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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
For the month of April, 2013
Commission File Number: 001-14946
CEMEX, S.A.B. de C.V.
(Translation of Registrant’s name into English)
Avenida Ricardo Margáin Zozaya #325, Colonia Valle del Campestre
Garza García, Nuevo León, México 66265
(Address of principal executive office)
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 if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
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Contents
| 1. | Press release, dated April 25, 2013, announcing first quarter 2013 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX). |
| 2. | First quarter 2013 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX). |
| 3. | Presentation regarding first quarter 2013 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, CEMEX, S.A.B. de C.V. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| CEMEX, S.A.B. de C.V. | ||
| (Registrant) | ||
| Date: April 25, 2013 |
By: | /s/ Rafael Garza | ||||||
| Name: Rafael Garza Title: Chief Comptroller | ||||||||
EXHIBIT INDEX
| EXHIBIT NO. |
DESCRIPTION | |
| 1. |
Press release, dated April 25, 2013, announcing first quarter 2013 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX). | |
| 2. |
First quarter 2013 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX). | |
| 3. |
Presentation regarding first quarter 2013 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX). | |
Exhibit 1
CEMEX LATAM HOLDINGS REPORTS
FIRST-QUARTER 2013 RESULTS
| • | CLH reports a year-over-year operating EBITDA margin expansion of 3.5 percentage points, reaching 36.7% |
BOGOTÁ, COLOMBIA, APRIL 25, 2013 – CEMEX Latam Holdings, S.A. (“CLH”) (BVC: CLH), announced today that, on a pro forma basis, consolidated net sales reached US$383 million during the first quarter of 2013, a decrease of 2% versus the comparable period in 2012. Pro forma operating EBITDA increased by 8% during the first quarter of 2013 to US$141 million versus the same period in 2012. Adjusting for the fewer business days during the quarter, pro forma net sales increased by 3% and pro forma operating EBITDA increased by 15%.
CLH’s Pro forma Financial and Operational Highlights
| • | The increase in consolidated net sales, on a pro forma basis and adjusted for the fewer business days during the quarter, was mainly due to higher prices in local-currency terms in most of our markets |
| • | Pro forma operating EBITDA, on a like-to-like basis adjusting for the fewer business days during the quarter, increased by 15% versus the comparable period in 2012 |
| • | Pro forma free cash flow after maintenance capital expenditures for the quarter was US$51 million |
| • | Pro forma operating earnings before other expenses, net, in the first quarter increased by 2%, to US$118 million, from the comparable pro forma period in 2012 |
Carlos Jacks, CEO of CLH, said, “We continue delivering strong results as evidenced by our 15% growth in operating EBITDA on a comparable basis, as well as by the margin expansion of 3.5 percentage points in operating EBITDA margin during the quarter. We continue to expect a solid macroeconomic outlook and favorable industry fundamentals in our region that will translate into increased consolidated volumes. We are well-positioned to capture this growth, supported by our customer solutions strategy for the different segments which we serve.”
Consolidated Corporate Results
During the first quarter of 2013, controlling interest net income was a gain of US$26 million.
Net debt was US$1.5 billion during the quarter.
Geographical Markets First Quarter 2013 Highlights
Operating EBITDA in Colombia increased 4% to US$87 million versus US$84 million in the first quarter of 2012 despite the decrease of 3% in net sales reaching US$209 million.
CLH’s operations in the Panama operating EBITDA increased 4% to US$34 million during the quarter. Net sales reached US$72 million in the first quarter of 2013, down 6% from the same period in 2012.
In Costa Rica, operating EBITDA reached US$15 million for the quarter, 19% higher than the same period last year. Net sales increased 7% to US$35 million, compared with US$33 million in the first quarter of 2012.
In the Rest of CLH net sales in the first quarter of 2013 remained flat at US$71 million versus those in the comparable period of 2012. Operating EBITDA decreased 3% to US$19 million for the quarter versus the comparable period in 2012.
CEMEX Latam Holdings is a regional leader in the building solutions industry that provides high-quality products and reliable service to customers and communities in Colombia, Panama, Costa Rica, Nicaragua, El Salvador, Guatemala, and Brazil. CEMEX Latam Holdings’ mission is to encourage the development of the countries where it operates through innovative building solutions that foster well-being.
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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 CLH 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 CLH 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, changes derived from events affecting CEMEX, S.A.B de C.V. and subsidiaries (“CEMEX”) 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. CLH assumes no obligation to update or correct the information contained in this press release.
For convenience of the reader the 2012 pro forma consolidated financial information was adjusted to reflect the additional results of the operating subsidiaries for the first quarter of the year and reflect the 5% corporate charges and royalties agreement entered into by CLH with CEMEX. Operating EBITDA is defined as operating earnings before other expenses, net plus depreciation and operating amortization. Free Cash Flow is defined as operating EBITDA minus net interest expense, maintenance and expansion capital expenditures, change in working capital, taxes paid, and other cash items (net other expenses less proceeds from the disposal of obsolete and/or substantially depleted operating fixed assets that are no longer in operation). All of the above items are presented on a consolidated basis in 2012 based on the financial statements of CLH’s subsidiaries prepared under International Financial Reporting Standards as issued by the International Accounting Standards Board. Operating EBITDA and Free Cash Flow (as defined above) are presented herein because CLH believes that they are widely accepted as financial indicators of CLH’s ability to internally fund capital expenditures and service or incur debt. Operating EBITDA and Free Cash Flow should not be considered as indicators of CLH’s financial performance, as alternatives to cash flow, as measures of liquidity or as being comparable to other similarly titled measures of other companies.
2
Exhibit 2
2013
FIRST QUARTER RESULTS
Stock Listing Information
Colombian Stock Exchange S.A. Ticker: CLH
Investor Relations
In Colombia: +(57 1) 603?9175
E?mail: patricio.trevinog@cemex.com edgar.ramirez@cemex.com
OPERATING AND FINANCIAL HIGHLIGHTS
January – March First Quarter
2013 2012 2013 2012
pro forma % Var. pro forma % Var.
Consolidated cement volume (thousand
1,691 1,846 (8%) 1,691 1,846 (8%)
of metric tons)
Consolidated domestic gray cement
1,505 1,658 (9%) 1,505 1,658 (9%)
volume (thousand of metric tons)
Consolidated ready?mix volume
708 736 (4%) 708 736 (4%)
(thousand of cubic meters)
Consolidated aggregates volume
1,547 1,608 (4%) 1,547 1,608 (4%)
(thousand of metric tons)
Net sales 383 393 (2%) 383 393 (2%)
Gross profit 213 213 0% 213 213 0%
Gross profit margin 55.6% 54.2% 1.4pp 55.6% 54.2% 1.4pp
Operating earnings before other
118 115 2% 118 115 2%
expenses, net
Operating earnings before other
30.7% 29.4% 1.3pp 30.7% 29.4% 1.3pp
expenses, net, margin
Controlling interest net income 26 26
Operating EBITDA 141 130 8% 141 130 8%
Operating EBITDA margin 36.7% 33.2% 3.5pp 36.7% 33.2% 3.5pp
Free cash flow after maintenance
51 51
capital expenditures
Free cash flow 40 40
Net debt 1,514 548 176% 1,514 548 176%
Total debt 1,582 651 143% 1,582 651 143%
Earnings per share 0.05 N/A N/A 0.05 N/A N/A
Shares outstanding at end of period 556 N/A N/A 556 N/A N/A
Employees 3,685 3,260 13% 3,685 3,260 13%
In millions of US dollars, except percentages, employees, and per?share amounts. Shares outstanding at the end of period are presented in millions.
Consolidated net sales in the first quarter of 2013 decreased to US$383 million, representing a decrease of 2%
compared with the pro forma first quarter of 2012. Adjusting for the fewer business days during the quarter, consolidated
net sales increased 3% versus the comparable period. The increase in net sales was mainly due to higher prices, in local currency terms, in most of our markets.
Cost of sales as a percentage of net sales decreased by 1.3pp during the first quarter of 2013 compared with the same pro
forma period last year, from 44.4% to 45.7%. This is mainly due to the effect of higher prices on sales and a decrease in
fuel costs as a result of higher alternative fuel utilization.
Operating expenses as a percentage of net sales remained flat during the first quarter of 2013 compared with the same
pro forma period last year. Excluding depreciation, operating expenses also as a percentage of net sales, declined
by 1.6 percentage points.
Operating EBITDA increased by 8% to US$141 million during the first quarter of 2013 compared with the same
pro forma period last year. Adjusting for the fewer business days during the quarter, operating EBITDA increased 15%
versus the comparable period in 2012. The increase was due to a positive contribution from the operations in Colombia,
Panama and Costa Rica. Operating EBITDA margin increased
3.5pp from 33.2% in the pro forma first quarter of 2012 to 36.7% this quarter, mainly as a result better pricing dynamics
in all of our products, our continuous improvement in the efficiency of our operations due to a higher alternative fuels utilization and logistics optimizations.
Controlling interest net income during the first quarter of 2013 was US$26 million.
Total debt at the end of the first quarter of 2013 was US$1,582 million.
Please refer to definition of terms and disclosure for presentation of financial and operating information.
2013 First Quarter Results Page 2
OPERATING RESULTS
Colombia
January – March First Quarter
2013 2012 2013 2012
% Var. % Var.
pro forma pro forma
Net sales 209 216 (3%) 209 216 (3%)
Operating EBITDA 87 84 4% 87 84 4%
Operating EBITDA margin 41.7% 38.9% 2.8pp 41.7% 38.9% 2.8pp
In millions of US dollars, except percentages.
Domestic gray cement Ready?mix Aggregates
Year?over?year percentage
January – March First Quarter January ? March First Quarter January ? March First Quarter
variation
Volume (15%) (15%) 2% 2% (6%) (6%)
Price (USD) 9% 9% 10% 10% 0% 0%
Price (local currency) 10% 10% 11% 11% 1% 1%
In Colombia, domestic gray cement and aggregated volumes decreased by 15% and 6%, respectively, while ready
mix volumes increased by 2% during the first quarter of 2013 versus the comparable period last year. Adjusting for the
fewer business days in the quarter, volumes declined by 10% for domestic gray cement, grew by 7% for ready mix, and remained flat for aggregates.
Our price increase at the beginning of the year, as expected, caused a slight reduction in our market share. In previous
years after losing market share for this reason we have regained this market share in subsequent quarters. Self?construction
sector experienced lower activity as some prospective home buyers have delayed their home purchasing decision awaiting
the results of the government’s 100 thousand free homes program. In addition, Bogota experienced a decline in housing.
Furthermore, some infrastructure projects which were expected to start during the quarter were delayed and are still in the feasibility stage.
In Panama, during the first quarter of 2013, domestic gray cement, ready?mix and aggregates volumes decreased by 1%,
16% and 6%, respectively, versus the comparable period last year. Adjusting for the fewer days during the quarter,
domestic gray cement and aggregates volumes increased 8% and 2%, respectively, while ready?mix volumes declined by 9%.
The infrastructure sector continued to be the main driver of demand supported by large projects such as the Panama
Canal expansion and the Panama City’s metro project. The decrease in ready?mix volumes during the quarter was mainly due to the completion of the AES hydroelectrical project.
Panama
January – March First Quarter
2013 2012 2013 2012
% Var. % Var.
pro forma pro forma
Net sales 72 77 (6%) 72 77 (6%)
Operating EBITDA 34 33 4% 34 33 4%
Operating EBITDA margin 46.8% 42.7% 4.1pp 46.8% 42.7% 4.1pp
In millions of US dollars, except percentages.
Domestic gray cement Ready?mix Aggregates
Year?over?year percentage
January – March First Quarter January ? March First Quarter January ? March First Quarter
variation
Volume (1%) (1%) (16%) (16%) (6%) (6%)
Price (USD) (1%) (1%) 5% 5% 13% 13%
Price (local currency) (1%) (1%) 5% 5% 13% 13%
Please refer to definition of terms and disclosure for presentation of financial and operating information.
2013 First Quarter Results Page 3
OPERATING RESULTS
Costa Rica
January – March First Quarter
2013 2012 2013 2012
% Var. % Var.
pro forma pro forma
Net sales 35 33 7% 35 33 7%
Operating EBITDA 15 13 19% 15 13 19%
Operating EBITDA margin 43.7% 39.3% 4.4pp 43.7% 39.3% 4.4pp
In millions of US dollars, except percentages.
Domestic gray cement Ready?mix Aggregates
Year?over?year percentage
January – March First Quarter January ? March First Quarter January ? March First Quarter
variation
Volume (8%) (8%) (19%) (19%) (9%) (9%)
Price (USD) 15% 15% 14% 14% (9%) (9%)
Price (local currency) 13% 13% 12% 12% (11%) (11%)
In Costa Rica, domestic gray cement, ready?mix and aggregates volumes decreased by 8%, 19% and 9%, respectively, during
the first quarter of 2013 versus the same period in 2012. Approximately 6 percentage points of the year?over?year volume
decline of our products is explained by the fewer business days during the quarter.
The infrastructure sector was the main driver of construction activity during the quarter, with the continuation of
hydroelectric and road projects in the country.
Rest of CLH
January – March First Quarter
2013 2012 2013 2012
% Var. % Var.
pro forma pro forma
Net sales 71 71 0% 71 71 0%
Operating EBITDA 19 20 (3%) 19 20 (3%)
Operating EBITDA margin 27.3% 28.1% (0.8pp) 27.3% 28.1% (0.8pp)
In millions of US dollars, except percentages.
Domestic gray cement Ready?mix Aggregates
Year?over?year percentage
January – March First Quarter January ? March First Quarter January ? March First Quarter
variation
Volume (2%) (2%) 3% 3% 61% 61%
Price (USD) 2% 2% 4% 4% 19% 19%
Price (local currency) 8% 8% 7% 7% 25% 25%
For the Rest of CLH operations, domestic gray cement volumes decreased by 2%, while ready?mix and
aggregates volumes increased by 3% and 61%, respectively, during the first quarter of 2013 versus the same period last year. Fewer working days negatively affected our volumes in the region.
Demand for our products was favorable in all of the countries in the region. Nicaragua and Brazil were the most dynamic
countries during the quarter. In the case of Nicaragua, the government has brought forward the construction of clean energy projects such as the Larreynaga dam and the TSK Rivas wind farm.
Please refer to definition of terms and disclosure for presentation of financial and operating information.
2013 First Quarter Results Page 4
OPERATING EBITDA, FREE CASH FLOW AND DEBT?AND EQUITY?RELATED INFORMATION
Operating EBITDA and free cash flow
January – March First Quarter 2013 2012 2013 2012
% Var % Var pro forma pro forma
Operating earnings before other expenses, net 118 115 2% 118 115 2%
+ Depreciation and operating amortization 23 15 23 15
Operating EBITDA 141 130 8% 141 130 8%
? Net financial expense 29 29
? Capital expenditures for maintenance 3 3
? Change in working capital 40 40
? Taxes paid 18 18
? Other cash items (net) ? ?
Free cash flow after maintenance capital expenditures 51 51
? Strategic capital expenditures 11 11
Free cash flow 40 40
In millions of US dollars.
The free cash flow generated during the quarter was used to reduce debt.
Information on Debt
Fourth First
First Quarter Quarter First Quarter Quarter
2013 2012 % Var 2012 2013
2012
Total debt (1)(2) 1,582 651 143% 1,633 Currency denomination
Short?term 13% 0% 9% US dollar 95% 100%
Long?term 87% 100% 91% Colombian peso 5% 0%
Cash and cash equivalents 68 103 (34%) 76 Interest rate
Net debt 1,514 548 176% 1,557 Fixed 80% 0%
Variable 20% 100%
In millions of US dollars, except percentages.
(1)Includes capital leases, in accordance with International Financial Reporting Standards (IFRS).
(2)In 2013 represents the consolidated balances of CLH and subsidiaries. In 2012 represents the consolidated balances of the operating subsidiaries.
Please refer to definition of terms and disclosure for presentation of financial information.
2013 First Quarter Results Page 5
OPERATING RESULTS
Income statement & balance sheet
CEMEX Latam Holdings S.A. and Subsidiaries
(Thousands of U.S. Dollars, except per share amounts)
January – March First Quarter
2013 2012 2012 2013 2012 2012
INCOME STATEMENT % Var. % Var. pro forma reported pro forma reported
Net Sales 383,342 392,601 (2%) 392,601 383,342 392,601 (2%) 392,601 Cost of Sales (170,330) (179,527) (5%) (179,527) (170,330) (179,527) (5%) (179,527)
Gross Profit 213,012 213,074 0% 213,074 213,012 213,074 0% 213,074
Operating Expenses (95,504) (97,701) (2%) (109,707) (95,504) (97,701) (2%) (109,707)
Operating Earnings Before Other Expenses, Net 117,508 115,373 2% 103,367 117,508 115,373 2% 103,367
Other expenses, Net (2,432) (2,432)
Operating Earnings 115,076 115,076
Financial Expenses (29,400) (29,400)
Other Income (Expenses), Net (2,436) (2,436)
Net Income Before Income Taxes 83,240 83,240
Income Tax (56,724) (56,724)
Consolidated Net Income 26,516 26,516
Non?controlling Interest Net Income (233) (233)
CONTROLLING INTEREST NET INCOME 26,283 26,283
Operating EBITDA 140,736 130,251 8% 140,736 130,251 8% Earnings per share 0.05 N/A N/A 0.05 N/A N/A
As of March 31
BALANCE SHEET 2013
Total Assets 3,935,352
Cash and Temporary Investments 67,880
Trade Accounts Receivables 107,883
Other Receivables 79,000
Inventories 93,398
Other Current Assets 32,001 Current Assets 380,162 Fixed Assets 1,209,858 Other Assets 2,345,332
Total Liabilities 2,666,545
Current Liabilities 522,469 Long?Term Liabilities 2,125,096 Other Liabilities 18,980
Consolidated Stockholders’ Equity 1,268,807
Non?controlling Interest 5,702 Stockholders’ Equity Attributable to Controlling Interest 1,263,105
Please refer to definition of terms and disclosure for presentation of financial information.
2013 First Quarter Results Page 6
OPERATING RESULTS
Income statement & balance sheet
CEMEX Latam Holdings S.A. and Subsidiaries
(Millions of Colombian Pesos in nominal terms, except per share amounts)
January – March First Quarter
2013 2012 2012 2013 2012 2012
INCOME STATEMENT % Var. % Var. pro forma reported pro forma reported
Net Sales 692,809 703,408 (2%) 703,408 692,809 703,408 (2%) 703,408 Cost of Sales (307,835) (321,651) (4%) (321,651) (307,835) (321,651) (4%) (321,651) Gross Profit 384,974 381,757 1% 381,757 384,974 381,757 1% 381,757 Operating Expenses, net (172,603) (175,047) (1%) (196,557) (172,603) (175,047) (1%) (196,557)
Operating Earnings Before Other Expenses, Net 212,371 206,710 3% 185,200 212,371 206,710 3% 185,200 Other Expenses, Net (4,395) (4,395)
Operating Earnings 207,976 207,976
Financial Expenses (53,134) (53,134)
Other Income (Expenses) Financial, net (4,405) (4,405)
Net Income Before Income Taxes 150,437 150,437
Income Tax (102,517) (102,517)
Consolidated Net Income 47,920 47,920
Non?controlling Interest Net Income (421) (421)
CONTROLLING INTEREST NET INCOME 47,499 47,499
Operating EBITDA 254,350 233,366 9% 254,350 233,366 9% Earnings per share 86.18 N/A N/A 86.18 N/A N/A
As of March 31
BALANCE SHEET 2013
Total Assets 7,210,352
Cash and Temporary Investments 124,369
Trade Accounts Receivables 197,664
Other Receivables 144,744
Inventories 171,124
Other Current Assets 58,631 Current Assets 696,532 Fixed Assets 2,216,703 Other Assets 4,297,117
Total Liabilities 4,885,643
Current Liabilities 957,267 Long?Term Liabilities 3,893,601 Other Liabilities 34,775
Consolidated Stockholders’ Equity 2,324,709
Non?controlling Interest 10,447 Stockholders’ Equity Attributable to Controlling Interest 2,314,262
Please refer to definition of terms and disclosure for presentation of financial information.
2013 First Quarter Results Page 7
OPERATING RESULTS
Operating Summary per Country
In thousands of U.S. dollars. EBITDA margin as a percentage of net sales.
January – March First Quarter
2013 2012 2013 2012
NET SALES % Var. % Var. pro forma pro forma
Colombia 208,897 216,283 (3%) 208,897 216,283 (3%) Panama 72,453 76,729 (6%) 72,453 76,729 (6%) Costa Rica 34,890 32,749 7% 34,890 32,749 7% Rest of CLH 71,129 70,820 0% 71,129 70,820 0%
Others and intercompany eliminations (4,027) ( 3,980) 1% (4,027) ( 3,980) 1%
TOTAL 383,342 392,601 (2%) 383,342 392,601 (2%)
GROSS PROFIT
Colombia 130,897 137,012 (4%) 130,897 137,012 (4%)
Panama 37,070 37,062 0% 37,070 37,062 0% Costa Rica 18,798 16,654 13% 18,798 16,654 13% Rest of CLH 24,040 22,527 7% 24,040 22,527 7%
Others and intercompany eliminations 2,207 (181) N/A 2,207 (181) N/A
TOTAL 213,012 213,074 0% 213,012 213,074 0%
OPERATING EARNINGS BEFORE OTHER EXPENSES, NET
Colombia 79,426 77,677 2% 79,426 77,677 2% Panama 29,450 28,636 3% 29,450 28,636 3% Costa Rica 13,395 11,186 20% 13,395 11,186 20% Rest of CLH 18,167 17,652 3% 18,167 17,652 3%
Others and intercompany eliminations (22,930) (19,778) 16% (22,930) (19,778) 16%
TOTAL 117,508 115,373 2% 117,508 115,373 2%
OPERATING EBITDA
Colombia 87,202 84,072 4% 87,202 84,072 4% Panama 33,912 32,762 4% 33,912 32,762 4% Costa Rica 15,263 12,870 19%
15,263 12,870 19% Rest of CLH 19,402 19,913 (3%) 19,402 19,913 (3%)
Others and intercompany eliminations (15,043) (19,366) (22%) (15,043) (19,366) (22%)
TOTAL 140,736 130,251 8% 140,736 130,251 8%
OPERATING EBITDA MARGIN
Colombia 41.7% 38.9% 41.7% 38.9% Panama 46.8% 42.7% 46.8% 42.7% Costa Rica 43.7% 39.3% 43.7% 39.3% Rest of CLH 27.3% 28.1% 27.3% 28.1% TOTAL 36.7% 33.2% 36.7% 33.2%
Please refer to definition of terms and disclosure for presentation of financial information.
2013 First Quarter Results Page 8
OPERATING RESULTS
Volume Summary
CLH volume summary
Cement and aggregates: Thousands of metric tons. Ready?mix: Thousands of cubic meters.
January – March First Quarter
2013 2012 % Var. 2013 2012 % Var. cement volume 1 Total 1,691 1,846 (8%) 1,691 1,846 (8%) Total domestic gray cement volume 1,505 1,658 (9%) 1,505 1,658 (9%) Total ready?mix volume 708 736 (4%) 708 736 (4%) Total aggregates volume 1,547 1,608 (4%) 1,547 1,608 (4%)
Per?country volume summary
January ? March First Quarter First Quarter 2013 Vs. DOMESTIC GRAY CEMENT VOLUME 2013 Vs. 2012 2013 Vs. 2012 Fourth Quarter 2012
Colombia (15%) (15%) (15%) Panama (1%) (1%) 0% Costa Rica (8%) (8%) 1% Rest of CLH (2%) (2%) (2%)
READY?MIX VOLUME
Colombia 2% 2% (11%) Panama (16%) (16%) 2% Costa Rica (19%) (19%) (1%) Rest of CLH 3% 3% (2%)
AGGREGATES VOLUME
Colombia (6%) (6%) (11%) Panama (6%) (6%) 1% Costa Rica (9%) (9%) 0% Rest of CLH 61% 61% 4%
1 Consolidated cement volume includes domestic and export volume of gray cement, white cement, special cement, mortar and clinker.
Please refer to definition of terms and disclosure for presentation of operating results.
2013 First Quarter Results Page 9
OPERATING RESULTS
Price Summary
Variation in U.S. Dollars
January ? March First Quarter First Quarter 2013 Vs.
DOMESTIC GRAY CEMENT PRICE 2013 Vs. 2012 2013 Vs. 2012 Fourth Quarter 2012
Colombia 9% 9% 3%
Panama (1%) (1%) 4%
Costa Rica 15% 15% 6%
Rest of CLH (*) 2% 2% 4%
READY?MIX PRICE
Colombia 10% 10% 5%
Panama 5% 5% 10%
Costa Rica 14% 14% 4%
Rest of CLH (*) 4% 4% 7%
AGGREGATES PRICE
Colombia 0% 0% (3%)
Panama 13% 13% 5%
Costa Rica (9%) (9%) (1%)
Rest of CLH (*) 19% 19% 19%
Variation in Local Currency
January ? March First Quarter First Quarter 2013 Vs.
DOMESTIC GRAY CEMENT PRICE 2013 Vs. 2012 2013 Vs. 2012 Fourth Quarter 2012
Colombia 10% 10% 3%
Panama (1%) (1%) 4%
Costa Rica 13% 13% 6%
Rest of CLH (*) 8% 8% 10%
READY?MIX PRICE
Colombia 11% 11% 5%
Panama 5% 5% 10%
Costa Rica 12% 12% 4%
Rest of CLH (*) 7% 7% 11%
AGGREGATES PRICE
Colombia 1% 1% (4%)
Panama 13% 13% 5%
Costa Rica (11%) (11%) (1%)
Rest of CLH (*) 25% 25% 21%
(*) Volume weighted?average price.
Please refer to definition of terms and disclosure for presentation of operating results.
2013 First Quarter Results Page 10
OTHER ACTIVITIES
CLH Annual General Shareholders’ Meeting to be held on May 15,
2013.
CEMEX Latam Holdings, S.A. (“CLH”) announced that it will have its
Annual General Shareholders’ Meeting on May 15, 2013, at Calle
Hernández de Tejada number 1 in Madrid at 4:00 pm (Madrid time) at
first call, and , as the case may be, on May 16, 2013 at the same time
and place, at second call. More information is available at the
company’s website www.cemexlatam.com.
2013 First Quarter Results
Page 11
DEFINITIONS OF TERMS AND DISCLOSURES
Methodology for translation and presentation of results
Under IFRS, CEMEX Latam Holdings, S.A. (“CLH”) reports its consolidated results in is its functional currency, which is
the US Dollar, by translating the financial statements of foreign subsidiaries using the corresponding exchange rate at
the reporting date for the balance sheet and the corresponding exchange rates at the end of each month for the income statement.
For the reader’s convenience, Colombian peso amounts for the consolidated entity are calculated by converting the US dollar amounts
using the closing COP/US$ exchange rate at the reporting date for balance sheet purposes, and the average COP/US$ exchange rate for the corresponding period for income statement purposes. The exchange rates used to convert: (i) the
balance sheet as of March 31, 2013 was $1,832.20 Colombian pesos per US dollar, and (ii) the consolidated results for the
first quarter of 2013 and pro forma combined result for the first quarter of 2012 were $1,807.29 and $1,791.66 Colombian
pesos per US dollar, respectively.
Per?country/region selected financial information of the income statement is presented in US dollars translating the local currency amounts
into US dollars using the average exchange rate for the corresponding period net of corporate charges and royalties which are included under “other and intercompany eliminations.”
Consolidated and combined financial information
When reference is made to consolidated financial information means the financial information of CLH together with its consolidated
subsidiaries. When reference is made to combined financial information means the financial information of CLH’s subsidiaries on a combined basis.
Presentation of financial and operating information
Individual information is provided for Colombia, Panama and Costa Rica.
Countries in Rest of CLH include Brazil, Guatemala, El Salvador and Nicaragua.
Pro forma financial information included in the report
CLH was incorporated during the second quarter of 2012 for purposes of the initial equity offering concluded on
November 15, 2012. For accounting purposes, the group reorganization by means of which CLH acquired its consolidated
subsidiaries was effective July 1, 2012. As a result, CLH has no historical consolidated financial information for the first quarter of 2012.
For convenience of the reader, and in order to present comprehensive comparative operating information for the first quarter ended March 31, 2013, CLH
prepared pro forma selected consolidated income statement information for the three?month period ended March 31, 2012,
intended in all cases and to the extent possible, to present the operating performance of CLH on a like?to?like basis.
Pro forma first quarter 2012: CLH selected consolidated income statement information for the three?month period ended
March 31, 2012, was determined by reflecting the original results of the operating subsidiaries for the three?month period
from January to March 2012. In addition, in connection with the 5% corporate charges and royalties agreement entered
into by CLH with CEMEX and that was executed during the last quarter of 2012 with retroactive effects for full year 2012,
the consolidated pro forma condensed income statement information of CLH for the first quarter of 2012 was adjusted to reflect the 5% consolidated corporate charges and royalties.
CLH will continue to present pro forma amounts during 2013 in connection with the quarterly comparative information
of 2012, in order to reflect the effects of the 5% royalty agreement allocated to each quarter.
Exchange rates January ? March January – March First Quarter
2013 2012 2013 2012 2013 2012
Closing Closing Average Average Average Average
Colombian peso 1,832.20 1,792.07 1,807.29 1,791.66 1,807.29 1,791.66
Panama balboa 1 1 1 1 1 1
Costa Rica colon 504.65 513.58 506.16 515.14 506.16 515.14
Euro 0.7795 0.7493 0.7589 0.7511 0.7589 0.7511
Amounts provided in units of local currency per US dollar.
2013 First Quarter Results
Page 12
DEFINITIONS OF TERMS AND DISCLOSURES
Pro forma Earnings per Share (“Pro forma EPS”)
CLH was incorporated in April 2012 and its relevant share capital was contributed by CEMEX España on July 31, 2012 and by
third?party investors on November 6, 2012. Therefore, there are no regular quarterly periods for 2012 in order to determine the average
number of shares outstanding as indicated under IFRS for purposes of presenting Earnings per Share amounts. Considering this limitation
CLH does not includes Pro Forma EPS for the pro forma period ended March 31, 2012.
Volumes and prices
Considering the limitations of historical information described above, CLH changes in volumes and prices, presented for convenience
of the reader, consider volumes and average prices on a pro forma basis for the three?month period ended March 31, 2012.
Definition of terms
Free cash flow equals operating EBITDA minus net interest expense, maintenance and strategic capital expenditures, change in working
capital, taxes paid, and other cash items (net other expenses less proceeds from the disposal of obsolete and/or substantially depleted operating fixed assets that are no longer in operation).
Maintenance capital expenditures investments incurred for the purpose of ensuring the company’s operational continuity. These include
capital expenditures on projects required to replace obsolete assets or maintain current operational levels, and mandatory capital expenditures,
which are projects required to comply with governmental regulations or company policies. Net debt equals total debt minus cash and cash equivalents.
Operating EBITDA equals operating earnings before other expenses, net, plus depreciation and operating amortization. pp equals percentage points.
Strategic capital expenditures investments incurred with the purpose of increasing the company’s profitability. These include capital expenditures
on projects designed to increase profitability by expanding capacity, and margin improvement capital expenditures, which are projects
designed to increase profitability by reducing costs. Working capital equals operating accounts receivable (including other current assets
received as payment in kind) plus historical inventories minus operating payables.
2013 First Quarter Results
Page 13
| Exhibit 3
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Exhibit 3
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Forward looking information
This presentation contains certain forward?looking statements and information relating to CEMEX Latam Holdings, S.A. and its subsidiaries (collectively, “CLH”) that are based on its knowledge of present facts, expectations and projections, circumstances and assumptions about future events. Many factors could cause the actual results, performance or achievements of CLH to be materially different from any future results, performance or achievements that may be expressed or implied by such forward?looking statements, including, among others, changes in general economic, political, governmental, and business conditions globally and in the countries in which CLH and CEMEX, S.A.B. de C.V. and its subsidiaries (“CEMEX”) operate, CLH ability to comply with the framework agreement signed with CEMEX, CEMEX ability to comply with the terms and obligations of the facilities agreement entered into with major creditors and other debt agreements, CLH and CEMEX’s ability to achieve anticipated cost savings, changes in interest rates, changes in inflation rates, changes in exchange rates, the cyclical activity of the construction sector generally, changes in cement demand and prices, CLH and CEMEX’s ability to benefit from government economic stimulus plans, changes in raw material and energy prices, changes in business strategy, changes in the prevailing regulatory framework, natural disasters and other unforeseen events 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 as anticipated, believed, estimated, expected or targeted. Forward?looking statements are made as of the date hereof, and CLH does not intend, nor is it obligated, to update these forward?looking statements, whether as a result of new information, future events or otherwise.
UNLESS OTHERWISE NOTED, ALL CONSOLIDATED AND COMBINED FIGURES ARE PRESENTED IN DOLLARS AND ARE BASED ON THE FINANCIAL STATEMENTS OF EACH COUNTRY PREPARED UNDER INTERNATIONAL FINANCIAL REPORTING STANDARDS. FOR CONVENIENCE OF THE READER, SELECTED CONSOLIDATED AND COMBINED FINANCIAL INFORMATION FOR THE YEAR 2012 AND THE FIRST QUARTER OF 2012 HAS BEEN
PREPARED ON A PRO FORMA BASIS.
Copyright CEMEX Latam Holdings, S.A. and its subsidiaries.
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1Q13 results highlights
January – March First Quarter
2012 2012
Millions of US dollars 2013 % var 2013 % var Proforma Proforma
Net sales 383 393 (2%) 383 393 (2%)
Gross profit 213 213 0% 213 213 0%
Operating earnings before
118 115 2% 118 115 2% other expenses, net
Operating EBITDA 141 130 8% 141 130 8%
Free cash flow after
51 51 maintenance capex
Adjusting for the fewer working days during the quarter, operating EBITDA and net sales increased by 15% and 3%, respectively on a year?over?year basis
Operating EBITDA margin expansion as a result of better pricing levels in most of our operations and initiatives to improve efficiency
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CLH: volumes and prices
3M13 vs. 3M12 1Q13 vs. 1Q12 1Q13 vs. 4Q12
Volume (l?t?l1 ) (9%) (9%) (8%)
Domestic gray
Price (USD) 6% 6% 3%
cement
Price (l?t?l1 ) 8% 8% 4%
Volume (l?t?l1 ) (4%) (4%) (7%)
Ready mix Price (USD) 8% 8% 6%
Price (l?t?l1 ) 9% 9% 7%
Volume (l?t?l1 ) (4%) (4%) (7%)
Aggregates Price (USD) 1% 1% (2%)
Price (l?t?l1 ) 2% 2% (1%)
Sequential price increases in cement and ready?mix in local?currency terms in all of our markets
Adjusting for the fewer business days during the quarter, consolidated gray cement volumes declined by 3%
Both ready?mix and aggregates volumes increased by 2% adjusting for the fewer working days
1 Like?to?like volumes adjusted for investments/divestments and, in the case of prices, foreign?exchange fluctuations
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1Q13 achievements
21% alternative fuel substitution rate during 1Q13
In Colombia alternative fuels consumption reached 42% during 1Q13
In Panama initial tests to burn rice husks
Reduction of clinker factor usage to 67.4% during 1Q13, from 70.2% in 1Q12
Improvement in productivity of our fleet resulting in reductions in transportation costs in Colombia, Costa Rica and Panama
Continue to focus our value creation strategy on a portfolio of solutions for contractors
In Colombia, contracts to build more than 5,700 houses for national and local governments
In Colombia, as of the first quarter, 30 Construramas had been opened and more than 90 have signed up to join the network
New 500K ton cement grinding capacity project in the Colombian Atlantic Coast on track to become operational by 4Q13
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April 2013
Regional Highlights
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Colombia
Millions of 2012 1Q12
2013% var 1Q13% var
US dollars Proforma Proforma
Net Sales 209 216(3%) 209 216(3%)
Op. EBITDA 87 84 4% 87 84 4%
as % net sales 41.7% 38.9% 2.8pp 41.7% 38.9% 2.8pp
2013 vs. 1Q13 vs. 1Q13 vs.
Volume
2012 1Q12 4Q12
Cement (15%) (15%) (15%)
Ready mix 2% 2% (11%)
Aggregates (6%) (6%) (11%)
2013 vs. 1Q13 vs. 1Q13 vs.
Price (LC)
2012 1Q12 4Q12
Cement 10% 10% 3%
Ready mix 11% 11% 5%
Aggregates 1% 1% (4%)
Fundamentals for Colombia have not changed
Adjusting for fewer working days, quarterly cement volumes declined by 10%, mainly due to
A temporary loss in market share resulting from the January price increase
Delay in the start of some infrastructure projects and lower housing activity in Bogota and in the self?construction sector
Stimulus packages announced by the government to boost economic growth
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Panama
Millions of 2012 1Q12
2013 % var 1Q13 % var
US dollars Proforma Proforma
Net Sales 72 77 (6%) 72 77 (6%)
Op. EBITDA 34 33 4% 34 33 4%
as % net sales 46.8% 42.7% 4.1pp 46.8% 42.7% 4.1pp
2013 vs. 1Q13 vs. 1Q13 vs.
Volume
2012 1Q12 4Q12
Cement (1%) (1%) 0%
Ready mix (16%) (16%) 2%
Aggregates (6%) (6%) 1%
2013 vs. 1Q13 vs. 1Q13 vs.
Price (LC)
2012 1Q12 4Q12
Cement (1%) (1%) 4%
Ready mix 5% 5% 10%
Aggregates 13% 13% 5%
Quarterly cement volumes increased by 8% adjusting for the fewer working days
The decline in ready?mix volume during the quarter mainly results from the conclusion of an important hydroelectric project;
Excluding this project the volume increased by 1%
Infrastructure continued to be the main driver of demand
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Costa Rica
Millions of 2012 1Q12
2013 % var 1Q13 % var
US dollars Proforma Proforma
Net Sales 35 33 7% 35 33 7%
Op. EBITDA 15 13 19% 15 13 19%
as % net sales 43.7% 39.3% 4.4pp 43.7% 39.3% 4.4pp
2013 vs. 1Q13 vs. 1Q13 vs.
Volume
2012 1Q12 4Q12
Cement (8%) (8%) 1%
Ready mix (19%) (19%) (1%)
Aggregates (9%) (9%) 0%
2013 vs. 1Q13 vs. 1Q13 vs.
Price (LC)
2012 1Q12 4Q12
Cement 13% 13% 6%
Ready mix 12% 12% 4%
Aggregates (11%) (11%) (1%)
Adjusting for the fewer working days, cement, ready mix and aggregates volumes declined by 2%, 13% and 3%, respectively
The decline in ready?mix volumes reflects the completion of projects like Torre Sigma and Paseo Metrópoli
Residential permits exhibited double?digit growth during the first months of the year
Positive trend to continue in the infrastructure sector
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Rest of CLH
Millions of 2012 1Q12
2013 % var 1Q13 % var
US dollars Proforma Proforma
Net Sales 71 71 0% 71 71 0%
Op. EBITDA 19 20 (3%) 19 20 (3%)
as % net sales 27.3% 28.1% (0.8pp) 27.3% 28.1% (0.8pp)
2013 vs. 1Q13 vs. 1Q13 vs.
Volume
2012 1Q12 4Q12
Cement (2%) (2%) (2%)
Ready mix 3% 3% (2%)
Aggregates 61% 61% 4%
Price (LC)1 2013 vs. 1Q13 vs. 1Q13 vs.
2012 1Q12 4Q12
Cement 8% 8% 10%
Ready mix 7% 7% 11%
Aggregates 25% 25% 21%
Adjusting for fewer working days quarterly cement volumes increased by 4%
In the region, Nicaragua and Brazil showed the most dynamism during the quarter
In Nicaragua, positive dynamics in infrastructure driven by projects of
Clean energy
Road network improvement “Calles para el Pueblo”
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Volume?weighted, local?currency average prices |
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April 2013
1Q13 Results
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Operating EBITDA, cost of sales and operating expenses
January – March First Quarter
Millions of US dollars 2012 2012
2013 % var 2013 % var Proforma Proforma
Net sales 383 393 (2%) 383 393 (2%) Operating EBITDA 141 130 8% 141 130 8% as % net sales 36.7% 33.2% 3.5pp 36.7% 33.2% 3.5pp Cost of sales 170 180 (5%) 170 180 (5%) as % net sales 44.4% 45.7% (1.3pp) 44.4% 45.7% (1.3pp) Operating expenses 96 98 (2%) 96 98 (2%) as % net sales 24.9% 24.9% 0.0pp 24.9% 24.9% 0.0pp
Operating EBITDA increased by 15%, adjusting for the fewer working days, mainly due to a positive contribution from our operations in Colombia, Panama and Costa Rica
Cost of sales as a percentage of net sales decreased by 1.3pp mainly due to an increase in alternative fuel utilization and the effect of higher prices on sales
Kiln?fuel and electricity bill on a per?ton?of?cement?produced basis declined by 4% during the first quarter on a year?over?year basis
Operating expenses as a percentage of net sales, excluding depreciation declined by 1.6pp
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Free cash flow
January – March First Quarter
2012 2012
Millions of US dollars 2013 % var 2013 % var Proforma Proforma
Operating EBITDA 141 130 8% 141 130 8%
? Net Financial Expense 29 29
? Maintenance Capex 3 3
? Change in Working Cap 40 40
? Taxes Paid 18 18
? Other Cash Items (net) 0 0 Free Cash Flow after Maint.Capex 51 51
? Strategic Capex 11 11 Free Cash Flow 40 40
The investment in working capital is consistent with our business cycle and expected to be recovered towards the end of the year
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Consolidated debt maturity profile
Total debt as of March 31, 2013 US $ 1,582 million
726.1
Millions of US dollars
256.5
169.1 143.5 143.5 143.5
2013 2014 2015 2016 2017 2018
Includes CEMEX Colombia short term leases
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April 2013
2013 Outlook
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2013 guidance
We expect consolidated volumes to increase during 2013
Cement by 4%
Ready?mix by 6%
Aggregates by 9%
Total capital expenditures expected to be US$92 million
US$38 million in maintenance capex
US$54 million in strategic capex
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April 2013
Appendix
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Additional information on debt
First Quarter First Quarter Fourth Quarter
Millions of US dollars 2013 2012 2012
Total debt 1,582 651 Variable 1,633 Short?term 13% 0% 9%
U.S. 41%
Long?term 87% 100% 91% Cash and cash equivalentsdollar 68 103 76
82%
Net debt 1,514 548 1,557
First Quarter First Quarter
Currency Denomination 2013 2012 US Dollar 95% 100% Colombian Peso 5% 0%
Interest rate
Fixed 80% 0% Variable 20% 100%
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2013 volume and price summary: Selected countries
Domestic gray cement Ready mix Aggregates 3M13 vs. 3M12 3M13 vs. 3M12 3M13 vs. 3M12 Prices Prices Prices Prices Prices Prices Volumes Volumes Volumes (USD) (LC) (USD) (LC) (USD) (LC)
Colombia (15%) 9% 10% 2% 10% 11% (6%) 0% 1% Panama (1%) (1%) (1%) (16%) 5% 5% (6%) 13% 13% Costa Rica (8%) 15% 13% (19%) 14% 12% (9%) (9%) (11%) Rest of CLH (2%) 2% 8% 3% 4% 7% 61% 19% 25%
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1Q13 volume and price summary: Selected countries
Domestic gray cement Ready mix Aggregates 1Q13 vs. 1Q12 1Q13 vs. 1Q12 1Q13 vs. 1Q12 Prices Prices Prices Prices Prices Prices Volumes Volumes Volumes (USD) (LC) (USD) (LC) (USD) (LC)
Colombia (15%) 9% 10% 2% 10% 11% (6%) 0% 1% Panama (1%) (1%) (1%) (16%) 5% 5% (6%) 13% 13% Costa Rica (8%) 15% 13% (19%) 14% 12% (9%) (9%) (11%) Rest of CLH (2%) 2% 8% 3% 4% 7% 61% 19% 25%
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2013 Expected Outlook: Selected countries
Domestic gray cement Ready mix Aggregates
Volumes Volumes Volumes
Consolidated 4% 6% 9% Colombia 3% 6% 10% Panama 5% 7% 5% Costa Rica 5% 4% 8%
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Definitions
3M13 / 3M12: results for the three months of the years 2013 and 2012, respectively.
Cement: When providing cement volume variations, refers to domestic gray cement operations.
LC: Local currency.
Like?to?like percentage variation (l?t?l % var): Percentage variations adjusted for investments/divestments and currency fluctuations.
Maintenance capital expenditures: investments incurred for the purpose of ensuring the company’s operational continuity. These include capital expenditures on projects required to replace obsolete assets or maintain current operational levels, and mandatory capital expenditures, which are projects required to comply with governmental regulations or company policies.
Operating EBITDA: Operating earnings before other expenses, net plus depreciation and operating amortization.
pp: percentage points.
Rest of CLH: includes Brazil, Guatemala, El Salvador and Nicaragua.
Strategic capital expenditures: investments incurred with the purpose of increasing the company’s profitability. These
include capital expenditures on projects designed to increase profitability by expanding capacity, and margin improvement capital expenditures, which are projects designed to increase profitability by reducing costs.
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Presentation of pro forma financial information
For convenience of the reader, and in order to present comprehensive comparative operating information for the first quarter ended March 31, 2013, CLH prepared pro forma selected consolidated income statement information for the three?month period ended March 31, 2012, intended in all cases and to the extent possible, to present the operating performance of CLH on a like?to?like basis.
Pro forma first quarter 2012: CLH selected consolidated income statement information for the three?month period ended March 31, 2012, was determined by reflecting the original results of the operating subsidiaries for the three?month period from January to March 2012. In addition, in connection with the 5% corporate charges and royalties agreement entered into by CLH with CEMEX and that was executed during the last quarter of 2012 with retroactive effects for full year 2012, the consolidated pro forma condensed income statement information of CLH for the first quarter of 2012 was adjusted to reflect the 5% consolidated corporate charges and royalties.
Volumes and prices
CLH changes in volumes and prices, presented for convenience of the reader, consider volumes and average prices on a pro forma basis for the three?month period ended March 31, 2012.
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Contact information
Investor Relations
In Colombia
Phone +571 603 9176
Stock Information
Colombian Stock Exchange: CLH
Calendar of Events
May 15, 2013 Ordinary General Shareholders Meeting
July 24, 2013 Second quarter 2013 financial results conference call
October 23, 2013 Third quarter 2013 financial results conference call
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