CEMEX SAB DE CV Files 20-F Annual Report

Ticker: CXMSF · Form: 20-F · Filed: Apr 29, 2024 · CIK: 1076378

Cemex Sab De Cv 20-F Filing Summary
FieldDetail
CompanyCemex Sab De Cv (CXMSF)
Form Type20-F
Filed DateApr 29, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$38 m, $1,172 million, $104 m, $17.4 b, $661 million
Sentimentneutral

Sentiment: neutral

Topics: CEMEX, 20-F, Subsidiaries, Contracts, Financials

TL;DR

<b>CEMEX SAB DE CV filed its 20-F annual report, detailing changes in non-controlling interests and significant contractual commitments.</b>

AI Summary

CEMEX SAB DE CV (CXMSF) filed a Foreign Annual Report (20-F) with the SEC on April 29, 2024. Non-controlling interest in Cemex Holdings Philippines, Inc. (CHP) decreased to 10.14% as of Dec 31, 2023, from 22.10% in 2022. Non-controlling interest in Cemex Latam Holdings, S.A. (CLH) decreased to 0.50% as of Dec 31, 2023, from 4.70% in 2022. Non-controlling interest in TCL remained at 30.17% as of Dec 31, 2023. Commitment for digitalization services with Neoris totals $55 annually from 2023 to 2027. Commitments with six vendors for back-office services average $60 annually.

Why It Matters

For investors and stakeholders tracking CEMEX SAB DE CV, this filing contains several important signals. The reduction in non-controlling interests for CHP and CLH suggests CEMEX may be increasing its ownership or consolidating these subsidiaries. Significant contractual commitments for digitalization and back-office services highlight ongoing investments in technology and operational efficiency.

Risk Assessment

Risk Level: medium — CEMEX SAB DE CV shows moderate risk based on this filing. The filing details significant contractual commitments and changes in non-controlling interests, which could impact future financial performance and reporting, but lacks specific financial performance metrics for the current period.

Analyst Insight

Monitor future filings for the impact of reduced non-controlling interests and the ongoing digitalization and back-office service contracts on CEMEX's financial results.

Key Numbers

  • 10.14% — Non-controlling interest in CHP (As of December 31, 2023)
  • 22.10% — Non-controlling interest in CHP (As of December 31, 2022)
  • 0.50% — Non-controlling interest in CLH (As of December 31, 2023)
  • 4.70% — Non-controlling interest in CLH (As of December 31, 2022)
  • 30.17% — Non-controlling interest in TCL (As of December 31, 2023 and 2022)
  • 5 — Years (Neoris contract duration (2023-2027))
  • 55 — Annual amount ($ million) (Neoris digitalization services commitment)
  • 60 — Annual amount ($ million) (Back-office services commitment)

Key Players & Entities

  • CEMEX SAB DE CV (company) — Filer
  • Cemex Holdings Philippines, Inc. (company) — Subsidiary
  • Cemex Latam Holdings, S.A. (company) — Subsidiary
  • TCL (company) — Subsidiary
  • Neoris (company) — Vendor
  • 55 (dollar_amount) — Annual digitalization services commitment
  • 60 (dollar_amount) — Annual back-office services commitment

FAQ

When did CEMEX SAB DE CV file this 20-F?

CEMEX SAB DE CV filed this Foreign Annual Report (20-F) with the SEC on April 29, 2024.

What is a 20-F filing?

A 20-F is a annual report for foreign private issuers, equivalent to a 10-K but following international reporting standards. This particular 20-F was filed by CEMEX SAB DE CV (CXMSF).

Where can I read the original 20-F filing from CEMEX SAB DE CV?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by CEMEX SAB DE CV.

What are the key takeaways from CEMEX SAB DE CV's 20-F?

CEMEX SAB DE CV filed this 20-F on April 29, 2024. Key takeaways: Non-controlling interest in Cemex Holdings Philippines, Inc. (CHP) decreased to 10.14% as of Dec 31, 2023, from 22.10% in 2022.. Non-controlling interest in Cemex Latam Holdings, S.A. (CLH) decreased to 0.50% as of Dec 31, 2023, from 4.70% in 2022.. Non-controlling interest in TCL remained at 30.17% as of Dec 31, 2023..

Is CEMEX SAB DE CV a risky investment based on this filing?

Based on this 20-F, CEMEX SAB DE CV presents a moderate-risk profile. The filing details significant contractual commitments and changes in non-controlling interests, which could impact future financial performance and reporting, but lacks specific financial performance metrics for the current period.

What should investors do after reading CEMEX SAB DE CV's 20-F?

Monitor future filings for the impact of reduced non-controlling interests and the ongoing digitalization and back-office service contracts on CEMEX's financial results. The overall sentiment from this filing is neutral.

Risk Factors

  • Non-controlling Interests [medium — financial]: Changes in non-controlling interests in subsidiaries like CHP and CLH are detailed, indicating potential shifts in ownership structure.
  • Contractual Commitments [medium — operational]: Significant commitments for digitalization services ($55M annually) and back-office services ($60M annually) are outlined.

Glossary

Non-controlling interest
The portion of equity in a subsidiary not attributable to the parent company. (Indicates ownership structure and potential future profit/loss sharing.)

Filing Stats: 4,522 words · 18 min read · ~15 pages · Grade level 11.8 · Accepted 2024-04-26 21:29:39

Key Financial Figures

  • $38 m — al cost, generated a repurchase loss of $38 million, recognized in the income stateme
  • $1,172 million — tes for an aggregate notional amount of $1,172 million. The difference between the amount paid
  • $104 m — l costs, generated a repurchase gain of $104 million, recognized in the income stateme
  • $17.4 b — d December 31, 2023, we had revenues of $17.4 billion, demonstrating a continued improv
  • $661 million — ebt plus other financial obligations by $661 million and increased interest expenses by $45
  • $45 m — lion and increased interest expenses by $45 million, as compared to 2022. Our leverag
  • $2,000 million — ancial position (which does not include $2,000 million aggregate principal amount of Subordina
  • $8,164 million — Notes (as defined below)) decreased to $8,164 million (principal amount $8,210 million, exclu
  • $8,210 m — sed to $8,164 million (principal amount $8,210 million, excluding deferred issuance cost
  • $1,000 million — 14, 2023, Cemex, S.A.B. de C.V. issued $1,000 million of 9.125% subordinated notes with no fi
  • $1.0 billion — ng, the credit facility consists of a US$1.0 billion 5-year term loan amortizing in five equ
  • $2.0 billion — payments starting in October 2026 and a $2.0 billion 5-year committed revolving credit facil

Filing Documents

—Identity of Directors, Senior Management and Advisors

Item 1—Identity of Directors, Senior Management and Advisors 5

—Offer Statistics and Expected Timetable

Item 2—Offer Statistics and Expected Timetable 5

—Key Information

Item 3—Key Information 5

—Information on the Company

Item 4—Information on the Company 48

—Operating and Financial Review and Prospects

Item 5—Operating and Financial Review and Prospects 162

—Directors, Senior Management, and Employees

Item 6—Directors, Senior Management, and Employees 261

—Major Shareholders and Related Party Transactions

Item 7—Major Shareholders and Related Party Transactions 304

—Financial Information

Item 8—Financial Information 306

—Offer and Listing

Item 9—Offer and Listing 308

—Additional Information

Item 10—Additional Information 310

—Quantitative and Qualitative Disclosures About Market Risk

Item 11—Quantitative and Qualitative Disclosures About Market Risk 324

—Description of Securities Other than Equity Securities

Item 12—Description of Securities Other than Equity Securities 324

—Debt Securities

Item 12A—Debt Securities 324

—Warrants and Rights

Item 12B—Warrants and Rights 324

—Other Securities

Item 12C—Other Securities 324 PART II 326

—Defaults, Dividend Arrearages and Delinquencies

Item 13—Defaults, Dividend Arrearages and Delinquencies 326

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

Item 14—Material Modifications to the Rights of Security Holders and Use of Proceeds 326

—Controls and Procedures

Item 15—Controls and Procedures 326

—Reserved

Item 16—Reserved 327

—Audit Committee Financial Expert

Item 16A—Audit Committee Financial Expert 327

—Code of Ethics

Item 16B—Code of Ethics 327

—Principal Accountant Fees and Services

Item 16C—Principal Accountant Fees and Services 329

—Exemptions from the Listing Standards for Audit Committees

Item 16D—Exemptions from the Listing Standards for Audit Committees 330

—Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Item 16E—Purchases of Equity Securities by the Issuer and Affiliated Purchasers 330

—Change in Registrant's Certifying Accountant

Item 16F—Change in Registrant's Certifying Accountant 330

—Corporate Governance

Item 16G—Corporate Governance 330

—Mine Safety Disclosure

Item 16H—Mine Safety Disclosure 335

—Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 16I—Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 335

—Insider Trading Policies

Item 16J—Insider Trading Policies 335

—Cybersecurity

Item 16K—Cybersecurity 335 PART III II-1

—Financial Statements

Item 17—Financial Statements II-1

—Financial Statements

Item 18—Financial Statements II-1

—Exhibits

Item 19—Exhibits II-1 Table of Contents INTRODUCTION INTRODUCTION Cemex, S.A.B. de C.V. is incorporated as a publicly traded variable stock corporation ( sociedad annima burstil 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," the "Company," "we," "us" or "our" refer to Cemex, S.A.B. de C.V. and its consolidated entities. See note 1 to our 2023 audited consolidated financial statements included elsewhere in this annual report. Presentation of Financial Information The audited consolidated financial statements of Cemex, S.A.B. de C.V. 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 U.S. Securities and Exchange Commission (the "SEC") do not require foreign private issuers that prepare their financial statements based on IFRS (as issued by the IASB) to reconcile such financial statements to United States Generally Accepted Accounting Principles ("U.S. GAAP"). Unless otherwise indicated, references in this annual report to "

quot; and "Dollars" are to United States Dollars, references to " " are to Euros, references to "," "Pounds Sterling" and "Pounds" are to British Pounds, and 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 Ordinary Participation Certificates (Certificados de Participacin Ordinarios ), each CPO represents two Series A shares (as defined below) and one Series B share (as defined below) of Cemex, S.A.B. de C.V. References to "ADSs" are to American Depositary Shares of Cemex, S.A.B. de C.V. Each ADS represents 10 CPOs. See notes 28.4, 17.1, and 17.2 to the 2023 audited consolidated financial sta

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