building a STRONGER foundation - Cemex

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CEMEX, S.A.B. DE C.V. AND SUBSIDIARIES Notes to the Consolidated Financial Statements – (Continued) As of December 31, 2010, 2009 and 2008 (Millions of Mexican pesos) All significant balances and transactions between related parties have been eliminated in the preparation of the selected balance sheet information by operating geographic segments. As of December 31, 2010 and 2009, the information was as follows: December 31, 2010 Investments in associates Other segment assets Total assets F-22 Total liabilities Net assets by segment Capital expenditures North America Mexico ............................................. Ps 803 62,079 62,882 11,222 51,660 1,089 United States .................................... 193 219,506 219,699 18,535 201,164 945 Europe Spain ................................................ 155 49,668 49,823 26,171 23,652 581 United Kingdom............................... 227 30,424 30,651 12,503 18,148 657 Germany........................................... 72 10,804 10,876 6,186 4,690 593 France............................................... 633 14,933 15,566 7,076 8,490 294 Rest of Europe 1 ............................... 105 22,080 22,185 4,970 17,215 688 Central and South America and the Caribbean Colombia.......................................... – 10,422 10,422 4,533 5,889 241 Rest of Central and South America and the Caribbean 2 ......... 22 20,003 20,025 3,951 16,074 794 Africa and Middle East Egypt ................................................ – 7,780 7,780 3,116 4,664 315 Rest of Africa and Middle East 3 ...... 1 6,837 6,838 2,366 4,472 102 Asia Philippines........................................ – 8,371 8,371 1,783 6,588 181 Rest of Asia 4 .................................... – 1,647 1,647 624 1,023 53 Corporate 5 ............................................. 4,374 13,190 17,564 196,609 (179,045) – Others 5 ............................................. 1,676 29,092 30,768 1,752 29,016 430 Total......................................................... Ps 8,261 506,836 515,097 301,397 213,700 6,963 December 31, 2009 Investments in associates Other segment assets Total assets Total liabilities Net assets by segment Capital expenditures North America Mexico ............................................. Ps 790 63,141 63,931 13,983 49,948 1,157 United States .................................... 2,329 241,691 244,020 24,430 219,590 817 Europe Spain ................................................ 212 64,555 64,767 36,214 28,553 1,015 United Kingdom............................... 257 34,531 34,788 17,324 17,464 781 Germany........................................... 90 12,265 12,355 7,337 5,018 426 France............................................... 738 17,350 18,088 8,369 9,719 202 Rest of Europe 1 ............................... 116 25,732 25,848 5,982 19,866 1,818 Central and South America and the Caribbean Colombia.......................................... – 10,305 10,305 4,530 5,775 66 Rest of Central and South America and the Caribbean 2 ......... 25 21,573 21,598 4,634 16,964 1,354 Africa and Middle East Egypt ................................................ – 8,992 8,992 3,988 5,004 324 Rest of Africa and Middle East 3 ...... – 7,656 7,656 2,401 5,255 69 Asia Philippines........................................ – 8,651 8,651 1,846 6,805 85 Rest of Asia 4 .................................... – 2,516 2,516 592 1,924 28 Corporate 5 ............................................. 4,492 19,535 24,027 189,478 (165,451) – Others 5 ............................................. 1,846 32,898 34,744 3,608 31,136 512 Total......................................................... Ps 10,895 571,391 582,286 324,716 257,570 8,654 Total consolidated liabilities in 2010 and 2009 include debt of Ps202,818 and Ps211,144, respectively. Of such balances, 26% and 27% was is in the Parent Company, 42% and 40% in Spain, 13% and 14% in Dutch finance subsidiaries, 17% and 15% in a finance subsidiary in the United States, and 2% and 4% in other countries, in 2010 and 2009, respectively.
CEMEX, S.A.B. DE C.V. AND SUBSIDIARIES Notes to the Consolidated Financial Statements – (Continued) As of December 31, 2010, 2009 and 2008 (Millions of Mexican pesos) Net sales by product and geographic segment for the years ended December 31, 2010, 2009 and 2008 were as follows: 2010 Cement Concrete Aggregates Others Eliminations Net sales North America Mexico ......................................................... Ps 27,911 11,233 1,622 10,723 (9,326) 42,163 United States................................................ 12,232 10,708 7,091 9,274 (7,800) 31,505 Europe Spain ........................................................... 6,107 2,057 757 1,089 (2,107) 7,903 United Kingdom........................................... 3,055 5,107 4,870 6,092 (4,804) 14,320 Germany ...................................................... 4,313 5,770 3,494 3,126 (4,043) 12,660 France .......................................................... – 10,051 3,371 368 (1,611) 12,179 Rest of Europe 1 ........................................... 6,799 5,596 1,927 1,089 (2,361) 13,050 Central and South America and the Caribbean Colombia...................................................... 5,612 2,021 283 626 (1,586) 6,956 Rest of Central and South America and the Caribbean 2 ......................................... 10,139 2,732 337 469 (2,885) 10,792 Africa and Middle East Egypt............................................................ 7,050 702 41 413 228 8,434 Rest of Africa and Middle East 3 .................. Asia 387 3,988 1,017 686 (830) 5,248 Philippines ................................................... 3,976 – – 38 – 4,014 Rest of Asia 4 ............................................... 779 1,497 190 146 (100) 2,512 Others 5 .................................................................. – – – 8,215 (1,691) 6,524 Total ....................................................................... Ps 88,360 61,462 25,000 42,354 (38,916) 178,260 2009 Cement Concrete Aggregates Others Eliminations Net sales North America Mexico ......................................................... Ps 27,992 11,344 1,471 8,929 (8,127) 41,609 United States................................................ 13,746 13,788 8,402 11,434 (8,956) 38,414 Europe Spain ........................................................... 8,447 3,205 985 1,647 (3,103) 11,181 United Kingdom........................................... 3,421 5,886 5,674 6,691 (5,546) 16,126 Germany ...................................................... 5,225 7,428 4,176 3,731 (5,136) 15,424 France .......................................................... – 11,397 3,835 394 (1,760) 13,866 Rest of Europe 1 ........................................... 7,246 6,961 2,627 1,445 (2,492) 15,787 Central and South America and the Caribbean Colombia...................................................... 5,314 2,032 303 551 (1,436) 6,764 Rest of Central and South America and the Caribbean 2 ......................................... 11,460 3,198 317 509 (3,403) 12,081 Africa and Middle East Egypt............................................................ 7,129 706 46 84 407 8,372 Rest of Africa and Middle East 3 .................. Asia 940 4,970 920 707 (1,112) 6,425 Philippines ................................................... 3,850 – – 17 (68) 3,799 Rest of Asia 4 ............................................... 738 1,533 169 226 (100) 2,566 Others 5 .................................................................. – – – 9,712 (4,325) 5,387 Total ....................................................................... Ps 95,508 72,448 28,925 46,077 (45,157) 197,801 F-23
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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
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In addition, we have entered into f
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Private Cash Tender Offer to Holder
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Name, Position (Age) Experience Jai
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Name, Position (Age) Experience Ram
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Tomás Milmo Santos (46) Has been a
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Set forth below are the names of th
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Consolidated ESOP Information Stock
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Item 7 - Major Shareholders and Rel
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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 186 and 187: 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
Page 236 and 237: D) CONTRACTUAL OBLIGATIONS CEMEX, S
Page 246 and 247: Reconciliation of stockholders’ e
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CEMEX, S.A.B. DE C.V. AND SUBSIDIAR
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(k) Other U.S. GAAP Adjustments Def
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