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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
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FORM
6-K
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REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 or 15d-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
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Date
of Report: October 13, 2008
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CEMEX,
S.A.B. de C.V.
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(Exact
name of Registrant as specified in its charter)
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CEMEX
Corp.
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(Translation
of Registrant's name into English)
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United
Mexican States
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(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
STATEMENT IN LIGHT OF CURRENT MARKET
CONDITIONS
MONTERREY, MEXICO, October 9, 2008-
In light of the current extraordinary market conditions, CEMEX S.A.B. de
C.V. (NYSE: CX) would like to take this opportunity to assure the market that
our business model continues to be intact and the capital structure of the
company remains unchanged. We wish to reaffirm to the market
that we have slightly exceeded our guidance for third quarter and that we remain
in compliance at the end of the third quarter with our financial covenant
test. As of September 30th, 2008,
our net debt to EBITDA ratio was reduced to 3.4:1, due to a significant
reduction in net debt during the quarter from about US$17.6 billion to about
US$16.4 billion.
With
regard to our derivatives strategy, we continue to employ derivatives only to
execute our financing plan and to partially hedge our capital investment in our
foreign subsidiaries. The mark to market of our derivatives position
as of September 30th, 2008
was a positive US$100 million for all of our derivatives including our perpetual
securities. This represents a US$400 million decline from the
date of our mid quarter guidance on September 11th,
2008. The decline from September 11th, 2008
is primarily explained by the realization of close to US$300 million in gains in
our capital hedge program which was used primarily to reduce net
debt. Currently, and as a result of the recent high volatility in the
foreign exchange and equity capital markets, the aggregate mark to market is
approximately negative US$500 million (including our perpetual securities). We
continue to have cash on hand to meet all of our operational and financial
requirements. We will be addressing all of these issues in more
detail in our third quarter conference call on Wednesday, October 22nd,
2008.
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, weather conditions, 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.
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:
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October
13, 2008
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By:
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/s/
Rafael Garza
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Name:
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Rafael
Garza
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Title:
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Chief
Comptroller
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