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Monterrey, Mexico, April 24, 2008. CEMEX CEO, Lorenzo H. Zambrano, reflected on the company´s performance in 2007 and challenges for 2008 during his presentation to company shareholders. Around 500 people attended the event, who took advantage of the opportunity to learn more about the company's goals and CEMEX management team´s expectations.
Lorenzo H. Zambrano |
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"The year 2007 represents an important moment in our company's transformation process," Mr. Zambrano stated. "We achieved our best results ever complimented by the integration of Rinker, our largest acquisition to date…. We have obtained good results through the execution of our disciplined, long-term strategy. Through this transformation process, our goal is to become the most efficient, profitable building materials company in the industry."
As part of the annual meeting, Mr. Zambrano addressed the worldwide context in which CEMEX is presently operating. "The results we obtained in 2007 were produced within a context marked by a decelerated US economy, slowed growth in Spain after various years of accelerated development, and an unprecedented increase in the cost of energy," noted CEMEX´s CEO. Mr. Zambrano assured CEMEX shareholders that the company is prepared to face those challenges. For more than two decades, CEMEX has known how to maintain its growth in a world where the business environment has radically changed over the years and will continue to demand that the company constantly evolve in order to continue creating value.
CEMEX´s consistent strategy and discipline are reflected in the company´s annual sales and operating income, both of which have grown over the past 10 years at annual rates of 19% and 14%, respectively.
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Many factors, particularly its geographic diversification strategy, have contributed to CEMEX´s ability to offset the deceleration in markets like the US and Spain with solid results in Mexico, Eastern Europe, Central and South America, and Australia.
Additionally, the decision to strengthen CEMEX´s participation throughout the industry's value chain and integrate the company's core businesses - cement, aggregates, and ready-mix concrete - has helped to optimize local production networks, offer a better value proposition and improved service to customers, while reducing operating costs and administrative expenses. As Mr. Zambrano expressed, "the integration of our three core businesses generates better opportunities to create even more value."
Mr. Zambrano also provided information regarding the company's general financial results for 2007, including a more specific breakdown of results by region. Mr. Zambrano further covered results from the Rinker integration, along with other relevant information regarding the company´s investment projects and cost-reduction program. All of this information is available in the 2007 Annual Report, now available online at www.cemex.com.
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