Cemex SA De CV · 6-K · For 6/23/03

Filed On 6/23/03 4:10pm ET   ·   SEC File 1-14946   ·   Accession Number 950172-3-2066

Report of a Foreign Private Issuer   ·   Form 6-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 6-K         Report of a Foreign Private Issuer                     4±    17K 

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UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------------------- 

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934 
----------------------- 

Date of Report: June 23, 2003 

CEMEX, S.A. de C.V. 
------------------- 
(Exact name of Registrant as specified in its charter)

CEMEX Corp. 
(Translation of Registrant's name into English) 

United Mexican States 
(Jurisdiction of incorporation or organization) 

Av. Ricardo Margain Zozaya #325, Colonia
del Valle Campestre 
Garza Garcia, Nuevo Leon, Mexico 64000
------------------------------------------------
(Address of principal executive offices)

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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CONTENTS

 1.    Press release issued by CEMEX, S.A. de C.V., dated June 18, 2003,
       providing guidance with respect to its projected earnings for the
second quarter of 2003 (attached hereto as exhibit 1).    

SIGNATURE 

      Pursuant to the requirements of the Securities Exchange Act of 1934,
CEMEX, S.A. de C.V. has duly caused this report to be signed on its behalf by   
the undersigned, thereunto duly authorized.                                     

                                 CEMEX, S.A. de C.V.
                                  ----------------------------------------
                          (Registrant)

Date:    June 23, 2003               By:       /s/  Rafael Garza                
   -----------------------           -------------------------------------
                                 Name:  Rafael Garza
                                         Title:    Chief Comptroller

EXHIBIT INDEX 

EXHIBIT NO.   DESCRIPTION                                                       

1             Press release issued by CEMEX, S.A. de C.V., dated June 18, 2003, 
             providing guidance with respect to its projected earnings for the
second quarter of 2003.                             

                                                               EXHIBIT 1

  MEDIA RELATIONS         INVESTOR RELATIONS         ANALYST RELATIONS
DANIEL PEREZ WHITAKER         ABRAHAM RODRIGUEZ        JOSE ANTONIO GONZALEZ  
(52 81) 8888-4243        (52 81) 8888-4262            (212) 317-6008

[OBJECT OMITTED]                                                                

CEMEX PROVIDES GUIDANCE FOR 
THE SECOND QUARTER OF 2003

MONTERREY, MEXICO, June 18, 2003 - CEMEX, S.A. de C.V. (NYSE: CX) announced     
today that it expects EBITDA for the quarter ending June 30, 2003 to exceed     
US$540 million, while operating income is expected to be about US$380 million.  
EBITDA for the first six months of 2003 is expected to exceed US$1 billion.     

For the second quarter, CEMEX expects to achieve revenue of close to US$1.85    
billion, while free cash flow is expected to be close to US$330 million.        

Rodrigo Trevino, Chief Financial Officer, said: "We are encouraged by our       
consolidated performance for the first half of 2003, which puts us in line to   
meet or exceed our stated guidance for the full year. We expect to use close to 
90% of our free cash flow during the quarter to reduce net debt, bringing us    
closer to our stated leverage ratio objective of 2.7 times net debt to EBITDA.  
We have also benefited during the second quarter from an improvement in the     
fair market value of our derivatives position. From March 31st, 2003 through    
June 17th, 2003 the aggregate fair market value of our derivatives position has 
improved by US$298 million, which will lead to gains that will partially revert 
the losses recognized under marketable securities during the first quarter. We  
remain focused on cost reduction initiatives aimed at increasing our free cash  
flow generation while improving the value proposition for our customers."       

For the second quarter, CEMEX Mexico's domestic gray cement volume is expected  
to grow by about 2% versus the same quarter a year ago despite the lesser       
number of business days; and is expected to be 6% higher for the first six      
months of the year versus the same period a year ago. Ready mix volumes are     
expected to grow by about 11% for the second quarter and about 17% for the      
first six months versus the same period a year ago. Cement demand from the      
public works and housing sectors continue to drive growth, while the            
self-construction sector continues to provide moderate growth.                  

Cement sales volumes for CEMEX's operations in the United States are expected   
to decline by about 4% versus the same quarter last year, and by about 3% for   
the first half of the year versus the same period in 2002. Cement sales in some 
of our markets were affected by lower construction activity in the public works 
sector coupled with continued weakness in the industrial and commercial sector. 

Cement sales volumes for CEMEX's operations in Spain are expected to grow by    
about 5% versus the second quarter last year and 5% for the first six months of 
2003 compared to the same period a year ago. Cement demand growth continues to  
benefit from the public works sector, primarily due to Spain's long term        
infrastructure plan. The housing sector remains robust given the favorable      
interest rate environment.                                                      

CEMEX expects to release its second quarter results and host its quarterly      
conference call on July 18th, 2003. Guidance numbers for the second quarter of  
2003 are calculated on the basis of market close exchange rates as of June      
17th, 2003.                                                                     

CEMEX is a leading global producer and marketer of cement and ready-mix         
products, with operations primarily concentrated in the world's most dynamic    
cement markets across four continents. CEMEX combines a deep knowledge of the   
local markets with its global network and information technology systems to     
provide world-class products and services to its customers, from individual     
homebuilders to large industrial contractors. 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, 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.                     

EBITDA is defined as operating income plus depreciation and amortization. Free  
Cash Flow is defined as EBITDA minus net interest expense, capital              
expenditures, change in working capital, taxes paid, dividends on preferred     
equity and other cash items. Net debt is defined as total debt plus equity      
obligations minus cash and cash equivalents. All of the above items are         
presented under generally accepted accounting principles in Mexico. EBITDA and  
Free Cash Flow (as defined above) are presented herein because the company      
believes that they are widely accepted as financial indicators of the company's 
ability to internally fund capital expenditures and service or incur debt.      
EBITDA and Free Cash Flow should not be considered as indicators of the         
company's financial performance, as alternatives to cash flow, as measures of   
liquidity or as being comparable to other similarly titled measures of other    
companies.                                                                      

Dates Referenced Herein   and   Documents Incorporated By Reference

This 6-K Filing		Date		Other Filings
		6/18/03
Filed On / Filed As Of / For The Period Ended		6/23/03
		6/30/03		11-K
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