building a STRONGER foundation - Cemex

January 1, 2008, however, under MFRS, inflation accounting is applied only in high inflation environments. See note 2A to our
consolidated financial statements included elsewhere in this annual report.
The percentage changes in cement sales volumes described in this annual report for our operations in a particular country or
region include the number of tons of cement and/or the number of cubic meters of ready-mix concrete sold to our operations in other
countries and regions. Likewise, unless otherwise indicated, the net sales financial information presented in this annual report for our
operations in each country or region includes the Mexican Peso amount of sales derived from sales of cement and ready-mix concrete
to our operations in other countries and regions, which have been eliminated in the preparation of our consolidated financial
statements included elsewhere in this annual report.
The following table sets forth selected consolidated financial information as of and for each of the three years ended
December 31, 2008, 2009 and 2010 by principal geographic segment expressed as an approximate percentage of our total consolidated
group. Through the Rinker acquisition, we acquired new operations in the United States, which have had a significant impact on our
operations in that segment, and we acquired operations in Australia, which we sold in October 2009. The financial information as of
and for the years ended December 31, 2008 and 2009 in the table below does not include the consolidation of Rinker’s operations for
the entire years ended December 31, 2008 and 2009. See note 3B to our consolidated financial statements included elsewhere in this
annual report. We operate in countries and regions with economies in different stages of development and structural reform and with
different levels of fluctuation in exchange rates, inflation and interest rates. These economic factors may affect our results of
operations and financial condition depending upon the depreciation or appreciation of the exchange rate of each country and region in
which we operate compared to the Mexican Peso and the rate of inflation of each of these countries and regions. Beginning in 2008,
MFRS B-10 has eliminated the restatement amounts of financial statements for the period as well as the restatement of the
comparative financial statements for prior periods into constant values as of the date of the most recent balance sheet. Beginning in
2008, the amounts of the statement of operations, the statement of cash flows and the statement of changes in stockholders’ equity are
presented in nominal values. Amounts of financial statements for prior years are presented in constant pesos as of December 31, 2007,
the date in which inflationary accounting ceased to be generally applied. This restatement factor was calculated based upon the
inflation rates of the countries in which we operate and the changes in the exchange rates of each of these countries, weighted
according to the proportion in which our assets in each country represent our total assets.
%
Mexico
%
United
States
%
Spain
%
United
Kingdom
%
Germany
%
France
% Rest
of
Europe
79
% South
America,
Central
America
and the
Caribbean
%
Africa
and
the
Middle
East
%
Asia
%
Others Combined Eliminations Consolidated
Net Sales For
the Period
Ended(1):
December 31,
2008.............. 18% 22% 8% 8% 7% 6% 8% 10% 5% 2% 6% 235,929 (10,264) 225,665
December 31,
2009.............. 20% 19% 5% 8% 8% 7% 8% 10% 7% 3% 5% 206,339 (8,538) 197,801
December 31,
2010.............. 23% 17% 4% 8% 7% 7% 8% 11% 8% 3% 4% 184,141 (5,881) 178,260
Operating
Income For
the Period
Ended(2):
December 31,
2008.............. 55% (2)% 17% (6)% 2% 2% 8% 21% 10% 2% (9)% 26,088 — 26,088
December 31,
2009.............. 88% (46)% 10% (5)% 4% 5% 6% 35% 27% 7% (31)% 15,840 — 15,840
December 31,
2010.............. 114% (83)% 9% (7)% — 2% 4% 41% 40% 9% (29)% 10,843 — 10,843
Total Assets
at(2):
December 31,
2009.............. 11% 42% 11% 6% 2% 3% 5% 6% 3% 2% 9% 582,286 — 582,286
December 31,
2010.............. 12% 43% 10% 6% 2% 3% 4% 6% 3% 2% 9% 515,097 — 515,097
(1) Percentages by reporting segment are determined before eliminations resulting from consolidation.
(2) Percentages by reporting segment are determined after eliminations resulting from consolidation.