Cemex 2013 Annual Report Download - page 31
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Consolidated results
management discussion and
analysis
operational results and financial
condition of the company
Net sales increased 2% to US$15.2 billion in 2013 com-
pared with 2012. Higher sales in our U.S., South, Central
America and the Caribbean, Mediterranean, and Asia
regions more than offset lower sales in our Mexico and
Northern Europe operations.
Cost of sales as a percentage of net sales decreased
1.5 percentage points, from 70.4% in 2012 to 68.9% in
2013. The decrease includes a reduction in workforce and
other cost-reduction initiatives.
Operating expenses as a percentage of net sales
increased 0.2 percentage points, from 21.0% in 2012 to
21.2% in 2013.
Operating EBITDA increased 1% to US$2.6 billion in
2013. The increase was due mainly to higher contribu-
tions from our U.S., South, Central America and Carib-
bean, and Asia regions, partially offset by lower contri-
butions from our Mexico, Mediterranean, and Northern
Europe operations.
Operating EBITDA margin decreased 0.1 percentage
points, from 17.5% in 2012 to 17.4% in 2013.
Other expenses, net, for the year were US$382 million,
which mainly included impairment of fixed assets, sever-
ance payments, and a loss in sales of fixed assets.
We reported a foreign exchange gain of US$4 million
in 2013.
We reported a gain on financial instruments of
US$161 million in 2013 compared with a gain of US$14
million in 2012. This gain resulted mainly from our equity
derivatives related to CEMEX shares.
We reported a controlling interest net loss of US$843
million in 2013 versus a loss of US$913 million in 2012.
The smaller annual loss mainly reflects higher operating
earnings before other expenses, net, a gain on financial
instruments, and lower other expenses, which more than
offset higher financial expenses, a lower foreign exchange
gain, and higher income taxes.
Total debt plus perpetual notes increased US$826
million to US$17.5 billion at the end of 2013.
Free cash flow after
maintenance capital
expenditures1
(millions of US dollars)
1 2013, 2012, 2011 and
2010 figures are presented in
accordance with IFRS. For more
information read notes (A) and
(B) on page 25.
(89)
167
191
455
1,215
09 10 11 12 13
Net sales1
Operating EBITDA1
(billions of US dollars)
1 2013, 2012, 2011 and
2010 figures are presented in
accordance with IFRS. For more
information read notes (A) and (B)
on page 25.
15.23
14.98
15.22
14.02
14.54
2.62
2.38
2.36
09 10 11 12 13
2.64
2.65
Matilde School, Mexico
[30]