Cemex 2013 Annual Report Download - page 25

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Operating results 2003 2004 2005 2006 2007 2008 2009 2010
A,B
2011
A,B,C
2012
A,B,C
2013
A,B
Net sales 7,164 8,149 15,321 18,249 20,893 20,131 14,544 14,021 15,215 14,984 15,227
Cost of sales1,2 (4,130) (4,586) (9,271) (11,649) (13,868) (13,735) (10,270) (10,090) (10,912) (10,548) (10,489)
Gross profit 3,034 3,563 6,050 6,600 7,025 6,396 4,274 3,930 4,303 4,436 4,738
Operating expenses2 (1,579) (1,711) (3,563) (3,655) (4,130) (4,069) (3,109) (3,083) (3,353) (3,143) (3,220)
Operating earnings before other expenses, net 1,455 1,852 2,487 2,945 2,895 2,327 1,165 847 951 1,293 1,518
Other expenses, net (474) (514) (316) (49) (273) (1,909) (407) (500) (419) (418) (382)
Financial expense (381) (372) (526) (494) (807) (910) (994) (1,164) (1,353) (1,408) (1,552)
Other financial (expense) income, net3 114 505 765 462 900 (1,617) (117) (41) (177) 74 133
Income (loss) before income taxes 766 1,541 2,495 2,989 2,851 (2,031) (341) (897) (1,025) (403) (265)
Discontinued operations4 - - - - 26 187 (314) - - - -
Non-controlling interest5,6,7 30 21 55 110 77 4 18 4 2 50 95
Controlling interest net income (loss) 629 1,307 2,112 2,378 2,391 203 104 (1,064) (1,999) (913) (843)
Millions of ADSs outstanding8,9 648 678 704 733 751 849 998 1,104 1,109 1,117 1,170
Earnings (loss) per ADS9,10 1.00 1.96 3.05 3.31 3.21 0.24 0.11 (0.96) (1.80) (0.82) (0.71)
Dividends per ADS8,9,11 0.51 0.61 0.60 0.90 0.83 n/a n/a n/a n/a n/a n/a
Balance sheet information
Cash and cash equivalents 291 342 601 1,579 743 939 1,077 676 1,155 971 1,163
Net working capital12 576 525 1,268 887 1,383 1,191 946 1,512 1,697 1,530 1,591
Property, plant, and equipment, net 9,265 9,613 15,542 17,196 22,895 19,671 19,776 17,902 16,787 16,582 15,764
Total assets 16,016 17,381 26,763 29,972 49,662 45,387 44,483 40,848 38,800 37,260 38,018
Short-term debt and other financial obligations13 1,329 1,044 1,191 1,252 3,311 6,934 565 826 887 589 730
Long-term debt and other financial obligations13 4,537 4,887 8,287 6,290 16,542 11,849 15,565 16,214 16,976 16,378 16,917
Total liabilities 9,250 9,161 16,409 15,193 30,967 28,119 24,806 26,027 26,501 25,149 26,652
Non-controlling interest and perpetual debentures5,6,7 532 389 529 1,920 3,753 3,390 3,338 1,573 1,189 1,127 1,145
Total controlling stockholders’ equity 6,234 7,831 9,825 12,859 14,942 13,879 16,339 13,248 11,111 10,984 10,221
Total stockholders’ equity 6,766 8,220 10,354 14,779 18,695 17,268 19,677 14,821 12,300 12,111 11,366
Book value per ADS8,9 8.78 11.55 13.94 17.55 19.90 16.34 16.37 12.00 10.02 9.83 8.74
Other financial data
Operating margin 20.3% 22.7% 16.2% 16.1% 13.9% 11.6% 8.0% 6.0% 6.2% 8.6% 10.0%
Operating EBITDA margin12 29.4% 31.1% 23.2% 22.7% 21.6% 20.3% 18.3% 16.8% 15.6% 17.5% 17.4%
Operating EBITDA12 2,108 2,538 3,557 4,138 4,512 4,080 2,657 2,355 2,381 2,624 2,643
Free cash flow after maintenance capital expenditures12,14 1,143 1,478 2,198 2,689 2,455 2,600 1,215 455 191 167 (89)
Selected consolidated financial information
CEMEX, S.A.B. de C.V. and subsidiaries
in millions of US dollars, except ADSs
and per-ADS amounts
[24]