-
ment. Adverse weather conditions during the first
quarter and overall bottlenecks in the construction
industry negatively affected activity, while increasing
the backlog of projects for the year.
Domestic gray cement volumes for our operations in Po-
land declined 15% for the year, driven mainly by a sharp
decline in infrastructure spending from a very high base
of consumption in 2011, as roads and sports infrastruc-
ture projects built in anticipation of the EURO 2012
football championship came to an end. The decline in EU
funds for capital investment in the public sector and the
liquidity problems faced by some construction compa-
nies also affected infrastructure construction.
Mediterranean
Net sales from our operations in the Mediterranean
region decreased 15% year over year to US$1.5 billion,
while operating EBITDA decreased 14% to US$375
million in 2012. As a whole, our regional operations’
domestic gray cement, ready-mix concrete, and aggre-
gates volumes decreased 19%, 9%, and 15%, respec-
tively, for the year.
Our Spanish operations’ domestic gray cement and
ready-mix concrete volumes decreased 40% and 43%,
respectively, for the year. The decline in sales vol-
umes for building materials during the year reflected
weak demand from all construction segments. The
government’s continued focus on fiscal austerity kept
OPERATING EARNINGS
BEFORE OTHER OPERATING
NET SALES EXPENSES, NET EBITDA ASSETS 5
Mexico 3,377 1,010 1,208 6,153
United States 3,062 (442) 43 16,167
Northern Europe1 4,100 153 404 5,689
Mediterranean2 1,457 258 375 3,090
South, Central America and the Caribbean3 2,093 618 703 2,564
Asia4 542 70 99 822
Other and intercompany eliminations 352 (360) (216) 2,773
Total 14,984 1,308 2,615 37,258
millions of US dollars as of December 31, 2012
1 Includes operations in Austria, Czech Republic, Finland, France, Germany, Hungary, Ireland, Latvia, Lithuania,
Norway, Poland, Sweden, and the United Kingdom
2 Includes operations in Croatia, Egypt, Israel, Spain, and the United Arab Emirates
3 Includes operations in Argentina, Colombia, Costa Rica, Dominican Republic, Guatemala, Nicaragua, Panama,
Puerto Rico, as well as other operations in the Caribbean region
4 Includes operations in Bangladesh, China, Malaysia, the Philippines, and Thailand
5 Includes assets in associated participation
6 Before other and intercompany eliminations
Global operations
47
10
28
14
4
23
21
15
38
Sales by product
percentage
Sales by region6
percentage
Cement
Ready-mix
Aggregates
Mexico
United States
Northern Europe
Mediterranean
South, Central
America and the
Caribbean
Asia
29
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