building a STRONGER foundation - Cemex

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Year Ended December 31, 2009 Compared to Year Ended December 31, 2008 Summarized in the table below are the percentage (%) increases (+) and decreases (-) for the year ended December 31, 2009 compared to the year ended December 31, 2008 in our domestic cement and ready-mix concrete sales volumes as well as export sales volumes of cement and domestic cement and ready-mix concrete average prices for each of our geographic segments. Geographic Segment Cement 98 Domestic Sales Volumes Export Sales Volumes Ready-Mix Concrete Cement Cement Average Domestic Prices in Local Currency(1) Ready-Mix Concrete North America Mexico............................................................................................ -4% -14% -61% +2% +1% United States(2) .............................................................................. -32% -38% N/A -6% -8% Europe Spain(3) .......................................................................................... -40% -44% +77% -10% -8% United Kingdom ............................................................................. -19% -25% N/A +8% +2% Germany ......................................................................................... -18% -9% N/A +10% +4% France ............................................................................................. N/A -18% N/A N/A +3% Rest of Europe(4)............................................................................ -14% -22% N/A -11% -12% South/Central America and the Caribbean Colombia ........................................................................................ -6% -17% N/A +10% -6% Rest of South/Central America and the Caribbean(5)..................... -40% -43% N/A +8% +6% Africa and the Middle East Egypt............................................................................................... +13% +9% N/A +13% +12% Rest of Africa and the Middle East(6) ............................................ +204% -17% N/A -24% -3% Asia Philippines ...................................................................................... +9% N/A -12% +7% N/A Rest of Asia(7)................................................................................ -21% -18% N/A -3% Flat N/A = Not Applicable (1) Represents the average change in domestic cement and ready-mix concrete prices in local currency terms. For purposes of a geographic segment consisting of a region, the average prices in local currency terms for each individual country within the region are first translated into Dollar terms (except for the Rest of Europe region, which is translated first into Euros) at the exchange rates in effect as of the end of the reporting period. Variations for a region represent the weighted average change of prices in Dollar terms (except for the Rest of Europe region, which represent the weighted average change of prices in Euros) based on total sales volumes in the region. (2) On June 15, 2009, we sold three quarries (located in Nebraska, Wyoming and Utah) and our 49% joint venture interest in the operations of a quarry located in Granite Canyon, Wyoming. (3) On December 26, 2008, we sold our Canary Islands operations (consisting of cement and ready-mix concrete assets in Tenerife and 50% of the shares in two joint-ventures, Cementos Especiales de las Islas, S.A. (CEISA) and Inprocoi, S.L.). (4) Our Rest of Europe segment includes our operations in Croatia, Poland, Latvia, the Czech Republic, Ireland, Austria, Hungary, Finland, Norway and Sweden, as well as our other European assets. (5) Our Rest of South/Central America and the Caribbean segment includes our operations in Costa Rica, Panama, the Dominican Republic, Nicaragua, Puerto Rico, Jamaica and Argentina and our trading activities in the Caribbean. (6) Our Rest of Africa and the Middle East segment includes the operations in the UAE and Israel. (7) Our Rest of Asia segment includes our operations in Malaysia, Thailand, Bangladesh, China and other assets in the Asian region. On a consolidated basis, our cement sales volumes decreased approximately 17%, from 78.5 million tons in 2008 to 65.1 million tons in 2009, and our ready-mix concrete sales volumes decreased approximately 24%, from 71.0 million cubic meters in 2008 to 53.9 million cubic meters in 2009. Our revenues decreased approximately 12%, from Ps225.7 billion in 2008 to Ps197.8 billion in 2009, and our operating income decreased approximately 39%, from Ps26.1 billion in 2008 to Ps15.8 billion in 2009.
The following tables present selected condensed financial information of net sales and operating income for each of our geographic segments for the years ended December 31, 2008 and 2009. Variations in net sales determined on the basis of Mexican Pesos include the appreciation or depreciation which occurred during the period between the local currencies of the countries in the regions vis-à-vis the Mexican Peso; therefore, such variations differ substantially from those based solely on the countries’ local currencies: Geographic Segment Variations in Local Currency(1) 99 Approximate Currency Fluctuations, Net of Inflation Effects Net Sales Variations in Mexican For the Year Ended December 31, Pesos 2008 2009 (in millions of Pesos) North America Mexico....................................................................... -1% — -1% Ps42,857 Ps42,339 United States(2)......................................................... Europe -40% +14% -26% 52,040 38,472 Spain(3) ..................................................................... -44% +9% -35% 17,493 11,308 United Kingdom ........................................................ -19% +3% -16% 19,225 16,126 Germany .................................................................... -11% +15% +4% 15,883 16,492 France ........................................................................ -16% +13% -3% 14,266 13,866 Rest of Europe(4) ...................................................... South/Central America and the Caribbean -29% +13% -16% 19,343 16,174 Venezuela .................................................................. — — — 4,443 — Colombia ................................................................... Rest of South/Central America and the -9% +10% +1% 6,667 6,766 Caribbean(5) ......................................................... Africa and Middle East -39% +45% +6% 13,035 13,857 Egypt ......................................................................... +27% +33% +60% 5,218 8,372 Rest of Africa and the Middle East(6)....................... Asia -23% +17% -6% 6,850 6,425 Philippines................................................................. +15% +17% +32% 2,928 3,867 Rest of Asia(7)........................................................... -18% +29% +11% 2,313 2,566 Others(8) -45% +12% -27% 13,368 9,709 Net sales before eliminations..................................... Eliminations from consolidation................................ Consolidated net sales ............................................. -13% 235,929 206,339 (10,264) (8,538) -12% Ps 225,665 Ps 197,801
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CEMEX 2010 20F REPORT building a ST
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Securities registered or to be regi
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Qualitative and Quantitative Market
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INTRODUCTION CEMEX, S.A.B. de C.V.
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As a result of the foregoing transa
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In the U.S., the recession was long
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The Financing Agreement contains ev
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The Financing Agreement restricts u
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During 2009, we reduced the aggrega
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The instruments governing our debt
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On the legislative front, during th
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Our operations in South America, Ce
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the depositary to vote the CPOs und
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Beginning in 2008, MFRS B-10 has el
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(1) Cost of sales includes deprecia
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Item 4 - Information on the Company
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As a condition to closing the RMC a
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Provide our customers with the best
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In connection with the implementati
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In 2010, as a result of our efforts
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In addition, we are one of the worl
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(2) Our cement raw materials operat
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Our Corporate Structure We are a ho
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Cement in Mexico is sold principall
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Aggregates. Our aggregates operatio
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Beginning on June 30, 2008, Ready M
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Page 57 and 58: On December 26, 2008, we sold our C
Page 59 and 60: Ready-Mix Concrete. Our ready-mix c
Page 61 and 62: Aggregates. In 2010, we reduced fix
Page 63 and 64: Our Operating Network in France Des
Page 65 and 66: In April 2006, we initiated an expa
Page 67 and 68: Our Operating Network in Colombia P
Page 69 and 70: Our Operations in Nicaragua Overvie
Page 71 and 72: Our Operations in the United Arab E
Page 73 and 74: Our Trading Operations In 2010, we
Page 75 and 76: On December 10, 2010, after receivi
Page 77 and 78: To prevent, control and remediate e
Page 79 and 80: As required by the directive, each
Page 81 and 82: For the 2010 fiscal year, CEMEX wil
Page 83 and 84: Separately, the government of Venez
Page 85 and 86: and CEMEX was required by August 11
Page 87 and 88: January 1, 2008, however, under MFR
Page 89 and 90: foreign subsidiaries. These instrum
Page 91 and 92: Valuation reserves on accounts rece
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Page 95 and 96: Year Ended December 31, 2010 Compar
Page 97 and 98: Geographic Segment 89 Variations in
Page 99 and 100: United Kingdom Our domestic cement
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Page 103 and 104: Operating Income. For the reasons m
Page 105: Our comprehensive financing result
Page 109 and 110: Mexico Our domestic cement sales vo
Page 111 and 112: As a result of the decreases in dom
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Page 115 and 116: South America, Central America and
Page 121 and 122: On August 14, 2009, we entered into
Page 123 and 124: As of December 31, 2010, we had U.S
Page 125 and 126: Our Perpetual Debentures As of Dece
Page 127 and 128: The Financing Agreement, as amended
Page 129 and 130: In 1999, CEMEX entered into an agre
Page 131 and 132: Our Equity Derivative Forward Contr
Page 133 and 134: As of December 31, 2009 and 2010, C
Page 135 and 136: In addition, we have entered into f
Page 137 and 138: Private Cash Tender Offer to Holder
Page 139 and 140: Name, Position (Age) Experience Jai
Page 141 and 142: Name, Position (Age) Experience Ram
Page 143 and 144: Tomás Milmo Santos (46) Has been a
Page 145 and 146: Set forth below are the names of th
Page 147 and 148: Consolidated ESOP Information Stock
Page 149 and 150: Item 7 - Major Shareholders and Rel
Page 151 and 152: The following table sets forth the
Page 153 and 154: Item 10 - Additional Information Ar
Page 155 and 156: exempt from registration pursuant t
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Our board of directors shall prepar
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Under our by-laws, shareholders rep
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On June 2, 2008, CEMEX, through one
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Exchange Controls See “Item 3 —
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The gross amount of any dividends p
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We have agreed to pay some of the o
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Item 16G - Corporate Governance Sec
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Item 17 - Financial Statements Not
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4.17 Debenture Purchase Agreement,
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4.27.3 Amendment No. 1 to U.S.$525,
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4.41.4 Accession Letter, dated Janu
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4.57 Amended and Restated Dealer Ma
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SIGNATURES CEMEX, S.A.B. de C.V. he
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The Board of Directors and Stockhol
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CEMEX, S.A.B. DE C.V. AND SUBSIDIAR
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1. DESCRIPTION OF BUSINESS CEMEX, S
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C) USE OF ESTIMATES CEMEX, S.A.B. D
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J) IMPAIRMENT OF LONG LIVED ASSETS
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Contingencies and commitments (note
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V) CONCENTRATION OF CREDIT CEMEX, S
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Net sales by product and geographic
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4. CASH AND INVESTMENTS CEMEX, S.A.
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II. Equity forwards in third party
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14. EMPLOYEE BENEFITS Defined contr
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17. EXECUTIVE STOCK-BASED COMPENSAT
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18. EARNINGS (LOSS) PER SHARE CEMEX
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D) CONTRACTUAL OBLIGATIONS CEMEX, S
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Reconciliation of stockholders’ e
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(k) Other U.S. GAAP Adjustments Def
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building a STRONGER foundation - Cemex

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