2001-12-31_REPORT - M2002004 - Laserfiche WebLink

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economic activity. Nevertheless, during the year, the Mexico Division 4:4=21fik?il1GL71ld7t?'liid recorded 1.9% sales growth compared to 2000, reaching a record figure in vws SEN13..ar'tiliCIM of $2,026.3 million pesos. Pest vwpt Ab g on ¦ The economic slowdown experienced in the U.S. was not an obstacle for irn?ed 12TA the United States Division to achieve growth in its cement sales volumes in the Mountain region. Furthermore, with the consolidation of GCC Dacotah q=WWkV C ft w operations, this division again registered a record sales figure of US$157.4 dArs! a cp'a'afir9 million in sales. iroQxpla.i depnaQadv? ¦ Operating income obtained in 2001 was $898.3 million pesos, represent a^sl aw6zEdio-) via ing an increase of 12.1%. Operating cash flow, defined as operating income plus depreciation and amortization, was $1,169.6 million pesos, *41M0WVW1iCnFK sLTy 17.4% higher than the one obtained during 2000. &Ja$1ecr8 ¦ In 2001, the company's net comprehensive financing cost was $55.2'IBdCL,1NM AITAOM million pesos, stemming from a higher net financing cost, as a result of the debt incurred for the acquisition of Dacotah Cement, as well as a lower result from monetary position. Even with the company's higher debt, resulting from the debt used to finance the Dacotah Cement acquisition, leverage (debt divided by operating cashflow) was 2.0 times, the net leverage level (debt minus cash, divided by operating cashflow) was 1.3 times and the company's interest coverage (operat- ing cashflow divided by interest paid) was 6.9 times. Thus, net cost- bearing debt at December 2001 was $1,515.0 million pesos. With these leverage levels, our financial risk profile is still moderate, which will allow us to continue the Group's orderly growth. ¦ During 2001, deposits and provisions for the antidumping duty applied to Mexican cement exports to the United Mexico (oncTete Safes States, accounted for $144.2 million pesos, a figure 9.6% lower than 2000, as a result of our efforts made to have a -? thousands of cubic meters better cement distribution in the United States. a > p to ¦ GCC achieved a record figure of $532.5 million pesos in consolidated net income, representing a 15.4% sales N a margin. ¦ We invested approximately the equivalent of US$55.5 million on expansion and cost reduction projects. Among these investments, the following are particularly significant: 97 98 w 00 a