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Building the futureTM
moving
forward
2009 ANNUAL REPORT

Table of contents

  • Page 1
    Building the future TM moving forward 2009 ANNUAL REPORT

  • Page 2
    profile CEMEX is a global building materials company that provides high-quality products and reliable service to customers and communities in more than 50 countries throughout the world. CEMEX has a rich history of improving the well-being of those it serves through its efforts to pursue innovative ...

  • Page 3
    In the face of the worst crisis to hit our industry-and our company- we took decisive steps to adapt our business to the current market realities. Moving forward, we are now better positioned to take advantage of the coming market recovery.

  • Page 4
    ... our maintenance- and expansion-capital expenditures by US$1.5 billion to US$636 million in 2009. To achieve this reduction, we stopped work on several major projects, cancelled all new expansion projects, and completed only those projects that would immediately contribute to free cash ï¬,ow. 2

  • Page 5
    ... of our business model. We reinforced our long-term commitment to our customers and suppliers, and the geographic diversity of our market portfolio helped to offset the declines in the U.S. and Spain. Indeed, we posted record operating cash ï¬,ow in some countries in the Americas, Africa, and...

  • Page 6
    FINANCIAL HIGHLIGHTS (in millions of US dollars1, except per-ADS data) 2009 2008 % Net sales2 Operating income2 EBITDA2 Controlling interest net income Earnings per ADS3 Free cash ï¬,ow after maintenance capital expenditures Total assets Net debt2,4 Total controlling stockholders' equity 14,544...

  • Page 7
    ...CEMEX management and employees are among the best in our industry. On behalf of the board and our management team, I thank our stockholders, employees, customers, banks, note holders, and suppliers for their continued support. Sincerely, Lorenzo H. Zambrano Chairman of the Board and Chief Executive...

  • Page 8
    ... strategy to strengthen our balance sheet, reinforce our business model, and take full advantage of the recovery of the global economy. The plan's new debt maturity profile provides us with the time and ï¬,exibility to deleverage our balance sheet- through cash ï¬,ow generation, asset sales...

  • Page 9
    US$ 2.9 BILLION REDUCTION IN NET DEBT DURING 2009 Cost reduction - We implemented a US$900 million cost-reduction program. Approximately 60% of our total cost savings are recurrent. The remainder consists of steps taken to align our operations with market demand. OUR FOCUS 7

  • Page 10
    ... a new area to develop and foster a culture of innovation across our company. This global function will enable us to enhance our customer service, improve our productivity, and better prepare us for future challenges. O U R F O CU S 40% LESS ENERGY USED IN OUR OPERATIONS AT THE PORT OF TILBURY IN...

  • Page 11
    ... our cement, ready-mix concrete, and aggregates operations, but also our commercial, logistics, human resources, and communication and public affairs functions-were assigned three main objectives: develop new demand for our products, detect operating efficiencies, and define an integrated business...

  • Page 12
    ... to develop ready-mix concrete products that help save energy during the lifetime of a building. When properly designed and constructed, concrete buildings can improve energy efficiency and can last for decades with little or no maintenance. Led by our Global Center for Technology and Innovation in...

  • Page 13
    1.2 mILLION TONS OF CO2 EmISSIONS AVOIDED BY THE USE OF ALTERNATIVE FUELS Sustainable construction Our research labs work every day to design and develop more sustainable building materials, such as our highinsulation concrete forms that help keep heat out in hot climates and prevent it from ...

  • Page 14
    ... from continued operations(5)(11)(12) Dividends per ADS(10)(11)(13) balance sHeet inforMation Cash and temporary investments Net working capital(14) Property, plant, and equipment, net Total assets Short-term debt Long-term debt Total liabilities Non-controlling interest (6)(7)(8)(9) 326 669 6,922...

  • Page 15
    ... transactions, and excludes the total number of ADS equivalents issued by CEMEX and owned by subsidiaries. Each ADS listed on the New York Stock Exchange represents 10 CPOs. 11. Our shareholders approved stock splits in 2006, 2005, and 1999. As a result, each of our existing series A shares...

  • Page 16
    Global operations as of December 31, 2009 CEMENT PRODUCTION CEMENT CAPACITY MILLION PLANTS METRIC TONS/YEAR CONTROLLED CEMENT PLANTS MINORITY PART. LAND DISTRIBUTION MARINE CENTERS TERMINALS READY-MIX PLANTS AGGREGATES QUARRIES Mexico USA1 Spain UK Rest of Europe2 South / Central America and ...

  • Page 17
    ...medium and long term. By managing our cement, ready-mix concrete, and aggregates assets as one integrated business rather than as distinct businesses, we further improve their efficiency and profitability. Provide our customers the best value proposition We always work to provide superior building...

  • Page 18
    ... legal requirements and best corporate-governance practices and, when appropriate, propose further improvements. Our code of ethics reï¬,ects the requirements of SOX. We are in compliance with the applicable sections of SOX, including section 404. aliGnMent WitH inVestor interests Employee stock...

  • Page 19
    ... between the selling price of approximately US$1.7 billion and the book value of the net assets, including foreign currency translation effects, accrued in equity. Free cash ï¬,ow decreased 53% to US$1.2 billion, which we used mainly to pay down debt, pay expansion capital expenditures, pay the...

  • Page 20
    ... of demand for building materials. In France, our ready-mix concrete and aggregates volumes decreased 18% and 16%, respectively, for the year. Construction activity remained weak as a result of the challenging macroeconomic environment. South/Central America and Caribbean Our net sales in the region...

  • Page 21
    Global operations millions of US dollars (as of December 31, 2009) SALES OPERATING INCOME EBITDA ASSETS 6 Mexico United States 1 Spain United Kingdom Rest of Europe 2 South/ Central America & Caribbean 3 Africa & Middle East 4 Asia 5 Other Total 3,113 2,825 831 1,184 3,345 1,368 1,049 474 356 14,...

  • Page 22
    ... volumes increased 22%, while our ready-mix concrete and aggregates volumes decreased 14% and 10%, respectively, for the year. In Egypt, our operations' cement volumes grew 13% in 2009. The country's encouraging business and investment environment positively affected construction activity during...

  • Page 23
    ...dates 6. The securities have trading restrictions until March 30, 2010. The transaction did not result in any cash proceeds to CEMEX or any of its subsidiaries. CEMEX completes the sale of Australian operations On October 1, 2009, CEMEX completed the sale of its Australian operations to Holcim Group...

  • Page 24
    ... forecasted transactions, net assets in foreign subsidiaries, and CEMEX's stock-option plans. Under Mexican FRS (Financial Reporting Standards), we recognize all derivative financial instruments on the balance sheet as assets or liabilities, at their estimated fair market value, with changes in...

  • Page 25
    financial stateMents Independent auditors' report Consolidated balance sheets Consolidated income statements Consolidated statements of cash ï¬,ows Consolidated statement of changes in financial position Balance sheets Income statements Statements of cash ï¬,ows Statement of changes in financial...

  • Page 26

  • Page 27
    ... in the United States of America, Ireland, Thailand and Venezuela. In our opinion, the consolidated and parent company-only financial statements referred to above present fairly, in all material respects, the financial position of CEMEX, S.A.B. de C.V. and subsidiaries and CEMEX, S.A.B. de C.V. as...

  • Page 28
    ... balance sHeets CEMEX, S.A.B. DE C.V. AND SUBSIDIARIES (Millions of Mexican pesos) December 31, Notes 2009 2008 assets CURRENT ASSETS Cash and investments Trade receivables less allowance for doubtful accounts Other accounts receivable Inventories, net Other current assets Current assets...

  • Page 29
    consoliDateD incoMe stateMents CEMEX, S.A.B. DE C.V. AND SUBSIDIARIES (Millions of Mexican pesos, except for earnings per share) Note 2009 Years ended December 31, 2008 2007 Net sales Cost of sales Gross profit Administrative and selling expenses Distribution expenses Total operating expenses ...

  • Page 30
    ... at beginning of year CASH AND INVESTMENTS AT END OF YEAR Changes in working capital: Trade receivables, net Other accounts receivable and other assets Inventories Trade payables Other accounts payable and accrued expenses Changes in working capital, excluding income taxes The accompanying notes are...

  • Page 31
    ... taxes Deferred employees' statutory profit sharing Equity in income of associates Non-controlling interest Net resources provided by operating activities Changes in working capital, excluding acquisition effects: Trade receivables, net Other accounts receivable and other assets Inventories Trade...

  • Page 32
    balance sHeets CEMEX, S.A.B. DE C.V. (Millions of Mexican pesos) December 31, Note 25 2009 2008 assets CURRENT ASSETS Other accounts receivable Accounts receivable from related parties Total current assets NON-CURRENT ASSETS Investment in subsidiaries and associates Other investments and non-...

  • Page 33
    incoMe stateMents CEMEX, S.A.B. DE C.V. (Millions of Mexican pesos, except for earnings per share) Note 25 2009 Years ended December 31, 2008 2007 Equity in income of subsidiaries and associates Rental income License fees Total revenues Administrative expenses Operating income Other expenses, ...

  • Page 34
    ... from associates Investment in subsidiaries Deferred charges Long-term assets, net Others, net Net cash ï¬,ows provided by investing activities FINANCING ACTIVITIES Long-term related parties, net Financial expenses paid in cash Issuance of common stock Financing derivatives Dividends paid Repayment...

  • Page 35
    ... ACTIVITIES Net income Non-cash items: Depreciation of property and buildings Amortization of deferred charges Deferred income taxes Equity in income of subsidiaries and associates Resources used in operating activities Changes in working capital: Other accounts receivable Short-term related...

  • Page 36
    ... stock Additional paid-in capital Balance at December 31, 2006 Results from holding non-monetary assets Currency translation of foreign subsidiaries Hedge derivative financial instruments Deferred income tax recognized directly in equity Net income Comprehensive income for the period Dividends...

  • Page 37
    Other equity reserves Retained earnings Total controlling interest Non-controlling interest Total stockholders' equity (91,244) (13,910) 2,927 (117) (427) - (11,527) - - 44 (1,847) - (104,574) 30,987 (297) 558 - 31,248 104,640 - - ...

  • Page 38
    ...a Mexican corporation, a holding company (parent) of entities whose main activities are oriented to the construction industry, through the production, marketing, distribution and sale of cement, ready-mix concrete, aggregates and other construction materials. CEMEX is a public stock corporation with...

  • Page 39
    ... for balance sheet and income statement accounts. B) Principles of consolidation The consolidated financial statements include those of CEMEX, S.A.B. de C.V. and the entities in which the Parent Company holds, directly or through subsidiaries, more than 50% of their common stock and/or has control...

  • Page 40
    ...-current accounts receivable include CEMEX's collection rights with respect to investments with maturities of more than twelve months as of the balance sheet date. Non-current assets resulting from the valuation of derivative financial instruments, as well as investments in private funds and other...

  • Page 41
    ...CEMEX applies the following accounting principles following a business acquisition: a) the purchase method is applied as the sole recognition alternative; b) the purchase price is allocated to all assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date...

  • Page 42
    ... international economic trends in the construction industry, the long-term growth expectations in the different markets, as well as the discount rates and the growth rates in perpetuity applied. CEMEX uses specific after-tax discount rates for each reporting unit, which are applied to aftertax cash...

  • Page 43
    ... determined consider the use of real rates (nominal rates discounted by inï¬,ation). For certain pension plans, irrevocable trust funds have been created to cover future benefit payments. These assets are valued at their estimated fair value at the balance sheet date. The actuarial gains and losses...

  • Page 44
    ... tax assets in the balance sheet; therefore, beginning as of December 31, 2009, CEMEX recognizes separately deferred income tax assets and liabilities associated with this concept. The realization of these tax assets is subject to the generation of future tax earnings in the controlled subsidiaries...

  • Page 45
    ... an unilateral option to defer interest payments or preferred dividends for indeterminate periods. P) Revenue recognition CEMEX's consolidated net sales represent the value, before tax on sales, of products and services sold by consolidated subsidiaries as a result of ordinary activities, after the...

  • Page 46
    ... CEMEX operates. As of December 31, 2009, 2008 and 2007, no single customer individually accounted for a significant amount of the reported amounts of sales or in the balances of trade receivables. In addition, there is no significant concentration of a specific supplier relating to the purchase...

  • Page 47
    ... region. These activities refer to the production, distribution, marketing and sale of cement, ready-mix concrete and aggregates. The country manager, who is one level below the regional manager in the organizational structure, reports his business unit operating results, including all the operating...

  • Page 48
    ... EBITDA 2007 Net sales (including related parties) North America 1 Mexico $ United States Europe 2 Spain United Kingdom Rest of Europe Central and South America and the Caribbean 3 Venezuela Colombia Rest of Central and South America and the Caribbean Africa and Middle East 4 Egypt Rest of Africa...

  • Page 49
    ... Cement Concrete Aggregates Others Eliminations Net sales North America Mexico $ United States Europe 2 Spain United Kingdom Rest of Europe Central and South America and the Caribbean 3 Colombia Rest of Central and South America and the Caribbean Africa and Middle East 4 Egypt Rest of Africa and...

  • Page 50
    ... 2007 Cement Concrete Aggregates Others Eliminations Net sales North America 1 Mexico $ United States Europe 2 Spain United Kingdom Rest of Europe Central and South America and the Caribbean 3 Venezuela Colombia Rest of Central and South America and the Caribbean Africa and Middle East 4 Egypt Rest...

  • Page 51
    ... and the United States. The new programs mature in December 2011 in Mexico and June 2010 in the United States. In addition, in June 2009, CEMEX extended its securitization program in France until May 2010. Allowances for doubtful accounts are established according to the credit history and risk pro...

  • Page 52
    ..., LLC is accounted for by the equity method. In January 2008, in connection with the assets acquired from Rinker and as part of the agreements with Ready Mix USA, CEMEX contributed and sold to Ready Mix USA, LLC certain assets located in the sites of Georgia, Tennessee and Virginia, at a fair value...

  • Page 53
    ...'s investments in associates. In June 2009, CEMEX sold its 49% interest in an aggregates joint venture in Wyoming to Martin Marietta Materials, Inc., as well as three quarries located in Nebraska, Wyoming and Utah in the United States for approximately US$65 and recognized a loss related to the sale...

  • Page 54
    ... the assets acquired and/or liabilities assumed, within the twelve-month period after purchase. Goodwill balances by reporting unit as of December 31, 2009 and 2008, are the following: 2009 2008 North America United States Mexico Europe Spain United Kingdom France Rest of Europe 1 Central and South...

  • Page 55
    ... Through the acquisition of Rinker in 2007, CEMEX identified and valued intangible assets in the United States related to extraction permits in the cement, aggregates and ready-mix concrete sectors for approximately $22,426 with an estimated useful life of 30 years; trademarks and commercial names...

  • Page 56
    ...holding entity of several of CEMEX's investments in the region, including the operations in the Dominican Republic and Panama, as well as CEMEX's non-controlling investment in Trinidad. Before the nationalization of its assets in Venezuela, in April 2008, CEMEX concluded the transfer of all material...

  • Page 57
    ...an estimated useful life. As required by the Department of Justice of the United States, pursuant to a divestiture order in connection with the Rinker acquisition, in December 2007, CEMEX sold to Irish producer CRH plc, ready-mix concrete and aggregate plants in Arizona and Florida for approximately...

  • Page 58
    ... reporting unit. The fair value of each reporting unit is determined through the value in use method (discounted cash ï¬,ows). Cash ï¬,ow projection models for valuation of long-lived assets include long-term economic variables. CEMEX believes that its cash ï¬,ow projections and the discount rates...

  • Page 59
    ... in the reporting units that represent most of the consolidated balance of goodwill in 2009 and 2008 are as follows: Discount rates Reporting units 2009 2008 2009 Growth rates 2008 United States Spain Mexico Colombia France United Arab Emirates United Kingdom Egypt Range of discount rates in other...

  • Page 60
    ...$501), which mature in 8 years and pay an annual coupon of 9.625% (note 23). The proceeds obtained from the offerings were mainly used to prepay principal outstanding maturing in 2011 under the Financing Agreement detailed in this note. On December 10, 2009, CEMEX completed its offer to exchange CBs...

  • Page 61
    ... the Financing Agreement, are as follows: 2009 2011 2012 2013 2014 2015 and thereafter $ 18,021 19,040 32,133 108,784 25,773 $ 203,751 As of December 31, 2009, CEMEX has the following lines of credit, the majority of which are subject to the banks' availability, at annual interest rates ranging...

  • Page 62
    ... a material adverse effect on CEMEX's liquidity and financial position. 13B) Fair value of assets, financial instruments and derivative financial instruments Assets and financial instruments CEMEX's carrying amounts of cash, trade accounts receivable, other accounts receivable, trade accounts...

  • Page 63
    ... (notes 13C and D) in order to reduce the risk of further margin calls. By means of this settlement, CEMEX fixed an aggregate loss of approximately US$1,093, which after netting US$624 of cash margin deposits already posted in favor of CEMEX's counterparties and cash payments of approximately US$48...

  • Page 64
    ... amount of US$400 was accounted as cash ï¬,ow hedges recognizing their effects in stockholders' equity, representing a loss of US$22 in 2008. This loss was reclassified to earnings in 2009 upon settlement. The rate that CEMEX paid on this instrument was limited to 4.9%. In connection with these...

  • Page 65
    ...fair value of these contracts were recognized in the income statement since they were not designated as cash ï¬,ow hedges or hedges of CEMEX's net investment in foreign subsidiaries. 2 Until October 2008, in order to hedge financial risks associated with ï¬,uctuations in foreign exchange rates of...

  • Page 66
    ...will be used to pay CEMEX's future coupons on the perpetual debentures. As a result of this settlement, during 2009, CEMEX recognized a loss from changes in the fair value of the instruments of approximately US$162 ($2,203). As of December 31, 2009, the balance of the investment placed in the trusts...

  • Page 67
    ... Dividends payable $ $ 8,581 2,942 7,537 2,408 1,752 - 31 23,251 12,422 6,377 7,306 2,177 1,212 1,135 44 30,673 Current provisions primarily consist of employee benefits accrued at the balance sheet date, insurance payments, and accruals related to legal and environmental assessments...

  • Page 68
    ... such as health care benefits, life insurance and seniority premiums, as well as termination benefits not associated with a restructuring event, are recognized in the income statement as employees' services are rendered, based on actuarial estimations of the benefits' present value. For the years...

  • Page 69
    ... pension benefits in the United States. During 2008, CEMEX reduced its workforce, subject to defined pension benefits in several countries including the United States and the United Kingdom, and froze the defined benefit pension plan in Puerto Rico. These actions generated events of settlement...

  • Page 70
    ... in Mexico, 3% in Puerto Rico, 4% in the United States and 7% in the United Kingdom. Other employee benefits In addition, in some countries, CEMEX has self-insured health care benefits plans for its active employees, which are managed on cost plus fee arrangements with major insurance companies or...

  • Page 71
    ... that CEMEX controls the reversal of the temporary differences arising from these investments. C) Effective tax rate Differences between the financial reporting and the corresponding tax basis of assets and liabilities and the different income tax rates and laws applicable to CEMEX, among...

  • Page 72
    ... were sold in the United States and elsewhere outside Mexico. The CPOs were offered to the public at a price of $16.65 per CPO and US$12.50 per ADS. The net aggregate proceeds from the global offering were approximately $23,984, increasing stockholders' equity by $7 considering a nominal value of...

  • Page 73
    ... of December 31, 2009, CEMEX's perpetual debentures were as follows: Issuer Issuance Date Nominal Amount Repurchase Option Interest Rate C10-EUR Capital (SPV) Ltd. C8 Capital (SPV) Ltd. C5 Capital (SPV) Ltd. C10 Capital (SPV) Ltd. May 2007 February 2007 December 2006 December 2006 â,¬ 730 US$750...

  • Page 74
    ... 7% rate. Executives' gains under these options are settled in the form of CPOs, which are restricted for sale for an approximate period of 4 years from the exercise date. D) Special program From June 2001 through June 2005, CEMEX's subsidiary in the United States granted to a group of its employees...

  • Page 75
    ... The options' fair values were determined through the binomial option-pricing model. As of December 31, 2009 and 2008, the most significant assumptions used in the valuations were as follows: Assumptions 2009 2008 Expected dividend yield Volatility Interest rate Weighted average remaining tenure...

  • Page 76
    ... In the event of default, the assets would be sold and the amount applied to such debt. During 2009, CEMEX released the CPOs and the shares of its associates in exchange for a pledge of the assets of CEMEX's plants in Merida and Ensenada. In addition, in connection with the Financing Agreement (note...

  • Page 77
    ...฀of฀RMC฀Group฀plc฀("RMC"),฀CEMEX฀assumed฀environmental฀remediation฀liabilities฀in฀the฀United฀Kingdom,฀pertaining฀ to closed and current landfill sites for the confinement of waste. As of December 31, 2009, CEMEX had generated a provision for the net present value of...

  • Page 78
    ...several months. •฀ In฀November฀2008,฀AMEC/Zachry,฀the฀general฀contractor฀for฀the฀expansion฀program฀in฀Brooksville,฀Florida,฀filed฀a฀lawsuit฀against฀a฀subsidiary฀of฀ CEMEX in the United States, alleging delay damages and seeking an equitable adjustment to...

  • Page 79
    ...for the Lake Belt area in South Florida, which covered the Kendall Krome quarry. The FEC quarry is one CEMEX's largest aggregates quarries in that region. In response to litigation brought by environmental groups concerning the manner in which the federal quarry permits were granted, in January 2009...

  • Page 80
    ...the฀years฀ended฀December฀31,฀2009,฀2008฀and฀2007,฀the฀aggregate฀amount฀of฀compensation฀paid฀by฀CEMEX,฀S.A.B.฀de฀C.V.฀and฀subsidiaries฀to฀its฀ board of directors, including alternate directors and top management executives, was approximately US$11 ($144...

  • Page 81
    ...) Ltd. CEMEX SIA CEMEX Topmix LLC, Gulf Quarries LLC, CEMEX Supermix LLC and CEMEX Falcon LLC 7 1 2 3 Mexico Spain United States Costa Rica Egypt Colombia Panama Dominican Republic Puerto Rico France Australia Singapore Philippines Philippines Thailand United Kingdom United Kingdom Germany Austria...

  • Page 82
    ...a Mexican corporation, a holding company (parent) of entities whose main activities are oriented to the construction industry, through the production, marketing, distribution and sale of cement, ready-mix concrete, aggregates and other construction materials. CEMEX is a public stock corporation with...

  • Page 83
    ... as follows: 2009 2008 Book value at acquisition date Revaluation by equity method $ $ 107,749 173,254 281,003 112,108 156,989 269,097 During 2009, the Parent Company made equity contributions to its subsidiaries, CEMEX México, S.A. de C.V. ("CEMEX México") and CEMEX Trademarks Holding, for...

  • Page 84
    ...reporting unit. The projection models for cash ï¬,ows to value long-lived assets include long-term variables. Nevertheless, the Parent Company believes that its cash ï¬,ow projections and the discount rates used for present value, reasonably capture current conditions at the time of the calculations...

  • Page 85
    ... executive officer until December 31, 2006. Empresas ICA is one of the most important engineering and construction companies in Mexico. In the ordinary course of business, CEMEX extends financing to Empresas ICA in connection with the purchase of CEMEX's products, on the same credit conditions...

  • Page 86
    ... entity; b) dividends from the controlled entities for tax purposes to CEMEX, S.A.B. de C.V.; and c) other transactions between the companies included in the tax consolidation that represented the transfer of resources within such group. As of December 31, 2009, the balance of tax loss carryforwards...

  • Page 87
    ... tax liability related to its investments in subsidiaries considering that the Parent Company controls the reversal of the temporary differences arising from these investments. Reconciliation of effective tax rate The effects of inï¬,ation are recognized differently for income tax and for accounting...

  • Page 88
    ... 31, 2008, the Parent Company's investment in Control Administrativo Mexicano, S.A. de C.V. (note 10A), was held in an ownership transferring trust for management and payment. Under this trust arrangement, the Parent Company maintained its corporate and property rights, with the pledge securing...

  • Page 89
    ... bank. Expansion capital expenditures consist of expansion spending on our cement, ready-mix concrete, and other core businesses in existing markets. Free cash ï¬,ow equals EBITDA minus net interest expense, maintenance and expansion capital expenditures, change in working capital, taxes paid, and...

  • Page 90
    board of Directors Directors Lorenzo H. Zambrano Chairman of the Board Lorenzo Milmo Zambrano Armando J. García Segovia Rodolfo García Muriel Rogelio Zambrano Lozano Corporate Practices Committee Tomás Milmo Santos Roberto Zambrano Villarreal Independent member Bernardo Quintana Isaac ...

  • Page 91
    ... the company, including President of CEMEX USA; President of CEMEX Venezuela; President of CEMEX Panama; and President of CEMEX Mexico. Today, Mr. Garza is directly responsible for CEMEX's interests and operations in the United States, Mexico, Central and South America and the Caribbean. Juan Romero...

  • Page 92
    investors and media inforMation Exchange listings Bolsa Mexicana de Valores (BMV) Mexico New York Stock Exchange (NYSE) United States Media relations contact [email protected] Phone: (52-81) 8888-4334 Fax: (52-81) 8888-4417 Investor relations contact [email protected] From the US: 1 877 7CX NYSE From ...

  • Page 93
    ... conditions globally and in the countries in which CEMEX does business; changes in interest rates; changes in inï¬,ation rates; changes in exchange rates; the level of construction generally; changes in cement demand and prices; changes in raw material and energy prices; changes in business strategy...

  • Page 94
    Building the future TM www.cemex.com