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CEMEX VENEZUELA, S.A.C.A. PRELIMINARY AND SUBSIDIARIES Unaudited

(Expressed in thousands of bolivar fuerte)
Caracas Stock Exchange
January-June
Symbols: VCM.1 / VCM.2
Financial Highlights
Operating Income Net Sales EBITDA EBITDA Margin Net Income (loss) active monetar
y Position Working capital liabilities Net fixed assets to long-term heritage Nu
mber of shares (thousands)
Book value per common share
2008
2007
% Var
121.733 670.990 28% 189.640 (111.550) 165.622 124.275 1,846,871 168.984 1,967,78
4 1,398,833
1.41
133.810 589.284 181.058 31% 155.952 222.518 (286.554) 1,346,701 206.765 2,026,98
3 1,398,833
1.45
14% -9% 5% -8% n / a -26% -145% 40% -18% -3% -3%
Investor Relations
relacioninversionistas@cemex.com www.cemexvenezuela.com
Net sales in Venezuela rose 14% over 2007, reaching 670 990 thousand bolivar fue
rte, domestic cement volume increased 1% and mix volumes decreased 3% compared t
o 2007. The cement export volumes declined 83% against 2007 to meet the growing
domestic market. EBITDA (EBITDA) rose 5% against 2007, reaching 189 640 thousand
bolivar fuerte. The EBITDA margin declined 3 percentage points in 2007, mainly
due to increase in freight costs to distant markets to meet our plants and major
maintenance. The net loss is the result of extraordinary items for retroactive
salary payments, the effect of the divestiture of international investment, high
er interest expense and provision for income taxes.
Note: For comparison the 2007 financial statements do not consolidate the invest
ments in the Dominican Republic and Panama, they are presented in the Balance Sh
eet on Investment and Income Statement for Equity Participation.
Page 1
Consolidated Figures
CEMEX VENEZUELA, S.A.C.A. AND SUBSIDIARIES FINANCIAL STATEMENTS UNDER INTERNATIO
NAL FINANCIAL REPORTING STANDARDS PRELIMINARY Unaudited
(Expressed in thousands of bolivar fuerte, except earnings per share) from Janua
ry to June
INCOME STATEMENT
Net sales Cost of sales Gross profit Operating expenses, sales and administratio
n operations Profit before extraordinary items Extraordinary items Gain on Compr
ehensive financing operations: Interest income Interest expense Loss on sale of
investment fluctuations, net comprehensive financing Total Participation the res
ults of affiliated companies and licenses Servicing Income before income tax Inc
ome tax NET INCOME Net income per share EBITDA (EBITDA)
2008
2007
% Var
670.990 (424.138) 246.852 (125.119) 121.733 (57.489) 64.244 (29.718) 4.997 (53.9
30) (2.260) (80.911) (59.960) (76.627) (34.923) (111.550) (79.75) 189.640
589.284 (331.879) 257.405 (123.595) 133.810
14% 28% -4% 1% -9%
133.810 (2.861) 5.964 (4.193) (1.090) 74.842 (51.610) 155.952 155.952 111.49 181
.058
939% -52% -16% N / A 46% 7323% 16% -100% -149% N / A -172% -172% 5%
At June 30
BALANCE SHEET
Current Assets: Cash and cash equivalents Accounts receivable Inventories Trade
and other properties for sale Total current assets Investments in associates and
other accounts receivable long-term Property, plant and equipment Investment pr
operty Intangible Assets TOTAL ASSETS Current liabilities: Bank loans Trade acco
unts payable and other current liabilities Provisions Total labor compensation d
eferred income tax liabilities Total Equity: Capital Surplus on revaluation of f
ixed assets and reserves Retained earnings Total equity Total Liabilities and Eq
uity
2008
2007
% Var
303.622 381.633 185.150 2.624 873.029
222.518 130.313 88.265 1.640 442.736 905.205 38.611
36% 193% 110% 60% 97% -100% -100% 38% -100% 0% -1% N / A
1,815,713 31.158 2,719,900 138.000 406.994 38.138 583.132 19.257 149.727 752.116
1,451,628 538.396 (22.240) 1,967,784 2,719,900
1,315,443 7.267 31.258 2,740,520
440.618 66.154 506.772 18.780 187.985 713.537 1,451,628 575.355 2,026,983 2,740,
520
-8% -42% 15% 3% -20% 5% 0% N / A -104% -3% -1%
Page 2
Consolidated figures CEMEX VENEZUELA, S.A.C.A. AND SUBSIDIARIES FINANCIAL STATEM
ENTS UNDER INTERNATIONAL FINANCIAL REPORTING STANDARDS Preliminary Unaudited (Sa
le of investments abroad)
(Expressed in thousands of bolivar fuerte)
January-June
CASH FLOW
Operating Activities Net income items that did not involve the use of cash chang
es in working capital: Accounts receivable Inventories Trade and other propertie
s for sale Trade accounts payable and other labor compensation provisions Total
changes in working capital Net cash provided by (used in) operating activities F
inancing activities: Bank Loans Act, payment of dividends Net cash provided by (
used in) financing activities dede Net cash provided by (used in) financing acti
vities Investing activities: Investment in associates and other Increase in acco
unts Long-term receivables Property, plant and equipment Intangible assets Net c
ash used in investing activities Increase (decrease) in net cash and cash equiva
lents Cash and cash equivalents at beginning of year Cash and cash equivalents a
t end of year
2008
2007
% Var
(111.550) 36.581 (251.320) (103.816) (884) (33.629) (28.016) 477 (417.188) (492.
157)
155.952 (23.647) (23.566) (23.831) 2.226 164.742 15.668 3.245 138.484 270.789
-172% -255% N / A 336% N / A -120% -279% -85% -401% -282%
138.000 (486.041) (348.041)
(195.019) (195.019)
N / A 149% 78%
905.205 38.611 (29.781) 7.267 921.302 81.104 222.518 303.622
(74.162) 978 (44.575) (1.929) (119.688) (43.918) 266.436 222.518
N / A 3848% -33% -477% -870% N / A 36% -16%
STATE OF MOVEMENT Capital assets
Retained Earnings
Total Legal Reserve
Total revaluation surplus
Balance at December 31, 2007 Dividends paid Net cash effect from holding non-mon
etary assets Surplus on revaluation of fixed assets Minority Interest Balance at
June 30, 2008
1,451,628 1,451,628
643.730 (643.730) (111.550) 55 (111.495)
89.255 89.255
732.985 (643.730) (111.550) 55 (22.240)
538.396 538.396
2,184,613 (643.730) (111.550) 538.396 55 1,967,784