building a STRONGER foundation - Cemex

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Securities registered or to be registered pursuant to Section 12(b) of the Act. Title of each class Name of each exchange on which registered Ordinary Participation Certificates (Certificados de Participación Ordinarios), or CPOs, each CPO representing two Series A shares and one Series B share, traded in the form of American Depositary Shares, or ADSs, each ADS representing ten CPOs. Securities registered or to be registered pursuant to Section 12(g) of the Act. None (Title of Class) Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act. None (Title of Class) New York Stock Exchange Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report. 9,798,571,935 CPOs 20,043,602,184 Series A shares (including Series A shares underlying CPOs) 10,021,801,092 Series B shares (including Series B shares underlying CPOs) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes No Note—Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those sections. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). N/A Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer Accelerated filer Non-accelerated filer Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP International Financial Reporting Standards as issued by the International Accounting Standards Board Other If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
TABLE OF CONTENTS PART I Item 1 - Identity of Directors, Senior Management and Advisors ........................................................................................... 2 Item 2 - Offer Statistics and Expected Timetable .................................................................................................................... 2 Item 3 - Key Information ......................................................................................................................................................... 2 Summary of Our Recent Financial History ................................................................................................................ 2 Risk Factors................................................................................................................................................................ 4 Mexican Peso Exchange Rates................................................................................................................................... 19 Selected Consolidated Financial Information............................................................................................................. 20 Item 4 - Information on the Company...................................................................................................................................... 25 Business Overview..................................................................................................................................................... 25 Geographic Breakdown of Our 2010 Net Sales ......................................................................................................... 28 Our Business Strategy ................................................................................................................................................ 28 Our Products............................................................................................................................................................... 33 User Base ................................................................................................................................................................... 38 Our Corporate Structure ............................................................................................................................................. 39 North America............................................................................................................................................................ 40 Europe ........................................................................................................................................................................ 48 South America, Central America and the Caribbean.................................................................................................. 58 Africa and the Middle East......................................................................................................................................... 62 Asia ............................................................................................................................................................................ 63 Regulatory Matters and Legal Proceedings................................................................................................................ 65 Item 4A - Unresolved Staff Comments ...................................................................................................................................... 78 Item 5 - Operating and Financial Review and Prospects ......................................................................................................... 78 Cautionary Statement Regarding Forward-Looking Statements ................................................................................ 78 Overview .................................................................................................................................................................... 78 Critical Accounting Policies....................................................................................................................................... 80 Status of our IFRS Migration Process........................................................................................................................ 84 Results of Operations ................................................................................................................................................. 85 Liquidity and Capital Resources ................................................................................................................................ 109 Research and Development, Patents and Licenses, etc. ............................................................................................. 118 Summary of Material Contractual Obligations and Commercial Commitments........................................................ 118 Off-Balance Sheet Arrangements............................................................................................................................... 121 CEMEX Venezuela .................................................................................................................................................... 122 i Page
Page 1: CEMEX 2010 20F REPORT building a ST
Page 6 and 7: Qualitative and Quantitative Market
Page 9 and 10: INTRODUCTION CEMEX, S.A.B. de C.V.
Page 11 and 12: As a result of the foregoing transa
Page 13 and 14: In the U.S., the recession was long
Page 15 and 16: The Financing Agreement contains ev
Page 17 and 18: The Financing Agreement restricts u
Page 19 and 20: During 2009, we reduced the aggrega
Page 21 and 22: The instruments governing our debt
Page 23 and 24: On the legislative front, during th
Page 25 and 26: Our operations in South America, Ce
Page 27 and 28: the depositary to vote the CPOs und
Page 29 and 30: Beginning in 2008, MFRS B-10 has el
Page 31 and 32: (1) Cost of sales includes deprecia
Page 33 and 34: Item 4 - Information on the Company
Page 35 and 36: As a condition to closing the RMC a
Page 37 and 38: Provide our customers with the best
Page 39 and 40: In connection with the implementati
Page 41 and 42: In 2010, as a result of our efforts
Page 43 and 44: In addition, we are one of the worl
Page 45 and 46: (2) Our cement raw materials operat
Page 47 and 48: Our Corporate Structure We are a ho
Page 49 and 50: Cement in Mexico is sold principall
Page 51 and 52: Aggregates. Our aggregates operatio
Page 53 and 54: Beginning on June 30, 2008, Ready M
Page 55 and 56:
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
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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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