Cemex 2008 Annual Report Download

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Table of contents

  • Page 1
    FOCUS 2008 ANNUAL REPORT

  • Page 2
    ... 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 industry solutions...

  • Page 3
    Tough times call for tough actions We are intensely focusing our efforts on the variables we can control. 1

  • Page 4
    letter to our Dear fellow stockholders: 2008 was a tumultuous year. The unprecedented financial and economic crisis that started in the United States spread to Europe, Asia, and other global markets, negatively affecting companies and industries worldwide. Many of our most important markets ...

  • Page 5
    ... solution that aligns our liability profile with our new operating realities. As a result, we have extended our debt maturities, made significant progress in improving our credit profile, and moved towards providing our company with the financial capacity to implement our operating strategy on terms...

  • Page 6
    ... company. I am confident that we will do so this time as well. On behalf of the board and our management team, I thank our investors, our employees, our customers, and our suppliers for their continued support. Sincerely, Lorenzo H. Zambrano Chairman of the Board and Chief Executive Officer...

  • Page 7
    ... sheet accounts, US dollar amounts were calculated by converting the peso amounts at the end of each year using the end-of-year exchange rate of 13.74 and 10.92 MXP/US$, respectively. 2 Based on an average of 743.2 and 766.1 million American depositary shares (ADSs) for 2007 and 2008, respectively...

  • Page 8
    ... office. Through CEMEX Connect, our online customer resource center, they can track and view details of their pending orders, as well as their order history. They can also select the fastest and cheapest method of delivery. Furthermore, they can view, download, and print documents, including account...

  • Page 9
    customers Continuing to meet and exceed our customers' needs is central to who we are and what we do every day. 7

  • Page 10
    operating flexibility We are aligning our cement, ready-mix concrete, and aggregates operations with changing market conditions. 8

  • Page 11
    ...structure and design, so we can manage and operate the company with fewer resources over the short, medium, and long term. We have rightsized our cement, ready-mix concrete, and aggregates production in line with market demand. We have optimized our logistics through the rationalization of our fleet...

  • Page 12
    ... to implement our global cost-cutting initiatives; we are refinancing our debt maturities; and we are using as much of our free cash flow as possible to pay down debt. In addition, we are divesting some assets and using the proceeds of these sales to further deleverage our company. In January 2009...

  • Page 13
    financial flexibility We are reducing costs, adjusting our operations, reducing capital expenditures, and selling assets to regain our financial flexibility as quickly as possible. 11

  • Page 14
    SELECTED CONSOLiDATED fiNANCiAL iNfORMATiON in millions of US dollars, except ADSs and per-ADS amounts CEMEX, S.A.B. DE C.V. AND SUBSIDIARIES 1998 OPERATING RESULTS Net sales Cost of sales (1)(2) 1999 2000 2001 2002 2003 2004 2005 2006 4,315 (2,495) 1,820 (2) 4,828 (2,690) 2,...

  • Page 15
    ..., 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 ten Cpos. 10. Our shareholders approved stock splits in 2006, 2005, and 1999. As a result, each of our existing series A shares was surrendered in...

  • Page 16
    ... close to 57,000 employees worldwide. Today we are strategically positioned in the Americas, Europe, Africa, the Middle East, Asia, and Australia. Our operations network produces, distributes, and markets cement, ready-mix concrete, aggregates, and related building materials to customers in over 50...

  • Page 17
    operations We customize our products and services to meet our customers' needs- from home construction to infrastructure and marine applications. 15

  • Page 18
    ... the economic cycle. Looking forward, we will continue to: > Focus on our core business of cement, ready-mix concrete, and aggregates l Cement l Ready-mix concrete l Aggregates l Others EBItdA distribution by product percentage 7 14 12 67 > Provide our customers with the best value proposition...

  • Page 19
    ..., and Puerto Rico, as well as other operations in the Caribbean region. 4 includes operations in Egypt, israel, and the United Arab Emirates. 5 includes operations in Bangladesh, China, Malaysia, the Philippines, Taiwan, and Thailand. focus on our core business of cement, ready-mix concrete, and...

  • Page 20
    ...to integrate new operations into our corporate structure. We have also taken various steps over the past several years to improve our overall product quality and the environmental impact of our operations. Alignment with investor interests Employee stock-ownership plan To better align our executives...

  • Page 21
    ... in 2011. In December 2008, CEMEX amended and increased, among other terms, the leverage ratio provisions in its existing syndicated facilities and for its Spanish subsidiary, CEMEX España. The new leverage ratio requirement at the CEMEX S.A.B. de C.V. level is a net debt of no more than 4.5 times...

  • Page 22
    ... overall tighter credit conditions continued to put infrastructure projects on hold. United Kingdom Our UK operations' net sales decreased 16% versus 2007, reaching US$1.71 billion, and EBITDA declined 72% to US$26 million in 2008. In 2008 cement, ready-mix concrete, and aggregates volumes decreased...

  • Page 23
    ...Mix USA. 2. includes operations in Austria, Croatia, Czech Republic, finland, france, germany, hungary, ireland, Latvia, Norway, Poland, and Sweden. 3. includes operations in Argentina, Colombia, Costa Rica, the Dominican Republic, Nicaragua, Panama, Puerto Rico, and Venezuela (through July 31, 2008...

  • Page 24
    ... worldwide production capacity, deliver excess cement to where it is most needed, and explore new markets without the necessity of making immediate capital investments. Our worldwide network of strategically located marine terminals and broad third-party customer base also provide us with the added...

  • Page 25
    ...31, 2008, CEMEX agreed to sell its operations in Austria (consisting of 26 aggregates quarries and 41 ready-mix concrete plants) and Hungary (consisting of 6 aggregates quarries, 29 ready-mix concrete plants, and 4 paving stone plants) to Strabag SE, one of Europe's leading construction and building...

  • Page 26
    ... the company in April 2008. The sale represented approximately 90% of CEMEX's position in AXTEL, which was part of the company's long-term investments. CEMEX also entered into a forward contract on AXTEL's stock price, which is payable in cash. derivative instruments CEMEX uses derivative financial...

  • Page 27
    ...report ...27 Consolidated balance sheets ...28 Consolidated income statements . . 29 Consolidated statement of cash flows ...30 Consolidated statements of changes in financial position ...31 Balance sheets ...32 Income statements ...33 Statement of cash flows ...34 Statements of changes in financial...

  • Page 28
    26

  • Page 29
    ...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 CEMEX, S.A.B. de C.V. and subsidiaries as of...

  • Page 30
    ... EQUITY CURRENT LIABILITIES Short-term debt including current maturities of long-term debt Other financial obligations Trade payables Other accounts payable and accrued expenses Total current liabilities NON-CURRENT LIABILITIES Long-term debt Other financial obligations Employee benefits Deferred...

  • Page 31
    Consolidated income statements CEMEX, S.A.B. de C.V. and subsidiaries (Millions of Mexican pesos, except for earnings per share) Note 2008 Years ended December 31, 2007 2006 Net sales Cost of sales Gross profit Administrative and selling expenses Distribution expenses Total operating ...

  • Page 32
    ... derivatives Intangible assets and other deferred charges Long-term assets, net Others, net Net cash ï¬,ows used in investing activities FINANCING ACTIVITIES Issuance of common stock Financing derivatives Dividends paid Repayment of debt, net Issuance of perpetual debentures, net of interest...

  • Page 33
    ... by operating activities FINANCING ACTIVITIES Proceeds from debt (repayments), net, excluding debt assumed through business acquisitions Decrease of treasury shares owned by subsidiaries Dividends paid Issuance of common stock under stock dividend elections and stock option programs Issuance of...

  • Page 34
    ... payable and accrued expenses Related parties accounts payable Total current liabilities NON-CURRENT LIABILITIES Long-term debt Other financial obligations Long-term related parties accounts payable Other liabilities Total non-current liabilities TOTAL LIABILITIES STOCKHOLDERS' EQUITY Common stock...

  • Page 35
    Parent company-only income statements CEMEX, S.A.B. de C.V. (Millions of Mexican pesos, except for earnings per share) Note 24 2008 Years ended December 31, 2007 2006 Equity in income of subsidiaries and associates Rental income License fees Total revenues Administrative expenses ...

  • Page 36
    ... ACTIVITIES Issuance of common stock Financing derivatives Dividends paid Proceeds from debt (repayment), net Long-term liabilities, net Net resources used in financing activities Decrease in cash and investments Cash and investments at beginning of year CASH AND INVESTMENTS AT END OF YEAR Changes...

  • Page 37
    ... related parties, net Other accounts payable and accrued expenses Net change in working capital Net resources provided by (used in) operating activities FINANCING ACTIVITIES Proceeds from debt (repayment), net Dividends paid Issuance of common stock under stock dividend elections and stock option...

  • Page 38
    ...for the period Adoption of new Financial Reporting Standards Dividends ($0.29 pesos per share) Issuance of common stock Treasury shares owned by subsidiaries Issuance and effects of perpetual debentures Changes and transactions related to minority interest Balance at December 31, 2008 2P 15A 15A 15...

  • Page 39
    ...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 40
    ... which the Parent Company holds, directly or through subsidiaries, more than 50% of their common stock and/or has control. Control exists when CEMEX has the power, directly or indirectly, to govern the administrative, financial and operating policies of an entity in order to obtain benefits from its...

  • Page 41
    ... and income statement accounts, and in 2008 the approximate average exchange rates for income statement accounts are the following: Currency Closing 2008 Average 2007 2006 United States Dollars Euro British Pound Sterlin Colombian Peso Venezuelan Bolivar Egyptian Pound Philippine Peso 13...

  • Page 42
    ... B-7, "Business Combinations," CEMEX applies the following accounting principles: a) adoption of the purchase method as the sole recognition alternative; b) allocation of the purchase price to all assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date...

  • Page 43
    ...the risk profile associated with changes in interest rates, the exchange rates of debt, or both, as an alternative source of financing, and as hedges of: (i) highly probable forecasted transactions; (ii) the Company's net investments in foreign subsidiaries; and (iii) executive stock option programs...

  • Page 44
    ... when it has a legal or constructive obligation resulting from past events, whose resolution would imply cash outflows or the delivery of other resources owned by the Company. restructuring (note 12) CEMEX recognizes a provision for restructuring costs only when the restructuring plans have been...

  • Page 45
    ...and termination benefits CEMEX recognizes the costs associated with employees' benefits for: a) defined benefit pension plans; b) other post-retirement benefits, basically comprised of health care benefits, life insurance and seniority premiums, granted pursuant to applicable law or by Company grant...

  • Page 46
    ... deliver cash or another financial asset; b) no predefined maturity date; and c) an unilateral option to defer interest payments or preferred dividends for indeterminate periods. Q) revenue recognition CEMEX's consolidated net sales represent the value, before tax on sales, of products and services...

  • Page 47
    ... income statement. CEMEX determines the estimated fair value of options using the binomial financial option-pricing model. CEMEX concluded that the options in its "fixed program" (note 16A) represent equity instruments considering that services received are settled through the issuance of new shares...

  • Page 48
    ... 2006, 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 of raw materials. X) Newly issued financial reporting...

  • Page 49
    ... to the credit history and risk profile of each customer. Changes in the valuation allowance for doubtful accounts in 2008, 2007 and 2006, are as follows: 2008 2007 2006 Allowances for doubtful accounts at beginning of period Charged to selling expenses Deductions Business combinations Foreign...

  • Page 50
    ... Mix USA, Inc., a ready-mix concrete producer in the Southeastern United States, established two limited liability companies, CEMEX Southeast, LLC and Ready Mix USA, LLC. Pursuant to the relevant agreements, CEMEX contributed to CEMEX Southeast, LLC the cement plants in Demopolis, AL and Clinchfield...

  • Page 51
    ... the supply of CEMEX's products to current demand conditions or from transferring installed capacity to more efficient plants. During 2007 and 2006, impairment losses of fixed assets were mainly attributable to idle assets in the United Kingdom, Mexico and Philippines. The related assets were...

  • Page 52
    ... States Mexico Europe Spain France United Kingdom Other Europe 1 Central and South America and the Caribbean Colombia Venezuela Dominican Republic Other Central and South America and the Caribbean 2 Africa and Middle East Egypt United Arab Emirates Asia and Australia Australia Philippines Thailand...

  • Page 53
    ... (1,586) - 334 8,610 In connection with the Rinker acquisition in 2007, intangible assets in the United States and Australia were identified and valued. These assets relate to extraction permits in the cement, aggregates and ready-mix concrete sectors for approximately $23,427, which were amortized...

  • Page 54
    ... account to cover any price adjustments as guarantee of possible contingencies, in addition to a separate payment for working capital pending to be executed. Up to the moment of the sale, CEMEX controlled CEISA together with another shareholder (Grupo Tudela Beguin) and the financial statements...

  • Page 55
    ... December 31, 2007. The Rinker acquisition was in line with CEMEX's strategy to invest in the construction industry value chain and increased CEMEX's aggregates and ready-mix concrete business investment in the United States. Rinker operations are a complement for CEMEX, increasing its presence in...

  • Page 56
    ... post-retirement benefits. 3 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 the Irish producer CRH plc, ready-mix concrete and aggregates plants in Arizona and Florida for...

  • Page 57
    ... that all annual impairment tests presented an excess of the value in use over the net book value of the reporting units. During the last quarter of 2008, the global economic environment was negatively affected, intensified by the crisis in financial institutions, which has caused financing scarcity...

  • Page 58
    ... of the consolidated balance of goodwill in 2008 and 2007 are as follows: Reporting units 2008 Discount rates 2007 2008 Growth rates 2007 United States Spain Mexico Colombia France United Arab Emirates United Kingdom Australia Range of discount rates in other countries 9.2% 10.8% 12.0% 11...

  • Page 59
    ...,824 Lines of credit Mexico Lines of credit in foreign countries Syndicated loans, 2008 to 2012 Other bank loans, 2008 to 2016 $ 1,529 14,751 - - 16,280 - - 98,016 41,147 139,163 15,010 37,585 2,239 4,218 59,052 198,215 (17,561) 180,654 Notes payable Notes payable Euro medium term notes, 2009...

  • Page 60
    ... on September 30, 2008, date on which CEMEX was in compliance. Afterwards, on December 19, 2008, CEMEX and its creditors agreed new modifications to the credit contracts, including changes to the calculation formula and the increase to the limit of the net debt to operating EBITDA ratio to 4.5 times...

  • Page 61
    ... in foreign subsidiaries and cross currency swaps related to debt, as well as forward contracts in CEMEX's own shares that hedged the exercise of options under the executive stock option programs, among others. In the aforementioned period from October 1 to 16, 2008, changes in the fair value of the...

  • Page 62
    ... 2006. Information about these instruments as of December 31, 2008 and 2007 is as follows: (U.S. dollars millions) Notional amount Fair value Effective rate 2008 Maturity CEMEX receives* CEMEX pays* Short-term debt in US$ Short-term debt in US$ Long-term debt in US$ 1 Long-term...

  • Page 63
    ...), respectively. Information about these derivative instruments at December 31, 2008 and 2007 is as follows: (U.S. dollars millions) Notional amount Fair value Effective rate 2008 Maturity CEMEX receives * CEMEX pays * Short-term Exchange $1,000 to US$ Exchange UDIs 425 to US...

  • Page 64
    ...40% fixed rate. The change in the fair value of this instrument generated a gain in the income statement of approximately US$40 ($550). As of December 31, 2007, CEMEX had a forward contract over the price of approximately 47 million CPOs to hedge the exercise of options in the executive stock option...

  • Page 65
    ... fluctuations in the foreign exchange rate of the peso against foreign currencies and to the price of its own shares and considering contractual limitations to extinguish contracts before their maturity date, between October 14 and 16, 2008, CEMEX negotiated new derivative instruments with the same...

  • Page 66
    ... caption "Other accounts payable and accrued expenses" includes approximately $772 of the reclassification of current liabilities of Austria and Hungary. Current provisions primarily consist of employee benefits accrued at the balance sheet date, insurance payments, and accruals related to legal and...

  • Page 67
    ... benefit plans Costs of defined benefit pension plans and other post-retirement benefits, 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...

  • Page 68
    ... for pensions and other post-retirement benefits during the next ten years are as follows: 2008 2009 2010 2011 2012 2013 2014 - 2018 The most significant assumptions used in the determination of the net periodic cost are as follows: Mexico United States 2008 United Kingdom Other...

  • Page 69
    ... related to employees' benefits at retirement During 2008, CEMEX reduced its workforce subject to defined pension benefits in several countries including the United States and United Kingdom. In addition, the pension plan in Puerto Rico was frozen. These actions generated events of settlement...

  • Page 70
    ...2008 2007 deferred tax assets: Tax loss carryforwards and other tax credits Accounts payable... the event that present conditions change,...CEMEX does not recognize a deferred income tax liability related to its investments in subsidiaries and interests in joint ventures, considering that CEMEX controls...

  • Page 71
    ... CEMEX's capital stock. Series "B" or free subscription shares must represent at most 36% of CEMEX's capital stock. In both years, includes the shares issued as stock dividends that were not subscribed by stockholders that elected to receive the cash dividend. On April 24, 2008, the annual ordinary...

  • Page 72
    ... financial statements. As of December 31, 2008, CEMEX's perpetual debentures are 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...

  • Page 73
    ... June 2005, CEMEX's subsidiary in the United States granted to a group of its employees a stock option program to purchase CEMEX ADSs. The options granted have a fixed exercise price denominated in dollars and tenure of 10 years. The employees' option rights vested up to 25% annually after having...

  • Page 74
    ... sale of cement, ready-mix concrete and aggregates. The country manager, who is one level below the regional manager in the organizational structure, reports to the regional manager the operating results of the country manager's business unit, including all the operating sectors. CEMEX's management...

  • Page 75
    ... 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 and Middle East Asia and Australia 5 Australia Philippines...

  • Page 76
    ... 31, 2008, 2007 and 2006 is as follows: 2008 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 Venezuela Colombia Rest of Central and South America and the...

  • Page 77
    ... in Germany, France, Ireland, Czech Republic, Austria, Poland, Croatia, Hungary and Latvia. For the reported periods, this segment includes CEMEX's operations in Costa Rica, Panama, Puerto Rico, the Dominican Republic, Nicaragua, the Caribbean, Guatemala, and small ready-mix concrete operations...

  • Page 78
    ... 31, 2008, 2007 and 2006, TEG supplied (unaudited) 60.4%, 59.7% and 57.1%, respectively, of CEMEX's electricity needs in Mexico during such years. CEMEX Ostzement GMBH ("COZ"), CEMEX's subsidiary in Germany, has entered into a long-term energy supply contract with Vattenfall Europe New Energy...

  • Page 79
    ... period, Ready Mix USA will have the right but not the obligation, to sell to CEMEX its interest in both entities at a predetermined price, based on the greater of: a) eight times the operating cash flow of the trailing twelve months; b) eight times the average of the companies' operating cash flow...

  • Page 80
    ..., Germany against CEMEX Deutschland AG, CEMEX's German subsidiary, and other German cement companies. By means of this lawsuit, CDC was seeking approximately â,¬102 (US$143 or $1,959) in respect of damage claims by 28 entities relating to alleged price and quota fixing by German cement companies...

  • Page 81
    ... to evaluate if the order shall continue or be revoked at the end of the fifth year. On May 5, 2008, CEMEX received a resolution from the MOF, stating that the anti-dumping duty imposed on gray Portland cement and clinker imports from the Philippines and South Korea will be terminated starting...

  • Page 82
    ... inspection at CEMEX's offices in the United Kingdom and in Germany. It is understood that EC officials carried out unannounced inspections at the premises of other companies in the cement and related products industry in several European Community member states. The EC alleges that CEMEX may have...

  • Page 83
    ... chief 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 84
    ... Mexico Spain Venezuela United States of America Costa Rica Egypt Colombia Panama Dominican Republic Puerto Rico France Australia Singapore Philippines Philippines Thailand United Kingdom United Kingdom Germany Austria Croatia Czech Republic Poland Hungary Ireland Israel Latvia United Arab Emirates...

  • Page 85
    ...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 86
    ... are accounted for by the equity method, are as follows: 2008 2007 Book value at acquisition date Revaluation by equity method $ $ 112,108 156,989 269,097 112,054 120,429 232,483 In October 2008, the Parent Company made an equity contribution to its subsidiary CEMEX Trademarks Holding Ltd...

  • Page 87
    ... of goodwill in the reporting unit. During the last quarter of 2008, CEMEX made the annual test for goodwill impairment. The projection models for cash flows to value long-lived assets include long-term variables. Nevertheless, the Parent Company considers that its cash flow projections and the...

  • Page 88
    ... the Parent Company with related parties result primarily from: (i) the sale and/or acquisition of subsidiaries' shares within the CEMEX group; (ii) the invoicing of administrative services, rentals, trademarks and commercial name rights, royalties and other services rendered between group entities...

  • Page 89
    ... chief 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 90
    ... Executive stock option programs Of the different stock option programs disclosed in note 16 to the consolidated financial statements, only the "fixed program" was issued by the Parent Company. Entities obligated under the other programs are part of the consolidated group. M. Earnings per share The...

  • Page 91
    ...by the Parent Company to meet its material contractual obligations are summarized as follows: (U.S. dollars millions) Obligations Less than 1 year 1-3 years 2008 3 -5 years More than 5 years Total 2007 Total Long-term debt 1 Interest payments on debt 2 Interest rate derivatives...

  • Page 92
    ... member Alternate directors Jorge García Segovia Eduardo Brittingham Sumner Independent member Luis Santos de la Garza Independent member Fernando Ruiz Arredondo Independent member Secretary Ramiro Villarreal Morales (not a member of the board) Audit committee Roberto Zambrano Villarreal...

  • Page 93
    ...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 Mexico, the United States, Guatemala, and the company's Trading unit. fernando A. González (54) President of the Europe...

  • Page 94
    ...Mexican Stock Exchange. Return on capital employed (ROCE) equals operating income minus taxes and profit sharing, divided by the sum of average net debt and consolidated stockholders' equity. Industry terms Aggregates are sand and gravel, which are mined from quarries. They give ready-mix concrete...

  • Page 95
    ... Mexico New York Stock Exchange (NYSE) United States Headquarters Av. Ricardo Margáin Zozaya 325 66265 San Pedro Garza García, N.L. México Phone: (52-81) 8888-8888 Fax: (52-81) 8888-4417 Share series CPO (representing two A shares and one B share) ADS (representing ten CPOs) Mexico City office...

  • Page 96
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