building a STRONGER foundation - Cemex

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The following tables present selected condensed financial information of net sales and operating income for each of our geographic segments for the years ended December 31, 2010 and 2009. Variations in net sales determined on the basis of Mexican Pesos include the appreciation or depreciation which occurred during the period between the local currencies of the countries in the regions vis-à-vis the Mexican Peso; therefore, such variations differ substantially from those based solely on the countries’ local currencies: Geographic Segment Variation in Local Currency(1) 88 Approximate Currency Fluctuations, Net of Inflation Effects Variations in Mexican Net Sales For the Year Ended December 31, Pesos 2009 2010 (in millions of Pesos) North America Mexico......................................................................... +1% — +1% Ps 42,339 Ps 42,907 United States(2)(3)....................................................... Europe -12% -6% -18% 38,472 31,575 Spain ............................................................................ -20% -9% -29% 11,308 8,013 United Kingdom .......................................................... -3% -8% -11% 16,126 14,320 Germany ...................................................................... -6% -12% -18% 16,492 13,524 France .......................................................................... — -12% -12% 13,866 12,179 Rest of Europe(4)......................................................... South/Central America and the Caribbean -6% -9% -15% 16,174 13,682 Colombia ..................................................................... -3% +6% +3% 6,766 6,964 Rest of South/Central America and the Caribbean(5).... Africa and Middle East -6% -5% -11% 13,857 12,380 Egypt............................................................................ +9% -6% +3% 8,372 8,608 Rest of Africa and the Middle East(6) ......................... Asia -12% -6% -18% 6,425 5,248 Philippines ................................................................... +5% -1% +4% 3,867 4,014 Rest of Asia(7)............................................................. +5% -7% -2% 2,566 2,512 Others(8)...................................................................... -9% -6% -15% 9,709 8,215 Net sales before eliminations....................................... Eliminations from consolidation.................................. -11% 206,339 (8,538) 184,141 (5,881) Consolidated net sales................................................ -10% Ps197,801 Ps178,260
Geographic Segment 89 Variations in Local Currency(1) Approximate Currency Fluctuations, Net of Inflation Effects Variations in Mexican Operating Income For the Year Ended December 31, Pesos 2009 2010 (in millions of Pesos) North America Mexico .............................................................................................. -11% — -11% Ps13,965 Ps12,380 United States(2)(3)............................................................................ -40% +17% -23% (7,290) (8,990) Europe Spain ................................................................................................. -33% -8% -41% 1,667 984 United Kingdom................................................................................ +31% -22% +9% (859) (780) Germany............................................................................................ -67% -29% -96% 658 26 France................................................................................................ -66% -6% -72% 786 221 Rest of Europe(4).............................................................................. -46% -13% -59% 976 399 South/Central America and the Caribbean Colombia........................................................................................... -23% +6% -17% 2,672 2,226 Rest of South/Central America and the Caribbean(5)....................... -16% -4% -20% 2,784 2,222 Africa and Middle East Egypt................................................................................................. +34% -14% +20% 3,465 4,146 Rest of Africa and the Middle East(6) .............................................. -70% -3% -73% 830 228 Asia Philippines ........................................................................................ -6% -3% -9% 996 909 Rest of Asia(7) .................................................................................. -33% +5% -28% 102 73 Others(8) ........................................................................................... +31% +4% +35% (4,912) (3,201) Operating income.............................................................................. -32% Ps15,840 Ps10,843 N/A = Not Applicable (1) For purposes of a geographic segment consisting of a region, the net sales and operating income data in local currency terms for each individual country within the region are first translated into Dollar terms at the exchange rates in effect as of the end of the reporting period. Variations for a region represent the weighted average change in Dollar terms based on net sales and operating income for the region. (2) On June 15, 2009, we sold three quarries (located in Nebraska, Wyoming and Utah) and our 49% joint venture interest in the operations of a quarry located in Granite Canyon, Wyoming. (3) On August 27, 2010, we sold seven aggregates quarries, three resale aggregate distribution centers and one concrete block manufacturing facility all located in Kentucky. (4) Our Rest of Europe segment includes our operations in Croatia, Poland, Latvia, the Czech Republic, Ireland, Austria, Hungary, Finland, Norway and Sweden, as well as our other European assets. (5) Our Rest of South/Central America and the Caribbean segment includes our operations in Costa Rica, Panama, the Dominican Republic, Nicaragua, Puerto Rico, Jamaica and Argentina and our trading activities in the Caribbean. (6) Our Rest of Africa and the Middle East segment includes our operations in the UAE and Israel. (7) Our Rest of Asia segment includes our operations in Malaysia, Thailand, Bangladesh, China and other assets in the Asian region. (8) Our Others segment includes our worldwide maritime trade operations, our information solutions company and other minor subsidiaries. Net sales. Our consolidated net sales decreased approximately 10%, from approximately Ps197.8 billion in 2009 to Ps178.2 billion in 2010. The decrease in net sales was primarily attributable to lower volumes and prices in our main markets. The infrastructure and residential sectors continue to be the main drivers of demand in most of our markets.
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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
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
Page 59 and 60: Ready-Mix Concrete. Our ready-mix c
Page 61 and 62: Aggregates. In 2010, we reduced fix
Page 63 and 64: Our Operating Network in France Des
Page 65 and 66: In April 2006, we initiated an expa
Page 67 and 68: Our Operating Network in Colombia P
Page 69 and 70: Our Operations in Nicaragua Overvie
Page 71 and 72: Our Operations in the United Arab E
Page 73 and 74: Our Trading Operations In 2010, we
Page 75 and 76: On December 10, 2010, after receivi
Page 77 and 78: To prevent, control and remediate e
Page 79 and 80: As required by the directive, each
Page 81 and 82: For the 2010 fiscal year, CEMEX wil
Page 83 and 84: Separately, the government of Venez
Page 85 and 86: and CEMEX was required by August 11
Page 87 and 88: January 1, 2008, however, under MFR
Page 89 and 90: foreign subsidiaries. These instrum
Page 91 and 92: Valuation reserves on accounts rece
Page 93 and 94: Stage 1. Communication to the organ
Page 95: Year Ended December 31, 2010 Compar
Page 99 and 100: United Kingdom Our domestic cement
Page 101 and 102: ended December 31, 2010, Africa and
Page 103 and 104: Operating Income. For the reasons m
Page 105 and 106: Our comprehensive financing result
Page 107 and 108: The following tables present select
Page 109 and 110: Mexico Our domestic cement sales vo
Page 111 and 112: As a result of the decreases in dom
Page 113 and 114: For the year ended December 31, 200
Page 115 and 116: South America, Central America and
Page 121 and 122: On August 14, 2009, we entered into
Page 123 and 124: As of December 31, 2010, we had U.S
Page 125 and 126: Our Perpetual Debentures As of Dece
Page 127 and 128: The Financing Agreement, as amended
Page 129 and 130: In 1999, CEMEX entered into an agre
Page 131 and 132: Our Equity Derivative Forward Contr
Page 133 and 134: As of December 31, 2009 and 2010, C
Page 135 and 136: In addition, we have entered into f
Page 137 and 138: Private Cash Tender Offer to Holder
Page 139 and 140: Name, Position (Age) Experience Jai
Page 141 and 142: Name, Position (Age) Experience Ram
Page 143 and 144: Tomás Milmo Santos (46) Has been a
Page 145 and 146: 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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