Grupo Cementos de Chihuahua SAB de CV : Report of independent auditors
April 28, 2015 at 09:13 pm EDT
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Chihuahua, Chihuahua, April 27th, 2012 ‐ Grupo Cementos de Chihuahua, S.A.B. de C.V. (BMV: GCC*)
REPORT OF INDEPENDENT AUDITORS
To the Shareholders of
Grupo Cementos de Chihuahua, S.A.B. de C.V. and subsidiaries
(Thousands of Mexican Pesos)
We have audited the accompanying consolidated balance sheets of Grupo Cementos de Chihuahua, S.A.B. de C.V. and subsidiaries as of December 31, 2011 and 2010, and the related consolidated statements of income, changes in stockholders' equity and cash flows for the years then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We did not audit the financial statements for 2010 of some of the subsidiaries abroad, and their effects are shown as a discontinued operation for the amount of assets totaling Ps.2,028,578 and income of the year Ps.198,227. Our opinion, insofar as it relates to the financial information of such subsidiaries in the accompanying consolidated financial statements, is based solely on the report of the other independent auditors.
We conducted our audits in accordance with auditing standards generally accepted in Mexico. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement and are prepared in conformity with Mexican Financial Reporting Standards. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation (including the Company's conversion of the financial statements of its audited subsidiaries to Mexican Financial Reporting Standards). We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of Grupo Cementos de Chihuahua, S.A.B. de C.V. and its subsidiaries as of December 31, 2011, and the consolidated results of their operations, changes in their stockholders' equity and their cash flows for the year then ended, in conformity with Mexican Financial Reporting Standards.
Also, in our opinion, based on our audits and on the reports of the other independent auditors, referred to in previous paragraphs, the accompanying consolidated financial statements presents fairly, in all material respects, the consolidated financial position of Grupo Cementos de Chihuahua, S.A.B. de C.V. and its subsidiaries as of December 31, 2010, and the consolidated results of their operations, changes in their stockholders' equity and their cash flows for the year then ended, in conformity with Mexican Financial Reporting Standards.
As it is mentioned in the Note 4a of these financial statements, the company adopted the Mexican Financial Reporting Standard C‐4
Inventories, with the effects described there.
Mancera S.C. A Member Practice of Ernst & Young Global
Chihuahua, Chih. March 26, 2012
Americo de la Paz de la Garza
About GCC
GCC is a leading supplier of cement, aggregates, concrete and construction‐related services in Mexico and the United States. The Company has annual cement production capacity of 4.6 million tons.
Founded in 1941, the Company's shares trade on the Mexican Stock Exchange under the ticker symbol
GCC SAB de CV, formerly known as Grupo Cementos de Chihuahua SAB de CV, is a Mexico-based company primarily engaged in the construction materials sector. The Company foocuses on the production and marketing of cement and other related building materials. The Companyâs product portfolio includes Portland grey cements, ready-mixed concrete, gypsum, additives and limestone aggregates, as well as such prefabricated products as walls, architectural concrete blocks and paving stones, among others. The Company also offers technical support and assistance for the installation of its prefabricated structures. The Company operates in Mexico and the United States, through such subsidiaries as GCC Comercial SA de CV, GCC Concreto SA de CV, GCC Rio Grande Inc, GCC Dacotah Inc, GCC Alliance Concrete Inc, Mid Continent Concrete Inc and Consolidated Ready Mix Inc.
GCC, S.A.B. DE C.V. 
