Form 11-K
Table of Contents

 

 

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, 2010

Or

¨ 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

920 Memorial City Way, Suite 100

Houston, TX 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.

Avenida Ricardo Margáin Zozaya #325

Colonia Valle del Campestre

Garza García, Nuevo León

México 66265

 

 

 


Table of Contents

CEMEX, INC. SAVINGS PLAN

 

 

Financial Statements and

Supplemental Schedule

December 31, 2010 and 2009

(With Report of Independent Registered Public Accounting Firm)


Table of Contents

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, 2010 and 2009

     2   

Statement of Changes in Net Assets Available for Benefits - Year Ended December 31, 2010

     3   

Notes to Financial Statements

     4-12   

Supplemental Schedule - Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year) - December 31, 2010

     13   

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

  


Table of Contents

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, 2010 and 2009, and the related statement of changes in net assets available for benefits for the year ended December 31, 2010. 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, 2010 and 2009, and the changes in net assets available for benefits for the year ended December 31, 2010, in conformity with generally accepted accounting principles in the United States of America.

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 2010 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/ MFR, P.C.

Houston, Texas

June 23, 2011

Continued

 

1


Table of Contents

CEMEX, INC. SAVINGS PLAN

Statements of Net Assets Available for Benefits

December 31, 2010 and 2009

 

     2010     2009  

Assets

    

Investments, at fair value:

    

Mutual funds

   $ 298,605,117     

Common collective trust funds

     88,700,494     

Stable value fund

     130,253,494     

Employer stock

     36,262,139     

Cash equivalents

     104,319     

Plan interest in CEMEX, Inc. Savings Plan Trust

       552,972,831   
                

Total investments, at fair value

     553,925,563        552,972,831   

Noninterest bearing cash

       157,263   

Receivables:

    

Notes receivable from Plan participants

     31,319,877        32,331,133   

Employee contributions receivable

     594,417        633,514   

Employer contributions receivable

     232,742        249,596   

Investment trades and other receivables

     770,511        663,137   
                

Total assets

     586,843,110        587,007,474   
                

Liabilities

    

Excess contribution refunds

     72,410        326,091   

Investment trades and other payables

     32,540        48,123   
                

Total liabilities

     104,950        374,214   
                

Net assets available for benefits at fair value

     586,738,160        586,633,260   

Adjustment from fair value to contract value for fully benefit-responsive investment contracts

     (3,623,824     (3,062,281
                

Net assets available for benefits

   $ 583,114,336        583,570,979   
                

See accompanying notes to financial statements.

 

2


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CEMEX, INC. SAVINGS PLAN

Statement of Changes in Net Assets Available for Benefits

Year Ended December 31, 2010

 

Additions to net assets:

  

Contributions:

  

Participant contributions

   $ 24,531,418   

Employer contributions

     8,556,126   
        

Total contributions

     33,087,544   
        

Investment income:

  

Net appreciation in fair value of investments

     40,400,079   

Dividends and interest

     10,601,504   

Other Plan income

     45,099   
        

Total investment income

     51,046,682   
        

Interest on notes receivable from Plan participants

     2,077,105   
        

Total additions to net assets

     86,211,331   
        

Deductions from net assets:

  

Benefits paid to participants

     86,027,846   

Excess contribution refunds

     72,410   

Administrative fees and expenses

     567,718   
        

Total deductions from net assets

     86,667,974   
        

Net decrease in net assets available for benefits

     (456,643

Net assets available for benefits:

  

Beginning of year

     583,570,979   
        

End of year

   $ 583,114,336   
        

See accompanying notes to financial statements.

 

3


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CEMEX, INC. SAVINGS PLAN

Notes to Financial Statements

December 31, 2010 and 2009

 

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. (the 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.

The Plan was amended in 2009 to comply with current regulations.

Effective December 31, 2009, the United Metro/Operating Engineers Local 428/Arizona District Counsel of Laborers 401(k) Savings Plan was merged into the Plan. In connection with the merger, assets of approximately $4,635,000 were transferred into the Plan.

Effective October 1, 2010, the Sponsor entered into a Trust Agreement (the Agreement) with Fidelity Management Trust Company (the Trustee). In connection therewith, assets of approximately $556,707,000 were transferred to the Trustee from Charles Schwab Trust Company.

The following brief description of the Plan is provided for general information purposes only and is as of December 31, 2010, 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, 2010, 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 month 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.

Effective January 1, 2011, except as otherwise noted, the Plan was amended so that each new Employee will be automatically enrolled in the Plan at a salary deferral rate of 5% following ninety days of service. Prior to new participants’ initial salary deferrals, participants will have the option to opt out of the Plan or to increase their salary deferral rate.

 

  4   Continued


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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.

Effective January 1, 2009, the Plan was amended so that the Employer contributions will be made in cash and then invested in accordance with the participant’s existing investment elections. The Employer contributions formerly were in the form of American Depository Shares representing common stock of CEMEX, S.A.B. de C.V. (CEMEX stock) and a participant was allowed, at any time after the CEMEX stock was credited to his or her account, to make a diversification election and exercise investment discretion with respect to the Employer matching contribution.

Effective May 1, 2009, the Employer matching contribution was changed to 60% (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, unless otherwise specified by a collective bargaining agreement.

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 Employer contributions or pay expenses of administering the Plan. At December 31, 2010 and 2009, forfeited non-vested accounts totaled $808,353 and $1,573,625, respectively. During fiscal year 2010, Employer contributions were reduced by $1,278,774 from forfeited non-vested accounts.

 

  5   Continued


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CEMEX, INC. SAVINGS PLAN

Notes to Financial Statements, Continued

 

Benefit payments

Benefits are payable from participant account balances, subject to certain restrictions, upon termination of employment, retirement, reaching the age of 59 1/2 , 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. Prior to the asset transfer and change in trustees disclosed in Note 1, participants had the right to elect that their portion of account balances invested in full shares of CEMEX stock or Crane Company common stock be distributed in-kind. Since the asset transfer and change in trustees disclosed in Note 1, participants may elect that their portion of account balances invested in full shares of CEMEX stock be distributed in-kind.

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.

Notes receivable from participants

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 accounting principles generally accepted in the United States of America 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.

 

  6   Continued


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CEMEX, INC. SAVINGS PLAN

Notes to Financial Statements, Continued

 

The financial statements reflect the adoption of 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. As required, 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 for the INVESCO Stable Value Fund. The statement of changes in net assets available for benefits is presented on a contract value basis and is not affected by this reporting requirement.

Fair value measurements

Fair Value Measurements establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

 

  Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.

 

  Level 2: Inputs to the valuation methodology include:

 

   

Quoted prices for similar assets or liabilities in active markets;

 

   

Quoted prices for identical or similar assets or liabilities in inactive markets;

 

   

Inputs other than quoted prices that are observable for the asset or liability; and

 

   

Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

 

  Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. Following is a description of the valuation methodologies used for assets measured at fair value:

Mutual funds: Valued at the net asset value (NAV) of shares held by the Plan at year end.

Common stock: Valued at the closing price reported on the active market on which the individual securities are traded.

Common collective trust funds: Valued at the fair value of the underlying securities.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

 

  7   Continued


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CEMEX, INC. SAVINGS PLAN

Notes to Financial Statements, Continued

 

The following table sets forth by level, within the fair value hierarchy, the Plan’s assets measured on a recurring basis at fair value as of December 31, 2010:

 

000000000000 000000000000 000000000000 000000000000
     Level 1      Level 2      Level 3      Total  

Mutual funds:

           

Large cap equity

   $ 86,902,067               86,902,067   

Fixed income

     65,736,998               65,736,998   

Target date funds

     58,778,245               58,778,245   

International equity

     44,620,320               44,620,320   

Small/mid cap equity

     30,469,676               30,469,676   

Real estate

     12,097,811               12,097,811   
                                   

Total mutual funds

   $ 298,605,117         —           —           298,605,117   
                                   

Collective trusts:

           

Fixed income

        134,442,140            134,442,140   

Large cap equity

        56,972,263            56,972,263   

International equity

        27,539,585            27,539,585   
                                   

Total collective trusts

   $ —           218,953,988         —           218,953,988   
                                   

Employer stock

     36,262,139               36,262,139   
                                   

Money market funds

     103,240         1,079            104,319   
                                   

Total assets at fair value

   $ 334,970,496         218,955,067            553,925,563   
                                   

The following table sets forth by level, within the fair value hierarchy, the Plan’s assets measured on a recurring basis at fair value as of December 31, 2009:

 

000000000000 000000000000 000000000000 000000000000
     Level 1      Level 2      Level 3      Total  

Master Trust assets:

           

Mutual funds:

           

Large cap equity

   $ 91,824,094               91,824,094   

Fixed income

     71,533,745               71,533,745   

International equity

     47,472,412               47,472,412   

Small/mid cap equity

     28,829,562               28,829,562   

Real estate

     12,096,656               12,096,656   
                                   

Total mutual funds

   $ 251,756,469         —           —           251,756,469   
                                   

Collective trusts:

           

Fixed income

        164,399,502            164,399,502   

Large cap equity

        62,575,903            62,575,903   

International equity

        29,774,265            29,774,265   
                                   

Total collective trusts

   $ —           256,749,670         —           256,749,670   
                                   

Employer stock

     44,320,720               44,320,720   
                                   

Money market funds

     134,903         11,069            145,972   
                                   

Total Master Trust assets at fair value

   $ 296,212,092         256,760,739            552,972,831   
                                   

 

  8   Continued


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CEMEX, INC. SAVINGS PLAN

Notes to Financial Statements, Continued

 

Investment valuation and income recognition

The Plan’s investments are stated at fair value. 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.

 

3. Federal Income Tax Status

The Plan obtained its latest determination letter on April 13, 2009 in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements of the IRC.

Accounting principles generally accepted in the United States of America require the Plan’s management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2010, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress for the Plan. The Plan Administrator believes it is no longer subject to income tax examinations for years prior to 2010.

 

4. Interest in CEMEX, Inc. Savings Plan Trust

As of December 31, 2009, the Plan’s investments were 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 had an undivided interest in the Master Trust. Investment income and administrative expenses relating to the Master Trust were allocated to the individual plans based upon average monthly balances invested by each plan. At December 31, 2009, the Plan was the only participating plan in the Master Trust and as such, had a 100% interest in the Master Trust.

 

  9   Continued


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CEMEX, INC. SAVINGS PLAN

Notes to Financial Statements, Continued

 

The Master Trust Agreement terminated October 1, 2010, which is the effective date of the Trust Agreement with Fidelity Management Trust Company.

The following table presents the investments for the Master Trust as of December 31, 2009:

 

INVESCO Stable Value Fund

   $  156,010,917   

PIMCO Total Return Fund

     71,533,745   

State Street S&P 500 Flagship Series Fund

     62,575,903   

Washington Mutual Investors Fund

     52,154,324   

CEMEX stock

     44,250,416   

Growth Fund of America

     39,669,770   

EuroPacific Growth Fund

     26,377,436   

Franklin Balance Sheet Investment Fund

     17,857,960   

State Street Russell 2000 Index Fund

     16,247,557   

State Street Daily EAFE Index Fund

     13,526,708   

American Century Real Estate Fund

     12,096,656   

Lazard Emerging Markets Portfolio Fund

     11,241,261   

Franklin Small Mid-Cap Growth Fund

     10,971,602   

MFS International New Discovery Fund

     9,853,715   

State Street Passive Bond Market Index Fund

     8,388,585   

Vanguard Prime Money Market Fund

     134,903

Crane Company common stock

     70,304   

Federated Capital Reserve Account

     11,069   
        

Total investments at fair value

     552,972,831   

Adjustment from fair value to contract value for fully benefit-responsive investment contracts

     (3,062,281
        

Total investments

   $ 549,910,550   
        

 

* This amount represents a non-participant directed investment.

 

5. Investments

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

 

     2010      2009  

INVESCO Stable Value Fund

   $ 126,629,670      

PIMCO Total Return Fund

     65,736,998      

State Street S&P 500 Flagship Series Fund

     56,972,263      

Washington Mutual Investors Fund

     49,215,277      

Growth Fund of America

     37,686,790      

CEMEX stock

     36,262,139      

Interest in CEMEX, Inc. Savings Plan Trust

     —           549,910,550   
                 

 

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CEMEX, INC. SAVINGS PLAN

Notes to Financial Statements, Continued

 

6. Concentration of Cash

During the year ended December 31, 2009, the Plan had demand deposits in a banking institution that exceeded the Federal Deposit Insurance Corporation insurance amount. Management believes that 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:

 

     2010     2009  

Net assets available for benefits per the financial statements

   $ 583,114,336        583,570,979   

Benefits payable

     (19,015  

Adjustment to contract value

     3,623,824        3,062,281   
                

Net assets available for benefits per the Form 5500

   $ 586,719,145        586,633,260   
                

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

 

Net decrease in net assets available for benefits per the financial statements

   $ (456,643

Less: Benefits payable at December 31, 2010

     (19,015

Less: Adjustment to contract value, December 31, 2010

     3,623,824   

Add: Adjustment to contract value, December 31, 2009

     (3,062,281
        

Net increase in net assets available for benefits per the Form 5500

   $ 85,885   
        

The following is a reconciliation of benefits paid to participants per the 2010 financial statements to the Form 5500:

 

Benefits paid to participants per the financial statements

   $ 86,027,846   

Add: Benefits payable at December 31, 2010

     19,015   
        

Benefits paid to participants per the Form 5500

   $ 86,046,861   
        

 

  11   Continued


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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

Subsequent events have been evaluated through June 23, 2011, which is the date the financial statements were issued.

 

  12   Continued


Table of Contents

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, 2010

 

(a)

 

(b)

Identity of issue, borrower, lessor, or similar
party

  

(c)

Description of investment including maturity date,

rate of interest, collateral, par or maturity value

  (d)
Cost
    (e)
Current
value
 
  Invesco National Trust Company    Stable Value Fund; 71,073,583 shares     **      $ 126,629,670   
  PIMCO    Total Return Fund; 6,058,710 shares     **        65,736,998   
  State Street Global Advisors    SSgA S&P 500 Index Fund; 2,357,440 shares     **        56,972,263   
  American Funds    Washington Mutual Investors Fund R4; 1,814,723 shares     **        49,215,277   
  American Funds    Growth Fund of America R4; 1,248,320 shares     **        37,686,790   

*

  CEMEX, S.A.B. de C.V.    American Depository Shares; 3,385,821 shares     **        36,262,139   
  American Funds    EuroPacific Growth Fund R4; 579,239 shares     **        23,563,463   
  Franklin Templeton Investments    Franklin Balance Sheet Fund; 389,383 shares     **        18,390,561   
  State Street Global Advisors    SSgA Russell 2000 Index Fund; 608,812 shares     **        16,872,621   
  American Century Investments    American Century Real Estate Fund; 659,281 shares     **        12,097,811   
  Franklin Templeton Investments    Franklin Small Mid-Cap Growth Fund; 323,750 shares     **        12,079,115   
  Lazard Asset Management LLC    Lazard Emerging Markets Equity Institutional Fund; 531,796 shares     **        11,582,528   
  T. Rowe Price    T. Rowe Price Retirement 2020 Fund; 654,532 shares     **        10,760,512   
  State Street Global Advisors    SSgA Daily EAFE Index Fund; 621,364 shares     **        10,666,964   
  T. Rowe Price    T. Rowe Price Retirement 2025 Fund; 883,289 shares     **        10,634,800   
  MFS Fund Distributors, Inc.    MFS International New Discovery Fund R4; 432,618 shares     **        9,474,329   
  T. Rowe Price    T. Rowe Price Retirement 2015 Fund; 749,271 shares     **        8,908,835   
  T. Rowe Price    T. Rowe Price Retirement 2030 Fund; 422,209 shares     **        7,295,769   
  T. Rowe Price    T. Rowe Price Retirement 2035 Fund; 466,071 shares     **        5,700,051   
  State Street Global Advisors    SSgA Bond Market Index Fund; 294,788 shares     **        4,188,646   
  T. Rowe Price    T. Rowe Price Retirement 2010 Fund; 271,638 shares     **        4,166,922   
  T. Rowe Price    T. Rowe Price Retirement 2040 Fund; 225,722 shares     **        3,932,070   
  T. Rowe Price    T. Rowe Price Retirement 2045 Fund; 317,384 shares     **        3,684,824   
  T. Rowe Price    T. Rowe Price Retirement Income Fund; 222,939 shares     **        2,922,727   
  T. Rowe Price    T. Rowe Price Retirement 2005 Fund; 35,164 shares     **        398,763   
  T. Rowe Price    T. Rowe Price Retirement 2050 Fund; 21,907 shares     **        213,374   
  T. Rowe Price    T. Rowe Price Retirement 2055 Fund; 16,573 shares     **        159,598   
  Vanguard    Prime Money Market Fund; 103,240 shares     **        103,240   

*

  Notes receivable from participants    4.25% to 9.75%; 1-10 year term; payable monthly     **        31,319,877   
     Non-participant Directed Investment    
          

*

 

Fidelity

   Fidelity Cash Reserves Money Market Fund; 1,079 shares   $ 1,079        1,079   
              
         $ 581,621,616   
              

 

* Party-in-interest as defined by ERISA.
** Cost information is not required as these assets are participant directed.

 

13


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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: Gerardo Guerra
  Title: Authorized Signatory
Date: June 23, 2011


Table of Contents

EXHIBIT INDEX

 

Exhibit
No.

  

Description

1.    Consent of MFR, P.C. to the incorporation by reference into the Registration Statement (File No. 333-83962) on Form S-8 of CEMEX, S.A.B. de C.V. of its report, dated June 23, 2011, with respect to the audited financial statements of the CEMEX, Inc. Savings Plan as of December 31, 2010 and 2009.