Form
20-F X
|
Form
40-F ___
|
Yes
____
|
No
X
|
|
1.
|
Press
release, dated October 27, 2009, announcing third quarter 2009 results for
CEMEX, S.A.B de C.V. (NYSE:CX).
|
|
2.
|
Third
quarter 2009 results for CEMEX, S.A.B de C.V.
(NYSE:CX).
|
CEMEX, S.A.B. de C.V. | ||||
(Registrant) | ||||
Date: December
4, 2009
|
By:
|
/s/ Rafael
Garza
|
||
Name:
|
Rafael
Garza
|
|||
Title:
|
Chief
Comptroller
|
|||
EXHIBIT
NO.
|
DESCRIPTION
|
1.
|
Press
release, dated October 27, 2009, announcing third quarter 2009 results for
CEMEX, S.A.B de C.V. (NYSE:CX).
|
2.
|
Third
quarter 2009 results for CEMEX, S.A.B de C.V.
(NYSE:CX).
|
Media
Relations
Jorge
Pérez
(52-81)
8888-4334
|
Investor
Relations
Eduardo
Rendón
(52-81)
8888-4256
|
Analyst
Relations
Luis
Garza
(52-81)
8888-4136
|
●
|
Lower
sales in the quarter were primarily attributable to lower volumes, mainly
from our U.S. and Spanish operations, as well as the exclusion of our
Venezuelan operations, and the sale of our assets in the Canary
Islands.
|
●
|
Third
quarter sales on a sequential, quarter-to-quarter basis, increased close
to 1%, with a 1% decline in EBITDA, when compared with the second quarter
of 2009.
|
●
|
The
infrastructure sector was the main driver of demand in most of the markets
we serve despite the fact that we have not yet seen the positive impact of
stimulus packages around the world.
|
●
|
Free
cash flow after maintenance capital expenditures for the quarter was
US$260 million.
|
|
2009
THIRD
QUARTER RESULTS
|
|||||||
Stock Listing Information
|
Third quarter
|
like-to-like
|
Third quarter
|
|||||
2009
|
2008
|
%
Var.
|
%
Var.*
|
2009
|
2008
|
|||
NYSE (ADS)
|
Net
sales
|
4,217
|
5,787
|
(27%)
|
(19%)
|
%
of Net Sales
|
||
Ticker: CX
|
Gross
profit
|
1,320
|
1,930
|
(32%)
|
(22%)
|
31.3%
|
33.3%
|
|
Operating
income
|
411
|
818
|
(50%)
|
(39%)
|
9.8%
|
14.1%
|
||
MEXICAN STOCK EXCHANGE
|
Majority
net income
|
121
|
200
|
(40%)
|
2.9%
|
3.5%
|
||
Ticker: CEMEX.CPO
|
EBITDA
|
806
|
1,303
|
(38%)
|
(30%)
|
19.1%
|
22.5%
|
|
Ratio of CEMEX.CPO to CX= 10:1
|
Free
cash flow after
maintenance
capital expenditures
|
260
|
957
|
(73%)
|
6.2%
|
16.5%
|
||
Net
debt
|
17,091
|
16,393
|
4%
|
|||||
Earnings
per ADS
|
0.14
|
0.26
|
(44%)
|
|||||
Average
ADRs outstanding
|
837.1
|
777.4
|
8%
|
|||||
In
millions of US dollars, except ratios and per-ADS amounts. Average ADSs
outstanding are presented in millions.
*
Percentage variations adjusted for investments/divestments and currency
fluctuations.
|
||||||||
Investor Relations
In
the United States
1
877 7CX NYSE
In
Mexico
52
(81) 8888 4292
E-Mail
ir@cemex.com
|
Consolidated
net sales in the third quarter of 2009 decreased to US$4,217
million, representing a decrease of 27% compared with those of the third
quarter of 2008, or a decrease of 19% adjusting for the exclusion of our
Venezuelan operations, the sale of our assets in the Canary Islands, and
currency fluctuations. The decline in sales is the result of lower volumes
and prices mainly from our U.S. and Spanish operations. On a sequential
basis, consolidated net sales increased close to 1%. The infrastructure
sector was the main driver of demand in most of our markets despite the
fact that we have not yet seen the impact of stimulus packages around the
world.
Cost of sales
as a percentage of net sales increased 2.0 percentage points to
68.7% from 66.7% during the third quarter of 2008. Adjusting for the sale
of emission allowances reported in the third quarter 2008, cost of sales
as a percentage of net sales remained flat. Selling,
general, and administrative (SG&A) expenses as a percentage of
net sales increased 2.4 percentage points during the quarter compared with
the same period last year, from 19.2% to 21.6%. The increase in expenses
is mainly as a result of lower economies of scale due to lower volumes,
especially in the United States and Spain, and higher transportation
costs, which were partially offset by savings from our cost-reduction
initiatives.
EBITDA
decreased 38% during the quarter compared with the same period last year,
to US$806 million. The decrease was due mainly to lower contributions from
our U.S. and Spanish operations; the exclusion of our Venezuelan
operations starting August 1, 2008; and the sale of our assets in the
Canary Islands during the fourth quarter of 2008. Adjusting
for divestments and currency fluctuations, EBITDA declined 30%. EBITDA, on
a sequential basis, declined 1%.
EBITDA margin
decreased 3.4 percentage points, from 22.5% in the third quarter of
2008 to 19.1% this quarter. However, EBITDA margin for the quarter
increased throughout our portfolio except for the United States and
Spain.
Exchange gain
(loss) net, for the quarter resulted in a gain of US$16 million,
resulting mainly from the appreciation of the euro against the US
dollar.
Majority net
income was a gain of US$121 million in the third quarter of 2009
versus a gain of US$200 million in the third quarter of 2008 due to lower
operating income given the reasons already explained above.
Net debt
at the end of the third quarter was US$17,091 million, representing
a decrease of US$1,181 million during the quarter.
|
Please
refer to the end of this report for definitions of terms, US-dollar
translation methodology, and other important disclosures.
|
Page
1
|
Third
quarter
|
January
– September
|
||||||
2009
|
2008
|
%
Var.
|
2009
|
2008
|
%
Var.
|
||
Operating
income
|
411
|
818
|
(50%)
|
1,143
|
2,166
|
(47%)
|
|
+
Depreciation and operating amortization
|
395
|
485
|
1,181
|
1,445
|
|||
EBITDA
|
806
|
1,303
|
(38%)
|
2,325
|
3,611
|
(36%)
|
|
-
Net financial expense
|
252
|
188
|
654
|
672
|
|||
-
Maintenance capital expenditures
|
59
|
170
|
149
|
400
|
|||
-
Change in working capital
|
240
|
(5)
|
662
|
231
|
|||
-
Taxes paid
|
32
|
40
|
152
|
263
|
|||
-
Other cash items (net)
|
(38)
|
(47)
|
(111)
|
(128)
|
|||
Free
cash flow after maintenance capital expenditures
|
260
|
957
|
(73%)
|
819
|
2,173
|
(62%)
|
|
-
Expansion capital expenditures
|
52
|
386
|
341
|
1,312
|
|||
Free
cash flow
|
208
|
571
|
(64%)
|
478
|
861
|
(45%)
|
Third
quarter
|
Second
quarter
|
Third
quarter
|
|||||||
2009
|
2008
|
||||||||
2009
|
2008
|
%
Var.
|
2009
|
Currency
denomination
|
|||||
Total
debt
|
17,579
|
17,928
|
(2%)
|
19,250
|
US
dollar
|
60%
|
79%
|
||
Short-term
|
4%
|
21%
|
30%
|
Euro
|
26%
|
21%
|
|||
Long-term
|
96%
|
79%
|
70%
|
Mexican
peso
|
13%
|
0%
|
|||
Cash
and cash equivalents
|
488
|
1,390
|
(65%)
|
978
|
Yen
|
0%
|
0%
|
||
Fair
value of cross-currency swaps (2)
|
0
|
144
|
0
|
Other
|
1%
|
0%
|
|||
Net
debt (2)
|
17,091
|
16,393X
|
4%
|
18,272
|
|||||
Interest
rate
|
|||||||||
Interest
expense
|
275
|
197
|
(40%)
|
210
|
Fixed
|
15%
|
24%
|
||
Variable
|
85%
|
76%
|
(1)
|
EBITDA
and free cash flow (calculated as set forth above) are presented herein
because CEMEX believes that they are widely accepted as financial
indicators of its ability to internally fund capital expenditures and to
service or incur debt. EBITDA and free cash flow should not be considered
as indicators of CEMEX’s financial performance, as alternatives to cash
flow, as measures of liquidity, or as being comparable to other similarly
titled measures of other companies. EBITDA is reconciled above to
operating income, which CEMEX considers to be the most comparable measure
as determined under Mexican Financial Reporting Standards. Free cash flow
is reconciled to EBITDA.
|
(2)
|
For
presentation purposes in the table above, net debt includes the fair value
of cross-currency swaps (“CCS”) if any, associated with
debt.
|
Please
refer to the end of this report for definitions of terms, US-dollar
translation methodology, and other important disclosures.
|
Page
2
|
|
||
Beginning-of-quarter
CPO-equivalent units outstanding
|
8,085,522,644
|
|
Exercise
of stock options
|
13,249,067
|
|
Issuance
of shares related to equity offering
|
900,000,000
|
|
Less increase
(decrease) in the number of CPOs held in subsidiaries*
|
(596,425,822)
|
|
End-of-quarter
CPO-equivalent units outstanding
|
9,595,197,533
|
Third quarter
|
Second
quarter
|
||||||
Notional
amounts
|
2009
|
2008
|
2009
|
||||
Equity
(2)
|
953
|
962
|
953
|
||||
Foreign-exchange
(1)
|
0
|
8,774
|
0
|
||||
Interest-rate
(3)
|
0
|
14,928
|
0
|
||||
Estimated
aggregate fair market value (1) (3)
(4)
|
(37)
|
(22)
|
(61)
|
(1)
|
As
of September 30, 2008 and June 30, 2009, excludes derivatives
for a notional amount of US$3,024 million entered into by financial
institutions with certain Special Purpose Entities ("SPEs") created under
various series of our perpetual notes. As of July 1, 2009, all of these
derivatives have been closed out as we elected to defer the coupons on the
perpetual notes by one day. The SPEs received US$94 million which will be
used to pay future coupons on the perpetual
notes.
|
(2)
|
Includes
a notional amount of US$360 million in connection with a guarantee given
by CEMEX under a financial transaction of its employee's pension fund
trust. The fair value of such financial guarantee represents an asset of
US$37 million net of collateral deposit of US$176
million.
|
(3)
|
Excludes,
starting in the first quarter of 2009, an interest-rate swap related to
our long-term energy contracts. As of September 30, 2009, the amount of
this derivative was US$205 million and had a positive fair market value of
approximately US$38 million.
|
(4)
|
Net
of cash collateral deposited under open positions. Cash collateral was
US$175 million as of September 30,
2009.
|
Please
refer to the end of this report for definitions of terms, US-dollar
translation methodology, and other important disclosures.
|
Page
3
|
Please
refer to the end of this report for definitions of terms, US-dollar
translation methodology, and other important disclosures.
|
Page
4
|
Please
refer to the end of this report for definitions of terms, US-dollar
translation methodology, and other important disclosures.
|
Page
5
|
Please
refer to the end of this report for definitions of terms, US-dollar
translation methodology, and other important disclosures.
|
Page
6
|
January
- September
|
like-to-like
|
Third
quarter
|
like-to-like
|
|||||
INCOME
STATEMENT
|
2009
|
2008
|
%
Var.
|
%
Var. *
|
2009
|
2008
|
%
Var.
|
%
Var. *
|
Net
Sales
|
12,036,047
|
17,479,594
|
(31%)
|
(18%)
|
4,217,079
|
5,787,399
|
(27%)
|
(19%)
|
Cost
of Sales
|
(8,403,577)
|
(11,874,556)
|
(29%)
|
(2,897,058)
|
(3,857,369)
|
(25%)
|
||
Gross
Profit
|
3,632,471
|
5,605,038
|
(35%)
|
(20%)
|
1,320,022
|
1,930,030
|
(32%)
|
(22%)
|
Selling,
General and Administrative Expenses
|
(2,489,604)
|
(3,438,552)
|
(28%)
|
(909,016)
|
(1,111,602)
|
(18%)
|
||
Operating
Income
|
1,142,866
|
2,166,486
|
(47%)
|
(30%)
|
411,006
|
818,428
|
(50%)
|
(39%)
|
Other
Expenses, Net
|
(197,763)
|
164,368
|
N/A
|
(61,850)
|
15,061
|
N/A
|
||
Operating
Income After Other Expenses, Net
|
945,103
|
2,330,854
|
(59%)
|
349,156
|
833,489
|
(58%)
|
||
Financial
Expenses
|
(688,536)
|
(700,029)
|
(2%)
|
(275,081)
|
(196,860)
|
40%
|
||
Financial
Income
|
23,743
|
28,359
|
(16%)
|
10,824
|
8,913
|
21%
|
||
Exchange
Gain (Loss), Net
|
(52,539)
|
(163,897)
|
(68%)
|
15,994
|
(211,631)
|
N/A
|
||
Monetary
Position Gain (Loss)
|
22,592
|
39,098
|
(42%)
|
9,983
|
7,055
|
42%
|
||
Gain
(Loss) on Financial Instruments
|
(174,180)
|
(288,606)
|
(40%)
|
(23,024)
|
(271,499)
|
(92%)
|
||
Total
Comprehensive Financing (Cost) Income
|
(868,920)
|
(1,085,075)
|
(20%)
|
(261,304)
|
(664,021)
|
(61%)
|
||
Net
Income Before Income Taxes
|
76,184
|
1,245,779
|
(94%)
|
87,853
|
169,468
|
(48%)
|
||
Income
Tax
|
221,597
|
(191,537)
|
N/A
|
25,564
|
(15,666)
|
N/A
|
||
Net
Income Before Participation of
Uncons. Subs. and Ext. Items
|
297,781
|
1,054,242
|
(72%)
|
113,416
|
153,802
|
(26%)
|
||
Participation
in Unconsolidated Subsidiaries
|
24,575
|
69,710
|
(65%)
|
20,371
|
30,838
|
(34%)
|
||
Consolidated
Net Income
|
322,356
|
1,123,952
|
(71%)
|
133,787
|
184,639
|
(28%)
|
||
Net
Income Attributable to Min. Interest
|
20,906
|
10,577
|
98%
|
12,837
|
(15,476)
|
N/A
|
||
MAJORITY
INTEREST NET INCOME
|
301,450
|
1,113,375
|
(73%)
|
120,951
|
200,115
|
(40%)
|
||
EBITDA
|
2,324,229
|
3,609,837
|
(36%)
|
(22%)
|
805,564
|
1,302,840
|
(38%)
|
(30%)
|
Earnings
per ADS
|
0.38
|
1.47
|
(74%)
|
0.14
|
0.26
|
(44%)
|
||
As
of September 30
|
||||||||
BALANCE
SHEET
|
2009
|
2008
|
%
Var.
|
|||||
Total
Assets
|
45,536,511
|
49,519,611
|
(8%)
|
|||||
Cash
and Temporary Investments
|
487,952
|
1,390,068
|
(65%)
|
|||||
Trade
Accounts Receivables
|
1,631,399
|
1,907,715
|
(14%)
|
|||||
Other
Receivables
|
868,082
|
948,465
|
(8%)
|
|||||
Inventories
|
1,459,134
|
1,891,546
|
(23%)
|
|||||
Other
Current Assets
|
208,248
|
191,247
|
9%
|
|||||
Current
Assets
|
4,654,815
|
6,329,041
|
(26%)
|
|||||
Fixed
Assets
|
20,805,718
|
22,518,465
|
(8%)
|
|||||
Other
Assets
|
20,075,978
|
20,672,104
|
(3%)
|
|||||
Total
Liabilities
|
26,276,491
|
29,301,436
|
(10%)
|
|||||
Current
Liabilities
|
4,160,623
|
8,212,941
|
(49%)
|
|||||
Long-Term
Liabilities
|
16,915,023
|
14,159,970
|
19%
|
|||||
Other
Liabilities
|
5,200,845
|
6,928,526
|
(25%)
|
|||||
Consolidated
Stockholders' Equity
|
19,260,019
|
20,218,175
|
(5%)
|
|||||
Minority
Interest and Perpetual Instruments
|
3,369,452
|
4,461,972
|
(24%)
|
|||||
Stockholders'
Equity Attributable to Majority Interest
|
15,890,567
|
15,756,200
|
1%
|
*
|
Percentage
variations adjusted for investments/divestments and currency
fluctuations.
|
Please
refer to the end of this report for definitions of terms, US-dollar
translation methodology, and other important disclosures.
|
Page
7
|
January
- September
|
Third
quarter
|
|||||||
INCOME
STATEMENT
|
2009
|
2008
|
%
Var.
|
2009
|
2008
|
%
Var.
|
||
Net
Sales
|
165,736,372
|
183,671,692
|
(10%)
|
56,340,181
|
60,304,699
|
(7%)
|
||
Cost
of Sales
|
(115,717,252)
|
(124,775,196)
|
(7%)
|
(38,704,692)
|
(40,193,781)
|
(4%)
|
||
Gross
Profit
|
50,019,120
|
58,896,496
|
(15%)
|
17,635,488
|
20,110,917
|
(12%)
|
||
Selling,
General and Administrative Expenses
|
(34,281,854)
|
(36,131,543)
|
(5%)
|
(12,144,448)
|
(11,582,898)
|
5%
|
||
Operating
Income
|
15,737,267
|
22,764,954
|
(31%)
|
5,491,040
|
8,528,019
|
(36%)
|
||
Other
Expenses, Net
|
(2,723,193)
|
1,727,147
|
N/A
|
(826,311)
|
156,936
|
N/A
|
||
Operating
Income After Other Expenses, Net
|
13,014,074
|
24,492,100
|
(47%)
|
4,664,729
|
8,684,956
|
(46%)
|
||
Financial
Expenses
|
(9,481,137)
|
(7,355,748)
|
29%
|
(3,675,084)
|
(2,051,281)
|
79%
|
||
Financial
Income
|
326,937
|
297,992
|
10%
|
144,610
|
92,876
|
56%
|
||
Exchange
Gain (Loss), Net
|
(723,463)
|
(1,722,196)
|
(58%)
|
213,676
|
(2,205,196)
|
N/A
|
||
Monetary
Position Gain (Loss)
|
311,095
|
410,833
|
(24%)
|
133,375
|
73,516
|
81%
|
||
Gain
(Loss) on Financial Instruments
|
(2,398,455)
|
(3,032,607)
|
(21%)
|
(307,594)
|
(2,829,018)
|
(89%)
|
||
Total
Comprehensive Financing (Cost) Income
|
(11,965,023)
|
(11,401,727)
|
5%
|
(3,491,017)
|
(6,919,104)
|
(50%)
|
||
Net
Income Before Income Taxes
|
1,049,051
|
13,090,373
|
(92%)
|
1,173,712
|
1,765,852
|
(34%)
|
||
Income
Tax
|
3,051,392
|
(2,012,628)
|
N/A
|
341,529
|
(163,238)
|
N/A
|
||
Net
Income Before Participation of
Uncons. Subs. and Ext. Items
|
4,100,443
|
11,077,745
|
(63%)
|
1,515,241
|
1,602,614
|
(5%)
|
||
Participation
in Unconsolidated Subsidiaries
|
338,396
|
732,493
|
(54%)
|
272,156
|
321,329
|
(15%)
|
||
Consolidated
Net Income
|
4,438,839
|
11,810,238
|
(62%)
|
1,787,397
|
1,923,942
|
(7%)
|
||
Net
Income Attributable to Min. Interest
|
287,871
|
111,136
|
159%
|
171,498
|
(161,260)
|
N/A
|
||
MAJORITY
INTEREST NET INCOME
|
4,150,968
|
11,699,102
|
(65%)
|
1,615,899
|
2,085,202
|
(23%)
|
||
EBITDA
|
32,004,636
|
37,931,364
|
(16%)
|
10,762,340
|
13,575,591
|
(21%)
|
||
Earnings
per ADS
|
-
|
16.02
|
(100%)
|
-
|
2.81
|
(100%)
|
||
As
of September 30
|
||||||||
BALANCE
SHEET
|
2009
|
2008
|
%
Var.
|
|||||
Total
Assets
|
614,742,894
|
541,249,346
|
14%
|
|||||
Cash
and Temporary Investments
|
6,587,353
|
15,193,440
|
(57%)
|
|||||
Trade
Accounts Receivables
|
22,023,889
|
20,851,329
|
6%
|
|||||
Other
Receivables
|
11,719,111
|
10,366,721
|
13%
|
|||||
Inventories
|
19,698,306
|
20,674,597
|
(5%)
|
|||||
Other
Current Assets
|
2,811,343
|
2,090,335
|
34%
|
|||||
Current
Assets
|
62,840,002
|
69,176,422
|
(9%)
|
|||||
Fixed
Assets
|
280,877,194
|
246,126,823
|
14%
|
|||||
Other
Assets
|
271,025,698
|
225,946,101
|
20%
|
|||||
Total
Liabilities
|
354,732,632
|
320,264,699
|
11%
|
|||||
Current
Liabilities
|
56,168,414
|
89,767,442
|
(37%)
|
|||||
Long-Term
Liabilities
|
228,352,811
|
154,768,471
|
48%
|
|||||
Other
Liabilities
|
70,211,407
|
75,728,785
|
(7%)
|
|||||
Consolidated
Stockholders' Equity
|
260,010,262
|
220,984,648
|
18%
|
|||||
Minority
Interest and Perpetual Instruments
|
45,487,603
|
48,769,356
|
(7%)
|
|||||
Stockholders'
Equity Attributable to Majority Interest
|
214,522,659
|
172,215,265
|
25%
|
Please
refer to the end of this report for definitions of terms, US-dollar
translation methodology, and other important disclosures.
|
Page
8
|
January
- September
|
like-to-like
|
Third
quarter
|
like-to-like
|
||||||
NET
SALES
|
2009
|
2008
|
%
Var.
|
%
Var. *
|
2009
|
2008
|
%
Var.
|
%
Var. *
|
|
Mexico
|
2,387,708
|
3,037,666
|
(21%)
|
3%
|
761,487
|
1,047,725
|
(27%)
|
(7%)
|
|
U.S.A.
|
2,223,579
|
3,715,358
|
(40%)
|
(40%)
|
751,459
|
1,221,456
|
(38%)
|
(38%)
|
|
Spain
|
635,684
|
1,347,055
|
(53%)
|
(40%)
|
216,748
|
369,940
|
(41%)
|
(31%)
|
|
United
Kingdom
|
898,389
|
1,422,827
|
(37%)
|
(20%)
|
330,023
|
445,580
|
(26%)
|
(15%)
|
|
Rest
of Europe
|
2,502,738
|
3,478,854
|
(28%)
|
(17%)
|
985,597
|
1,191,856
|
(17%)
|
(11%)
|
|
South
/ Central America and Caribbean
|
1,046,439
|
1,650,531
|
(37%)
|
(11%)
|
359,886
|
503,887
|
(29%)
|
(17%)
|
|
Africa
and Middle East
|
787,817
|
794,246
|
(1%)
|
5%
|
255,908
|
295,450
|
(13%)
|
(10%)
|
|
Asia
and Australia
|
1,287,116
|
1,657,008
|
(22%)
|
(9%)
|
479,457
|
564,205
|
(15%)
|
(13%)
|
|
Others
and intercompany eliminations
|
266,577
|
376,050
|
(29%)
|
(22%)
|
76,514
|
147,300
|
(48%)
|
(44%)
|
|
TOTAL
|
12,036,047
|
17,479,594
|
(31%)
|
(18%)
|
4,217,079
|
5,787,399
|
(27%)
|
(19%)
|
|
GROSS
PROFIT
|
|||||||||
Mexico
|
1,193,588
|
1,531,521
|
(22%)
|
2%
|
392,685
|
531,882
|
(26%)
|
(5%)
|
|
U.S.A.
|
231,386
|
791,381
|
(71%)
|
(75%)
|
86,137
|
227,727
|
(62%)
|
(69%)
|
|
Spain
|
218,896
|
471,462
|
(54%)
|
(43%)
|
82,697
|
134,675
|
(39%)
|
(31%)
|
|
United
Kingdom
|
216,048
|
316,735
|
(32%)
|
(14%)
|
84,754
|
96,712
|
(12%)
|
0%
|
|
Rest
of Europe
|
626,740
|
929,302
|
(33%)
|
(21%)
|
288,344
|
357,781
|
(19%)
|
(13%)
|
|
South
/ Central America and Caribbean
|
452,444
|
663,311
|
(32%)
|
(4%)
|
159,802
|
193,088
|
(17%)
|
(2%)
|
|
Africa
and Middle East
|
291,038
|
248,107
|
17%
|
23%
|
92,507
|
95,417
|
(3%)
|
0%
|
|
Asia
and Australia
|
412,188
|
527,645
|
(22%)
|
(8%)
|
152,674
|
180,865
|
(16%)
|
(13%)
|
|
Others
and intercompany eliminations
|
(9,857)
|
125,575
|
N/A
|
(54%)
|
(19,579)
|
111,883
|
N/A
|
N/A
|
|
TOTAL
|
3,632,471
|
5,605,038
|
(35%)
|
(20%)
|
1,320,022
|
1,930,030
|
(32%)
|
(22%)
|
|
OPERATING
INCOME
|
|||||||||
Mexico
|
803,648
|
1,030,091
|
(22%)
|
2%
|
258,355
|
363,466
|
(29%)
|
(9%)
|
|
U.S.A.
|
(329,894)
|
61,114
|
N/A
|
N/A
|
(111,161)
|
8,943
|
N/A
|
N/A
|
|
Spain
|
119,087
|
330,694
|
(64%)
|
(57%)
|
55,432
|
93,291
|
(41%)
|
(35%)
|
|
United
Kingdom
|
(35,367)
|
(64,199)
|
45%
|
(27%)
|
(6,097)
|
(20,178)
|
70%
|
(62%)
|
|
Rest
of Europe
|
141,579
|
277,456
|
(49%)
|
(39%)
|
110,735
|
127,929
|
(13%)
|
(5%)
|
|
South
/ Central America and Caribbean
|
313,299
|
423,115
|
(26%)
|
2%
|
111,530
|
127,283
|
(12%)
|
3%
|
|
Africa
and Middle East
|
230,806
|
191,964
|
20%
|
25%
|
75,519
|
75,783
|
(0%)
|
3%
|
|
Asia
and Australia
|
195,412
|
223,088
|
(12%)
|
2%
|
70,778
|
76,758
|
(8%)
|
(6%)
|
|
Others
and intercompany eliminations
|
(295,705)
|
(306,837)
|
4%
|
16%
|
(154,085)
|
(34,848)
|
(342%)
|
371%
|
|
TOTAL
|
1,142,866
|
2,166,486
|
(47%)
|
(30%)
|
411,006
|
818,428
|
(50%)
|
(39%)
|
*
|
Percentage
variations adjusted for investments/divestments and currency
fluctuations.
|
Please
refer to the end of this report for definitions of terms, US-dollar
translation methodology, and other important disclosures.
|
Page
9
|
January
- September
|
like-to-like
|
Third
quarter
|
like-to-like
|
|||||||
EBITDA
|
2009
|
2008
|
%
Var.
|
%
Var. *
|
2009
|
2008
|
%
Var.
|
%
Var. *
|
||
Mexico
|
906,887
|
1,164,026
|
(22%)
|
2%
|
293,576
|
408,359
|
(28%)
|
(8%)
|
||
U.S.A.
|
147,326
|
572,813
|
(74%)
|
(74%)
|
45,147
|
175,923
|
(74%)
|
(74%)
|
||
Spain
|
160,003
|
412,033
|
(61%)
|
(54%)
|
70,065
|
120,833
|
(42%)
|
(36%)
|
||
United
Kingdom
|
43,538
|
49,610
|
(12%)
|
7%
|
21,531
|
17,431
|
24%
|
37%
|
||
Rest
of Europe
|
277,414
|
456,427
|
(39%)
|
(28%)
|
157,358
|
188,879
|
(17%)
|
(9%)
|
||
South
/ Central America and Caribbean
|
383,049
|
538,840
|
(29%)
|
(2%)
|
131,242
|
161,274
|
(19%)
|
(5%)
|
||
Africa
and Middle East
|
264,728
|
224,545
|
18%
|
23%
|
86,895
|
87,013
|
(0%)
|
3%
|
||
Asia
and Australia
|
245,265
|
280,937
|
(13%)
|
1%
|
88,811
|
95,154
|
(7%)
|
(5%)
|
||
Others
and intercompany eliminations
|
(103,980)
|
(89,393)
|
16%
|
74%
|
(89,061)
|
47,974
|
N/A
|
N/A
|
||
TOTAL
|
2,324,229
|
3,609,837
|
(36%)
|
(22%)
|
805,564
|
1,302,840
|
(38%)
|
(30%)
|
||
EBITDA
MARGIN
|
||||||||||
Mexico
|
38.0%
|
38.3%
|
38.6%
|
39.0%
|
||||||
U.S.A.
|
6.6%
|
15.4%
|
6.0%
|
14.4%
|
||||||
Spain
|
25.2%
|
30.6%
|
32.3%
|
32.7%
|
||||||
United
Kingdom
|
4.8%
|
3.5%
|
6.5%
|
3.9%
|
||||||
Rest
of Europe
|
11.1%
|
13.1%
|
16.0%
|
15.8%
|
||||||
South
/ Central America and Caribbean
|
36.6%
|
32.6%
|
36.5%
|
32.0%
|
||||||
Africa
and Middle East
|
33.6%
|
28.3%
|
34.0%
|
29.5%
|
||||||
Asia
and Australia
|
19.1%
|
17.0%
|
18.5%
|
16.9%
|
||||||
CONSOLIDATED
MARGIN
|
19.3%
|
20.7%
|
19.1%
|
22.5%
|
*
|
Percentage
variations adjusted for investments/divestments and currency
fluctuations.
|
Please
refer to the end of this report for definitions of terms, US-dollar
translation methodology, and other important disclosures.
|
Page
10
|
January
- September
|
Third
quarter
|
|||||
2009
|
2008
|
%
Var.
|
2009
|
2008
|
%
Var.
|
|
Consolidated
cement volume
|
49,639
|
61,587
|
(19%)
|
16,871
|
20,052
|
(16%)
|
Consolidated
ready-mix volume
|
44,996
|
59,598
|
(25%)
|
15,466
|
19,938
|
(22%)
|
Consolidated
aggregates volume
|
145,807
|
186,823
|
(22%)
|
51,744
|
63,344
|
(18%)
|
January
- September
|
Third
quarter
|
Third
quarter 2009 Vs.
|
||||
DOMESTIC
CEMENT VOLUME
|
2009
Vs. 2008
|
2009
Vs. 2008
|
Second
quarter 2009
|
|||
Mexico
|
(2%)
|
(8%)
|
(10%)
|
|||
U.S.A.
|
(34%)
|
(31%)
|
5%
|
|||
Spain
|
(43%)
|
(30%)
|
0%
|
|||
United
Kingdom
|
(21%)
|
(15%)
|
(1%)
|
|||
Rest
of Europe
|
(17%)
|
(6%)
|
6%
|
|||
South
/ Central America and Caribbean
|
(36%)
|
(23%)
|
3%
|
|||
Africa
and Middle East
|
28%
|
12%
|
(6%)
|
|||
Asia
and Australia
|
(6%)
|
(7%)
|
3%
|
|||
READY-MIX
VOLUME
|
||||||
Mexico
|
(9%)
|
(20%)
|
(6%)
|
|||
U.S.A.
|
(40%)
|
(34%)
|
7%
|
|||
Spain
|
(47%)
|
(37%)
|
2%
|
|||
United
Kingdom
|
(26%)
|
(21%)
|
2%
|
|||
Rest
of Europe
|
(18%)
|
(12%)
|
1%
|
|||
South
/ Central America and Caribbean
|
(37%)
|
(31%)
|
0%
|
|||
Africa
and Middle East
|
(16%)
|
(22%)
|
(8%)
|
|||
Asia
and Australia
|
(20%)
|
(21%)
|
(2%)
|
|||
AGGREGATES
VOLUME
|
||||||
Mexico
|
8%
|
(5%)
|
(8%)
|
|||
U.S.A.
|
(38%)
|
(33%)
|
1%
|
|||
Spain
|
(37%)
|
(27%)
|
7%
|
|||
United
Kingdom
|
(21%)
|
(14%)
|
7%
|
|||
Rest
of Europe
|
(13%)
|
(9%)
|
2%
|
|||
South
/ Central America and Caribbean
|
(43%)
|
(49%)
|
(18%)
|
|||
Africa
and Middle East
|
(15%)
|
(40%)
|
(28%)
|
|||
Asia
and Australia
|
(21%)
|
(20%)
|
12%
|
Please
refer to the end of this report for definitions of terms, US-dollar
translation methodology, and other important disclosures.
|
Page
11
|
January
- September
|
Third
quarter
|
Third
quarter 2009 Vs.
|
||||
DOMESTIC
CEMENT PRICE
|
2009
Vs. 2008
|
2009
Vs. 2008
|
Second
quarter 2009
|
|||
Mexico
|
(21%)
|
(20%)
|
(0%)
|
|||
U.S.A.
|
(6%)
|
(7%)
|
(2%)
|
|||
Spain
|
(18%)
|
(16%)
|
0%
|
|||
United
Kingdom
|
(13%)
|
(8%)
|
1%
|
|||
Rest
of Europe (*)
|
(14%)
|
(9%)
|
5%
|
|||
South
/ Central America and Caribbean (*)
|
9%
|
6%
|
(0%)
|
|||
Africa
and Middle East (*)
|
10%
|
4%
|
2%
|
|||
Asia
and Australia (*)
|
1%
|
0%
|
(2%)
|
|||
READY-MIX
PRICE
|
||||||
Mexico
|
(23%)
|
(21%)
|
(0%)
|
|||
U.S.A.
|
(6%)
|
(9%)
|
(4%)
|
|||
Spain
|
(17%)
|
(15%)
|
(1%)
|
|||
United
Kingdom
|
(18%)
|
(14%)
|
(0%)
|
|||
Rest
of Europe (*)
|
(11%)
|
(7%)
|
1%
|
|||
South
/ Central America and Caribbean (*)
|
(9%)
|
(7%)
|
2%
|
|||
Africa
and Middle East (*)
|
(5%)
|
(15%)
|
(3%)
|
|||
Asia
and Australia (*)
|
(9%)
|
1%
|
12%
|
|||
AGGREGATES
PRICE
|
||||||
Mexico
|
(21%)
|
(19%)
|
5%
|
|||
U.S.A.
|
(6%)
|
(7%)
|
0%
|
|||
Spain
|
(6%)
|
4%
|
2%
|
|||
United
Kingdom
|
(19%)
|
(14%)
|
1%
|
|||
Rest
of Europe (*)
|
(8%)
|
(1%)
|
4%
|
|||
South
/ Central America and Caribbean (*)
|
(10%)
|
(14%)
|
(6%)
|
|||
Africa
and Middle East (*)
|
7%
|
(2%)
|
(3%)
|
|||
Asia
and Australia (*)
|
(4%)
|
8%
|
10%
|
(*)
|
Volume
weighted-average price.
|
Please
refer to the end of this report for definitions of terms, US-dollar
translation methodology, and other important disclosures.
|
Page
12
|
January
- September
|
Third
quarter
|
Third
quarter 2009 Vs.
|
||||
DOMESTIC
CEMENT PRICE
|
2009
Vs. 2008
|
2009
Vs. 2008
|
Second
quarter 2009
|
|||
Mexico
|
4%
|
3%
|
(0%)
|
|||
U.S.A.
|
(6%)
|
(7%)
|
(2%)
|
|||
Spain
|
(9%)
|
(13%)
|
(4%)
|
|||
United
Kingdom
|
9%
|
6%
|
(2%)
|
|||
Rest
of Europe (*)
|
4%
|
3%
|
(2%)
|
|||
South
/ Central America and Caribbean (*)
|
19%
|
8%
|
(3%)
|
|||
Africa
and Middle East (*)
|
13%
|
7%
|
1%
|
|||
Asia
and Australia (*)
|
10%
|
5%
|
(2%)
|
|||
READY-MIX
PRICE
|
||||||
Mexico
|
2%
|
2%
|
(1%)
|
|||
U.S.A.
|
(6%)
|
(9%)
|
(4%)
|
|||
Spain
|
(8%)
|
(11%)
|
(5%)
|
|||
United
Kingdom
|
3%
|
(1%)
|
(3%)
|
|||
Rest
of Europe (*)
|
1%
|
(1%)
|
(4%)
|
|||
South
/ Central America and Caribbean (*)
|
(2%)
|
(6%)
|
(1%)
|
|||
Africa
and Middle East (*)
|
3%
|
(11%)
|
(7%)
|
|||
Asia
and Australia (*)
|
6%
|
4%
|
3%
|
|||
AGGREGATES
PRICE
|
||||||
Mexico
|
3%
|
5%
|
5%
|
|||
U.S.A.
|
(6%)
|
(7%)
|
0%
|
|||
Spain
|
4%
|
8%
|
(2%)
|
|||
United
Kingdom
|
2%
|
(1%)
|
(2%)
|
|||
Rest
of Europe (*)
|
4%
|
4%
|
(1%)
|
|||
South
/ Central America and Caribbean (*)
|
2%
|
(13%)
|
(8%)
|
|||
Africa
and Middle East (*)
|
10%
|
1%
|
(4%)
|
|||
Asia
and Australia (*)
|
15%
|
11%
|
1%
|
(*)
|
Volume
weighted-average price.
|
Please
refer to the end of this report for definitions of terms, US-dollar
translation methodology, and other important disclosures.
|
Page
13
|
Exchange
rate
|
January
- September
|
Third
quarter
|
|||
2009
Average
|
2008
Average
|
2009
Average
|
2008
Average
|
||
Mexican
peso
|
13.77
|
10.51
|
13.36
|
10.42
|
|
Euro
|
0.7319
|
0.6575
|
0.6979
|
0.6776
|
|
British
pound
|
0.6504
|
0.5153
|
0.6156
|
0.5377
|
Please
refer to the end of this report for definitions of terms, US-dollar
translation methodology, and other important disclosures.
|
Page
14
|
Millions
of pesos
|
July
31, 2008
|
|
Net
sales
|
MXN
4,358
|
|
Operating
income
|
MXN
775
|
|
September
30, 2009
|
September
30, 2008
|
|
Net
total assets
|
MXN
6,290
|
MXN
6,354
|
Millions
pesos
|
September
30, 2009
|
September
30, 2008
|
Net
sales
|
MXN
13,015
|
MXN
13,928
|
Operating
income
|
MXN 1,198
|
MXN 1,291
|
Total
assets
|
MXN
35,632
|
|
Total
liabilities
|
MXN 6,732
|
|
Net
total assets
|
MXN
28,900
|
Please
refer to the end of this report for definitions of terms, US-dollar
translation methodology, and other important disclosures.
|
Page
15
|