MOSCOW (MRC) -- Mexichem today announced its unaudited results for the fourth quarter and full year ended December 31, 2014, said the company in its press release.
Fourth Quarter 2014 financial and operating highlights: revenues increased 7% to USD1.4 bn, reflecting organic and acquisition growth. EBITDA was USD157 mln, a decline of 14%; EBITDA without Venezuela and PMV was USD167 mln, an increase of 3%.
Net loss was USD27 mln. Booked charge of USD15m in 4Q14 related to regulator-mandated change in effective exchange rate for Venezuelan operations; charge corresponds to results for 2014.
Full year 2014 financial and operating highlights: revenues increased 8% to USD5.6 bn; EBITDA was USD818 mln, down 9%; excluding Venezuela and PMV, EBITDA was USD784 mln, down 2%. Net income increased to USD125 mln.
Net Debt to EBITDA proforma ratio was 2.0x at year-end. Operating cash flow was USD699 mln, mln by working capital management. Completed specialty acquisitions with combined revenues of over USD214 mln during the consolidated period.
As MRC wrote before, Mexichem completed the acquisition of Vestolit GmbH on 1 December 2014. Mexichem completed the acquisition after receiving all relevant regulatory approvals. Vestolit was acquired from funds managed by Strategic Value Partners LLC for a total purchase price of EUR219 million in cash and assumed liabilities.
Mexichem, of Tlalnepantla, an industrial municipality close to Mexico City, is Latin AmericaпїЅs largest manufacturer of PVC pipe, vinyl resins and compounds. The company has annual revenues of more than USD5 billion and has been listed on the Mexican Stock Exchange for more than 30 years.
MRC