Cemex 2013 Annual Report Download - page 110
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Please find page 110 of the 2013 Cemex annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Notes to the consolidated financial statements
OnFebruary24,2011,stockholdersattheannualordinaryshareholders’meetingapprovedresolutionsto:(i)increasethevariablecommon
stockthroughthecapitalizationofretainedearnings,issuingupto1,202.6millionshares(400.9millionCPOs)basedonapriceof$10.52
perCPO.Stockholdersreceived3newsharesforeach75sharesheld(1newCPOforeach25CPOsheld),throughthecapitalizationof
retainedearnings.Asaresult,sharesequivalenttoapproximately401millionCPOswereissued,representinganincreaseincommonstockof
approximately$3,consideringanominalvalueof$0.00833perCPO,andadditionalpaid-incapitalofapproximately$4,213;and(ii)increase
thevariablecommonstockbyupto60millionshares(20millionCPOs)issuableasaresultofantidilutionadjustmentsuponconversionof
CEMEX’sconvertiblesecurities(note16B).ThesesharesarekeptinCEMEX’streasury.Therewasnocashdistributionandnoentitlementto
fractionalshares.
TheCPOsissuedpursuanttotheexerciseofoptionsunderthe“Fixedprogram”(note21)generatedadditionalpaid-incapitalofapproximately
$11 in 2011 and increased the number of shares outstanding. In addition, in connection with the long-term executive stock-based
compensationprogram(note21)in2013,2012and2011,CEMEXissuedapproximately49.6million,46.4millionand43.4millionCPOs,
respectively,generatinganadditionalpaid-incapitalofapproximately$551in2013,$486in2012and$495in2011,associatedwiththe
fairvalueofthecompensationreceivedbyexecutives.
20B) Other equity reserves
AsofDecember31,2013and2012otherequityreservesaresummarizedasfollows:
2013 2012
Cumulativetranslationeffect,netofeffectsfromperpetualdebenturesanddeferred
incometaxesrecognizeddirectlyinequity(notes19Band20D) $ 12,152 13,523
Cumulativeactuarialgains(losses) (3,142) (2,751)
EffectsassociatedwithCEMEX’sconvertiblesecurities1 6,296 1,971
Treasurysharesheldbysubsidiaries (269) (229)
$ 15,037 12,514
1 Representsthe equitycomponentupon theissuanceof CEMEX’sconvertiblesecuritiesdescribed innote16B,as well astheeffectsassociatedwith such
securitiesinconnectionwiththechangeintheParentCompany’sfunctionalcurrency(note2D).Uponconversionofthesesecurities,thebalanceswillbe
correspondinglyreclassiedtocommonstockand/oradditionalpaid-incapital(note16A).
FortheyearsendedDecember31,2013,2012and2011,thetranslationeffectsofforeignsubsidiariesincludedinthestatementsof
comprehensivelosswereasfollows:
2013 2012 2011
Foreigncurrencytranslationadjustment1 $ (4,187) (16,019) 30,732
Foreignexchangeuctuationsfromdebt2 – 6,939 (11,305)
Foreignexchangeuctuationsfromintercompanybalances3 5,139 1,756 (8,068)
$ 952 (7,324) 11,359
1 Theseeffectsrefertotheresultfromthetranslationofthenancialstatementsofforeignsubsidiaries.
2 GeneratedbyforeignexchangeuctuationsoveranotionalamountofdebtinCEMEX,S.A.B.deC.V.associatedwiththeacquisitionofforeignsubsidiariesand
designatedasahedgeofthenetinvestmentinforeignsubsidiaries.
3 Referstoforeignexchangeuctuationsarisingfrombalanceswithrelatedpartiesinforeigncurrenciesthatareofalong-terminvestmentnatureconsidering
thattheirliquidationisnotanticipatedintheforeseeablefutureandforeignexchangeuctuationsoveranotionalamountofdebtofasubsidiaryofCEMEX
Españaidentiedanddesignatedasahedgeofthenetinvestmentinforeignsubsidiaries.
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