Cemex 2002 Annual Report Download

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Table of contents
2Unlock the potential
6Cement the value of knowledge
10 Leverage our leadership
14 Build on our foundation
16 Financial highlights
18 Letter to stockholders
22 Selected consolidated Þnancial information
24 Management discussion and analysis
28 Global review of operations
35 Financial statements
77 The terms we use
78 Board of Directors and officers
80 Directory
81 Investor and media information
Our cover: interior of a
cement kiln in our Victorville,
California plant, operating at
a temperature of 2500¼F.
CEMEX today
our mission
CEMEX is a leading global producer and marketer of
cement and ready-mix products, with operations pri-
marily concentrated in the worldÕs most dynamic
cement markets across four continents. CEMEX com-
bines a deep knowledge of the local markets with its
global network and information technology systems to
provide world-class products and services to its cus-
tomers, from individual homebuilders to large indus-
trial contractors.
CEMEXÕs mission is to serve the global building needs
of its customers, and build value for its stakeholders
by becoming the worldÕs most efÞcient and proÞtable
cement company.
2002 annual report
Building the future.MR
Building the future.MR

Table of contents

  • Page 1
    ... Selected consolidated Þnancial information Management discussion and analysis 28 Global review of operations Financial statements The terms we use Board of Directors and officers Directory Investor and media information Building the future.MR 2002 annual report Our cover: interior of a cement...

  • Page 2
    Each of our cement kilns unlocks the potential of simple substances. Cement leverages new possibilities for human invention. We possess the knowledge to deliver on this promise. Our continuity of vision and passion for change lay the foundation for enduring value.

  • Page 3
    ... POPULATION DISTRIBUTION OF CEMEX'S PORTFOLIO (PERCENTAGE) 18 POPULATION UNDER 30 YEARS = 52% Growing opportunity As children in Manila, Guadalajara, Caracas, and many of our other communities grow up, they will demand affordable housing and need roads and other infrastructure. The markets in...

  • Page 4
    ...is why there is no ready substitute for cement. Governments, individuals, and institutions worldwide use cement to realize their architectural, artistic, cultural, and economic visions. Public and commercial buildings, dams, hospitals, museums, residences, and urban centersÃ'all literally rest on or...

  • Page 5
    ... per year. In Spain, where we are the market leader, a six-year, 121-billion-euro infrastructure plan for 2002 to 2007 will drive public sector demand for cement. Similarly, in Mexico, where we are also the market leader, we estimate that potential cement needs in such areas as water management...

  • Page 6
    ... identified eight important industry issues, including employee and community well-being, regional development, ecological stewardship, and natural resource productivityÃ'all of which ultimately impact shareholder value creation and the long-term position of our industry within society. 5

  • Page 7
    ... grow, develop practices, processes, and even technologies often unavailable to others. As we expanded our global reach, our knowwhy led us to adopt a core set of practices and values that define how we conduct business worldwide. As one CEMEX, we have both flexibility and focus to generate positive...

  • Page 8
    ... ON EMPLOYEE INNOVATION, COLLABORATION, AND INTEGRITY; AND A SHARED COMMITMENT TO CORPORATE CITIZENSHIP. Better, simpler, faster: The CEMEX Way At CEMEX, we are dedicated to understanding and applying lessons from around the world. Not only have we acquired cement assets and entered dynamic markets...

  • Page 9
    ... our domestic production capacity, our trading activity now enables us to forge lasting international relationships, explore and analyze new marketsÃ'without necessarily making an immediate capital investmentÃ'and better balance regional supply and demand. INTEGRATION OF ACQUIRED COMPANIES (MONTHS...

  • Page 10
    ... approach First, we deployed customer service portals that enabled our clients to purchase products and to manage their accounts online. Now, on-the-go customers in Spain can access the portals via mobile phone, placing orders from the road or at the construction site. Early Edge in Technology...

  • Page 11
    ... nts tch 1994 1998 Proactive energy management By securing a cost-effective, steady supply of fuels and electricity, we diversify our fuel structure, control our largest cost, and generate significant savings, freeing us to serve our customers better. W ba e est s m ed ab sup anag sub lish ply...

  • Page 12
    ... our global expansion to extract maximum sustainable value from our production platform. With this expertise, we have established an exceptional record of cost leadership over the last 17 years. We now build on this record, and take advantage of our commercial and logistics networks to create new...

  • Page 13
    ...such as fuel oil and natural gas, with pet coke and other less price-volatile fuels. Through this international strategy, we have developed a diversified fuel structureÃ'where every CEMEX cement plant has at least two sources of energyÃ'and realized important annual cost savings. For example, we now...

  • Page 14
    ... to increase our U.S. sales of bagged cement by more than 50%. Proximity is a major factor for our do-ityourself builders. Our broad commercial networks are well-aligned to serve their needs. Since its inception in 2001, the CEMEX-owned Construrama licensee distributor network has grown to more...

  • Page 15
    ... updated comptrollership and accounting • Stronger customer service culture Asia - Late-90s • New IT network and productivity standards after applications tests in Philippines,Taiwan, and Singapore KEY GROWTH INITIATIVES IN CEMEX REGION U.S. • Promote use of cement in infrastructure and...

  • Page 16
    ...SYSTEMS Southeast Asia • Leverage ongoing volumes growth • Capitalize on full economic recovery Europe and Africa • Maximize synergies between production capacity in Europe and North Africa • Further strengthen trading networks READY-MIX END-USER É while building a system that enables us...

  • Page 17
    ...(58%) (17%) (2%) 0% (15%) Consolidated Net Income Earnings per ADR** Free Cash Flow Total Assets Net Debt Total StockholdersÕ Equity * Convenience translation. Results in pesos for 2002 can be calculated by multiplying the dollar figures by the December 31, 2002 exchange rate of MXP10.38. Results...

  • Page 18
    ...performance throughout the business cycle. 99 00 01 02 8,018 93 7,894 94 8,370 95 96 97 98 CONSOLIDATED NET SALES (MILLIONS OF US DOLLARS) 6,923 2,897 3,365 3,788 4,315 4,828 5,621 6,543 Over the last decade, our consolidated revenues rose at a compounded annual growth rate of 12%. 97...

  • Page 19
    ..., and endless ambition. Now, we produce, market, and distribute cement products in markets as diverse as Spain and Thailand, fostering the construction of homes, hospitals, skyscrapers, and other much-needed infrastructure through our integrated global operations network. As we have grown, we have...

  • Page 20
    LETTER Lorenzo H. Zambrano Chairman of the Board and CEO SALES AND EBITDA (BILLIONS OF US DOLLARS) As we have grown, we have remained true to certain timetested fundamentals. 6.9 5.6 6.5 3.8 4.3 4.8 Last year, we generated sizable sales and EBITDA, even in tough economic conditions. 1.8 ...

  • Page 21
    ... markets; we identified new uses and market niches for our products, and expanded our commercial franchise; we provided our customers a broader array of services, intensifying our customer focus; we acquired Puerto Rican Cement Company, whose strategic geographic location will enhance our network...

  • Page 22
    ...have come far from our days as a regional cement company, transforming the potential of our business, and industry, every step of the way. We have the management, the team, the resources, the financial platform, and the vision to continue to grow a long way into the future. I trust you all will come...

  • Page 23
    ... 0.20 1,390 3.65 0.98 Balance sheet information Cash and Temporary Investments Net Working Capital Total Assets Short-Term Debt Long-Term Debt Total Liabilities Minority Interest Majority Interest Total StockholdersÕ Equity Book Value per CPO(8) Other financial data Operating Margin EBITDA Margin...

  • Page 24
    ... interest (see note 15E to the 2002 annual report's Financial Statements). 7.On April 28, 1994, CEMEX declared a stock split of three shares per each share held by a shareholder.Additionally, as part of the transformation of CEMEX from a fixed to a variable capital company, and an increase in the...

  • Page 25
    ...top global cement companies, with approximately 26,500 employees. Today we are strategically positioned in the most dynamic markets around the globe: the Americas, Europe, Asia, and Africa. Our operations network produces, distributes, and markets cement, ready-mix concrete, and clinker to customers...

  • Page 26
    ... of December 31, 2002 PRODUCTION CAPACITY MILLION METRIC TONS/YEAR CEMENT PLANTS CONTROLLED CEMENT PLANTS MINORITY PART. READY-MIX PLANTS LAND DISTRIBUTION CENTERS MARINE TERMINALS Mexico U.S. Spain Venezuela Colombia Central America & Caribbean* Egypt Philippines Indonesia Thailand TOTAL 27...

  • Page 27
    ... 1 PHILIPPINES 5 49 U.S. MEXICO 6 SPAIN 13 18 ASSETS EGYPT COLOMBIA PHILIPPINES VENEZUELA 4 3 3 OTHERS 5 33 MEXICO CARIBBEAN 5 6 27 10 SPAIN 14 U.S. SALES OTHERS* PHILIPPINES EGYPT COLOMBIA Our global portfolio is comprised of assets in diverse markets with different business cycles...

  • Page 28
    ...09 billion at year-end 2001. In 2002 we used almost US$400 million for debt reduction. However, consolidated net debt remained flat due to three main factors: (1) foreign exchange-rate movements; (2) consolidation of debt from the acquisition of Puerto Rican Cement; and (3) the premium paid to buy...

  • Page 29
    ... to weaker prices in dollar terms. Our domestic cement volumes increased 4% in 2002 compared with the year earlier. Government spending on transportation, water-related works, public buildings, and highway construction drove public-sector cement demand. Low-income housing benefited from government...

  • Page 30
    ...lower cement volumes and prices, as well as higher distribution costs. Our domestic cement volumes were 5% lower versus 2001 while ready-mix volumes remained flat. U.S. CEMENT MARKET (MILLION METRIC TONS/YEAR) 75 80 85 90 95 00 Ã' PRODUCTION CAPACITY Ã' DEMAND Source: U.S. Portland Cement...

  • Page 31
    ...Õs capacity by 300,000 metric tons a year. We also began a special mortars business that expands our range of strategic product offerings in Spain, and created an area focused on the development of special kinds of ready-mix concrete using white cement in order to increase consumption of this high...

  • Page 32
    ... energy and fuel management. During the year, we developed new dry-mortar products, increasing volumes by more than 50%. Additionally, our ready-mix business focused on the housing construction sector, positioning itself as the preferred choice among ColombiaÕs largest homebuilders. Central America...

  • Page 33
    ...cost producers in our global production platform. By yearend 2002, we had decreased our fixed and variable costs by 49% and 46%, respectively, compared with 1999. Trading CEMEXÕs international cement trading networkÃ'one of the largest in the worldÃ'plays a fundamental role in realizing the company...

  • Page 34
    ...) paid by CEMEX. Under this stock dividend program, our shareholders received one new CPO for each 23.168 CPOs held. Upgrade of CEMEXÕs senior unsecured debt ratings On August 12, 2002, Fitch Ratings upgraded its senior unsecured foreign and local currency credit ratings of CEMEX to BBB from...

  • Page 35
    ...value of our companyÕs derivative instruments presented a valuation loss of US$415 million on December 31, 2002. Alignment of management and shareholder interests As of December 31, 2002, directors, officers, and other executives had outstanding options to acquire 130,863,251 CEMEX CPOs. The future...

  • Page 36
    ...STATEMENTS Financial statements AuditorsÕ report ManagementÕs responsibility for internal control Consolidated balance sheets Consolidated statements of income Consolidated statements of changes in financial position Balance sheets Statements of income Statements of changes in financial position...

  • Page 37
    ... parent company-only balance sheets of CEMEX, S.A. de C.V. and CEMEX, S.A. de C.V. and Subsidiaries as of December 31, 2002 and 2001, and the related consolidated and parent company-only statements of income, changes in stockholdersÕ equity and changes in financial position for each of the years in...

  • Page 38
    ... of business. KPMG C‡rdenas The management of CEMEX, S.A. de C.V.. is responsible for the preparation and integrity of the accompanying consolidated financial statements and for maintaining a system of internal control to provide reasonable assurance to shareholders, to the financial community...

  • Page 39
    ... Consolidated balance sheets (MILLIONS OF CONSTANT MEXICAN PESOS AS OF DECEMBER 31, 2002) DECEMBER 31, ASSETS CURRENT ASSETS 2002 $ 3,748.8 4,160.9 4,194.2 7,336.0 828.9 20,268.8 2001 4,288.1 6,127.2 5,006.2 6,815.5 979.2 23,216.2 Cash and investments (note 3) Trade accounts receivable...

  • Page 40
    ....3 93,247.5 11,259.7 2,620.7 13,880.4 80,862.0 Majority interest: Common stock-historical cost basis Common stock-accumulated inflation adjustments Additional paid-in capital Deficit in equity restatement Cumulative initial deferred income tax effects (notes 2K and 18) Retained earnings Net income...

  • Page 41
    ... and liquidation of financial instruments Foreign exchange result, net Monetary position result Net comprehensive financing result Other expense, net Income before income taxes, employeesÕ statutory profit sharing and equity in income of affiliates Income tax and business assets tax, net (note 18...

  • Page 42
    ...credits, net Impairment of assets Pensions, seniority premium and other postretirement benefits Deferred income tax charged to results Equity in income of affiliates Minority interest Resources provided by operating activities Changes in working capital, excluding acquisition effects: Trade accounts...

  • Page 43
    CEMEX, S.A. DE C.V. Balance sheets (MILLIONS OF CONSTANT MEXICAN PESOS AS OF DECEMBER 31, 2002) DECEMBER 31, ASSETS CURRENT ASSETS 2002 $ 368.1 1,082.0 19,397.2 20,847.3 2001 163.5 1,482.9 13,944.3 15,590.7 Cash and investments Other receivables (note 5) Related parties receivables (note 13) ...

  • Page 44
    ....5 16,234.4 (4,357.5) 3,873.0 25,931.4 661.9 35,547.2 Common stock-historical cost basis Common stock-accumulated inflation adjustments Additional paid in capital Deficit in equity restatement Cumulative initial deferred income tax effects (note 2K) Retained earnings Net income Total stockholders...

  • Page 45
    ... income Results from valuation and liquidation of financial instruments Foreign exchange result, net Monetary position result Net comprehensive financing result Other (expense) income, net Income before income taxes Income tax benefit and business assets tax, net (note 18) Net income $ 4,546.9 277...

  • Page 46
    ... charges and credits, net Deferred income tax charged to results Equity in income of subsidiaries and affiliates Resources provided by operating activities Changes in working capital: Other accounts receivables Short-term related parties receivables and payables, net Other accounts payable and...

  • Page 47
    ... DE C.V. AND CEMEX, S.A. DE C.V. AND SUBSIDIARIES Statements of changes in stockholdersÕ equity (MILLIONS OF CONSTANT MEXICAN PESOS AS OF DECEMBER 31, 2002) COMMON STOCK ADDITIONAL PAID-IN CAPITAL Balances at December 31, 1999 Dividends ($0.56 pesos per share) Issuance of common stock (note 15A...

  • Page 48
    FINANCIAL STATEMENTS DEFICIT IN EQUITY RESTATEMENT CUMULATIVE INITIAL DEFERRED INCOME TAX EFFECTS RETAINED EARNINGS TOTAL MAJORITY INTEREST MINORITY INTEREST TOTAL STOCKHOLDERSÕ EQUITY (45,783.9 1,876.0) (2,903.1) (50,563.0) - - - - 63.6 (4,359.1) (54,858.5) - - - - 246.3 (7,249.1) (61,861...

  • Page 49
    ... industry, through the production and marketing of cement and ready-mix concrete. 2. SIGNIFICANT ACCOUNTING POLICIES A) BASIS OF PRESENTATION AND DISCLOSURE The accompanying Parent Company-only financial statements have been prepared in order to comply with legal requirements in Mexico as...

  • Page 50
    ... Rican Cement Company, Inc. CEMEX Asia Holdings Ltd. Solid Cement Corporation APO Cement Corporation CEMEX Thailand Co. Ltd. Latin Networks Holdings, B.V. 1 2 3 4 5 6 7 7 7 8 Mexico Spain Venezuela United States Costa Rica Egypt Colombia Panama Dominican Republic Puerto Rico Singapore Philippines...

  • Page 51
    ... upon the latest purchase price or production cost. Cost of sales reflects replacement cost of inventories at the time of sale, expressed in constant pesos as of the balance sheet date. G) INVESTMENTS AND NONCURRENT RECEIVABLES (NOTE 8) Investments in affiliated companies are accounted for by the...

  • Page 52
    ... as they refer to the Company are the following: a) Beginning in 2002, changes in the estimated fair value of interest rate derivative instruments, designated as accounting hedges of contractual cash flows associated with debt reported on the balance sheet, as well as those instruments negotiated to...

  • Page 53
    ... of those equity forward contracts that cover the executive stock option programs are recorded through the income statement, in addition to the costs related to such programs. See notes 16 and 17. As of December 31, 2002 and 2001, for balance sheet presentation purposes, the portion of the assets or...

  • Page 54
    ...31, 2002 and 2001 consists of: Cash and bank accounts Fixed-income securities Investments in marketable securities $ 2002 1,760.1 1,987.8 0.9 3,748.8 2001 2,808.1 1,457.0 23.0 4,288.1 $ 4. TRADE ACCOUNTS RECEIVABLE The Company evaluates each of its customersÕ credit and risk profiles in order to...

  • Page 55
    ... at their estimated realizable value and mainly consist of (i) non-cement related assets acquired in business combinations, (ii) various assets held for sale received from customers as payment of trade receivables, and (iii) real estate held for sale. During 2000, the Company recognized in other...

  • Page 56
    ... offer and subsequent merger, a subsidiary of the Company acquired 100% of the outstanding shares of Puerto Rican Cement Company, Inc. (Ã'PRCCÃ"), a Puerto Rican cement producer, for approximately U.S.$180.2 million (U.S.$35 per share). The consolidated financial statements include the balance sheet...

  • Page 57
    ... 2001 are summarized as follows: 2002 CONSOLIDATED PARENT 2001 CONSOLIDATED PARENT Goodwill Cost of internally developed software Prepaid pension costs (note 14) Additional minimum liability (note 14) Deferred financing costs Deferred income taxes Others Accumulated amortization $ 43,570.9 2,454...

  • Page 58
    ..., 2002 and 2001, in order to: i) hedge contractual cash flows of certain financial debt with floating rates or, exchange floating for fixed interest rates of a portion of debt, and ii) reduce the financial cost of a portion of financial debt originally contracted in dollars or pesos, the Company has...

  • Page 59
    ... at maturity of the options and on market conditions, to receive from CEMEX fixed rates and pay to CEMEX variable rates for a five-year period or request net settlement in cash. As of December 31, 2002 and 2001, premiums received, as well as the changes in the estimated fair value of these contracts...

  • Page 60
    ... lines of credit. As of December 31, 2002 and 2001, in order to: i) hedge contractual cash flows of certain financial debt with floating rates or exchange floating for fixed interest rate of a portion of debt (see note 12A), and ii) reduce the financial cost of debt originally contracted in dollars...

  • Page 61
    ..., so the Company will receive the cash flow in the currency of the underlying debt necessary to cover its primary obligation, and will pay the notional amount in the exchanged currency. As a result, the original financial risk profile related to interest rates and foreign exchange variations of the...

  • Page 62
    FINANCIAL STATEMENTS (AMOUNTS IN MILLIONS) RELATED DEBT MATURITY DATE CURRENCIES AMOUNT IN NOTIONAL NEW AMOUNT CURRENCY INTEREST RATES CEMEX RECEIVES CEMEX PAYS EFFECTIVE INTEREST RATE ESTIMATED FAIR VALUE CCS in 2002 Mexican peso to dollar Medium-term notes Mexican peso to dollar Medium-term ...

  • Page 63
    ..., S.A. de C.V. CEMEX International Finance Co CEMEX Trademarks Worldwide Ltd Empresas Tolteca de MÂŽxico, S.A. de C.V. CEMEX Central, S.A. de C.V. Assiut Cement Company International Investors LLC CEMEX Asia PTE. Ltd. Centro Distribuidor de Cemento, S.A. de C.V. Sunbelt Trading, S.A. CEMEX Concretos...

  • Page 64
    ... employees under plan benefits. The estimated service life for pension plans is 18 years and for other postretirement benefits is 13 years. As of December 31, 2002 and 2001, the plan assets are mainly composed of fixed return instruments and stock of companies traded in formal stock exchanges. 63

  • Page 65
    ... one fifth (20%) of the common stock. As of December 31, 2002, the legal reserve amounted to $1,249.6. Earnings distributed as dividends in excess of tax earnings will be subject to tax payment at a 34% rate, in which case, only 66% of retained earnings may be distributed to the shareholders. 64

  • Page 66
    ... of minority interest in the consolidated income statements. Related to the capital securities issued in 1998 by a subsidiary of CEMEX in Spain for U.S.$250 million with an annual dividend rate of 9.66%, in April 2002, through a tender offer, U.S.$184 million of capital securities were redeemed. The...

  • Page 67
    ...-in capital (see note 2B). 16. EXECUTIVE STOCK OPTION PROGRAMS The information relating to stock option programs, presented in terms of equivalent CPOs and considering the effect of the optionsÕ exchange program described below, are summarized as follows: OPTIONS FIXED PROGRAM (A) SPECIAL PROGRAM...

  • Page 68
    ... account the funding cost in the market. For the sale of the options, the Company received a premium equivalent to a percentage of the CPO price. Likewise, during 2002, a voluntary stock option program was established, through which the executives elect to purchase, on a monthly basis, new options...

  • Page 69
    ... in 2002 and 15,986,689 ADSs in 2001 negotiated to hedge the future exercise of the options under the variable stock option programs (see note 16). Starting in 2001, the estimated fair value of these contracts is recognized in the balance sheet as assets or liabilities against the income statement...

  • Page 70
    ... will pay the difference between the 7.53% fixed rate and the LIBOR rates. Through the sale of this option, the Company received a premium of approximately U.S.$22 million ($220.2). As of December 31, 2002 and 2001, the premium received and the combined estimated fair value of the swap and floor...

  • Page 71
    ... temporary differences that generate the consolidated deferred tax assets and liabilities are presented below: 2002 Deferred tax assets: Tax loss carryforwards and other tax credits Accounts payable and accrued expenses Trade accounts receivable Properties, plant and equipment Others Total deferred...

  • Page 72
    ... tax rate presented in the consolidated income statement, as follows: DECEMBER 31, Approximated consolidated statutory tax rate Additional deductions and tax credits Expenses and other non deductible items Non-taxable sale of marketable securities and fixed assets Difference between book and tax...

  • Page 73
    ...by the CompanyÕs management, selected condensed financial information of the Company by geographic area for the years ended December 31, 2002, 2001 and 2000: NET SALES OPERATING INCOME Mexico Spain United States Venezuela Colombia Caribbean and Central America Philippines Egypt Others Eliminations...

  • Page 74
    ... STATEMENTS Total assets and investment in fixed assets by geographic segment are summarized as follows: TOTAL ASSETS INVESTMENT IN FIXED ASSETS (2) Mexico Spain United States Venezuela Colombia Caribbean and Central America Philippines Other Asian Egypt Others (1) Eliminations Consolidated 2002...

  • Page 75
    ...-dumping case involving imported gray Portland cement and clinker from the Philippines and Korea. In July 2001, the MOF informed the petitioners and the producers that a formal investigation had been initiated. Among the producers are the CompanyÕs subsidiaries, APO Cement Corporation, Rizal Cement...

  • Page 76
    ..., who is not a CEMEX related party, could have control of the maritime broker market in Port of Ponce, Puerto Rico. The plaintiff has asked for relief in the amount of approximately U.S.$18 million. The CEMEX companies involved are in the process of determining the appropriate legal strategy for...

  • Page 77
    ... asset recognition are met. The main elements for capitalization are that costs incurred should be properly identified, there are expected future benefits, and that the company has control over such benefits. Expenditures not meeting the new criteria and incurred after the effective date of...

  • Page 78
    ... water, produces concrete or mortar. Today, our research and development focuses on blended cements. These specialty cements not only meet our customersÕ more stringent demands, but they also reduce our energy consumption. Installed capacity is the theoretical annual production capacity of a plant...

  • Page 79
    Management team Board of Directors Directors Lorenzo H. Zambrano Chairman of the Board Lorenzo Milmo Zambrano Armando J. GarcÂ'a Segovia Rodolfo GarcÂ'a Muriel Rogelio Zambrano Lozano Roberto Zambrano Villarreal* Bernardo Quintana Isaac Dionisio Garza Medina Alfonso Romo Garza* Mauricio Zambrano ...

  • Page 80
    ... TreviÂ-o, 46 Chief Financial Officer Mr. TreviÂ-o, who joined CEMEX in 1997, received his B.S. and M.S. degrees in industrial engineering from Stanford University. He is responsible for the companyÕs finance, reporting, capital markets, treasury, and investor relations. Juan Pablo San AgustÂ'n, 34...

  • Page 81
    ... Amelia Bucahna Guaynabo 00968 Puerto Rico Phone: (787) 783.3000 Fax: (787) 781.8850 Egypt Abbas El Akkad Street Floors 6,7 & 8 Nasr City, Cairo, Egypt Phone: (202) 407.8600 Fax: (202) 260.3325 New York Office: 590 Madison Ave. 41st. Floor New York, N.Y. 10022 USA Phone: (212) 317.6000 Fax...

  • Page 82
    ... (BMV), Mexico New York Stock Exchange (NYSE), U.S. Share series: CPO (representing two A shares and one B share) BMV Investor relations contact: [email protected] From the U.S.: 1 877 7CX NYSE From other countries: (212) 317.6000 Fax: (212) 317.6040 Media relations contact: [email protected] Phone: (5281...