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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 or 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February, 2013
Commission File Number: 001-14946
CEMEX, S.A.B. de C.V.
(Translation of Registrant’s name into English)
Avenida Ricardo Margáin Zozaya #325, Colonia Valle del Campestre
Garza García, Nuevo León, México 66265
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
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Contents
| 1. | Press release, dated February 6, 2013, announcing fourth quarter and full year 2012 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX). |
| 2. | Fourth quarter and full year 2012 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX). |
| 3. | Presentation regarding fourth quarter and full year 2012 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, CEMEX, S.A.B. de C.V. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| CEMEX, S.A.B. de C.V. |
||||||||||||
| (Registrant) |
||||||||||||
| Date: | February 6, 2013 |
By: | /s/ Rafael Garza |
|||||||||
| Name: Rafael Garza |
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| Title: Chief Comptroller |
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EXHIBIT INDEX
| EXHIBIT NO. |
DESCRIPTION | |
| 1. |
Press release, dated February 6, 2013, announcing fourth quarter and full year 2012 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX). | |
| 2. |
Fourth quarter and full year 2012 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX). | |
| 3. |
Presentation regarding fourth quarter and full year 2012 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX). | |
Exhibit 1
CEMEX LATAM HOLDINGS REPORTS FOURTH-QUARTER
AND FULL-YEAR 2012 RESULTS
| • | CLH reports 44% growth in pro forma Operating EBITDA for full year 2012. |
BOGOTÁ, COLOMBIA, FEBRUARY 6, 2013 – CEMEX Latam Holdings, S.A. (“CLH”) (BVC: CLH), announced today that, on a pro forma basis, consolidated net sales increased by 23% during the fourth quarter of 2012 to US$404 million and increased 25% for the full year to approximately US$1.6 billion versus the comparable periods in 2011. Pro forma operating EBITDA increased by 38% during the fourth quarter of 2012 to US$141 million and increased 44% for the full year to US$548 million versus 2011.
CLH’s Pro forma Financial and Operational Highlights
| • | The increase in consolidated net sales for the quarter was due to higher volumes and prices in local-currency terms in most of our markets. |
| • | The infrastructure and residential sectors were the main drivers of demand in most of our markets. |
| • | Pro forma free cash flow after maintenance capital expenditures for the quarter was US$104 million. For the full-year 2012, it reached US$307 million. |
| • | Pro forma operating earnings before other expenses, net, in the fourth quarter increased by 34%, to US$119 million, from the comparable pro forma period in 2011 and increased 55%, to US$480 million, for the full-year 2012. |
Carlos Jacks, CEO of CLH, said, “We are very pleased with the impressive operating EBITDA growth and operating EBITDA margin expansion on a like-to-like basis seen during the fourth quarter and the full year 2012. During 2012, we achieved record cement volumes and operating EBITDA generation in Colombia, Panama, Nicaragua and Brazil.
For 2013 we expect a solid macroeconomic outlook and favorable industry fundamentals in our region that will translate into increased consolidated volumes. We are well-positioned to continue capturing this growth, supported by our customer solutions strategy for the different segments which we serve.”
Consolidated Corporate Results
During the fourth quarter of 2012, controlling interest net income was a gain of US$88 million.
Net debt was US$1.6 billion during the quarter.
Geographical Markets Fourth Quarter 2012 Highlights
Net sales in our operations in Colombia increased 28% in the fourth quarter of 2012 to US$235 million, compared with US$183 million in the fourth quarter of 2011. Operating EBITDA increased 62% to US$106 million versus the same period of last year.
CLH’s operations in the Panama reported net sales of US$68 million in the fourth quarter of 2012, up 17% from the same period in 2011. Operating EBITDA increased 21% to US$28 million during the quarter.
1
In Costa Rica, net sales increased 25% to US$33 million, compared with US$27 million in the fourth quarter of 2011. Operating EBITDA reached US$12 million for the quarter, 22% higher than the same period last year.
In the Rest of CLH net sales were US$71 million, 14% higher versus those in the comparable period in 2011. Operating EBITDA decreased 2% to US$17 million for the quarter versus the comparable period in 2011.
CEMEX Latam Holdings is a regional leader in the building solutions industry that provides high-quality products and reliable service to customers and communities in Colombia, Panama, Costa Rica, Nicaragua, El Salvador, Guatemala, and Brazil. CEMEX Latam Holdings aims to serve the needs of its customers and create value for stakeholders by becoming the most efficient and innovative building solutions company in the region.
###
This press release contains forward-looking statements and information that are necessarily subject to risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of CLH to be materially different from those expressed or implied in this release, including, among others, changes in general economic, political, governmental and business conditions globally and in the countries in which CLH does business, changes in interest rates, changes in inflation rates, changes in exchange rates, the level of construction generally, changes in cement demand and prices, changes in raw material and energy prices, changes in business strategy, changes derived from events affecting CEMEX, S.A.B de C.V. and subsidiaries (“CEMEX”) and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. CLH assumes no obligation to update or correct the information contained in this press release.
For convenience of the reader the 2012 pro forma consolidated financial information was adjusted to reflect the additional results of the operating subsidiaries for the first half of the year and reflect the 5% corporate charges and royalties agreement entered into by CLH with CEMEX. The 2011 pro forma combined financial information was adjusted to reflect (on a like-to-like basis) the 5% corporate charges and royalties agreement entered into by CLH with CEMEX. Operating EBITDA is defined as operating earnings before other expenses, net plus depreciation and operating amortization. Free Cash Flow is defined as operating EBITDA minus net interest expense, maintenance and expansion capital expenditures, change in working capital, taxes paid, and other cash items (net other expenses less proceeds from the disposal of obsolete and/or substantially depleted operating fixed assets that are no longer in operation). All of the above items are presented on a consolidated basis in 2012 and combined basis in 2011 based on the financial statements of CLH’s subsidiaries prepared under International Financial Reporting Standards as issued by the International Accounting Standards Board. Operating EBITDA and Free Cash Flow (as defined above) are presented herein because CLH believes that they are widely accepted as financial indicators of CLH’s ability to internally fund capital expenditures and service or incur debt. Operating EBITDA and Free Cash Flow should not be considered as indicators of CLH’s financial performance, as alternatives to cash flow, as measures of liquidity or as being comparable to other similarly titled measures of other companies.
2
| Exhibit 2
|
2012
FOURTH QUARTER RESULTS
Stock Listing Information
Colombian Stock Exchange S.A. Ticker: CLH
Investor Relations
In Colombia: +(57 1) 603?9175
E-mail: edgar.ramirez@cemex.com
|
|
OPERATING AND FINANCIAL HIGHLIGHTS
January – December
Fourth Quarter
2012
2011
2012
2011
pro forma
pro forma
% Var.
pro forma
pro forma
% Var.
Consolidated cement volume (thousand
7,191
6,680
8%
1,758
1,702
3%
of metric tons)
Consolidated domestic gray cement
6,612
5,985
10%
1,644
1,509
9%
volume (thousand of metric tons)
Consolidated ready?mix volume
3,084
2,742
12%
763
681
12%
(thousand of cubic meters)
Consolidated aggregates volume
6,828
5,892
16%
1,671
1,477
13%
(thousand of metric tons)
Net sales
1,592
1,270
25%
404
327
23%
Gross profit
820
584
40%
202
165
23%
Gross profit margin
51.5%
46.0%
5.5pp
50.1%
50.4%
(0.3pp)
Operating earnings before other
480
309
55%
119
89
34%
expenses, net
Operating earnings before other
30.2%
24.4%
5.8pp
29.5%
27.1%
2.4pp
expenses, net, margin
Controlling interest net income
265
88
Operating EBITDA
548
379
44%
141
102
38%
Operating EBITDA margin
34.4%
29.9%
4.5pp
35.0%
31.3%
3.7pp
Free cash flow after maintenance
307
104
capital expenditures
Free cash flow
246
77
Net debt
1,576
555
184%
1,576
555
184%
Total debt
1,633
645
153%
1,633
645
153%
Earnings per share
0.48
0.16
Shares outstanding at end of period
556
556
Employees
3,491
3,242
8%
3,491
3,242
8%
In millions of US dollars, except percentages, employees, and per?share amounts. Shares outstanding at the end of period are presented in millions.
Consolidated net sales in the fourth quarter of 2012 increased to expenses as a percentage of net sales during the quarter was mainly US$404 million, representing an increase of 23% compared with the due to lower distribution costs and the increase in net sales. fourth quarter of 2011. The increase in net sales was primarily
Pro forma operating EBITDA increased by 38% to US$141 million attributable to higher volumes and prices in local currency terms in our during the fourth quarter of 2012 compared with the same period last main markets. The infrastructure and residential sectors continued to year. The increase was due to a greater contribution from our be the main drivers of demand in most of our markets. operations in Colombia, Panama and Costa Rica. Pro forma operating Cost of sales as a percentage of net sales, increased by 0.3pp during EBITDA margin increased by 3.7pp from 31.3% in the fourth quarter of the fourth quarter of 2012 compared with the same period last year, 2011 to 35.0% this quarter, mainly as a result of higher volumes and from 49.6% to 49.9% reflecting an increase in maintenance costs in prices in our main markets.
Panama.
Pro forma controlling interest net income during the fourth quarter of Pro forma operating expenses as a percentage of net sales decreased 2012 was US$94 million. by 2.6pp during the fourth quarter of 2012 compared with the same Total debt at the end of the quarter of 2012 was US$1,633 million. period last year, from 23.3% to 20.7%. The decrease in operating
Please refer to definition of terms and disclosure for presentation of financial and operating information.
2012 Fourth Quarter Results Page 2
|
|
OPERATING RESULTS
Colombia
January – December
Fourth Quarter
2012
2011
2012
2011
% Var.
% Var.
pro forma
pro forma
pro forma
pro forma
Net sales
907
681
33%
235
183
28%
Operating EBITDA
376
240
57%
106
65
62%
Operating EBITDA margin
41.5%
35.2%
6.3pp
45.1%
35.8%
9.3pp
In millions of US dollars, except percentages.
Domestic gray cement
Ready mix
Aggregates
Year over year percentage
January December Fourth Quarter January December Fourth Quarter January December Fourth Quarter
variation
Volume
5%
2%
14%
12%
25%
11%
Price (USD)
22%
22%
23%
24%
9%
19%
Price (local currency)
19%
14%
20%
16%
6%
12%
Our Colombian operations’ domestic gray cement, ready mix and aggregates volumes increased by 2%, 12% and 11%, respectively, during the fourth quarter of 2012 versus the comparable period last year. For the full year, domestic gray cement, ready mix and aggregates increased by 5%, 14% and 25%, respectively, versus the same period last year.
Construction activity during the fourth quarter was driven by the infrastructure sector, which benefited from ongoing projects and the initiation of new road projects towards the end of the year. During the same period, the residential sector showed a recovery mainly in the low income housing due to the start of a government program aimed at providing 100,000 homes for free. Higher confidence levels and favorable expectations for new trade agreements resulted in higher investment levels favoring the performance of the industrial and commercial sector primarily in warehouses and commercial buildings.
Panama
January – December
Fourth Quarter
2012
2011
2012
2011
% Var.
% Var.
pro forma
pro forma
pro forma
pro forma
Net sales
290
232
25%
68
58
17%
Operating EBITDA
126
85
49%
28
23
21%
Operating EBITDA margin
43.5%
36.5%
7.0pp
40.7%
39.4%
1.3pp
In millions of US dollars, except percentages.
Domestic gray cement
Ready?mix
Aggregates
Year?over?year percentage
January – December Fourth Quarter January – December Fourth Quarter January –December Fourth Quarter
variation
Volume
32%
33%
8%
7%
(1%)
11%
Price (USD)
1%
(3%)
13%
1%
6%
11%
Price (local currency)
1%
(3%)
13%
1%
6%
11%
In Panama, our domestic gray cement, ready mix and aggregates volumes increased by 33%, 7% and 11%, respectively, during the fourth quarter versus the comparable period last year. For the full year 2012, domestic gray cement and ready mix volumes increased by 32% and 8%, respectively, while aggregates volumes decreased by 1% versus the full year 2011. The infrastructure sector continued to be the main driver of demand supported by large projects such as the Panama Canal expansion and the Panama City’s metro project. New commercial buildings, primarily offices, hotels, shopping centers and stores, contributed to the positive trend in the industrial and commercial sector.
Please refer to definition of terms and disclosure for presentation of financial and operating information.
2012 Fourth Quarter Results Page 3
|
|
OPERATING RESULTS
Costa Rica
January – December
Fourth Quarter
2012
2011
2012
2011
% Var.
% Var.
pro forma
pro forma
pro forma
pro forma
Net sales
133
121
10%
33
27
25%
Operating EBITDA
53
47
11%
12
10
22%
Operating EBITDA margin
39.6%
38.9%
0.7pp
36.8%
37.5%
(0.7pp)
In millions of US dollars, except percentages.
Domestic gray cement
Ready mix
Aggregates
Year over year percentage
January December Fourth Quarter January December Fourth Quarter January December Fourth Quarter
variation
Volume
12%
6%
18%
20%
(12%)
22%
Price (USD)
(1%)
8%
0%
8%
21%
(2%)
Price (local currency)
(2%)
5%
(1%)
5%
20%
(4%)
In our operations in Costa Rica, domestic gray cement, ready?mix and aggregates increased by 6%, 20% and 22%, respectively, during the fourth quarter of 2012 versus the fourth quarter of 2011. For the full year, domestic gray cement volumes increased by 12%, ready?mix volumes increased by 18% and aggregates volumes decreased by 12% versus the full year 2011.
Construction activity during the quarter was driven by the infrastructure and industrial and commercial sectors, most notably by hydroelectric and road projects. The residential sector maintained its positive trend during the quarter.
Rest of CLH
January – December
Fourth Quarter
2012
2011
2012
2011
% Var.
% Var.
pro forma
pro forma
pro forma
pro forma
Net sales
277
252
10%
71
62
14%
Operating EBITDA
73
67
8%
17
17
(2%)
Operating EBITDA margin
26.3%
26.7%
(0.4pp)
23.9%
27.7%
(3.8pp)
In millions of US dollars, except percentages.
Domestic gray cement
Ready mix
Aggregates
Year over year percentage
January December Fourth Quarter January December Fourth Quarter January December Fourth Quarter
variation
Volume
9%
13%
8%
16%
20%
61%
Price (USD)
0%
(1%)
5%
5%
12%
12%
Price (local currency)
8%
5%
8%
9%
18%
17%
Domestic gray cement, ready?mix and aggregates volumes for our Rest of CLH operations increased by 13%, 16% and 61%, respectively, during the fourth quarter of 2012 versus the same period last year. For the full year, domestic gray cement volumes, ready?mix and aggregates volumes increased by 9%, 8% and 20%, respectively, versus the comparable period of last year.
Demand for our products during the quarter was favorable for all of our countries in the Rest of CLH region. The country that showed the most dynamism during the period was Nicaragua.
Please refer to definition of terms and disclosure for presentation of financial and operating information.
2012 Fourth Quarter Results Page 4
|
|
OPERATING EBITDA, FREE CASH FLOW AND DEBT?AND EQUITY?RELATED INFORMATION
Operating EBITDA and free cash flow
January – December
Fourth Quarter
2012
2011
2012
2011
% Var
% Var
pro forma
pro forma
pro forma
pro forma
Operating earnings before other expenses, net
480
309
55%
119
89
34%
+ Depreciation and operating amortization
68
70
22
14
Operating EBITDA
548
379
44%
141
102
38%
? Net financial expense
117
35
? Capital expenditures for maintenance
41
24
? Change in working capital
21
(35)
? Taxes paid
70
27
? Other cash items (net)
(8)
(14)
Free cash flow after maintenance capital expenditures
307
104
? Strategic capital expenditures
62
27
Free cash flow
246
77
In millions of US dollars, except percentages.
The free cash flow during the quarter plus the proceeds received from the initial share offering were used to pay financing debt and short term operating accounts payable to CEMEX.
Information on Debt
Third
Fourth
Fourth Quarter
Quarter
Quarter
2012
2011
% Var
2012
2012
2011
Total debt (1)(2)
1,633
645
153%
2,572
Currency denomination
Short?term
8%
0%
14%
US dollar
98%
100%
Long?term
92%
100%
86%
Colombian peso
2%
0%
Cash and cash equivalents
57
52
(37%)
50
Interest rate
Net debt
1,576
593
184%
2,522
Fixed
85%
0%
Variable
15%
100%
(1)Includes capital leases, in accordance with International Financial Reporting Standards (IFRS).
(2)In 2012 represents the consolidated balances of CLH and subsidiaries. In 2011 represents the combined balances of the operating subsidiaries.
Please refer to definition of terms and disclosure for presentation of financial information.
2012 Fourth Quarter Results Page 5
|
|
OPERATING RESULTS
Income statement & balance sheet
CEMEX Latam Holdings S.A. and Subsidiaries
(Thousands of U.S. Dollars, except per share amounts)
January – December
Fourth Quarter
2012
2011
2011
2012
2011
2011
INCOME STATEMENT
% Var.
% Var.
pro forma
pro forma
reported
pro forma
pro forma
reported
Net Sales
1,591,748
1,269,801
25%
1,269,801
403,803
327,492
23%
327,492
Cost of Sales
(771,663)
(685,698)
13%
(685,698)
(201,316)
(162,421)
24%
(162,421)
Gross Profit
820,085
584,103
40%
584,103
202,487
165,071
23%
165,071
Operating Expenses
(340,071)
(274,832)
24%
(306,085)
(83,463)
(76,386)
9%
(82,373)
Operating Earnings Before Other Expenses, Net
480,014
309,271
55%
278,018
119,024
88,685
34%
82,698
Other expenses, Net
(2,885)
(31,825)
(1,012)
Operating Earnings
477,129
246,193
118,012
Financial Expenses
(117,262)
(45,673)
(38,016)
Other Income (Expenses), Net
50,314
(3,894)
28,261
Net Income Before Income Taxes
410,181
196,626
108,257
Income Tax
(144,535)
(78,308)
(19,775)
Consolidated Net Income
265,646
118,318
88,482
Non?controlling Interest Net Income
847
105
683
CONTROLLING INTEREST NET INCOME
264,799
118,213
87,799
Operating EBITDA
547,621
379,170
44%
347,917
141,202
102,417
38%
96,430
Earnings per share
0.48
0.21
0.16
As of
December 31
BALANCE SHEET
2012
Total Assets
4,058,744
Cash and Temporary Investments
56,798
Trade Accounts Receivables
97,128
Other Receivables
82,610
Inventories
93,147
Other Current Assets
21,210
Current Assets
350,894
Fixed Assets
1,199,379
Other Assets
2,508,471
Total Liabilities
2,666,361
Current Liabilities
456,072
Long?Term Liabilities
2,191,046
Other Liabilities
19,243
Consolidated Stockholders’ Equity
1,392,383
Non?controlling Interest
5,754
Stockholders’ Equity Attributable to Controlling Interest
1,386,629
Please refer to definition of terms and disclosure for presentation of financial information.
2012 Fourth Quarter Results Page 6
|
|
OPERATING RESULTS
Income statement & balance sheet
CEMEX Latam Holdings S.A. and Subsidiaries
(Millions of Colombian Pesos in nominal terms, except per share amounts)
January – December
Fourth Quarter
2012
2011
2011
2012
2011
2011
INCOME STATEMENT
% Var.
% Var.
pro forma
pro forma
reported
pro forma
pro forma
Reported
Net Sales
2,863,117
2,354,234
22%
2,354,234
729,006
630,197
16%
630,197
Cost of Sales
(1,388,010)
(1,271,297)
9%
(1,271,297)
(363,446)
(312,549)
16%
(312,549)
Gross Profit
1,475,107
1,082,938
36%
1,082,938
365,560
317,648
15%
317,648
Operating Expenses, net
(611,694)
(509,544)
20%
(567,487)
(150,679)
(146,992)
3%
(158,511)
Operating Earnings Before Other Expenses, Net
863,413
573,394
51%
515,450
214,881
170,657
26%
159,137
Other Expenses, Net
(5,189)
(59,004)
(1,827)
Operating Earnings
858,224
456,446
213,054
Financial Expenses
(210,922)
(84,679)
(68,632)
Other Income (Expenses) Financial, net
90,501
(7,220)
51,021
Net Income Before Income Taxes
737,803
364,548
195,443
Income Tax
(259,979)
(145,184)
(35,701)
Consolidated Net Income
477,824
219,364
159,740
Non?controlling Interest Net Income
1,524
195
1,233
CONTROLLING INTEREST NET INCOME
476,301
219,169
158,507
Operating EBITDA
985,020
702,988
40%
645,044
254,919
197,081
29%
185,562
Earnings per share
856.57
394.15
285.06
As of
December 31
BALANCE SHEET
2012
Total Assets
7,176,793
Cash and Temporary Investments
100,432
Trade Accounts Receivables
171,746
Other Receivables
146,074
Inventories
164,705
Other Current Assets
37,504
Current Assets
620,461
Fixed Assets
2,120,777
Other Assets
4,435,554
Total Liabilities
4,714,739
Current Liabilities
806,439
Long?Term Liabilities
3,874,273
Other Liabilities
34,025
Consolidated Stockholders’ Equity
2,462,053
Non?controlling Interest
10,174
Stockholders’ Equity Attributable to Controlling Interest
2,451,879
Please refer to definition of terms and disclosure for presentation of financial information.
2012 Fourth Quarter Results Page 7
|
|
OPERATING RESULTS
Operating Summary per Country
In thousands of U.S. dollars. EBITDA margin as a percentage of net sales.
January – December
Fourth Quarter
2012
2011
2012
2011
NET SALES
% Var.
% Var.
pro forma
pro forma
pro forma
pro forma
Colombia
907,477
681,238
33%
234,551
182,572
28%
Panama
289,795
231,690
25%
68,425
58,282
17%
Costa Rica
132,893
121,332
10%
33,405
26,743
25%
Rest of CLH
276,588
251,533
10%
70,914
62,253
14%
Others and intercompany eliminations
(15,005)
(15,992)
(6%)
(3,492)
(2,358)
48%
TOTAL
1,591,748
1,269,801
25%
403,803
327,492
23%
GROSS PROFIT
Colombia
521,837
340,559
53%
133,947
94,856
41%
Panama
138,907
93,807
48%
28,893
26,157
10%
Costa Rica
69,833
55,061
27%
16,917
12,221
38%
Rest of CLH
89,083
80,065
11%
21,872
20,131
9%
Others and intercompany eliminations
425
14,611
(97%)
858
11,706
(93%)
TOTAL
820,085
584,103
40%
202,487
165,071
23%
OPERATING EARNINGS BEFORE OTHER EXPENSES, NET
Colombia
346,722
204,204
70%
96,531
59,105
63%
Panama
108,552
67,263
61%
23,353
18,892
24%
Costa Rica
44,895
37,144
21%
10,541
7,691
37%
Rest of CLH
66,360
57,782
15%
15,625
14,952
5%
Others and intercompany eliminations
(86,515)
(57,122)
51%
(27,026)
(11,956)
126%
TOTAL
480,014
309,271
55%
119,024
88,685
34%
OPERATING EBITDA
Colombia
376,289
239,612
57%
105,731
65,285
62%
Panama
125,994
84,608
49%
27,838
22,985
21%
Costa Rica
52,681
47,252
11%
12,278
10,026
22%
Rest of CLH
72,736
67,189
8%
16,959
17,254
(2%)
Others and intercompany eliminations
(80,079)
(59,491)
35%
(21,604)
(13,134)
64%
TOTAL
547,621
379,170
44%
141,202
102,417
38%
OPERATING EBITDA MARGIN
Colombia
41.5%
35.2%
45.1%
35.8%
Panama
43.5%
36.5%
40.7%
39.4%
Costa Rica
39.6%
38.9%
36.8%
37.5%
Rest of CLH
26.3%
26.7%
23.9%
27.7%
TOTAL
34.4%
29.9%
35.0%
31.3%
Please refer to definition of terms and disclosure for presentation of financial information.
2012 Fourth Quarter Results Page 8
|
|
OPERATING RESULTS
Volume Summary
CLH volume summary
Cement and aggregates: Thousands of metric tons. Ready?mix: Thousands of cubic meters.
January – December
Fourth Quarter
2012
2011
% Var.
2012
2011
% Var.
Total cement volume 1
7,191
6,680
8%
1,758
1,702
3%
Total domestic gray cement volume
6,612
5,985
10%
1,644
1,509
9%
Total ready?mix volume
3,084
2,742
12%
763
681
12%
Total aggregates volume
6,828
5,892
16%
1,671
1,477
13%
Per?country volume summary
January ? December
Fourth Quarter
Fourth Quarter 2012 Vs.
DOMESTIC GRAY CEMENT VOLUME
2012 Vs. 2011
2012 Vs. 2011
Third Quarter 2012
Colombia
5%
2%
2%
Panama
32%
33%
(5%)
Costa Rica
12%
6%
(5%)
Rest of CLH
9%
13%
6%
READY?MIX VOLUME
Colombia
14%
12%
(4%)
Panama
8%
7%
(2%)
Costa Rica
18%
20%
(15%)
Rest of CLH
8%
16%
11%
AGGREGATES VOLUME
Colombia
25%
11%
(11%)
Panama
(1%)
11%
(2%)
Costa Rica
(12%)
22%
(6%)
Rest of CLH
20%
61%
26%
1 Consolidated cement volume includes domestic and export volume of gray cement, white cement, special cement, mortar and clinker.
Please refer to definition of terms and disclosure for presentation of operating results.
2012 Fourth Quarter Results Page 9
|
|
OPERATING RESULTS
Price Summary
Variation in U.S. Dollars
Variation in U.S. Dollars
January ? December
Fourth Quarter
Fourth Quarter 2012 Vs.
DOMESTIC GRAY CEMENT PRICE
2012 Vs. 2011
2012 Vs. 2011
Third Quarter 2012
Colombia
22%
22%
1%
Panama
1%
(3%)
(2%)
Costa Rica
(1%)
8%
2%
Rest of CLH (*)
0%
(1%)
0%
READY?MIX PRICE
Colombia
23%
24%
1%
Panama
13%
1%
1%
Costa Rica
0%
8%
5%
Rest of CLH (*)
5%
5%
1%
AGGREGATES PRICE
Colombia
9%
19%
3%
Panama
6%
11%
1%
Costa Rica
21%
(2%)
(8%)
Rest of CLH (*)
12%
12%
(1%)
Variation in Local Currency
January ? December
Fourth Quarter
Fourth Quarter 2012 Vs.
DOMESTIC GRAY CEMENT PRICE
2012 Vs. 2011
2012 Vs. 2011
Third Quarter 2012
Colombia
19%
14%
1%
Panama
1%
(3%)
(2%)
Costa Rica
(2%)
5%
2%
Rest of CLH (*)
8%
5%
(3%)
READY?MIX PRICE
Colombia
20%
16%
1%
Panama
13%
1%
1%
Costa Rica
(1%)
5%
6%
Rest of CLH (*)
8%
9%
1%
AGGREGATES PRICE
Colombia
6%
12%
3%
Panama
6%
11%
1%
Costa Rica
20%
(4%)
(7%)
Rest of CLH (*)
18%
17%
0%
(*) Volume weighted?average price.
Please refer to definition of terms and disclosure for presentation of operating results.
2012 Fourth Quarter Results Page 10
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|
OTHER ACTIVITIES
Latam CEMEX announces pricing of the initial offering of its subsidiary, CEMEX Holdings, S.A. and subsequently announces exercise of put option related to initial purchasers’ stabilization activities
S. On A.November (“CLH”), a wholly?owned subsidiary of CEMEX Espańa, S. 6, 2012, CEMEX announced that CEMEX Latam A., priced its Holdings, Colombian Pesos per common share. initial offering of 170,388,000 new common The common shares offered by CLH shares, at a price of 12,250 included (a) to investors in Colombia and in a concurrent private placement to eligible 148,164,000 new common shares offered in a public offering common shares offered in such private placement that were subject to a investors outside of Colombia, and (b) an additional 22,224,000 new put during option the 30?day granted period to the following initial purchasers closing of of the the offering. private CLH’s placement assets included Colombia, substantially Panama, Costa all of Rica, CEMEX’s Brazil, cement Guatemala, and ready?mix Nicaragua assets and in El Salvador. CEMEX. CLH used the net proceeds to repay indebtedness owed to initial On December offering 12, of 2012, 170,388,000 CEMEX common announced shares that, of in connection its subsidiary, with CLH, the that completed they intend on November to exercise 15, the 2012, put the option initial they purchasers were granted. notified As CLH a purchasers result, CLH repurchased 22,224,000 of its common shares from the initial at a price of U.S.$6.75 per common share, the U.S. Dollar equivalent common share. of the These initial shares offering represented price of 12,250 approximately Colombian 13% Pesos of per all shares sold in the initial share offering and 100% of the shares subject to the put option. CLH used cash proceeds from the initial share offering to the repurchase repurchased the common shares in shares treasury. from After the initial giving purchasers effect to the and exercise will hold of the CLH’s outstanding common shares, excluding shares held in treasury. put option, CEMEX España, S.A., owned approximately 73.35% of CLH’s common shares are listed on the Colombian Stock Exchange (Bolsa de Valores de Colombia S.A.) under the ticker CLH.
2012 Fourth Quarter Results Page 11
|
|
DEFINITIONS OF TERMS AND DISCLOSURES
Methodology for translation and presentation of results Pro forma financial information included in the report
Under IFRS, CEMEX Latam Holdings, S.A. (“CLH”) reports its CLH was incorporated during the second quarter of 2012 for purposes consolidated results in is its functional currency, which is the US Dollar, of the initial equity offering concluded on November 15, 2012. For by translating the financial statements of foreign subsidiaries using the accounting purposes, the group reorganization by means of which CLH corresponding exchange rate at the reporting date for the balance acquired its consolidated subsidiaries was effective July 1, 2012. As a sheet and the corresponding exchange rates at the end of each month result, CLH has no historical consolidated
financial information for for the income statement. 2011, nor financial information for full year 2012.
For convenience of the reader, and in order to present comprehensive For the reader’s convenience, Colombian peso amounts for the comparative operating information for the years ended December 31, consolidated entity are calculated by converting the US dollar amounts 2012 and 2011, and for the three?month periods ended December 31, using the closing COP/US$ exchange rate at the reporting date for 2012 and 2011, CLH prepared pro forma selected consolidated income balance sheet purposes, and the average COP/US$ exchange rate for statement information for full year 2012 and the three?month period the corresponding period for income statement purposes. The ended December 31, 2012, as well as pro forma selected combined exchange rates used to convert: (i) the balance sheet as of December income statement information for full year 2011 and the three?month 31, 2012 was $1,768.23 Colombian pesos per US dollar, (ii) the pro period ended December 31, 2011, intended in all cases and to the forma consolidated results for full year 2012 and pro forma combined extent possible, to present the operating performance of CLH on a like?result for full year 2011 were $1,798.73 and $1,854.02 Colombian to?like basis. In addition, CLH includes combined income statement pesos per US dollar, respectively, and (iii) the pro forma consolidated information for the year ended December 31, 2011 as reported in the results for the fourth quarter of 2012 and the pro forma combined Offering Memorandum for the recent initial equity offering. results for the fourth quarter of 2011 were $1,805.35 and $1,924.31
Colombian pesos per US dollar, respectively. Pro forma 2012: CLH consolidated income statement for the year ended December 31, 2012, was adjusted to reflect the additional Per?country/region selected financial information of the income results of the operating subsidiaries for the six?month period from statement is presented in US dollars translating the local currency January to June 2012. In addition, in connection with the 5% corporate amounts into US dollars using the average exchange rate for the charges and royalties agreement entered into by CLH with CEMEX and corresponding period net of corporate charges and royalties which are that was executed during the last quarter of 2012 with retroactive included under “other and intercompany eliminations.” effects for full year 2012, the consolidated income statement of CLH for the fourth quarter and full year of 2012 was adjusted to reflect the
Consolidated and combined financial information 5% consolidated corporate charges and royalties. When reference is made to consolidated financial information means
Pro forma 2011: CLH presents combined pro forma selected income the financial information of CLH together with its consolidated statement information of CLH subsidiaries as adjusted to reflect the 5% subsidiaries. When reference is made to combined financial corporate charges and royalties (on a like?to?like basis) for both the full information means the financial information of CLH’s subsidiaries on a year and the three?month period ended December 31, 2011. combined basis.
CLH will continue to present pro forma amounts during 2013 in Presentation of financial and operating information connection with the quarterly comparative information of 2012, in Individual information is provided for Colombia, Panama and Costa order to reflect the effects of the 5% royalty agreement allocated to Rica. each quarter.
Countries in Rest of CLH include Brazil, Guatemala, El Salvador and Nicaragua.
Exchange rates
January ?
December
January – December
Fourth Quarter
2012
2011
2012
2011
2012
2011
Closing
Closing
Average
Average
Average
Average
Colombian peso
1,768.23
1,942.7
1,798.73
1,854.02
1,805.35
1,924.31
Panama balboa
1
1
1
1
1
1
Costa Rica colon
514.32
518.33
508.28
512.56
506.91
517.18
Euro
0.7576
0.7712
0.775
0.7164
0.7665
0.7425
Amounts provided in units of local currency per US dollar.
2012 Fourth Quarter Results Page 12
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|
DEFINITIONS OF TERMS AND DISCLOSURES
Pro forma Earnings per Share (“Pro forma EPS”)
CLH was incorporated in April 2012 and its relevant share capital was contributed by CEMEX España on July 31, 2012 and by third?party investors on November 6, 2012. Therefore, there are no regular twelve?month periods for 2012 and 2011 in order to determine the average number of shares outstanding as indicated under IFRS for purposes of presenting Earnings per Share amounts. Considering these limitations and only for convenience of the reader, CLH includes Pro Forma EPS for the years ended December 31, 2012 and 2011 considering for both periods the actual number of shares outstanding as of December 31, 2012 of 556,054,342 shares. For 2012, pro forma consolidated net income for the full year was divided into the number of shares outstanding. For 2011, combined net income for the full year was divided into the number of shares outstanding. These Pro forma EPS amounts provide certain reference but should not be construed as representations of what actual basic or diluted earnings per share determined under IFRS would have been had CLH being in existence during such years.
Volumes and prices
Considering the limitations of historical information described above, CLH changes in volumes and prices, presented for convenience of the reader, consider volumes
and average prices on a pro forma basis for the twelve?month periods ended December 31, 2012 and 2011.
Definition of terms
Free cash flow equals operating EBITDA minus net interest expense, maintenance and strategic capital expenditures, change in working capital, taxes paid, and other cash items (net other expenses less proceeds from the disposal of obsolete and/or substantially depleted operating fixed assets that are no longer in operation).
Maintenance capital expenditures investments incurred for the purpose of ensuring the company’s operational continuity. These include capital expenditures on projects required to replace obsolete assets or maintain current operational levels, and mandatory capital expenditures, which are projects required to comply with governmental regulations or company policies.
Net debt equals total debt minus cash and cash equivalents. Operating EBITDA equals operating earnings before other expenses, net, plus depreciation and operating amortization. pp equals percentage points. Strategic capital expenditures investments incurred with the purpose of increasing the company’s profitability. These include capital expenditures on projects designed to increase profitability by expanding capacity, and margin improvement capital expenditures, which are projects designed to increase profitability by reducing costs. Working capital equals operating accounts receivable (including other current assets received as payment in kind) plus historical inventories minus operating payables.
2012 Fourth Quarter Results Page 13
| Exhibit 3
|
|
|
Forward looking information
This presentation contains certain forward-looking statements and information relating to CEMEX Latam Holdings, S.A. and its subsidiaries (collectively, “CLH”) that are based on its knowledge of present facts, expectations and projections, circumstances and assumptions about future events. Many factors could cause the actual results, performance or achievements of CLH to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking
statements, including, among others, changes in general economic, political, governmental, and business conditions globally and in the countries in which CLH and CEMEX, S.A.B. de C.V. and its subsidiaries (“CEMEX”) operate, CLH ability to comply with the framework agreement signed with CEMEX, CEMEX ability to comply with the terms and obligations of the facilities agreement entered into with major creditors and other debt agreements, CLH and CEMEX’s ability to achieve anticipated cost savings, changes in interest rates, changes in inflation rates, changes in exchange rates, the cyclical activity of the construction sector generally, changes in cement demand and prices, CLH and CEMEX’s ability to benefit from government economic stimulus plans, changes in raw material and energy prices, changes in business strategy, changes in the prevailing regulatory framework, natural disasters and other unforeseen events and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or targeted. Forward-looking statements are made as of the date hereof, and CLH does not intend, nor is it obligated, to update these forward-looking statements, whether as a result of new information, future events or otherwise.
UNLESS OTHERWISE NOTED, ALL CONSOLIDATED AND COMBINED FIGURES ARE PRESENTED IN DOLLARS AND ARE BASED ON THE FINANCIAL STATEMENTS OF EACH COUNTRY PREPARED UNDER INTERNATIONAL FINANCIAL REPORTING STANDARDS. FOR CONVENIENCE OF THE READER, SELECTED CONSOLIDATED AND
COMBINED FINANCIAL INFORMATION FOR THE YEARS 2012 AND 2011 AND THE FOURTH QUARTER OF 2012 AND 2011 HAS BEEN PREPARED ON A PRO FORMA BASIS.
Copyright CEMEX Latam Holdings, S.A. and its subsidiaries.
2
|
|
4Q12 results highlights
January – December
Fourth Quarter
2012
2011
2012
2011
Millions of US dollars
% var
% var
pro forma
pro forma
pro forma pro forma
Net sales
1,592
1,270
25%
404
327
23%
Gross profit
820
584
40%
202
165
23%
Operating earnings beforeother expenses, net
480
309
55%
119
89
34%
January – December
Fourth Quarter
2012
2011
2012
2011
Millions of US dollars
% var
% var
pro forma
pro forma
pro forma pro forma
Net sales
1,592
1,270
25%
404
327
23%
Gross profit
820
584
202
165
23%
Operating earnings beforeother expenses, net
480
309
55%
119
89
34%
Operating EBITDA showed double-digit-growth ,on a like-to-like basis, during both fourth quarter and full year 2012
Record cement volumes and operating EBITDA generation in Colombia, Panama, Nicaragua and Brazil
Infrastructure and housing were the main drivers of demand for our products
| 3 |
|
|
|
CLH: volumes and prices
2012 vs. 2011
4Q12 vs. 4Q11
4Q12 vs. 3Q12
Domestic gray
Volume (l-t-l1)
10%
9%
1%
cement
Price (USD)
11%
11%
1%
Price (l-t-l1)
11%
9%
(3%)
Volume (l-t-l1)
12%
12%
(4%)
Ready mix
Price (USD)
18%
16%
1%
Price (l-t-l1)
16%
12%
(2%)
16%
13%
(8%)
Aggregates
Price (USD)
12%
16%
1%
Price (l-t-l1)
9%
11%
(3%)
Consolidated volumes showed double-digit growth in our three core businesses during 2012
For the full year, cement volumes grew in all countries except El Salvador; cement volume growth in Panama and Brazil exceeded 30%
Sequential price increases in cement in local-currency terms in all of our markets, except Panama
| 1 |
|
Like-to-like volumes adjusted for investments/divestments and, in the case of prices, foreign-exchange fluctuations |
| 4 |
|
|
|
4Q12 and 2012 achievements
Record cement volumes and operating EBITDA generation in Colombia, Panama, Nicaragua and Brazil
24% alternative fuel substitution rate during 2012
On track to achieve the alternative-fuel substitution target of 40% by 2015
Reduction on clinker factor usage to 68.3% during 2012, from 70.5% in 2011
Commercial initiatives in Colombia
Launching of a new and unique portfolio of bagged cement products addressing a broad spectrum of customer needs
First Construrama opened during 3Q12; as of the end of 2012, 77 distribution centers had signed up to become Construramas, 31 of which already under conversion process
Successful completion of the initial public offering of a minority position in CLH
26.65% of CLH shares now trade in the Colombian stock exchange
US$960 million in net proceeds were used for repayment of indebtedness owed to CEMEX
| 5 |
|
|
|
|
|
Colombia
Millions of
2012
2011
4Q12
4Q11
% var
% var
US dollars
pro forma
pro forma
pro forma
pro forma
Net Sales
907
681
33%
235
183
28%
Op. EBITDA
376
240
57%
106
65
62%
as % net sales
41.5%
35.2%
6.3pp
45.1%
35.8%
9.3pp
2012 vs.
4Q12 vs.
4Q12 vs.
Volume
2011
4Q11
3Q12
Cement
5%
2%
2%
Ready mix
14%
12%
(4%)
Aggregates
25%
11%
(11%)
Price (LC)
2012 vs.
4Q12 vs.
4Q12 vs.
2011
4Q11
3Q12
Cement
19%
14%
1%
Ready mix
20%
16%
1%
Aggregates
6%
12%
3%
Growth in ready-mix volumes reflects increased coverage with the addition of 32 plants and 200 mixer trucks
Quarter-over-quarter price increases in our three core products
Residential sector enjoyed stable interest rates, controlled inflation and favorable economic conditions; however, permits declined during the year from high base in 2011
Infrastructure expected to continue positive trend fueled mainly by the building of roads and highways, railroad routes and increase in capacity in ports and airports
7
|
|
2012 vs.
4Q12 vs.
4Q12 vs.
Volume
2011
4Q11
3Q12
Cement
32%
33%
(5%)
Ready mix
8%
7%
(2%)
Aggregates
(1%)
11%
(2%)
Panama
Millions of
2012
2011
4Q12
4Q11
% var
% var
US dollars
pro forma
pro forma
pro forma
pro forma
Net Sales
290
232
25%
68
58
17%
Op. EBITDA
126
85
49%
28
23
21%
as % net sales
43.5%
36.5%
7.0pp
40.7%
39.4%
1.3pp
[Graphic Appears Here]
Price (LC)
2012 vs.
4Q12 vs.
4Q12 vs.
2011
4Q11
3Q12
Cement
1%
(3%)
(2%)
Ready mix
13%
1%
1%
Aggregates
6%
11%
1%
More than 30% increase in cement volumes during 4Q12 and full year 2012
Infrastructure was main contributor for cement consumption, driven by projects including the Panama Canal, the Panama City metro system, Cinta Costera 3 highway and hydroelectric plants
Growth in the industrial-and-commercial sector driven by office buildings, hotels, shopping centers and stores
| 8 |
|
|
|
Costa Rica
Millions of
2012
2011
4Q12
4Q11
% var
% var
US dollars
pro forma
pro forma
pro forma
pro forma
Net Sales
133
121
10%
33
27
25%
Op. EBITDA
53
47
11%
12
10
22%
as % net sales
39.6%
38.9%
0.7pp
36.8%
37.5%
(0.7pp)
[Graphic Appears Here]
2012 vs.
4Q12 vs.
4Q12 vs.
Volume
2011
4Q11
3Q12
Cement
12%
6%
(5%)
Ready mix
18%
20%
(15%)
Aggregates
(12%)
22%
(6%)
Price (LC)
2012 vs.
4Q12 vs.
4Q12 vs.
2011
4Q11
3Q12
Cement
(2%)
5%
2%
Ready mix
(1%)
5%
6%
Aggregates
20%
(4%)
(7%)
During 2012, double-digit growth in cement and ready-mix volumes
Positive performance of the residential sector fueled by low- and mid-income housing projects
Infrastructure sector driven by hydroelectric plants and road projects
9
|
|
Rest of CLH
Millions of
2012
2011
4Q12
4Q11
% var
% var
US dollars
pro forma
pro forma
pro forma
pro forma
Net Sales
277
252
10%
71
62
14%
Op. EBITDA
73
67
8%
17
17
(2%)
as % net sales
26.3%
26.7%
(0.4pp)
23.9%
27.7%
(3.8pp)
[Graphic Appears Here]
2012 vs.
4Q12 vs.
4Q12 vs.
Volume
2011
4Q11
3Q12
Cement
9%
13%
6%
Ready mix
8%
16%
11%
Aggregates
20%
61%
26%
Price (LC)1
2012 vs.
4Q12 vs.
4Q12 vs.
2011
4Q11
3Q12
Cement
8%
5%
(3%)
Ready mix
8%
9%
1%
Aggregates
18%
17%
0%
Double-digit growth in volumes of our three core product s during the quarter, on a year- over-year basis
Infrastructure and the residential sectors were the main drivers of demand
In Nicaragua, infrastructure was the main driver of consumption for our products, fueled mainly by the federal paving initiative
Calles para el Pueblo
| 1 |
|
Volume-weighted, local-currency average prices |
10
|
|
|
|
Operating EBITDA, cost of sales and SG&A
[Graphic Appears Here]
January – December
Fourth Quarter
2012
2011
2012
2011
Millions of US dollars
% var
% var
pro forma
pro forma
pro forma
pro forma
Net sales
1,592
1,270
25%
404
327
23%
Operating EBITDA
548
379
44%
141
102
38%
as % net sales
34.4%
29.9%
4.5pp
35.0%
31.3%
3.7pp
Cost of sales
772
686
13%
201
162
24%
as % net sales
48.5%
54.0%
5.5pp
49.9%
49.6%
(0.3pp)
SG&A
340
275
24%
83
76
9%
as % net sales
21.4%
21.6%
0.2pp
20.7%
23.3%
2.6pp
Operating EBITDA margin increase due to higher volumes and prices in most of our operations, as well as the result of our cost reduction initiatives
Kiln-fuel and electricity bill on a per-ton-of-cement-produced basis declined by 10% during the fourth quarter and decreased by 5% for the full year
12
|
|
Free cash flow
January – December
Fourth Quarter
2012
2011
2012
2011
Millions of US dollars
% var
% var
pro forma
pro forma
pro forma
pro forma
Operating EBITDA
548
379
44%
141
102
38%
- Net Financial Expense
117
35
- Maintenance Capex
41
24
- Change in Working Cap
21
| (35) |
|
- Taxes Paid
70
27
- Other Cash Items (net)
| (8) |
|
| (14) |
|
Free Cash Flow after Maint.Capex
307
104
- Strategic Capex
62
27
Free Cash Flow
246
77
Strategic capex during 2012 includes 32 new ready-mix plants and new vehicles to improve distribution logistics in Colombia
13
|
|
Consolidated debt maturity profile
Total debt as of December 31, 2012
US$ 1,633 million
798
Millions of
US dollars
257
146
144 144
144
2013
2014
2015
2016
2017
2018
14
|
|
|
|
2013 guidance
We expect consolidated volumes for cement to grow by 5% to 6% , ready- mix volumes to increase by 10% and aggregates volumes to grow by 10%
Total capital expenditures expected to be US$92 million, US$38 million in maintenance capex and US$54 million in strategic capex
16
|
|
|
|
Fourth Quarter
Fourth Quarter
Third Quarter
Millions of US dollars
2012
2011
2012
Total debt
1,633
645
2,572
Short-term
9%
0%
14%
U.S.
Long-term
91%
100%
86%
Cash and cash equivalents dollar
57
52
50
82%
Net debt
1,576
593
2,522
Fourth Quarter
Fourth Quarter
Currency Denomination
2012
2011
US Dollar
98%
100%
Colombian Peso
2%
0%
Interest rate
Fixed
85%
0%
Variable
15%
100%
18
|
|
2012 volume and price summary:
Selected countries
[Graphic Appears Here]
Domestic gray cement
Ready mix
Aggregates
2012 vs. 2011
2012 vs. 2011
2012 vs. 2011
Prices
Prices
Prices
Prices
Prices
Prices
Volumes
Volumes
Volumes
(USD)
(LC)
(USD)
(LC)
(USD)
(LC)
Colombia
5%
22%
19%
14%
23%
20%
25%
9%
6%
Panama
32%
1%
1%
8%
13%
13%
(1%)
6%
6%
Costa Rica
12%
(1%)
(2%)
18%
0%
(1%)
(12%)
21%
20%
Rest of CLH
9%
0%
8%
8%
5%
8%
20%
12%
18%
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4Q12 volume and price summary:
Selected countries
[Graphic Appears Here]
Domestic gray cement
Ready mix
Aggregates
4Q12 vs. 4Q11
4Q12
vs. 4Q11
4Q12 vs. 4Q11
Prices
Prices
Prices
Prices
Prices
Prices
Volumes
Volumes
Volumes
(USD)
(LC)
(USD)
(LC)
(USD)
(LC)
Colombia
2%
22%
14%
12%
24%
16%
11%
19%
12%
Panama
33%
(3%)
(3%)
7%
1%
1%
11%
11%
11%
Costa Rica
6%
8%
5%
20%
8%
5%
22%
(2%)
(4%)
Rest of CLH
13%
(1%)
5%
16%
5%
9%
61%
12%
17%
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2013 Expected Outlook:
Selected countries
[Graphic Appears Here]
Domestic gray cement
Ready mix
Aggregates
Volumes
Volumes
Volumes
Consolidated
5%—6%
10%
10%
Colombia
5%
8%
10%
Panama
5%
7%
5%Costa Rica7%8%8%
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Definitions
[Graphic Appears Here]
2012 / 2011: results for the twelve months of the years 2012 and 2011, respectively.
Cement: When providing cement volume variations, refers to domestic gray cement operations.
LC: Local currency.
Like-to-like percentage variation (l-t-l % var): Percentage variations adjusted for investments/divestments and currency fluctuations.
Maintenance capital expenditures: investments incurred for the purpose of ensuring the company’s operational continuity. These include capital expenditures on projects required to replace obsolete assets or maintain current operational levels, and mandatory capital expenditures, which are projects required to comply with governmental regulations or company policies.
Operating EBITDA: Operating earnings before other expenses, net plus depreciation and operating amortization.
pp: percentage points.
Rest of CLH: includes Brazil, Guatemala, El Salvador and Nicaragua.
Strategic capital expenditures: investments incurred with the purpose of increasing the company’s profitability. These include capital expenditures on projects designed to increase profitability by expanding capacity, and margin improvement capital expenditures, which are projects designed to increase profitability by reducing costs.
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Presentation of pro forma financial information
[Graphic Appears Here]
For convenience of the reader, and in order to present comprehensive comparative operating information for the full year and fourth quarter of 2012 and 2011, CLH prepared pro forma selected income statement information on a consolidated and combined basis for the full year and fourth quarter 2012 and 2011, respectively, intended in all cases and to the extent possible, to present the operating performance of CLH on a like-to-like basis.
Pro forma 2012: CLH consolidated income statement for 2012 was adjusted to reflect the additional results of the operating subsidiaries for the first half of the year. In addition, in connection with the 5% corporate charges and royalties agreement entered into by CLH with CEMEX and that was executed during the last quarter of 2012 with retroactive effects for full year 2012, the consolidated income statement of CLH for the fourth quarter and full year of 2012 was adjusted to reflect the 5% consolidated corporate charges and royalties.
Pro forma 2011: CLH presents combined pro forma selected income statement information of CLH’s subsidiaries as adjusted to reflect the 5% corporate charges and royalties (on a like-to-like basis) for both the full year and the fourth quarter 2011.
Volumes and prices
CLH changes in volumes and prices, presented for convenience of the reader, consider volumes and average prices on a pro forma basis for the full year 2012 and 2011.
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Contact information
Investor Relations
Stock Information
In Colombia
Colombian Stock Exchange:
Phone +571 603 9176
CLH
edgar.ramirez@cemex.com
Calendar of Events
April 25, 2013
First quarter 2013 financial results conference call
July 24, 2013
Second quarter 2013 financial results conference call
October 23, 2013
Third quarter 2013 financial results conference call
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