form11k.htm

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
 
FORM 11-K
 
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
 
(Mark One)
    
       
 
x  Annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934
(No fee required, effective October 7, 1996)
       
 
For the fiscal year ended
December 31, 2007
  
       
 
Or
       
 
o  Transition report pursuant to Section 15(d) of the Securities Exchange Act of 1934
(No fee required)
       
 
For the transition period from _____________________ to _______________________
       
 
Commission file number
1-14946
       
 
A.  Full title of the plan and the address of the plan, if different from that of the issuer named below
       
   
CEMEX, Inc. Savings Plan
840 Gessner Road
Suite 1400
Houston, Texas 77024
  
       
 
B.  Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
       
   
CEMEX, S.A.B. de C.V.
Av. Ricardo Margáin Zozaya #325
Colonia Valle del Campestre
Garza García, Nuevo León
México 66265
  



 
 
 


 






CEMEX, INC. SAVINGS PLAN

Financial Statements and
Supplemental Schedules

December 31, 2007 and 2006
(With Report of Independent Registered Public Accounting Firm)


 
 
 

CEMEX, INC. SAVINGS PLAN

Table of Contents
  
   
 
Page
   
   
Report of Independent Registered Public Accounting Firm
1
   
Financial Statements:
  
   
    Statements of Net Assets Available for Benefits - December 31, 2007 and 2006
2
   
    Statement of Changes in Net Assets Available for Benefits - Year Ended December 31, 2007
3
   
    Notes to Financial Statements
4
   
Supplemental Schedule - Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year) - December 31, 2007
11
 

 
The following schedules required by the Department of Labor's Rules and Regulations are omitted because of the absence of conditions under which they are required:

Schedule G, Part I - Schedule of Loans or Fixed Income Obligations in Default or Classified as Uncollectible

Schedule G, Part II - Schedule of Leases in Default or Classified as Uncollectible

Schedule G, Part III - Nonexempt Transactions

Schedule H, Line 4(a) - Delinquent Employee Contributions and Loan Repayments

Schedule H, Line 4(i) - Schedule of Assets (Acquired and Disposed of Within the Plan Year)

Schedule H, Line 4(j) - Schedule of Reportable Transactions



 
 
 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


Participants and Administrator of
CEMEX, Inc. Savings Plan:

We have audited the accompanying statements of net assets available for benefits of the CEMEX, Inc. Savings Plan (the Plan) as of December 31, 2007 and 2006, and the related statements of changes in net assets available for benefits for the year ended December 31, 2007.  These financial statements are the responsibility of the Plan's management.  Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting.  Accordingly, we express no such opinion.  An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2007 and 2006, and the changes in net assets available for benefits for the year ended December 31, 2007, in conformity with U.S. generally accepted accounting principles.

Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supplemental schedule is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974.  This supplemental schedule is the responsibility of the Plan’s management.  The supplemental schedule has been subjected to the auditing procedures applied in the audit of the 2007 basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.


/s/ Mir∙Fox & Rodriguez, P.C.
    
 
Houston, Texas
June 26, 2008

 
 
1
 
 
CEMEX, INC. SAVINGS PLAN
 
 
Statements of Net Assets Available for Benefits
December 31, 2007 and 2006
 

Assets
  
2007
    
2006
  
             
Investments, at fair value:
            
Plan interest in CEMEX, Inc. Savings Plan Trust
   $ 419,215,534       422,109,406  
Participant loans
     24,137,001       22,310,498  
                 
Total investments
     443,352,535       444,419,904  
                 
Cash and cash equivalents
     997,642       1,386,683  
Employee contributions receivable
     419,528       579,673  
Employer contributions receivable
     221,490       320,220  
Accounts receivable
     285,588       513,600  
                 
Total assets
     445,276,783       447,220,080  
                 
Liabilities
                
                 
Investment trades payable
     71,247       314,652  
Accounts payable
     264,389       160,153  
                 
Total liabilities
     335,636       474,805  
                 
Net assets available for benefits at fair value
     444,941,147       446,745,275  
                 
                 
                 
Adjustment from fair value to contract value for interest in CEMEX, Inc. Savings Plan Trust relating to benefit-responsive investment contracts
     515,270       1,455,029  
                 
Net assets available for benefits
   $ 445,456,417       448,200,304  
                 
                 
                 
See accompanying notes to financial statements.
                


 
2
 

 
CEMEX, INC. SAVINGS PLAN
 
 
Statement of Changes in Net Assets Available for Benefits
Year Ended December 31, 2007


Additions to net assets:
      
Participant contributions
   $ 26,458,937  
Employer contributions
     13,560,036  
Income from Plan interest in CEMEX, Inc. Savings Plan Trust
     4,757,321  
Interest from participant loans
     1,799,726  
Transfer in from qualified plan
     658,037  
         
Total additions to net assets
     47,234,057  
         
Deductions from net assets:
        
Benefits paid to participants
     49,731,476  
Administrative fees and expenses
     246,468  
         
Total deductions from net assets
     49,977,944  
         
Net decrease in net assets available for benefits
     (2,743,887 )
         
Net assets available for benefits:
        
Beginning of year
     448,200,304  
         
End of year
   $ 445,456,417  
         
         
         
See accompanying notes to financial statements.
        


 
3
 

CEMEX, INC. SAVINGS PLAN

Notes to Financial Statements
December 31, 2007 and 2006

1.  
Plan Description
 
General
 
The Cemex USA Management, Inc. Savings Plan was adopted effective April 1, 1991 for the benefit of the employees of Cemex Management, Inc. (formerly known as Cemex USA Management, Inc.) and its affiliated companies.  Effective January 1, 2001, CEMEX, Inc. (Sponsor) assumed sponsorship of the Cemex USA Management, Inc. Savings Plan and changed the plan’s name to CEMEX, Inc. Savings Plan (the Plan).  The Plan is intended to qualify under section 401(a) of the Internal Revenue Code (IRC) as a profit sharing plan with a 401(k) feature.  The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended.

Effective January 1, 2007, the Plan was amended to limit participant transactions in the CEMEX stock investment option.  The amendment provides that a participant may only allocate up to 15% of his or her deferral contributions into the CEMEX stock.  Additionally, if the value of the participant’s CEMEX stock account comprises more than 20% of the participant’s entire account balance, he or she will not be permitted to purchase additional shares of CEMEX stock via a transfer between investment options.

In June 2007, the Sponsor received notice that Nationwide Trust Company intended to resign as trustee effective July 31, 2007, or earlier, at the Sponsor’s discretion.  This resignation was the result of the acquisition of The 401(k) Company and 401(k) Investment Services, which provided administrative and other services to the Plan, by the Charles Schwab Corporation, effective March 31, 2007.  The Sponsor chose the Charles Schwab Trust Company to be the successor trustee.

Effective December 1, 2007, the Sierra Ready Mix, Inc. 401(k) Profit Sharing Plan and Trust and the Savings & Retirement Plan for Employees of Tucson Ready-Mix Inc. were merged into the Plan.  In connection with these mergers, assets of approximately $299,000 and $359,000, respectively, were transferred into the Plan.

The following brief description of the Plan is provided for general information purposes only and is as of December 31, 2007, unless otherwise noted.  The capitalized words and phrases used in the following subsections of this note, shall have the meanings as set forth in the Plan Agreement and are as of December 31, 2007, unless otherwise noted.  Participants should refer to the amended and restated Plan Agreement for a complete description of the Plan's provisions.

Eligibility
 
Except as otherwise noted, Employees of CEMEX, Inc. and its affiliated companies (collectively, Employer) that have adopted the Plan are eligible to participate in the Plan on the first day of the calendar quarter following the Employee’s date of hire.  All Employees who are covered by a collective bargaining agreement shall be excluded from participating in the Plan, unless the collective bargaining agreement requires that the Employer include such Employees in this Plan.  Any Employee who is notified that he is eligible to participate in a foreign retirement plan maintained by CEMEX, Inc., or any company in any country operating under the parent company of CEMEX, S.A.B. de C.V., shall be ineligible to participate in this Plan as of the first day of the month following the month he or she is notified of his or her eligibility to participate in such foreign retirement plan.  The employee shall remain ineligible until the first day of the month following the month he or she is notified that he or she is no longer eligible to participate in such foreign retirement plan.  Any employee who is a nonresident alien with no United States source income, working outside the United States, is a leased employee, or an individual contractor, shall be excluded from participating in the Plan.
Continued

 
4
 

CEMEX, INC. SAVINGS PLAN

Notes to Financial Statements, Continued


Contributions
 
Employees may make voluntary contributions of up to 40% of eligible compensation on a before-tax basis and an additional 18% of eligible compensation on an after-tax basis.  Participants who are or will attain age 50 years old or older before the close of the Plan’s year, are eligible to make a catch-up contribution in accordance with section 414(v) of the IRC.  Participants may also contribute amounts representing distributions from other qualified defined benefit or contribution plans.  Participants direct the investment of their participant contributions into various investment options offered by the Plan.

The Employer makes matching contributions equal to 75% of the participant’s before-tax contributions, which do not exceed 6% of his or her eligible compensation.  The Employer contributions are in the form of American Depository Shares representing common stock of CEMEX, S.A.B. de C.V. (CEMEX stock).  A participant may, at any time after the CEMEX stock is credited to his or her account, make a diversification election and exercise investment discretion with respect to the Employer matching contribution.

Participant accounts
 
Separate accounts are maintained for each participant.  Participant accounts are credited with the participant's contribution and allocations of the Employer’s contributions and Plan earnings.  Allocations are based on each participant's earnings or account balance, as defined in the Plan Agreement.  Each participant is entitled to the benefit that can be provided from the participant's vested account.

Vesting
 
Participants are immediately vested in their employee and rollover contributions plus actual earnings thereon.  Vesting in the Employers’ matching and discretionary minimum contribution portion of their accounts plus earnings thereon is based on years of Active Service, among other things, and is further defined in the Plan Agreement.  The maximum years of Active Service required for 100% vesting is five years.

Forfeitures
 
Forfeited amounts are first used to restore forfeited amounts for participants who have previously terminated but qualify for restoration under the terms of the Plan Agreement.  If any amount remains after that allocation, it may be used to reduce the Employer matching contribution for that year.  At December 31, 2007 and 2006, forfeited non-vested accounts totaled $794,841 and $627,069, respectively.  During fiscal year 2007, Employer contributions were reduced by $551,893 from forfeited non-vested accounts.

Benefit payments
 
Benefits are payable from participant account balances, subject to certain restrictions, upon termination of employment, retirement, reaching the age of 59½ , or by incurring a death, disability or financial hardship, as defined in the Plan Agreement.  Participants elect the method of distribution which may be either in the form of a direct rollover to an eligible retirement plan, lump sum payment or, if in excess of $5,000, payment over a period of time not to exceed the shorter of 10 years or certain life expectancies as defined in the Plan Agreement.  Participants may elect that their portion of account balances invested in full shares of CEMEX stock or Crane Company common stock be distributed in-kind.

Continued

 
5
 

CEMEX, INC. SAVINGS PLAN

Notes to Financial Statements, Continued


Unless timely election is made, participants with a vested account balance less than or equal to $1,000 will automatically receive a lump sum cash distribution and participants with a vested account balance less than or equal to $5,000 but larger than $1,000 will automatically receive a direct rollover to an IRA designated by the Benefits Committee.

Participant loans

A participant may obtain a loan from his or her separate account balance.  Each loan is evidenced by a promissory note and may not be less than $1,000.  The loans are secured by the balance in the participant’s account and bear interest at a rate commensurate with commercial prevailing rates as determined by the Administrator.  Provisions of the Plan require the aggregate of each loan outstanding not to exceed the lesser of $50,000 or 50% of the participant's vested account balance. Repayment terms for loans are not to exceed five years and principal and interest is paid ratably through monthly payroll deductions.  A participant may only have two loans outstanding at the same time.

Plan termination

Although no interest has been expressed, the Sponsor has the right under the Plan to terminate the Plan subject to the provisions of ERISA.  In the event of Plan termination, participants become 100% vested in their Employer contributions account.  Participant contributions are always 100% vested.

2.  
Significant Accounting Policies

Basis of accounting and use of estimates

The financial statements have been prepared on an accrual basis and present the net assets available for benefits and changes in those net assets in accordance with U.S. generally accepted accounting principles.  The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein, and disclosure of contingent assets and liabilities.  Accordingly, actual results could differ from those estimates.

The financial statements reflect the adoption of the Financial Accounting Standards Board Staff Position, FSP AAG INV-1 and SOP 94-4-1, Reporting of Fully Benefit-Responsive Investment Contracts Held by Certain Investment Companies Subject to the AICPA Investment Company Guide and Defined-Contribution Health and Welfare and Pension Plans (the FSP).  As required by the FSP, the statements of net assets available for benefits present investment contracts at fair value as well as an additional line item showing an adjustment of fully benefit-responsive investment contracts from fair value to contract value.  The statement of changes in net assets available for benefits is presented on a contract value basis and is not affected by this FSP.








Continued

 
6
 

CEMEX, INC. SAVINGS PLAN

Notes to Financial Statements, Continued


Investment valuation and income recognition
 
The Plan’s investments are stated at fair value.  Participant loans are valued at their outstanding balances, which approximate fair value.  The fair value of the Plan’s interest in the CEMEX, Inc. Savings Plan Trust (the Master Trust) is based on the specific interest that each plan has in the underlying participant directed investment options.  The investments held by the Master Trust are valued as follows:

Investments in mutual funds and money market funds are valued at the closing net asset value of shares held at year-end.  Investments in common stock are valued at fair value based on quoted market prices as of the date of the financial statements.  The investment in the collective trust (stable value fund) is valued at contract value as determined by the issuer based on the cost of the underlying investments plus accrued interest income less amounts withdrawn to pay benefits. The fair value of the stable value fund is based on discounting the related cash flows of the underlying guaranteed investment contracts based on the present value of the contract’s expected cash flows, discounted by current market interest rates for like-duration and like-quality investments.

Purchases and sales of securities are recorded on a trade-date basis.  Interest income is recorded on the accrual basis.  Dividends are recorded on the ex-dividend date.

Benefit payments
 
Benefits are recorded when paid.

Administrative expenses
 
Expenses incurred in connection with the purchase or sale of securities are charged against the investment funds whose assets are involved in such transactions.  Loan fees are paid by the borrowing participant.  Legal, accounting and certain administrative costs of the Plan are paid by the
Employer.

New accounting pronouncement
 
In September 2006, the Financial Accounting Standards Board issued Statement on Financial Accounting Standards (SFAS) No. 157, Fair Value Measurements.  SFAS establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurement.  SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007.  There was no impact on the Plan’s net assets available for benefits at the time of adoption and management does not expect this standard to materially affect the Plan’s net assets available for benefits or changes in net assets available for benefits going forward.

3.  
Federal Income Tax Status
 
The Plan obtained its latest determination letter on November 20, 2002 in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements of the IRC.  The Plan has been amended since receiving the determination letter and on January 28, 2008, management of the Plan applied for a determination regarding the qualification of the Plan.  The Plan’s management and the Plan’s tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC.

Continued

 
7
 

CEMEX, INC. SAVINGS PLAN

Notes to Financial Statements, Continued


4.  
Interest in CEMEX, Inc. Savings Plan Trust
 
The Plan’s investments, with the exception of the participant loans, are in a Master Trust which was established on August 1, 2005 for the investment of assets of the Plan and other Employer sponsored retirement plans.  Each participating retirement plan has an undivided interest in the Master Trust.  Investment income and administrative expenses relating to the Master Trust are allocated to the individual plans based upon average monthly balances invested by each plan.  At December 31, 2007 and 2006, the Plan was the only participating plan in the Master Trust and as such, had a 100% interest in the Master Trust.

The following table presents the investments for the Master Trust as of December 31:
 
     
2007
    
2006
  
                   
 
Washington Mutual Investors Fund
   $ 73,544,370       77,192,618  
 
INVESCO Stable Value Trust
     73,412,497       66,684,446  
 
CEMEX stock
     65,091,076       83,539,271  
 
Growth Fund of America
     52,244,512       49,192,935  
 
PIMCO Total Return Fund
     47,789,893       40,846,480  
 
EuroPacific Growth Fund
     34,204,846          
 
Franklin Balance Sheet Investment Fund
     22,765,267       25,744,686  
 
Franklin Small Mid-Cap Growth Fund
     12,839,256       11,805,416  
 
Lazard Emerging Markets Portfolio Fund
     12,179,927          
 
American Century Real Estate Fund
     11,687,964       16,191,445  
 
MFS International New Discovery Fund
     11,337,946       11,338,834  
 
State Street S&P 500 Flagship Series Fund
     875,249          
 
State Street Passive Bond Market Index Fund
     439,332          
 
State Street Daily EAFE Index Fund
     287,954          
 
State Street Russell 2000 Index Fund
     248,824          
 
Vanguard Prime Money Market Fund
     153,313          
 
Crane Company common stock
     96,716       88,136  
 
Federated Capital Reserve Account
     16,592       245,341  
 
Templeton Foreign Fund
             31,278,899  
 
Templeton Developing Markets Fund
             7,960,899  
 
Total investments at fair value
     419,215,534       422,109,406  
                   
                   
 
Adjustment from fair value to contract value
for fully benefit-responsive investment contracts
     515,270       1,455,029  
 
Total investments
   $ 419,730,804       423,564,435  



Investment income for the Plan’s holdings in the Master Trust is as follows for the year ended December 31, 2007:

 
Net depreciation in fair value of common stock
   $ (20,212,270 )
 
Net depreciation in fair value of mutual funds
     (4,792,414 )
 
Interest and dividend income
     29,762,005  
 
Total investment income
   $ 4,757,321  

Continued

 
8
 

CEMEX, INC. SAVINGS PLAN

Notes to Financial Statements, Continued

5.  
Investments

The following investments represent 5% or more of the Plan’s net assets as of December 31:

     
2007
    
2006
  
               
 
Interest in CEMEX, Inc. Savings Plan Trust
   $ 419,730,804       423,564,435  


6.  
Concentration of Cash

During the years ended December 31, 2007 and 2006, the Plan had demand deposits in a banking institution that exceeded the Federal Deposit Insurance Corporation insurance amount.  The credit risk exposure to the Plan is mitigated by the financial strength of the banking institution in which the deposits are held.  In monitoring the credit risk, management of the Plan periodically evaluates the stability of the financial institution.

7.  
Risks and Uncertainties

The Plan provides for investment in a various investment securities.  Investment securities, in general, are exposed to various risks, such as interest rate, credit and overall market volatility risks.  Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.

8.  
Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:

     
2007
    
2006
  
 
Net assets available for benefits per the
            
 
financial statements
   $ 445,456,417       448,200,304  
 
Benefits payable
     (1,575,842 )     (1,301,078 )
 
Adjustment to contract value
     (515,270 )     (1,455,029 )
 
Net assets available for benefits per the
                
 
Form 5500
   $ 443,365,305       445,444,197  

The following is a reconciliation of benefits paid to participants per the 2007 financial statements to the Form 5500:

         
 
Benefits paid to participants per the financial statements
   $ 49,731,476  
 
Less:  Deemed distributions
     (78,188 )
 
Less:  Corrective distributions
     (14,432 )
 
Add:  Benefit is payable at December 31, 2007
     1,575,842  
 
Less: Benefits payable at December 31, 2006
     (1,301,078 )
 
Benefits paid to participants per the Form 5500
   $ 49,913,620  

Continued

 
9
 

CEMEX, INC. SAVINGS PLAN

Notes to Financial Statements, Continued


9.  
Party-in-Interest Transactions

Certain Plan investments are American Depository Shares representing common stock of CEMEX, S.A.B. de C.V.  The Plan’s transactions involving the CEMEX stock qualify as party-in-interest transactions.  However, these transactions are covered by an exemption from the prohibited transaction provisions of ERISA and the IRC.

10.  
Subsequent Events

Effective January 1, 2008, the Employer matching contribution was changed to 150% (or such higher percentage as may be determined by the Employer’s Board of Directors) of the participant’s before-tax contributions, which do not exceed 5% of the participant’s eligible compensation.

Effective January 1, 2008, Victorville Employee means an hourly paid employee of the Employer at its Victorville, California location who is represented by (a) the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial & Service Workers International Union or (b) the International Association of Machinists and Aerospace Workers, and is covered under the Plan pursuant to the provisions of the applicable current collective bargaining agreement with the Employer.

Effective January 1, 2008, with regard to a participant that is considered a Victorville Employee, the Employer matching contribution was changed to 75% (or such higher percentage as may be determined by the Employer’s Board of Directors) of the participant’s before-tax contributions, which do not exceed 6% of the participant’s eligible compensation.

Effective May 1, 2008, the Rinker Materials Corporation Profit Sharing 401(k) Plan and the Rinker Materials Corporation 401(k) Retirement Savings Plan were merged into the Plan.  In connection with these mergers, assets of approximately $266,559,000 and $4,619,000, respectively, were transferred into the Plan.

 
10
 

 
Supplemental Schedule H, Line 4(i)
Plan Sponsor No. 72-0296500
Plan No. 001

 
CEMEX, INC. SAVINGS PLAN
 
 
Schedule of Assets (Held at End of Year)
December 31, 2007
 

(a)
  
(b)
(c)
  
(e)
  
   
Identity of issuer, borrower,
lessor,
                    or similar party                     
Description of investment
including maturity date, rate of
interest, collateral,
                             par or maturity value                           
 
Current
    value   
 
             
 
*
  
Plan interest in CEMEX, Inc. Savings Plan Trust
Master trust
     419,215,534  
 
*
  
Participant loans
4% to 9.5%; 1-5 year term; payable monthly
     24,137,001  
   *   
Party-in-interest
     $ 443,352,535  
     
 
          







 
11
 

SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized.


 
CEMEX, INC. SAVINGS PLAN
  
     
     
 
By:
/s/ Gerardo Guerra
 
  
   
Name:  Dr. Gerardo Guerra
  
   
Title:  Vice President of Compensation and Benefits
  
       
       
 
Date: June 30, 2008
  









 
 
 

EXHIBIT INDEX

Exhibit No.
Description
  
     
1.
Consent of Mir•Fox & Rodriguez, P.C. to the incorporation by reference into the Registration Statement on Form S-8 (File No. 333-83962) of CEMEX, S.A.B. de C.V. of its report, dated June 26, 2008, with respect to the audited financial statements of the CEMEX, Inc. Savings Plan as of December 31, 2007 and 2006.
  






 
 
 


















Exhibit 1







 
 
 



CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


We consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-83962) of CEMEX, S.A.B. de C.V. of our report dated June 26, 2008, with respect to the statements of net assets available for benefits of CEMEX, Inc. Savings Plan as of December 31, 2007 and 2006, the related statement of changes in net assets available for benefits for the year ended December 31, 2007, and the related supplemental schedule which report appears in the December 31, 2007 annual report on Form
11-K of CEMEX, Inc. Savings Plan.



/s/ Mir∙Fox & Rodriguez, P.C.          

Houston, Texas
June 26, 2008











 
 
 

END OF FILING