building a STRONGER foundation - Cemex

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Net sales by product and geographic segment – continued. 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) 2008 Cement Concrete Aggregates Others Eliminations Net sales North America Mexico ......................................................... Ps 28,666 13,017 1,355 7,597 (8,999) 41,636 United States................................................ 17,429 19,601 11,379 17,258 (13,650) 52,017 Europe Spain ........................................................... 11,900 5,267 1,224 3,526 (4,730) 17,187 United Kingdom........................................... 3,773 7,427 6,574 8,208 (6,757) 19,225 Germany ...................................................... 5,275 6,783 3,525 4,089 (4,698) 14,974 France .......................................................... – 11,632 3,588 815 (1,769) 14,266 Rest of Europe 1 ........................................... 8,947 8,709 2,702 1,579 (3,016) 18,921 Central and South America and the Caribbean Venezuela..................................................... 3,046 1,398 204 106 (468) 4,286 Colombia...................................................... 4,656 2,340 450 1,159 (1,941) 6,664 Rest of Central and South America and the Caribbean 2 ......................................... 10,518 3,234 249 810 (3,346) 11,465 Africa and Middle East Egypt............................................................ 4,728 485 39 80 (114) 5,218 Rest of Africa and Middle East 3 .................. Asia – 5,449 799 1,263 (661) 6,850 Philippines ................................................... 2,919 – – 9 (88) 2,840 Rest of Asia 4 ............................................... 791 1,533 166 229 (154) 2,565 Others 5 .................................................................. – – – 12,356 (4,805) 7,551 Total ....................................................................... Ps 102,648 86,875 32,254 59,084 (55,196) 225,665 Footnotes to the geographic segment tables presented above: 1 For the reported periods, the segment “Rest of Europe” refers primarily to operations in Ireland, the Czech Republic, Austria, Poland, Croatia, Hungary and Latvia. 2 For the reported periods, the segment “Rest of Central and South America and the Caribbean” includes CEMEX’s operations in Costa Rica, Panama, Puerto Rico, the Dominican Republic, Nicaragua, other countries in the Caribbean, Guatemala, and small ready-mix concrete operations in Jamaica and Argentina. As mentioned in note 11A, in August 2008, the Government of Venezuela nationalized CEMEX’s operations in that country; therefore, operations reported in 2008 refer to the seven-month period ended July 31, 2008. 3 The segment “Rest of Africa and Middle East” includes the operations in the United Arab Emirates and Israel. 4 For the reported periods, the segment “Rest of Asia” includes the operations in Thailand, Bangladesh, China and Malaysia. 5 This segment refers to: 1) cement trade maritime operations, 2) the subsidiary involved in the development of information technology solutions (Neoris, N.V.), 3) the Parent Company and other corporate entities, and 4) other minor subsidiaries with different lines of business. F-24
3B) DISCONTINUED OPERATIONS 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) On October 1, 2009, CEMEX completed the sale of its Australian operations to a subsidiary of Holcim Ltd. for approximately 2,020 million Australian dollars (approximately US$1,700). The assets divested consisted of 249 ready-mix concrete plants, 83 aggregate quarries and 16 concrete pipe plants. The sale also included CEMEX’s 25% interest in Cement Australia, whose assets include four cement plants, one grinding mill and several works under construction, with an aggregate cement production capacity of 5.1 million tons. As a result of this significant divestiture, the Australian operations included in the statements of operations for the years ended December 31, 2009 and 2008, were reclassified to the single line item of “Discontinued operations,” which includes, in 2009, a loss on sale, net of income tax, and the reclassification of foreign currency translation effects accrued in equity for an aggregate amount of approximately Ps5,901 (US$446). The 2009 loss on the sale of CEMEX’s Australian assets includes an expense of approximately Ps1,310 (US$99) resulting from the reclassification to the statement of operations of foreign currency translation effects accrued in equity until the moment of sale, as well as an income tax benefit of approximately Ps2,528 (US$191). Selected condensed balance sheet information of discontinued operations of CEMEX in Australia as of September 30, 2009 was as follows: Current assets ................................................................................................................................................................... Ps (unaudited) September 30, 2009 6,027 Investment in associates................................................................................................................................................... 2,870 Property, machinery and equipment, net.......................................................................................................................... 13,343 Goodwill .......................................................................................................................................................................... 8,657 Intangible assets, net ........................................................................................................................................................ 3,885 Other non-current assets................................................................................................................................................... 850 Total assets from discontinued operations ...................................................................................................................... 35,632 Short-term debt ................................................................................................................................................................ 1,634 Other current liabilities..................................................................................................................................................... 2,634 Long-term debt................................................................................................................................................................. 140 Other non-current liabilities ............................................................................................................................................. 2,324 Total liabilities from discontinued operations................................................................................................................. 6,732 Net assets from discontinued operations......................................................................................................................... Ps 28,900 The following table presents condensed income statement information of the discontinued operations of CEMEX Australia for the nine-month period ended September 30, 2009 and the twelve-month period ended December 31, 2008, respectively: (unaudited) September 30, 2009 December 31, 2008 Sales ..............................................................................................................................................Ps 13,015 17,536 Cost of sales and operating expenses............................................................................................. (11,817) (15,740) Operating income ............................................................................................................................................. 1,198 1,796 Other expenses, net........................................................................................................................ (87) (92) Comprehensive financial result ..................................................................................................... (179) (399) Equity in income of associates ...................................................................................................... 208 229 Income before income tax ................................................................................................................................ 1,140 1,534 Income tax..................................................................................................................................... 512 563 Net income ......................................................................................................................................................... Ps 1,652 2,097 Depreciation ..................................................................................................................................Ps 631 856 Amortization .................................................................................................................................Ps 256 309 Capital expenditures......................................................................................................................Ps 128 737 F-25
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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
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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 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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CEMEX, S.A.B. DE C.V. AND SUBSIDIAR
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building a STRONGER foundation - Cemex

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