Cemex 1999 Annual Report Download - page 6

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4
excep
we perform
Dear Fellow Stockholders:
Nineteen ninety-nine was another record-breaking year for CEMEX.
Consolidated sales and operating cash flow rose to US$4.8 billion
and US$1.8 billion, respectively, an increase of 12% and 21% over
last year. These numbers contributed to an increase in the ten-year
compound annual growth rate for operating cash flow, to 26%.
Importantly, we achieved this growth despite economic volatility
in many of the regions in which we do business. Our cash flow
is more diversified, and we are financially stronger, than ever.
In September, CEMEX enhanced its liquidity by listing its stock
on the New York Stock Exchange (NYSE). That listing was a cor-
porate milestone, the culmination of a number of significant
accomplishments.
Over the past ten years, we have grown into an international
concern with production and distribution operations in 30 coun-
tries and trading operations in more than 60 countries. Our post-
merger-integration skills and our multicultural management style
have enabled us to thrive in a wide variety of cultural and eco-
nomic environments. Moreover, we have grown into the world’s
largest trader of cement and clinker. Our extensive trading oper-
ations have enabled us to explore high-growth markets while
maintaining steady streams of cash flow.
Cash flow management was and is critical to CEMEX’s long-term
growth strategy. Early on, debt holders wondered if the company
could weather the volatility of the economies in which it operated.
Few believed, as I did, that we could develop a portfolio of assets
in high-potential markets and still show overall steady growth.
We have done so, quite successfully.
Lorenzo H.Zambrano
Chairman of the Board and CEO
TO OUR STOCKHOLDERS