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2011 ANNUAL REPORT

statements of cash flows

CEMEX, S.A.B. DE C.V. (PARENT COMPANY-ONLY)
(Millions of Mexican pesos)

Independent auditors' report

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Consolidated balance sheets

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Consolidated statements of operations

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Consolidated statements of cash flows

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Balance sheets

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Statements of operations

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Statements of cash flows

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Statement of changes in stockholders' equity

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Notes to the consolidated financial statements

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			Years ended December 31,
	Note 25		2011	2010	2009
OPERATING ACTIVITIES
Net income (loss)		$	(19,127)	(16,516)	1,409
Non-cash items:
Depreciation and amortization of assets	E		6	6	6
Amortization of deferred charges	F		938	699	287
Equity in income of subsidiaries and associates	D		6,689	7,362	(11,621)
Comprehensive financing result			11,931	2,489	9,336
Income taxes	J		(938)	5,921	541
Changes in working capital, excluding financial expenses and income taxes			13,746	3,673	(7,076)
Net cash flows provided by (used in) operating activities before income taxes			13,245	3,634	(7,118)
Income taxes paid in cash	J		(506)	(325)	-
Net cash flows provided by (used in) operating activities			12,739	3,309	(7,118)
INVESTING ACTIVITIES
Investment in subsidiaries	D		-	-	4,359
Deferred charges			(545)	(235)	(2,678)
Long-term assets, net			3	33	490
Net cash flows (used in) provided by investing activities			(542)	(202)	2,171
FINANCING ACTIVITIES
Long-term related parties, net	I		(29,076)	5,633	14,293
Financial expenses paid in cash			(6,383)	(5,873)	(4,645)
Issuance of common stock	K		11	5	23,953
Derivative instruments			(5,118)	(141)	(7,585)
Issuance (repayment) of debt, net	H		32,277	(2,536)	(19,373)
Long-term liabilities, net			-	-	(1,696)
Net cash flows (used in) provided by financing activities			(8,289)	(2,912)	4,947
Decrease in cash and investments			3,908	195	-
Cash and investments at beginning of year			195	-	-
CASH AND INVESTMENTS AT END OF YEAR		$	4,103	195	–
Changes in working capital:
Other accounts receivable		$	(722)	(283)	2,867
Short-term related parties, net	I		12,647	4,037	(9,484)
Other accounts payable and accrued expenses	G		1,821	(81)	(459)
Changes in working capital, excluding income taxes		$	13,746	3,673	(7,076)