==========================================================================================
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 29, 2007
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
==========================================================================================
|
Media
Relations
Jorge
Pérez
(52-81)
8888-4334
|
Investor
Relations
Eduardo
Rendón
(52-81)
8888-4256
|
Analyst
Relations
Luis
Garza
(52-81)
8888-4136
|
CEMEX
REPORTS FOURTH-QUARTER
AND
FULL-YEAR 2007 RESULTS
|
|
·
|
Fourth-Quarter
2007 Net Sales Increased 30%; EBITDA
Rose 18%.
|
MONTERREY,
MEXICO, January 28, 2008– CEMEX, S.A.B. de C.V. (NYSE:
CX), announced today that consolidated net sales increased 30% in the fourth
quarter of 2007 to US$5.8 billion and 19% for the full year reaching US$21.7
billion versus the comparable periods in 2006. EBITDA grew 18% in the fourth
quarter of 2007 to US$1.1 billion and 11% for the full year, reaching US$4.6
billion.
CEMEX’s
Consolidated Fourth-Quarter and Full-Year Financial and Operational
Highlights
|
·
|
Higher
sales in the quarter were primarily attributable to the acquisition
of
Rinker and better supply-demand dynamics in most of our markets.
The
infrastructure and residential sectors continue to be the main
drivers of
demand in the markets we serve.
|
|
·
|
Free
cash flow after maintenance capital expenditures for the quarter
was
US$671 million, up 18% from US$570 million in the same quarter
of 2006.
For the full-year 2007, free cash flow after maintenance capital
expenditures was down 4% to US$2.6 billion versus US$2.7 billion
in
2006.
|
|
·
|
Operating
income in the fourth quarter decreased 4%, to US$587 million, from
the
comparable period in 2006 and increased 1% to US$3.0 billion for
the
full-year 2007 versus US$2.9 billion in
2006.
|
Hector
Medina, Executive Vice President of Planning and Finance, said: “CEMEX achieved
record financial results in 2007, despite the continued uncertainty in the
U.S.
residential sector. This is a testimony to the resilience of our business
model,
the discipline of our management team and the geographical diversification
of
our business, which has delivered good results in weak markets and will deliver
better results as the environment improves. As we look forward to 2008, and
with
the integration of Rinker fully completed, we are focused on paying down
debt
and improving the efficiency of our operations.”
Consolidated
Corporate Results
In
the
fourth quarter of 2007, majority net income increased 43% to US$538 million
from
US$377 million in the fourth quarter of 2006. For the full-year 2007, majority
net income increased 1% to US$2.4 billion. The increase in majority net income
for the quarter is due primarily to the Rinker acquisition.
Net
debt at the end of the fourth quarter was US$18.9 billion, representing a
reduction of US$252 million during the quarter. The net-debt-to-EBITDA
ratio remained
at 3.6 times for the fourth quarter 2007. Interest coverage reached 5.7 times
during the quarter, down from 8.4 times a year ago.
Major
Markets Fourth-Quarter Highlights
CEMEX’s
operations in Mexico reported net sales of US$938 million in
the fourth quarter of 2007, up 3% from the same period in 2006. EBITDA increased
1% to US$351 million, from US$347 million in 2006. Cement, ready-mix, and
aggregates volumes increased 2%, 4%, and 31%, respectively, during the quarter
compared to the fourth quarter 2006.
Net
sales in our operations in the United States increased 57% in
the fourth quarter of 2007 to US$1.5 billion from US$923 million in the
comparable period of 2006. EBITDA increased 15% to US$289 million versus
the
same period in the previous year. Cement volumes decreased 1%, while ready-mix
and aggregates volumes increased 54% and 175%, respectively during the fourth
quarter compared with the same period in 2006. These results include the
effect
of the Rinker.
In
Spain, our net sales for the quarter were US$489 million, up
9%
from the fourth quarter of 2006, while EBITDA increased 26% to US$146 million.
Domestic cement volume decreased 8% during the fourth quarter of 2007 versus
the
same quarter in 2006. Ready-mix and aggregates volumes decreased 5% and 6%,
respectively, during the quarter versus the same period of the previous
year.
Our
operations in the United Kingdom experienced a 6% increase in
net sales, to $495 million, when compared with the same quarter of 2006.
EBITDA
decreased 98% to US$0.61 million in the fourth quarter from US$28 million
in the
fourth quarter of 2006.
During
the fourth quarter of 2007, net sales in the Rest of Europe
region increased 3% to US$1.0 billion versus the comparable period in the
previous year. EBITDA increased 15% to US$96 million versus US$84 million
in the
comparable period of 2006.
CEMEX’s
operations in South/Central America and the Caribbean region
reported net sales of US$529 million during the fourth quarter of 2007,
representing an increase of 20% from the same period in 2006. EBITDA increased
21% for the quarter to US$169 million versus US$140 million in
2006.
Fourth-quarter
net sales in Africa and the Middle East region were US$190
million, up 8% from the same quarter of 2006. EBITDA decreased 3% to US$33
million for the quarter versus the comparable period in 2006.
Operations
in the Asia and Australia region reported a 525% increase in
net sales, to US$516 million, versus the fourth quarter of 2006, while EBITDA
was US$81 million, up 381% from the same period in the previous year. This
increase was mainly due to the integration of Rinker operations.
CEMEX
is a growing 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 and efficiency advancements and to promote a sustainable future.
For
more information, visit www.cemex.com.
###
This
press release contains forward-looking statements and information that are
necessarily subject to risks, uncertainties and assumptions. Many factors
could
cause the actual results, performance or achievements of CEMEX to be materially
different from those expressed or implied in this release, 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. CEMEX assumes no obligation to update
or
correct the information contained in this press release.
EBITDA
is defined as operating income plus depreciation and amortization. Free Cash
Flow is defined as EBITDA minus net interest expense, maintenance and expansion
capital expenditures, change in working capital, taxes paid, and other cash
items (net other expenses less proceeds from the disposal of obsolete and/or
substantially depleted operating fixed assets that are no longer in operation).
Net debt is defined as total debt minus the fair value of cross-currency
swaps
associated with debt minus cash and cash equivalents. The net debt to EBITDA
ratio is calculated by dividing net debt at the end of the quarter by EBITDA
for
the last twelve months. All of the above items are presented under generally
accepted accounting principles in Mexico. EBITDA and Free Cash Flow (as defined
above) are presented herein because CEMEX believes that they are widely accepted
as financial indicators of CEMEX's ability to internally fund capital
expenditures and 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.
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
29, 2008
|
By:
|
/s/
Rafael Garza
|
||
|
Name:
|
Rafael
Garza
|
||||
|
Title:
|
Chief
Comptroller
|
||||