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Grupa Cementos de GhihuahLia <br />In other expenses and incomes, deposits of $10.7 <br />million pesos (US$1.2 million) were made with regard <br />to the antidumping tax on Mexican cement imports to <br />the United States, a decrease of 20% compared to the <br />same quarter of the previous year. The amount <br />reported for provisions was $19.5 million pesos <br />(US$2.2 million). <br />Net consolidated income obtained during the first <br />quarter of 2002 was $79.8 million pesos, 25.4% lower <br />than in the same quarter of 2001. <br />Grupo Cementos de Chihuahua's total assets were <br />$7,612.5 million pesos, as of March 31, 2002. This <br />figure is 4.4% greater than assets reported as of March <br />31, 2001 as a result of the investments made on fixed <br />assets, as well as of a higher level of cash. <br />'Total liabilities of GCC as of March 31, 2002 were <br />$3,889.7 million pesos, a decrease of 4.1% compared <br />to the figure reported on March 31, 2001. This was due <br />to a. lower level of debt. In the same manner, the <br />company's net debt was $1,603.1 million pesos. <br />Short-term cost-bearing debt as of March 31, 2002 <br />is $157.5 million pesos, of which $117.1 million pesos <br />(U.S$13.0 million) is denominated in U.S. dollars. The <br />company's long-term bank debt is $2,185.4 million <br />pesos, of which $831.3 million pesos (US$92.2 million) <br />is denominated in U.S. dollars. <br />'The company's total debt in millions of constant <br />pesos of March 31, 2002 and in U.S. millions is: <br /> Mar 02 Dec 01 Mar 01 <br />_ <br />Pesos MX$ 1,394.4 MX$ 1,423.9 MX$ 245.7 <br />Dollars US$ 105.2 US$ 105.4 US$ 241.4 <br />_ Mar 02 Dec 01 Mar 02 Mar 01 <br />Pesos -2.1% 467.4% <br />Dollars -0.2% -56.4% <br />* GCC <br />Peso denominated debt includes domestic bonds <br />(certificados bursatiles) issued in December 2001 for <br />$1,200 million pesos. Along with the issue, GCC made <br />a cross currency swap in order to obtain a lower cost. <br />Average cost of the company's debt denominated <br />in U.S. dollars was 3.3% during the first quarter, while <br />debt denominated in Mexican currency had a cost of <br />9.5% during the same period. <br />Sales Volumes <br /> 1Q01 / 1Q00 <br />Cement in Mexico <br />Cement in U.S. -26.7% <br />30.0% <br />Total cement sales 1.80/0 <br /> <br />Concrete in Mexico <br />Concrete in U.S. -30.8% <br />-25.6% <br />Total concrete sales -29.7% <br /> <br />Concrete block in <br />Mexico 30.5% <br /> <br />Aggregates in Mexico -18.80/0 <br />Of GCC's total cement sales volume, 35.6% was <br />sold in the Mexican market and 64.4% in the United <br />States market. <br />