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: April 22, 2008
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)
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Av.
Ricardo Margáin Zozaya #325, Colonia Valle del
Campestre
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Garza García, Nuevo
León, México 66265
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(Address
of principal executive offices)
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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
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Media
Relations
Jorge
Pérez
(52-81)
8888-4334
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Investor
Relations
Eduardo
Rendón
(52-81)
8888-4256
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Analyst
Relations
Luis
Garza
(52-81)
8888-4136
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CEMEX’S
FIRST QUARTER 2008
NET
SALES INCREASE 26%; EBITDA UP 10%
MONTERREY, MEXICO, April 21, 2008
– CEMEX, S.A.B. de C.V. (NYSE: CX), announced today that consolidated net
sales increased 26% in the first quarter of 2008 to US$5.4 billion versus the
comparable period in 2007. EBITDA grew 10% in the first quarter of 2008 to
US$951 million versus the same period of 2007.
CEMEX’s Consolidated First
Quarter Financial and Operational Highlights
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·
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The
integration of Rinker and better supply-demand dynamics in most of our
markets contributed to higher
sales.
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Free
cash flow after maintenance capital expenditures for the quarter was
US$487 million, up 78% from US$274 million in the same quarter of
2007.
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Hector
Medina, Executive Vice President of Planning and Finance, said: “The strength of
our business model allowed CEMEX to complement organic growth with contributions
from acquisitions. The diversity of our asset portfolio and the greater
synergies identified in the Rinker integration helped CEMEX to overcome a
challenging environment. Even in the face of the correction in residential
spending experienced in the United States, we continue to reduce debt and
improve efficiency. We have a solid financial foundation and remain focused on
creating value for our shareholders.”
Consolidated Corporate
Results
In the
first quarter of 2008, majority net income increased 18% to US$470 million from
US$400 million in the first quarter of 2007. The
increase in majority net income is mostly explained by the gain in financial
instruments and other net gains and despite the US$68 million drop in the
monetary position gain due to the change in Mexican financial reporting
standards.
Net
debt at the end of the first quarter was US$18.8 billion, representing a
decrease of US$91 million during the quarter. The net-debt-to-EBITDA ratio
reached 3.7 times for the first quarter 2008 compared with 3.6 times in the
fourth quarter of 2007. Interest coverage reached 4.8 times during the quarter,
down from 8.8 times a year ago.
Markets First Quarter
Highlights
Net
sales in our operations in Mexico increased 2% in the
first quarter of 2008 to US$915 million, compared with US$901 million in the
same period of 2007. EBITDA increased 3% to US$346 million versus the same
period last year.
CEMEX’s
operations in the United
States reported net sales of US$1.2 billion in the first quarter of 2008,
up 43% from the same period in 2007. EBITDA decreased 8% to US$164 million, from
US$179 million in the first quarter of 2007.
In
Spain, net sales for the
quarter were US$517 million, up 1% from the first quarter of 2007, while EBITDA
increased 2% to US$157 million.
Net
sales in the Rest of
Europe region increased 28% during the first quarter of 2008 versus the
comparable period in the previous year, reaching $991 million. EBITDA was $64
million for the region in the first quarter of 2008, up 117% from the same
period in the previous year.
CEMEX’s
operations in South/Central
America and the Caribbean reported net sales of US$544 million during the
first quarter of 2008, representing an increase of 18% over the same period of
2007. EBITDA increased 15% in the quarter to US$174 million versus the same
period in 2007.
First-quarter
net sales in Africa and the
Middle East were US$217 million, up 26% from the same quarter in 2007.
EBITDA increased 45%, reaching US$61 million in the quarter versus the
comparable period in 2007.
Operations
in Asia and Australia
reported a 386% increase in net sales, reaching US$475 million, versus the first
quarter of 2007, and EBITDA was US$67 million, up 128% from the same period in
the previous year. This increase was mainly due to the integration of Rinker’s
Australian 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.
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CEMEX,
S.A.B. de C.V.
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(Registrant)
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Date:
April 22,
2008
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By: /s/ Rafael
Garza Lozano
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Name: Rafael
Garza Lozano
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Title: Chief
Comptroller
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