Registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934




Download 16.53 Mb.
NameRegistration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934
page1/325
A typeDocumentation
manual-guide.com > manual > Documentation
  1   2   3   4   5   6   7   8   9   ...   325



Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 20-F

 

 

(Mark One)

 



REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

 



ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2016

OR

 



TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

 



SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

For the transition period from                      to                     

Commission file number 1-14946

 

 

CEMEX, S.A.B. de C.V.

(Exact name of Registrant as specified in its charter)

 

 

CEMEX PUBLICLY TRADED STOCK CORPORATION WITH VARIABLE CAPITAL

(Translation of Registrant’s name into English)

United Mexican States

(Jurisdiction of incorporation or organization)

Avenida Ricardo Margáin Zozaya #325, Colonia Valle del Campestre, San Pedro Garza García,

Nuevo León, México 66265

(Address of principal executive offices)

Roger Saldaña Madero,

+52 81 8888-8888, +52 81 8888-4399,

Avenida Ricardo Margáin Zozaya #325, Colonia Valle del Campestre, San Pedro Garza García,

Nuevo León, México 66265

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

 

 

 

 

Title of each class

 

Name of each exchange on which registered

Ordinary Participation Certificates (Certificados de Participación Ordinarios) , or CPOs, each CPO representing two Series A shares and one Series B share, traded in the form of American Depositary Shares, or ADSs, each ADS representing ten CPOs.

 

New York Stock Exchange

Securities registered or to be registered pursuant to Section 12(g) of the Act.

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

None

(Title of Class)

 

 

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

14,039,298,127 CPOs

28,121,583,148 Series A shares (including Series A shares underlying CPOs)

14,060,791,574 Series B shares (including Series B shares underlying CPOs)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☒    No  ☐

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.    Yes  ☐    No  ☒

Note—Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). N/A

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act (check one).

Large accelerated filer  ☒                  Accelerated filer  ☐                 Non-accelerated filer  ☐                 Emerging growth company  ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

 



The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

 

 

 

 

 

 

U.S. GAAP  ☐

    

International Financial Reporting Standards as issued

by the International Accounting Standards Board  ☒

  

Other  ☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.    Item 17  ☐    Item 18  ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

 

 

 
Table of Contents

TABLE OF CONTENTS

PART I

 

 

 

 

 

 

Item 1—Identity of Directors, Senior Management and Advisors

  

 

3

 

Item 2—Offer Statistics and Expected Timetable

  

 

3

 

Item 3—Key Information

  

 

3

 

Summary of Most Important Transactions since the 2009 Refinancing

  

 

3

 

Risk Factors

  

 

9

 

Mexican Peso Exchange Rates

  

 

30

 

Selected Consolidated Financial Information

  

 

31

 

Item 4—Information on the Company

  

 

36

 

Business Overview

  

 

36

 

Geographic Breakdown of Net Sales for the Year Ended December  31, 2016

  

 

41

 

Breakdown of Net Sales by Product for the Year Ended December  31, 2016

  

 

42

 

Our Products

  

 

42

 

Our Vision

  

 

53

 

Financial Strategy

  

 

60

 

User Base

  

 

62

 

Our Corporate Structure

  

 

64

 

Our Trading Operations

  

 

94

 

Our Cement Plants

  

 

95

 

Regulatory Matters and Legal Proceedings

  

 

96

 

Item 4A—Unresolved Staff Comments

  

 

123

 

Item 5—Operating and Financial Review and Prospects

  

 

124

 

Cautionary Statement Regarding Forward-Looking Statements

  

 

124

 

Overview

  

 

125

 

Critical Accounting Policies

  

 

126

 

Results of Operations

  

 

135

 

Consolidation of Our Results of Operations

  

 

135

 

Selected Consolidated Statement of Operations Data

  

 

137

 

Year Ended December 31, 2016 Compared to Year Ended December  31, 2015

  

 

137

 

Year Ended December 31, 2015 Compared to Year Ended December  31, 2014

  

 

153

 

Liquidity and Capital Resources

  

 

168

 

Research and Development, Patents and Licenses, etc.

  

 

181

 

Trend Information

  

 

182

 

Summary of Material Contractual Obligations and Commercial Commitments

  

 

182

 

Off-Balance Sheet Arrangements

  

 

189

 

Quantitative and Qualitative Market Disclosure

  

 

189

 

Investments, Acquisitions and Divestitures

  

 

194

 

Recent Developments

  

 

196

 

Item 6—Directors, Senior Management and Employees

  

 

199

 

Senior Management and Directors

  

 

199

 

Board Practices

  

 

209

 

Compensation of CEMEX, S.A.B. de C.V.’s Directors and Members of Our Senior Management

  

 

211

 

Employees

  

 

213

 

Share Ownership

  

 

214

 

Item 7—Major Shareholders and Related Party Transactions

  

 

214

 

Major Shareholders

  

 

214

 

Related Party Transactions

  

 

216

 

 

i
Table of Contents

 

 

 

 

 

Item 8—Financial Information

  

 

216

 

Consolidated Financial Statements and Other Financial Information

  

 

216

 

Legal Proceedings

  

 

216

 

Dividends

  

 

216

 

Significant Changes

  

 

217

 

Item 9—Offer and Listing

  

 

217

 

Market Price Information

  

 

217

 

Item 10—Additional Information

  

 

218

 

Articles of Association and By-laws

  

 

218

 

Share Capital

  

 

227

 

Material Contracts

  

 

227

 

Exchange Controls

  

 

228

 

Taxation

  

 

229

 

Documents on Display

  

 

232

 

Item 11—Quantitative and Qualitative Disclosures About Market Risk

  

 

233

 

Item 12—Description of Securities Other than Equity Securities

  

 

233

 

Item 12A—Debt Securities

  

 

233

 

Item 12B—Warrants and Rights

  

 

233

 

Item 12C—Other Securities

  

 

233

 

Item 12D—American Depositary Shares

  

 

233

 

Depositary Fees and Charges

  

 

233

 

Depositary Payments for the year ended December 31, 2016

  

 

234

 

 

PART II

 

  

 

 

 

Item 13—Defaults, Dividend Arrearages and Delinquencies

  

 

234

 

Item  14—Material Modifications to the Rights of Security Holders and Use of Proceeds

  

 

234

 

Item 15—Controls and Procedures

  

 

234

 

Background and Internal Investigation

  

 

234

 

Disclosure Controls and Procedures

  

 

235

 

Management’s Annual Report on Internal Control Over Financial Reporting

  

 

235

 

Remediation Plan and Activities

  

 

236

 

Attestation Report of the Independent Registered Public Accounting Firm

  

 

236

 

Changes in Internal Control Over Financial Reporting

  

 

236

 

Item 16—[RESERVED]

  

 

236

 

Item 16A—Audit Committee Financial Expert

  

 

236

 

Item 16B—Code of Ethics

  

 

236

 

Item 16C—Principal Accountant Fees and Services

  

 

238

 

Audit Committee Pre-Approval Policies and Procedures

  

 

239

 

Item  16D—Exemptions from the Listing Standards for Audit Committees

  

 

239

 

Item  16E—Purchases of Equity Securities by the Issuer and Affiliated Purchasers

  

 

239

 

Item 16F—Change in Registrant’s Certifying Accountant

  

 

239

 

Item 16G—Corporate Governance

  

 

239

 

Item 16H—Mine Safety Disclosure

  

 

242

 

 

PART III

 

  

 

 

 

Item 17—Financial Statements

  

 

243

 

Item 18—Financial Statements

  

 

243

 

Item 19—Exhibits

  

 

243

 

 

ii
Table of Contents

INTRODUCTION

CEMEX, S.A.B. de C.V. is incorporated as a publicly traded stock corporation with variable capital (sociedad anónima bursátil de capital variable ) organized under the laws of the United Mexican States (“Mexico”). Except as the context otherwise may require, references in this annual report to “CEMEX,” “we,” “us” or “our” refer to CEMEX, S.A.B. de C.V. and its consolidated entities. See note 1 to our 2016 audited consolidated financial statements included elsewhere in this annual report.

PRESENTATION OF FINANCIAL INFORMATION

Our consolidated financial statements included elsewhere in this annual report have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”).

The regulations of the United States Securities and Exchange Commission (the “SEC”), do not require foreign private issuers that prepare their financial statements on the basis of IFRS (as published by the IASB) to reconcile such financial statements to U.S. Generally Accepted Accounting Principles (“U.S. GAAP”).

References in this annual report to “U.S.$” and “Dollars” are to U.S. Dollars, references to “€” are to Euros, references to “£” and “Pounds” are to British Pounds, and, unless otherwise indicated, references to “Ps,” “Mexican Pesos” and “Pesos” are to Mexican Pesos. References to “billion” mean one thousand million. References in this annual report to “CPOs” are to CEMEX, S.A.B. de C.V.’s Certificados de Participación Ordinarios . The Dollar amounts provided below, unless otherwise indicated elsewhere in this annual report, are translations of Peso amounts at an exchange rate of Ps20.72 to U.S.$1.00, the CEMEX accounting rate (as defined herein) as of December 31, 2016. However, in the case of transactions conducted in Dollars, we have presented the U.S. Dollar amount of the transaction and in most cases, when such amounts are presented in our consolidated financial statements, the corresponding Peso amount is presented in our consolidated financial statements. These translations have been prepared solely for the convenience of the reader and should not be construed as representations that the Mexican Peso amounts actually represent those Dollar amounts or could be converted into Dollars at the rate indicated. Between January 1, 2017 and April 21, 2017, the Mexican Peso appreciated by approximately 9% against the U.S. Dollar, based on the noon buying rate for Pesos. See “Item 3—Key Information—Selected Consolidated Financial Information.”

The noon buying rate for Mexican Pesos on December 31, 2016 was Ps20.62 to U.S.$1.00 and on April 21, 2017, was Ps18.84 to U.S.$1.00.

References in this annual report to total debt plus other financial obligations (which include debt under the Credit Agreement (as defined herein)) do not include debt and other financial obligations of ours held by us. See notes 2F and 16B to our 2016 audited consolidated financial statements included elsewhere in this annual report for a detailed description of our other financial obligations. Total debt plus other financial obligations differs from the calculation of debt under the Credit Agreement.

We also refer in various places within this annual report to non-IFRS measures, including “Operating EBITDA.” “Operating EBITDA” equals operating earnings before other expenses, net, plus amortization and depreciation expenses, as more fully explained in “Item 5—Operating and Financial Review and Prospects.” The presentation of these non-IFRS measures is not meant to be considered in isolation or as a substitute for our consolidated financial results prepared in accordance with IFRS as issued by the IASB.

 

1
Table of Contents

CERTAIN TECHNICAL TERMS

When used herein, the terms set forth below mean the following:

 

 



 

Aggregates are sand and gravel, which are mined from quarries. They give ready-mix concrete its necessary volume and add to its overall strength. Under normal circumstances, one cubic meter of fresh concrete contains two metric tons of gravel and sand.

 

 



 

Clinker is an intermediate cement product made by sintering limestone, clay, and iron oxide in a kiln at around 1,450 degrees Celsius. One metric ton of clinker is used to make approximately 1.1 metric tons of gray portland cement.

 

 



 

Gray portland cement, used for construction purposes, is a hydraulic binding agent with a composition by weight of at least 95% clinker and up to 5% of a minor component (usually calcium sulfate) which, when mixed with sand, stone or other aggregates and water, produces either concrete or mortar.

 

 



 

Petroleum coke (pet coke) is a by-product of the oil refining coking process.

 

 



 

Ready-mix concrete is a mixture of cement, aggregates, and water.

 

 



 

Tons means metric tons. One metric ton equals 1.102 short tons.

 

 



 

White cement is a specialty cement used primarily for decorative purposes.

 

2
Table of Contents

  1   2   3   4   5   6   7   8   9   ...   325

Share in:

Related:

Registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934 iconRegistration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934

Registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934 iconRegistration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934

Registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934 iconRegistration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934

Registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934 iconRegistration statement pursuant to Section 12(b) or 12(g) of the Securities Exchange Act of 1934

Registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934 iconRegistration statement pursuant to section 12(b) or 12(g) of the securities exchange act of 1934

Registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934 iconRegistration statement pursuant to section 12(b) or 12(g) of the securities exchange act of 1934

Registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934 iconRegistration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934

Registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934 iconX registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934

Registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934 icon[ ] registration statement pursuant to section 12(b) or (g) of the...

Registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934 iconRegistration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934

Registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934 iconO Registration statement pursuant to Section 12(b) or 12(g) of the...

Registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934 iconRegistration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934

Registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934 iconRegistration statement pursuant to section 12(b) or 12(g) of the securities exchange act of 1934

Registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934 iconRegistration statement pursuant to section 12(b) or 12(g) of the securities exchange act of 1934

Registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934 iconO registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934

Registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934 iconO registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934

Registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934 iconRegistration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934

Registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934 iconRegistration statement pursuant to section 12(b) or 12(g) of the securities exchange act of 1934

Registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934 iconRegistration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934

Registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934 iconRegistration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934




manual




When copying material provide a link © 2017
contacts
manual-guide.com
search