building a STRONGER foundation - Cemex

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CEMEX, S.A.B. DE C.V. AND SUBSIDIARIES Consolidated Balance Sheets (Millions of Mexican pesos) F-4 December 31, Note 2010 2009 ASSETS CURRENT ASSETS Cash and investments ........................................................................................................... 4 Ps 8,354 14,104 Trade receivables less allowance for doubtful accounts ....................................................... 5 12,193 13,383 Other accounts receivable..................................................................................................... 6 16,124 9,340 Inventories, net ..................................................................................................................... 7 15,544 17,191 Other current assets .............................................................................................................. 8 2,352 2,752 Total current assets ....................................................................................................... 54,567 56,770 NON-CURRENT ASSETS Investments in associates...................................................................................................... 9A 8,261 10,895 Other investments and non-current accounts receivable....................................................... 9B 14,914 21,249 Property, machinery and equipment, net .............................................................................. 10 231,458 258,863 Goodwill, intangible assets and deferred charges, net .......................................................... 11 205,897 234,509 Total non-current assets................................................................................................ 460,530 525,516 TOTAL ASSETS ............................................................................................................................ Ps 515,097 582,286 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Short-term debt including current maturities of long-term debt ........................................... 12A Ps 5,637 7,393 Other financial obligations ................................................................................................... 12A 115 375 Trade payables...................................................................................................................... 18,686 18,194 Other accounts payable and accrued expenses ..................................................................... 13 30,681 23,251 Total current liabilities.................................................................................................. 55,119 49,213 NON-CURRENT LIABILITIES Long-term debt..................................................................................................................... 12A 197,181 203,751 Other financial obligations ................................................................................................... 12A 1,887 1,715 Employee benefits ................................................................................................................ 14 7,583 7,458 Deferred income taxes.......................................................................................................... 15B 17,147 32,642 Other non-current liabilities.................................................................................................. 13 22,480 29,937 Total non-current liabilities........................................................................................... 246,278 275,503 TOTAL LIABILITIES .................................................................................................................. 301,397 324,716 STOCKHOLDERS’ EQUITY Controlling interest: Common stock and additional paid-in capital................................................................... 16A 108,722 102,924 Other equity reserves ........................................................................................................ 16B 22,180 28,484 Retained earnings.............................................................................................................. 16C 79,790 81,056 Net (loss) income.............................................................................................................. (16,516) 1,409 Total controlling interest............................................................................................... 194,176 213,873 Non-controlling interest and perpetual debentures ........................................................... 16D 19,524 43,697 TOTAL STOCKHOLDERS’ EQUITY....................................................................................... 213,700 257,570 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY ................................................... Ps 515,097 582,286 The accompanying notes are part of these consolidated financial statements.
CEMEX, S.A.B. DE C.V. AND SUBSIDIARIES Consolidated Statements of Operations (Millions of Mexican pesos, except for earnings (loss) per share) F-5 Years ended December 31, Note 2010 2009 2008 Net sales ............................................................................................................................. 2P Ps 178,260 197,801 225,665 Cost of sales ....................................................................................................................... 2Q (128,307) (139,672) (153,965) Gross profit....................................................................................................................................... 49,953 58,129 71,700 Administrative and selling expenses .................................................................................. (25,871) (28,611) (32,262) Distribution expenses......................................................................................................... (13,239) (13,678) (13,350) Total operating expenses ................................................................................................ 2Q (39,110) (42,289) (45,612) Operating income ............................................................................................................................ 10,843 15,840 26,088 Other expenses, net ............................................................................................................ 2S (6,672) (5,529) (21,403) Operating income after other expenses, net ................................................................................. 4,171 10,311 4,685 Comprehensive financing result: Financial expense........................................................................................................... 12 (16,302) (13,513) (10,199) Financial income............................................................................................................ 439 385 513 Results from financial instruments................................................................................. 12 (956) (2,127) (15,172) Foreign exchange results................................................................................................ 926 (266) (3,886) Monetary position result ................................................................................................ 2R 266 415 418 Comprehensive financing result................................................................................. (15,627) (15,106) (28,326) Equity in income of associates ........................................................................................... (524) 154 869 Loss before income tax.................................................................................................................... (11,980) (4,641) (22,772) Income tax.......................................................................................................................... 15 (4,509) 10,566 22,998 Income (loss) before discontinued operations............................................................................... (16,489) 5,925 226 Discontinued operations..................................................................................................... 3B – (4,276) 2,097 Consolidated net income (loss)....................................................................................... (16,489) 1,649 2,323 Non-controlling interest net income ............................................................................... 27 240 45 CONTROLLING INTEREST NET INCOME (LOSS).............................................................. Ps (16,516) 1,409 2,278 BASIC EARNINGS (LOSS) PER SHARE OF CONTINUING OPERATIONS......................... 18 Ps (0.55) 0.21 0.01 Basic earnings (loss) per share of discontinued operations ............................................................ 18 Ps – (0.16) 0.08 DILUTED EARNINGS (LOSS) PER SHARE OF CONTINUING OPERATIONS ................... 18 Ps – 0.21 0.01 Diluted earnings (loss) per share of discontinued operations.......................................................... 18 Ps – (0.16) 0.08 The accompanying notes are part of these consolidated financial statements.
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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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Products and Distribution Channels
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On December 26, 2008, we sold our C
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Ready-Mix Concrete. Our ready-mix c
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Aggregates. In 2010, we reduced fix
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Our Operating Network in France Des
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In April 2006, we initiated an expa
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Our Operating Network in Colombia P
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Our Operations in Nicaragua Overvie
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Our Operations in the United Arab E
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Our Trading Operations In 2010, we
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On December 10, 2010, after receivi
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To prevent, control and remediate e
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As required by the directive, each
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For the 2010 fiscal year, CEMEX wil
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Separately, the government of Venez
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and CEMEX was required by August 11
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January 1, 2008, however, under MFR
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foreign subsidiaries. These instrum
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Valuation reserves on accounts rece
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Stage 1. Communication to the organ
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Year Ended December 31, 2010 Compar
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Geographic Segment 89 Variations in
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United Kingdom Our domestic cement
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ended December 31, 2010, Africa and
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Operating Income. For the reasons m
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Our comprehensive financing result
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The following tables present select
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Mexico Our domestic cement sales vo
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As a result of the decreases in dom
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For the year ended December 31, 200
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South America, Central America and
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On August 14, 2009, we entered into
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As of December 31, 2010, we had U.S
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Our Perpetual Debentures As of Dece
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The Financing Agreement, as amended
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In 1999, CEMEX entered into an agre
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Our Equity Derivative Forward Contr
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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
Page 157 and 158: Our board of directors shall prepar
Page 159 and 160: Under our by-laws, shareholders rep
Page 161 and 162: On June 2, 2008, CEMEX, through one
Page 163 and 164: Exchange Controls See “Item 3 —
Page 165 and 166: The gross amount of any dividends p
Page 167 and 168: We have agreed to pay some of the o
Page 169 and 170: Item 16G - Corporate Governance Sec
Page 171 and 172: Item 17 - Financial Statements Not
Page 173 and 174: 4.17 Debenture Purchase Agreement,
Page 175 and 176: 4.27.3 Amendment No. 1 to U.S.$525,
Page 177 and 178: 4.41.4 Accession Letter, dated Janu
Page 179 and 180: 4.57 Amended and Restated Dealer Ma
Page 181: SIGNATURES CEMEX, S.A.B. de C.V. he
Page 184 and 185: The Board of Directors and Stockhol
Page 188 and 189: CEMEX, S.A.B. DE C.V. AND SUBSIDIAR
Page 190 and 191: 1. DESCRIPTION OF BUSINESS CEMEX, S
Page 192 and 193: C) USE OF ESTIMATES CEMEX, S.A.B. D
Page 194 and 195: J) IMPAIRMENT OF LONG LIVED ASSETS
Page 196 and 197: Contingencies and commitments (note
Page 200 and 201: V) CONCENTRATION OF CREDIT CEMEX, S
Page 206 and 207: Net sales by product and geographic
Page 208 and 209: 4. CASH AND INVESTMENTS CEMEX, S.A.
Page 222 and 223: II. Equity forwards in third party
Page 224 and 225: 14. EMPLOYEE BENEFITS Defined contr
Page 232 and 233: 17. EXECUTIVE STOCK-BASED COMPENSAT
Page 234 and 235: 18. EARNINGS (LOSS) PER SHARE CEMEX
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D) CONTRACTUAL OBLIGATIONS CEMEX, S
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CEMEX, S.A.B. DE C.V. AND SUBSIDIAR
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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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