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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 or 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
_______________________

Date of Report: January 27, 2010
 
CEMEX, S.A.B. de C.V.
(Exact name of Registrant as specified in its charter)
 
CEMEX Corp.
(Translation of Registrant's name into English)
 
United Mexican States
(Jurisdiction of incorporation or organization)
 
Av. Ricardo Margáin Zozaya #325, Colonia Valle del Campestre
                    Garza García, Nuevo León, México 66265                    
(Address of principal executive offices)
 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
 
Form 20-F
X
  
 Form 40-F
    
 
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
 
Yes
    
  No
X
 
 
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
 
N/A

 
 
 
 
 
 
Contents
 
1.
Presentation regarding 2009 fourth quarter results for CEMEX, S.A.B de C.V. (NYSE:CX).
 
 
 
 
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, CEMEX, S.A.B. de C.V. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
       
CEMEX, S.A.B. de C.V.
  
       
(Registrant)
  
           
           
           
Date:
      January 27, 2010
  
By:
/s/     Rafael Garza
  
       
Name:   Rafael Garza
  
       
Title:     Chief Comptroller
  
           
           
           


 
 
 
 
EXHIBIT INDEX
 
EXHIBIT NO.
DESCRIPTION
   
1.
Presentation regarding 2009 fourth quarter results for CEMEX, S.A.B de C.V. (NYSE:CX).
 
exhibit_1.htm
 
 
 
www.cemex.com
4Q09 RESULTS
4Q09 RESULTS
January 2010
January 2010
2
 
 
 
2009 achievements
§ Refinanced US$15 billion in debt
§ Issued close to US$2.3 billion in fixed income notes
§ Raised US$2.2 billion in equity and equity-like capital
§ Sold our Australian assets for approximately US$1.7 billion
§ Implemented a US$900 million cost-reduction program
§ Increased use of alternative fuels to 16%, from 10% in 2008
§ On track to achieve 25% reduction in specific CO2 emissions by
 2015 from 1990 levels
3
 
 
 
4Q09 results highlights
January - December
Fourth Quarter
2009
2008
% var
l-t-l
% var
2009
2008
% var
l-t-l
% var
Net sales
14,544
20,131
(28%)
(19%)
3,444
4,148
(17%)
(20%)
Gross profit
4,274
6,396
(33%)
(23%)
911
1,262
(28%)
(31%)
Operating income
1,165
2,327
(50%)
(38%)
98
346
(72%)
(75%)
EBITDA
2,657
4,080
(35%)
(25%)
474
750
(37%)
(39%)
FCF after maint capex
1,215
2,600
(53%)
401
474
(15%)
Millions US dollars
4
§ 2009 results reflect deconsolidation of Venezuelan assets starting August 2008
§ Australian operations reclassified as “Discontinued Operations” in 2008 and 2009
 results
 
 
 
Ready Mix
Volume
(23%)
(21%)
(10%)
Price (USD)
(10%)
(1%)
0%
Price (l-t-l1)
(2%)
(6%)
(2%)
Aggregates
Volume
(20%)
(16%)
(12%)
Price (USD)
(9%)
3%
0%
Price (l-t-l1)
(2%)
(3%)
(2%)
2009 vs. 2008
4Q09 vs. 4Q08
4Q09 vs. 3Q09
Cement
Volume
(14%)
(8%)
(8%)
Price (USD)
(9%)
0%
(1%)
Price (l-t-l1)
1%
(4%)
(2%)
5
Consolidated volumes and prices
1 Like-to-like prices adjusted for investments/divestments and foreign-exchange fluctuations
§ Challenging business environment prevailed during 2009, with some signs of
 stabilization in the second half
 
 
 
6
2010 guidance
§ Consolidated volumes expected to increase by 4% for cement and
 aggregates and by 2% for ready mix
 – Volumes in Mexico flat for cement and growing in excess of 5% for
 ready mix
 – US cement, ready-mix and aggregates volumes to have high-single-digit
 increase
 – Spanish cement volumes similar to 2009 levels; ready-mix and
 aggregates volumes declining by 11% and 2%, respectively
§ EBITDA to be about US$2.9 billion, on a like-to-like basis, and based
 on currently prevailing exchange rates
§ Free cash flow after maintenance capex to reach close to US$1
 billion, reflecting exclusion of Australian operations, higher interest
 expense, maintenance capex, and cash taxes, and lower investment
 in working capital
§ US$600 million from free cash flow to be used for debt reduction
 during the year
 
 
 
www.cemex.com
REGIONAL
HIGHLIGHTS
REGIONAL
HIGHLIGHTS
January 2010
January 2010
7
 
 
 
2009
2008
% var
l-t-l
 % var
4Q09
4Q08
% var
l-t-l
% var
Net Sales
3,113
3,822
(19%)
(1%)
723
820
(12%)
(14%)
EBITDA
1,160
1,453
(20%)
(3%)
251
302
(17%)
(18%)
Margin
37.3%
38.0%
34.8%
36.8%
Volume
2009 vs.
2008
4Q09 vs.
4Q08
4Q09 vs.
3Q09
Cement
(4%)
(10%)
(2%)
Ready-mix
(14%)
(28%)
(9%)
Aggregates
4%
(9%)
(6%)
Price (LC)
2009 vs.
2008
4Q09 vs.
4Q08
4Q09 vs.
3Q09
Cement
2%
(3%)
(3%)
Ready-mix
1%
(0%)
(0%)
Aggregates
5%
10%
2%
8
§ Investment in Infrastructure
 increased by about 20% in 2009,
 partially mitigating contraction in
 residential and non-residential
 sectors
§ Formal housing affected by bridge
 financing constraints; some
 recovery expected for 2010
§ Self-construction anticipated to
 drop by about 1% in 2010
§ Industrial and commercial sector
 expected to grow by 15% in 2010,
 after two years of decline
Mexico
 
 
 
United States
2009
2008
% var
l-t-l
 % var
4Q09
4Q08
% var
l-t-l
% var
Net Sales
2,825
4,698
(40%)
(40%)
602
983
(39%)
(39%)
EBITDA
143
702
(80%)
(80%)
(5)
129
N/A
N/A
Margin
5.1%
14.9%
(0.7%)
13.1%
Volume
2009 vs.
2008
4Q09 vs.
4Q08
4Q09 vs.
3Q09
Cement
(32%)
(25%)
(14%)
Ready-mix
(38%)
(30%)
(12%)
Aggregates
(36%)
(29%)
(15%)
Price (LC)
2009 vs.
2008
4Q09 vs.
4Q08
4Q09 vs.
3Q09
Cement
(6%)
(7%)
(0%)
Ready-mix
(8%)
(13%)
(4%)
Aggregates
(7%)
(9%)
(2%)
9
§ Fourth quarter decline in volumes
 reflecting drop in residential and
 I&C sectors, as well as poor
 weather during December
§ Public construction will continue to
 be main driver for demand,
 supported by ARRA and other
 funding
§ Improvement seen in existing
 home sales and inventories;
 cement demand from residential
 sector expected to have double-
 digit growth in 2010 in our markets
 
 
 
Spain
2009
2008
% var
l-t-l
 % var
4Q09
4Q08
% var
l-t-l
% var
Net Sales
831
1,573
(47%)
(36%)
194
247
(21%)
(14%)
EBITDA
204
464
(56%)
(50%)
44
60
(27%)
(31%)
Margin
24.6%
29.5%
22.4%
24.3%
Volume
2009 vs.
2008
4Q09 vs.
4Q08
4Q09 vs.
3Q09
Cement
(40%)
(23%)
(16%)
Ready-mix
(44%)
(33%)
(19%)
Aggregates
(33%)
(15%)
(12%)
Price (LC)
2009 vs.
2008
4Q09 vs.
4Q08
4Q09 vs.
3Q09
Cement
(10%)
(14%)
(2%)
Ready-mix
(8%)
(11%)
0%
Aggregates
3%
0%
(1%)
10
§ Cement and ready-mix volumes on
 a like-to-like basis declined by
 30% and 37%, respectively, for
 2009
§ Construction activity affected by
 economic slowdown and limited
 credit availability
§ Housing starts expected to
 decrease to 140-150 thousand in
 2009, further decline expected
§ Infrastructure relatively stable, but
 insufficient to compensate other
 sectors
 
 
 
United Kingdom
2009
2008
% var
l-t-l
 % var
4Q09
4Q08
% var
l-t-l
% var
Net Sales
1,184
1,712
(31%)
(19%)
285
318
(10%)
(16%)
EBITDA
43
26
62%
88%
0
(19)
99%
97%
Margin
3.6%
1.5%
(0.1%)
(6.0%)
Volume
2009 vs.
2008
4Q09 vs.
4Q08
4Q09 vs.
3Q09
Cement
(19%)
(14%)
(15%)
Ready-mix
(25%)
(23%)
(17%)
Aggregates
(19%)
(12%)
(17%)
Price (LC)
2009 vs.
2008
4Q09 vs.
4Q08
4Q09 vs.
3Q09
Cement
8%
3%
(2%)
Ready-mix
2%
(1%)
(0%)
Aggregates
1%
(2%)
(1%)
11
§ 2009 results reflected weakness
 across all business segments, with
 rate of decline decelerating in the
 last months of the year
§ Mild recovery in the housing sector
 expected for 2010
 
 
 
Rest of Europe
2009
2008
% var
l-t-l
 % var
4Q09
4Q08
% var
l-t-l
% var
Net Sales
3,345
4,369
(23%)
(17%)
843
922
(9%)
(17%)
EBITDA
349
532
(34%)
(27%)
65
82
(20%)
(27%)
Margin
10.4%
12.2%
7.8%
8.9%
Volume
2009 vs.
2008
4Q09 vs.
4Q08
4Q09 vs.
3Q09
Cement
(17%)
(18%)
(29%)
Ready-mix
(17%)
(14%)
(13%)
Aggregates
(13%)
(13%)
(15%)
12
Price (LC)1
2009 vs.
2008
4Q09 vs.
4Q08
4Q09 vs.
3Q09
Cement
4%
0%
(2%)
Ready-mix
0%
(1%)
1%
Aggregates
4%
7%
1%
§ In France, ready-mix volume
 decreased by 17% and aggregates
 volume by 13% during 4Q09
§ In Germany, cement volume
 decreased by 16% during 4Q09
§ In most countries in the region,
 infrastructure continues to be the
 main driver for volume growth
§ In Eastern Europe, 2009 volumes
 affected by lower confidence and
 tight credit conditions; stabilization
 and potential growth expected in
 some markets for 2010
1 Volume-weighted, local-currency average prices
 
 
 
South/Central America and the Caribbean
2009
2008
% var
l-t-l
 % var
4Q09
4Q08
% var
l-t-l
% var
Net Sales
1,368
2,023
(32%)
(13%)
322
378
(15%)
(18%)
EBITDA
494
658
(25%)
(4%)
111
121
(8%)
(13%)
Margin
36.1%
32.5%
34.5%
31.9%
Volume
2009 vs.
2008
4Q09 vs.
4Q08
4Q09 vs.
3Q09
Cement
(30%)
(1%)
(5%)
Ready-mix
(34%)
(21%)
(10%)
Aggregates
(40%)
(27%)
11%
13
Price (LC)1
2009 vs.
2008
4Q09 vs.
4Q08
4Q09 vs.
3Q09
Cement
14%
(2%)
(2%)
Ready-mix
(3%)
(6%)
(3%)
Aggregates
(2%)
(13%)
(3%)
§ Colombian cement volume
 remained flat for the quarter and
 ready-mix volume declined by 15%
§ In Colombia, infrastructure will
 continue to be an important
 contributor to 2010 volumes;
 subsidy in interest rates for new
 homes should also contribute to
 volume growth
1 Volume-weighted, local-currency average prices
 
 
 
Africa and Middle East
2009
2008
% var
l-t-l
 % var
4Q09
4Q08
% var
l-t-l
% var
Net Sales
1,049
1,071
(2%)
2%
261
278
(6%)
(7%)
EBITDA
333
296
12%
15%
68
72
(6%)
(7%)
Margin
31.7%
27.7%
25.9%
25.9%
Volume
2009 vs.
2008
4Q09 vs.
4Q08
4Q09 vs.
3Q09
Cement
22%
7%
1%
Ready-mix
(14%)
(8%)
7%
Aggregates
(10%)
12%
23%
14
Price (LC)1
2009 vs.
2008
4Q09 vs.
4Q08
4Q09 vs.
3Q09
Cement
10%
2%
(1%)
Ready-mix
(3%)
(19%)
(4%)
Aggregates
7%
(4%)
4%
§ In Egypt, cement volumes
 increased by 7% during 4Q09 and
 by 13% in 2009
§ The informal housing and
 infrastructure sectors will continue
 to be main drivers of cement
 demand in 2010 in the region
1 Volume-weighted, local-currency average prices
 
 
 
Asia
2009
2008
% var
l-t-l
 % var
4Q09
4Q08
% var
l-t-l
% var
Net Sales
474
494
(4%)
1%
122
105
17%
14%
EBITDA
116
93
25%
33%
22
15
44%
40%
Margin
24.5%
18.8%
17.8%
14.5%
Volume
2009 vs.
2008
4Q09 vs.
4Q08
4Q09 vs.
3Q09
Cement
0%
24%
1%
Ready-mix
(18%)
(9%)
21%
Aggregates
(15%)
0%
11%
15
Price (LC)1
2009 vs.
2008
4Q09 vs.
4Q08
4Q09 vs.
3Q09
Cement
7%
(2%)
(1%)
Ready-mix
3%
(6%)
(1%)
Aggregates
3%
(3%)
2%
1 Volume-weighted, local-currency average prices
 
 
 
www.cemex.com
4Q09 RESULTS
4Q09 RESULTS
January 2010
January 2010
16
 
 
 
EBITDA and free cash flow
January - December
Fourth Quarter
2009
2008
% var
l-t-l
% var
2009
2008
% var
l-t-l
% var
Net sales
14,544
20,131
(28%)
(19%)
3,444
4,148
(17%)
(20%)
EBITDA
2,657
4,080
(35%)
(25%)
474
750
(37%)
(39%)
EBITDA margin
18.3%
20.3%
(2.0pp)
13.8%
18.1%
(4.3pp)
Cost of sales
10,270
13,735
(25%)
2,532
2,886
(12%)
 % sales
70.6%
68.2%
2.4pp
73.5%
69.6%
3.9pp
SG&A
3,109
4,069
(24%)
813
916
(11%)
 % sales
21.4%
20.2%
1.2pp
23.6%
22.1%
1.5pp
Free cash flow after
maintenance capex
1,215
2,600
(53%)
401
474
(15%)
Free cash flow
805
1,040
(23%)
334
195
71%
US$ million
17
§ Adjusting for Venezuela, divestments and the sale of emission allowances done last
 year, EBITDA margin had a slight decline of 0.4pp despite a 19% decline in sales, on a
 like-to-like basis
§ Increase in SG&A as a percentage of sales mainly due to lesser economies of scale
 due to lower volumes and higher transportation costs, partially offset by savings from
 cost-reduction initiatives
§ Free cash flow after maintenance capex reflects lower EBITDA, higher financial
 expense and investment in working capital, partially offset by lower maintenance capex
 
 
 
18
Other items
§ Kiln fuel and electricity costs, on a per-ton-of-cement-produced basis,
 decreased by 16% for 2009 and expected to increase by 5% for 2010
§ Increase in financial expenses during the quarter reflects new terms
 of Financing Agreement
§ Gain on financial instruments during the quarter reflects positive mark
 -to-market contribution of our equity derivatives
§ Income tax resulting from tax losses in many of our operating
 jurisdictions due to reduced volumes and local foreign-exchange
 losses
§ Estimated impact of the changes in the rules in Mexico for group tax
 consolidation : US$799 million
 – Liability recognized in balance sheet; a deferred tax asset for US$628
 million also recognized
 – Expected impact on 2010 cash taxes: US$30 million
 
 
 
www.cemex.com
DEBT
INFORMATION
DEBT
INFORMATION
January 2010
January 2010
19
 
 
 
20
Debt-related activity in the quarter
§ Convertible securities transaction for MXN4.1 billion (approximately
 US$320 million); upon conversion will represent about 17.25 million
 ADSs
§ Issuance of notes for close to US$2.3 billion
 – US-dollar notes for US$1.25 billion (7 years, yield 9.50%) issued in December;
 reopening in January for additional US$500 million (yield 8.477%)
 – Euro notes for €350 million (8 years, yield 9.625%) issued in December
§ Issuance of various short-term notes under our short-term
 Certificados Bursátiles program, having an outstanding amount of
 MXN800 million at the end of the quarter
 
 
 
US$ million
Consolidated debt maturity profile
Total debt excluding perpetual debentures as of 4Q09
US$ 16,130
Fixed Income
Financing Agreement Amortizations
Other bank / WC debt
565
1,377
1,455
2,455
8,310
1,969
21
2011 prepayments to Financing
Agreement made during January
 
 
 
Debt-related information
2009
2008
% Var.
2009
Total debt
16,130
18,783
(14%)
17,448
 Short-term
4%
37%
3%
 Long-term
96%
63%
97%
Cash and cash equivalents
1,077
939
15%
363
Fair value cross currency swaps2
0
(114)
0
Net debt
15,053
17,958
(16%)
17,085
Currency denomination
Interest Rate
22
U.S.
dollar
60%
Euro
27%
Mexican
peso
12%
other
Variable
75%
Fixed
25%
1 For presentation purposes in the table above, net debt includes the fair value of cross-currency swaps, if any, associated with debt.
 
 
 
This presentation contains certain forward-looking statements and information relating to CEMEX, S.A.B. de
C.V. and its subsidiaries (collectively, “CEMEX”) that are based on the beliefs of its management, as well as
assumptions made by and information currently available to CEMEX. Such statements reflect the current
views of CEMEX with respect to future events and are subject to certain risks, uncertainties, and assumptions.
Many factors could cause the actual results, performance or achievements of CEMEX to be materially
different from any future results, performance or achievements that may be expressed or implied by such
forward-looking statements, including, among others, changes in general economic, political, governmental,
and business conditions globally and in the countries in which CEMEX does business, changes in interest
rates, changes in inflation 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, and
various other factors. Should one or more of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from those described herein as anticipated,
believed, estimated, expected or targeted. CEMEX does not intend, and does not assume any obligation, to
update these forward-looking statements.
UNLESS OTHERWISE NOTED, ALL FIGURES ARE PRESENTED UNDER MEXICAN GAAP
Copyright CEMEX, S.A.B. de C.V. and its subsidiaries.
Forward looking information
23
 
 
 
 
 
 
25
Definitions
EBITDA: Operating income plus depreciation and operating
 amortization
Expansion capital expenditures: consist of expansion spending on
 our cement, ready-mix, and other core businesses in existing markets
LC: Local currency
Like-to-like percentage variation (l-t-l % var): Percentage variations
 adjusted for investments/divestments and currency fluctuations
Maintenance capital expenditures: consist of maintenance spending
 on our cement, ready-mix, and other core businesses in existing
 markets
 
 
 
In the United States:
1 877 7CX NYSE
In Mexico:
52 (81) 8888 4292
E-Mail:
ir@cemex.com
Contact Information
26