Cemex 2009 Annual Report Download - page 5

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OUR FOCUS
Lorenzo H. Zambrano
Chairman of the Board
and Chief Executive Ofcer
Third, we reduced our net debt by US$2.9 billion during 2009. Furthermore, we
worked closely with the financial community to refinance the majority of our
outstanding debt. The refinancing plan extends the maturities of approximately
US$15 billion in debt, with a final maturity of February 2014. As a result, we signifi-
cantly improved our debt maturity profile and diversified our sources of funding.
In addition, after we completed the financing agreement in August 2009, we have
already prepaid US$4.8 billion of our outstanding principal under the plan, with
proceeds from asset sales and capital market transactions.
Fourth, we raised approximately US$1.8 billion through the completion of a global
equity offering. The proceeds from this offering were used to pay down debt.
Fifth, we sold our Australian operations for approximately US$1.7 billion. The pro-
ceeds from this sale reduced our debt and strengthened our liquidity.
In addition—despite the crisis—we reinforced our commitment to sustainable
development. Among our initiatives, we continued to reduce our company’s carbon
footprint and to lower our costs by improving the energy efficiency of our operations
and increasing our use of alternative fuels and renewable sources of energy. We
reaffirmed our corporate-wide goal of “zero accidents,” further improving our safety
performance. We also continued to develop more sustainable products and expand-
ed our initiatives to promote green construction, while we kept implementing various
programs throughout the world to improve the quality of life in our communities.
Our ability to produce positive free cash flow, under adverse economic conditions,
not only highlights the quality and dedication of our management and employees,
but also the underlying strength 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 post-
ed record operating cash flow in some countries in the Americas, Africa, and Asia.
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