Cemex 2013 Annual Report Download - page 89
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Please find page 89 of the 2013 Cemex annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Notes to the consolidated financial statements
ThemainconsolidatednancialratiosasofDecember31,2013,2012and2011wereasfollows:
IFRS Consolidated MFRS Consolidated
nancial ratios nancial ratios
2013 2012 2011
Leverageratio1, 2 Limit =<7.00 =<7.00 =<7.00
Calculation 5.49 5.44 6.64
Coverageratio3 Limit >1.50 >1.50 >1.75
Calculation 2.11 2.10 1.88
1 Theleverageratioiscalculatedinpesosbydividing“fundeddebt”byproformaOperatingEBITDAforthelasttwelvemonthsasofthecalculationdate.Funded
debtequalsdebt,asreportedinthebalancesheetexcludingnanceleases,plusperpetualdebenturesandguarantees,plusorminusthefairvalueofderivative
nancialinstruments,asapplicable,amongotheradjustments
2 ProformaOperatingEBITDArepresents,allcalculatedinpesos,OperatingEBITDAforthelasttwelvemonthsasofthecalculationdate,plustheportionof
OperatingEBITDAreferringtosuchtwelve-monthperiodofanysignicantacquisitionmadeintheperiodbeforeitsconsolidationinCEMEX,minusOperating
EBITDAreferringtosuchtwelve-monthperiodofanysignicantdisposalthathadalreadybeenliquidated.
3 Thecoverageratioiscalculatedinpesosusingtheamountsfromthenancialstatements,bydividingtheproformaoperatingEBITDAbythenancialexpense
forthelasttwelvemonthsasofthecalculationdate.Financialexpenseincludesinterestaccruedontheperpetualdebentures.
Basedonitsnancialforecasts,for2014andgoingforward,CEMEXbelievesthatitwillcontinuetocomplywithitscovenantsunderits
FacilitiesAgreement,CEMEXexpectstobenetfromcostsavingsprogramsimplementedduring2013andprioryearsthatmayoffset
theunfavorablemarketconditionsinsomeofitskeymarketsandincreasingcostsforkeyinputssuchasenergy.Furthermore,CEMEX
willcontinueasappropriateitsassetdisposalplaninplacewhich,asinprioryears,isexpectedtosupportCEMEX’seffortstoreduceits
overalldebt.
CEMEXwillclassifyallofitsoutstandingdebtascurrentdebtinitsbalancesheetif:1)asofanyrelevantmeasurementdateonwhich
CEMEXfailstocomplywiththenancialratiosagreeduponpursuanttotheFacilitiesAgreement;or2)asofanydatepriortoasubsequent
measurementdateonwhichCEMEXexpectsnottobeincompliancewithitsnancialratiosagreeduponundertheFacilitiesAgreement,in
theabsenceof:a)amendmentsand/orwaiverscoveringthenextsucceeding12months;b)highprobabilitythattheviolationwillbecured
duringanyagreeduponremediationperiodandbesustainedforthenextsucceeding12months;and/orc)asignedrenancingagreement
torenancetherelevantdebtonalong-termbasis.Moreover,concurrentwiththeaforementionedclassicationofdebtintheshort-term,
thenoncomplianceofCEMEXwiththenancialratiosagreeduponpursuanttotheFacilitiesAgreementor,insuchevent,theabsenceofa
waiverofcomplianceoranegotiationthereof,aftercertainproceduresuponCEMEX’slenders’request,theywouldcallfortheacceleration
ofpaymentsdueundertheFacilitiesAgreement.ThatscenariowillhaveamaterialadverseeffectonCEMEX’sliquidity,capitalresourcesand
nancialposition.
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