building a STRONGER foundation - Cemex

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Qualitative and Quantitative Market Disclosure ........................................................................................................ 122 Investments, Acquisitions and Divestitures................................................................................................................ 127 Recent Developments................................................................................................................................................. 128 Item 6 - Directors, Senior Management and Employees.......................................................................................................... 130 Senior Management and Directors ............................................................................................................................. 130 Board Practices........................................................................................................................................................... 135 Compensation of Our Directors and Members of Our Senior Management .............................................................. 137 Employees .................................................................................................................................................................. 140 Share Ownership ........................................................................................................................................................ 140 Item 7 - Major Shareholders and Related Party Transactions.................................................................................................. 141 Major Shareholders .................................................................................................................................................... 141 Related Party Transactions......................................................................................................................................... 142 Item 8 - Financial Information................................................................................................................................................. 142 Consolidated Financial Statements and Other Financial Information ........................................................................ 142 Legal Proceedings ...................................................................................................................................................... 142 Dividends ................................................................................................................................................................... 142 Significant Changes.................................................................................................................................................... 143 Item 9 - Offer and Listing ........................................................................................................................................................ 144 Market Price Information ........................................................................................................................................... 144 Item 10 - Additional Information............................................................................................................................................... 145 Articles of Association and By-laws .......................................................................................................................... 145 Material Contracts ...................................................................................................................................................... 152 Exchange Controls ..................................................................................................................................................... 155 Taxation...................................................................................................................................................................... 155 Documents on Display ............................................................................................................................................... 157 Item 11 - Qualitative and Quantitative Disclosures About Market Risk.................................................................................... 158 Item 12 - Description of Securities Other than Equity Securities .............................................................................................. 158 Item 12A - Debt Securities ........................................................................................................................................................... 158 Item 12B - Warrants and Rights ................................................................................................................................................... 158 Item 12C - Other Securities.......................................................................................................................................................... 158 Item 12D - American Depositary Shares ...................................................................................................................................... 158 Depositary Fees and Charges ..................................................................................................................................... 158 Depositary Payments for the Year Ended December 31, 2010 .................................................................................. 159 ii
PART II Item 13 - Defaults, Dividend Arrearages and Delinquencies..................................................................................................... 159 Item 14 - Material Modifications to the Rights of Security Holders and Use of Proceeds ........................................................ 159 Item 15 - Controls and Procedures............................................................................................................................................. 159 Disclosure Controls and Procedures ........................................................................................................................... 159 Management’s Annual Report on Internal Control Over Financial Reporting ........................................................... 159 Changes in Internal Control Over Financial Reporting .............................................................................................. 159 Item 16 - [RESERVED]............................................................................................................................................................. 159 Item 16A - Audit Committee Financial Expert ............................................................................................................................. 159 Item 16B - Code of Ethics ............................................................................................................................................................ 159 Item 16C - Principal Accountant Fees and Services..................................................................................................................... 160 Audit Committee Pre-Approval Policies and Procedures........................................................................................... 160 Item 16D - Exemptions from the Listing Standards for Audit Committees.................................................................................. 160 Item 16E - Purchases of Equity Securities by the Issuer and Affiliated Purchasers ..................................................................... 160 Item 16F - Change in Registrant’s Certifying Accountant ........................................................................................................... 160 Item 16G - Corporate Governance................................................................................................................................................ 161 PART III Item 17 - Financial Statements................................................................................................................................................... 163 Item 18 - Financial Statements................................................................................................................................................... 163 Item 19 - Exhibits....................................................................................................................................................................... 163 INDEX TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS ............................................................. F-1 iii
Page 1: CEMEX 2010 20F REPORT building a ST
Page 4 and 5: Securities registered or to be regi
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
Page 57 and 58:
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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building a STRONGER foundation - Cemex

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