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 October, 2015
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
San Pedro Garza García, Nuevo León, México 66265
(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 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):
Contents
| 1. | Press release, dated October 22, 2015, announcing third quarter 2015 results for CEMEX, S.A.B. de C.V. (NYSE:CX). |
| 2. | Third quarter 2015 results for CEMEX, S.A.B. de C.V. (NYSE:CX). |
| 3. | Presentation regarding third quarter 2015 results for 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: | October 22, 2015 | BY: | /s/ Rafael Garza | |||||||
| Name: Rafael Garza |
||||||||||
| Title: Chief Comptroller | ||||||||||
EXHIBIT INDEX
| EXHIBIT NO. |
DESCRIPTION | |
| 1. | Press release, dated October 22, 2015, announcing third quarter 2015 results for CEMEX, S.A.B. de C.V. (NYSE:CX). | |
| 2. | Third quarter 2015 results for CEMEX, S.A.B. de C.V. (NYSE:CX). | |
| 3. | Presentation regarding third quarter 2015 results for CEMEX, S.A.B. de C.V. (NYSE:CX). | |
Exhibit 1
| Media Relations Jorge Pérez +52(81) 8888-4334 mr@cemex.com |
Investor Relations Eduardo Rendón +52(81) 8888-4256 ir@cemex.com |
Analyst Relations Lucy Rodriguez +1(212) 317-6007 ir@cemex.com |
CEMEX REPORTS THIRD-QUARTER 2015 RESULTS
MONTERREY, MEXICO, OCTOBER 22, 2015.– CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX), announced today that consolidated net sales reached US$3.7 billion during the third quarter of 2015, an increase of 5% on a like-to-like basis for the ongoing operations and adjusting for currency fluctuations, versus the comparable period in 2014. Operating EBITDA during the quarter reached US$677 million, an increase of 5% on a like-to-like basis versus the same period in 2014.
CEMEX’s Consolidated Third-Quarter 2015 Financial and Operational Highlights
| • | The increase in consolidated net sales on a like-to-like basis was due to higher prices of our products in local currency terms in most of our operations, as well as improved volumes in most of our products in the U.S. and our Asia region. |
| • | Operating earnings before other expenses, net, in the third quarter decreased by 8%, to US$439 million. |
| • | Controlling interest net loss narrowed to US$44 million during the third quarter from a loss of US$106 million in the same period last year. |
| • | Operating EBITDA decreased by 10% to US$677 million or increased by 5% on a like-to-like basis for the ongoing operations and for foreign exchange fluctuations during the third quarter of 2015, compared with the same period last year. The increase on a like-to-like basis was mainly due to higher contributions from Mexico, the U.S., as well as from our Northern Europe and Asia regions. |
| • | Operating EBITDA margin decreased by 0.2 percentage points on a year-over-year basis, reaching 18.5%. |
| • | Free cash flow after maintenance capital expenditures for the quarter was US$436 million, a 25% increase compared to US$349 million in the same quarter of 2014. |
Fernando A. Gonzalez, Chief Executive Officer, said: “Our reported results reflect the unprecedented strength of the U.S. dollar versus the currencies in most of our markets, which intensified during the quarter. Despite this, we had favorable operating results. Our quarterly sales and operating EBITDA increased by 5%, on a like-to-like basis. While EBITDA margin was relatively flat during the quarter, year-to-date EBITDA margin was the highest since 2009. Our free cash flow after maintenance capex also increased 25% during the quarter.”
“We are pleased with the results so far of our value-before-volume strategy. Our year-to-date increase in consolidated prices, adjusted for the impact of our variable costs and freight rate increases, has offset slightly more than half of the effect of foreign-exchange fluctuations.”
Consolidated Corporate Results
During the third quarter of 2015, controlling interest net loss was US$44 million, an improvement of 58% over a loss of US$106 million in the same period last year.
Total debt plus perpetual notes decreased by US$353 million during the quarter.
Geographical Markets Third-Quarter 2015 Highlights
Net sales in our operations in Mexico decreased by 17% in the third quarter of 2015 to US$669 million, compared with US$803 million in the third quarter of 2014. Operating EBITDA decreased by 10% to US$220 million versus the same period of last year.
CEMEX’s operations in the United States reported net sales of US$1,093 million in the third quarter of 2015, up 9% from the same period in 2014. Operating EBITDA increased by 27% to US$172 million in the quarter, versus US$136 million in the same quarter of 2014.
In Northern Europe, net sales for the third quarter of 2015 decreased by 21% to US$829 million, compared with US$1,047 million in the third quarter of 2014. Operating EBITDA was US$114 million for the quarter, 15% lower than the same period last year.
Third-quarter net sales in the Mediterranean region were US$348 million, 5% lower compared with US$366 million during the third quarter of 2014. Operating EBITDA decreased by 20% to US$59 million for the quarter versus the comparable period in 2014.
CEMEX’s operations in South, Central America and the Caribbean reported net sales of US$476 million during the third quarter of 2015, representing a decrease of 19% over the same period of 2014. Operating EBITDA decreased to US$139 million in the third quarter of 2015, from US$199 million in the third quarter of 2014.
Operations in Asia reported a 7% increase in net sales for the third quarter of 2015, to US$162 million, versus the third quarter of 2014, and operating EBITDA for the quarter was US$47 million, up 18% from the same period last year.
CEMEX is a global building materials company that provides high-quality products and reliable service to customers and communities in more than 50 countries throughout the world. CEMEX has a rich history of improving the well-being of those it serves through its efforts to pursue innovative industry solutions and efficiency advancements and to promote a sustainable future.
###
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.
Operating EBITDA is defined as operating income 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). Net debt is defined as total debt minus the fair value of cross-currency swaps associated with debt minus cash and cash equivalents. The Consolidated Funded Debt to Operating EBITDA ratio is calculated by dividing Consolidated Funded Debt at the end of the quarter by Operating EBITDA for the last twelve months. All of the above items are presented under the guidance of 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 CEMEX believes that they are widely accepted as financial indicators of CEMEX’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 CEMEX’s financial performance, as alternatives to cash flow, as measures of liquidity or as being comparable to other similarly titled measures of other companies.
Exhibit 2
2015
THIRD QUARTER RESULTS
Stock Listing Information
NYSE (ADS)
Ticker: CX
Mexican Stock Exchange
Ticker: CEMEXCPO
Ratio of CEMEXCPO to CX = 10:1
Investor Relations
In the United States:
+ 1 877 7CX NYSE
In Mexico:
+ 52 (81) 8888 4292
E-Mail:
ir@cemex.com
Operating and financial highlights
January – September Third Quarter
l-t-l l-t-l
2015 2014 % Var. % Var.* 2015 2014 % Var. % Var.*
Consolidated cement volume 49,565 49,096 1% 17,017 17,100 (0%)
Consolidated ready-mix volume 39,778 39,900 (0%) 13,634 13,962 (2%)
Consolidated aggregates volume 111,083 119,322 (7%) 39,068 42,092 (7%)
Net sales 10,722 11,549 (7%) 6% 3,651 4,014 (9%) 5%
Gross profit 3,540 3,637 (3%) 10% 1,240 1,368 (9%) 5%
as % of net sales 33.0% 31.5% 1.5pp 33.9% 34.1% (0.2pp)
Operating earnings before other expenses, net 1,265 1,195 6% 21% 439 479 (8%) 9%
as % of net sales 11.8% 10.4% 1.4pp 12.0% 11.9% 0.1pp
Controlling interest net income (loss) (1) (77) (326) 76% (44) (106) 58%
Operating EBITDA 1,974 2,003 (1%) 11% 677 749 (10%) 5%
as % of net sales 18.4% 17.3% 1.1pp 18.5% 18.7% (0.2pp)
Free cash flow after maintenance capital expenditures(1) 292 (44) N/A 436 349 25%
Free cash flow(1) 117 (145) N/A 377 303 24%
Total debt plus perpetual notes 15,581 16,949 (8%) 15,581 16,949 (8%)
Earnings (loss)of continuing operations per ADS (0.06) (0.25) 75% (0.03) (0.09) 60%
Fully diluted earnings (loss) of continuing operations per ADS (2) (0.06) (0.25) 75% (0.03) (0.09) 60%
Average ADSs outstanding 1,346.4 1,300.2 4% 1,371.7 1,316.8 4%
Employees 42,857 42,830 0% 42,857 42,830 0%
This information does not include discontinued operations. Please see page 17 on this report for additional information.
Cement and aggregates volumes in thousands of metric tons. Ready-mix volumes in thousands of cubic meters.
In millions of US dollars, except volumes, percentages, employees, and per-ADS amounts. Average ADSs outstanding are presented in millions.
Please refer to page 8 for end-of quarter CPO-equivalent units outstanding.
*Like?to?like (“l?t?l”) percentage variations adjusted for investments/divestments and currency fluctuations.
(1)This information includes discontinued operations
(2)For 2015 and 2014, the effect of the potential dilutive shares generate anti-dilution; therefore, there is no change between the reported basic
and diluted loss per share.
Consolidated net sales in the third quarter of 2015 decreased to US$3.7 billion, representing a decline of 9%, or an increase of 5% on a like-to-like basis for the ongoing operations and for foreign exchange fluctuations compared with the third quarter of 2014. The increase in consolidated net sales was to due higher prices of our products, in local currency terms, in most of our operations, as well as higher volumes in the U.S. and our Asia region.
Cost of sales as a percentage of net sales increased by 0.2pp during the third quarter of 2015 compared with the same period last year, from 65.9% to 66.1%.
Operating expenses as a percentage of net sales decreased by 0.2pp during the third quarter of 2015 compared with the same period last year, from 22.1% to 21.9%. The decrease was mainly driven by lower distribution expenses
Operating EBITDA decreased by 10% to US$677 million during the third quarter of 2015 compared with the same period last year. On a like-to-like basis, operating EBITDA increased by 5% in the third quarter of 2015 compared with the same period last year. The increase on a like-to-like basis was mainly due to higher contributions from Mexico, the U.S. as well as from our Northern Europe and Asia regions.
Operating EBITDA margin decreased by 0.2pp from 18.7% in the third quarter of 2014 to 18.5% this quarter.
Gain (loss) on financial instruments for the quarter was a loss of US$82 million, resulting mainly from derivatives related to CEMEX shares.
Foreign exchange results for the quarter was a gain of US$15 million, mainly due to the fluctuation of the Mexican peso versus the U.S. dollar, partially offset by the fluctuation of the Euro versus the U.S dollar.
Controlling interest net income (loss) was a loss of US$44 million in the third quarter of 2015 versus a loss of US$106 million in the same quarter of 2014. The lower quarterly loss primarily reflects lower financial expenses, higher equity in gain of associates, lower non-controlling interest and lower income tax, partially offset by lower operating earnings, a loss on financial instruments and lower foreign exchange gain.
Total debt plus perpetual notes decreased by US$353 million during the quarter.
2015 Third Quarter Results Page 2
Operating results
Mexico
January – September Third Quarter
2015 2014 % Var. l-t-l % Var.* 2015 2014 % Var. l-t-l % Var.*
Net sales 2,175 2,354 (8%) 10% 669 803 (17%) 4%
Operating EBITDA 735 742 (1%) 18% 220 245 (10%) 12%
Operating EBITDA margin 33.8% 31.5% 2.3pp 32.8% 30.5% 2.3pp
In millions of US dollars, except percentages.
Domestic gray cement Ready-mix Aggregates
Year-over-year percentage variation January—September Third Quarter January—September Third Quarter January—September Third Quarter
Volume 4%(4%)(1%)(13%)(5%)(16%)
Price (USD)(9%)(9%)(11%)(12%)(10%)(15%)
Price (local currency) 8% 14% 7% 10% 7% 7%
In Mexico, our domestic gray cement and ready-mix volumes decreased by 4% and 13%, respectively, during the quarter versus the same period last year. During the first nine months of the year, domestic gray cement volumes increased by 4% and ready-mix volumes declined by 1% versus the comparable period a year ago.
Cement and ready-mix demand continued to grow in the country during the quarter. The decline in our volumes mainly reflects our value-before-volume strategy and focus on profitability. Demand from the industrial-and-commercial sector increased during the quarter, in line with improved retail sales and general commercial activity. The formal-residential sector activity moderated during the quarter from the very strong performance in the first half of the year. Also, the infrastructure sector slowed down during the quarter due to some project delays.
United States
January – September Third Quarter
2015 2014 % Var. l-t-l % Var.* 2015 2014 % Var. l-t-l % Var.*
Net sales 2,968 2,755 8% 8% 1,093 1,007 9% 9%
Operating EBITDA 392 283 38% 38% 172 136 27% 27%
Operating EBITDA margin 13.2% 10.3% 2.9pp 15.8% 13.5% 2.3pp
In millions of US dollars, except percentages.
Domestic gray cement Ready-mix Aggregates
Year-over-year percentage variation January—September Third Quarter January—September Third Quarter January—September Third Quarter
Volume 1% 4% 13% 15% 6% 11%
Price (USD) 7% 6% 6% 5%(0%)(2%)
Price (local currency) 7% 6% 6% 5%(0%)(2%)
In the United States, our domestic gray cement, ready-mix and aggregates volumes increased by 4%, 15% and 11%, respectively, during the third quarter of 2015 versus the same period last year. On a pro-forma basis, adjusting for the acquisition of ready-mix plants in California, ready-mix volumes grew by 12% on a year-over-year basis. During the first nine months of the year and on a year-over-year basis, domestic gray cement, pro-forma ready-mix and aggregates volumes increased by 1%, 11% and 6%, respectively.
Our volumes increased during the quarter despite continued poor weather conditions and reduced oil well cement demand. All three sectors of demand contributed to volume growth in the quarter. Activity in the residential sector remains favorable driven by low levels of inventory, job creation and increased household formation. For the first nine months of the year, multi-family and single-family housing starts are up 14% and 11%, respectively, versus the comparable period of last year. The single-family segment has gained momentum this year with new home sales increasing 21% year-to-date August, versus the same period previous year. The industrial-and-commercial sector growth was supported by lodging and office construction spending. Despite uncertainty over the Federal Highway Program, cement demand from the infrastructure sector picked up during the quarter driven by increased state spending.
2015 Third Quarter Results Page 3
Operating results
Northern Europe
January—September Third Quarter
2015 2014 % Var. l-t-l % Var.* 2015 2014 % Var. l-t-l % Var.*
Net sales 2,319 2,969 (22%) 3% 829 1,047 (21%) 3%
Operating EBITDA 254 263 (3%) 14% 114 133 (15%) 5%
Operating EBITDA margin 11.0% 8.9% 2.1pp 13.7% 12.7% 1.0pp
In millions of US dollars, except percentages.
Domestic gray cement Ready-mix Aggregates
Year-over-year percentage variation January—September Third Quarter January—September Third Quarter January—September Third Quarter
Volume(1%)(9%)(13%)(11%)(18%)(18%)
Price (USD)(13%)(11%)(14%)(12%)(5%)(4%)
Price (local currency) 2% 3% 1% 0% 9% 8%
Our domestic gray cement volumes in the Northern Europe region decreased by 9% and 1% during the third quarter and the first nine months of the year, respectively, versus the comparable periods in 2014. On a pro-forma basis adjusting for the transactions with Holcim closed at the beginning of the first quarter, domestic gray cement volumes increased by 1% and 11% during the third quarter and the first nine months of the year, respectively, versus the comparable periods in 2014.
In Germany, our domestic gray cement volumes decreased by 49% and 48% during the third quarter and first nine months of the year, respectively, on a year-over-year basis. Pro-forma cement volumes declined 1% during the third quarter and increased 5% during the first nine months of the year, compared to the same periods of last year. The residential sector remained as the main driver of cement consumption during the quarter despite restrictions such as land availability and regulatory caps on rental increases. This sector continued to benefit from low unemployment, low mortgage rates, rising purchase power and growing immigration.
In Poland, domestic gray cement volumes for our operations decreased by 2% during the quarter as a result of a moderation in activity as well as market dynamics. Cement volumes during the first nine months of the year, however, increased by 19%. Positive year-to-date dynamics reflect our efforts to maintain our market presence this year, strengthened during the second half of last year after bottoming at historically low level in the second quarter of 2014. Our ready-mix operations benefited from the start of important infrastructure projects and residential developments in metropolitan areas, even when there have been delays in planned projects.
In our operations in France, ready-mix volumes decreased by 3% and aggregates volumes remained flat during the third quarter of 2015 versus the comparable period last year. During the first nine months of the year, ready?mix and aggregates volumes decreased by 8% and 3%, respectively, on a year-over-year basis. There was higher activity in traded aggregates volumes during the first nine months of the year. Volumes were affected by continued macroeconomic weakness. Housing sales have improved as a result of government’s initiatives which include a buy-to-let program and a stimulus package.
In the United Kingdom, our domestic gray cement and aggregates volumes increased by 3% and 5%, respectively, while ready-mix volumes declined by 1% on a year-over-year basis during the third quarter of 2015. For the first nine months of the year, domestic gray cement and aggregates volumes increased by 9% and 4%, respectively, while ready-mix volumes decreased by 1%, versus the comparable period in the previous year. The decline in ready-mix volumes reflects our focus on profitability. Cement volume growth was driven by improvements in our main demand sectors.
2015 Third Quarter Results Page 4
Operating results
Mediterranean
January—September Third Quarter
2015 2014 % Var. l-t-l % Var.* 2015 2014 % Var. l-t-l % Var.*
Net sales 1,066 1,152 (7%) 3% 348 366 (5%) 3%
Operating EBITDA 194 245 (21%)(13%) 59 74 (20%)(14%)
Operating EBITDA margin 18.2% 21.2% (3.0pp) 17.1% 20.3% (3.2pp)
In millions of US dollars, except percentages.
Domestic gray cement Ready-mix Aggregates
Year-over-year percentage variation January—September Third Quarter January—September Third Quarter January—September Third Quarter
Volume(4%) 5% 4% 1%(7%)(5%)
Price (USD)(11%)(18%)(8%)(6%)(6%)(4%)
Price (local currency)(0%)(8%) 2% 2% 5% 5%
Our domestic gray cement volumes in the Mediterranean region increased by 5% during the third quarter and declined by 4% during the first nine months of 2015, compared with the same periods in 2014. On a pro-forma basis adjusting for the transactions with Holcim closed at the beginning of the first quarter, domestic gray cement volumes declined by 5% and 11% during the third quarter and first nine months of 2015, respectively, versus the same periods in 2014.
In Spain, our domestic gray cement volumes increased by 32% and our ready-mix volumes declined by 18% on a year-over-year basis during the quarter. On a pro-forma basis, cement volumes declined by 13% during the quarter and by 9% during the first nine months of the year, compared with the same periods in 2014. The decline in pro-forma cement volumes is mainly due to our focus on more profitable volumes. Increased mortgages and housing sales as well as the upturn in prices continued to have a positive effect on the residential sector during the quarter. The industrial and commercial sector also improved during the quarter.
In Egypt, our domestic gray cement volumes decreased by 2% and 13% during the third quarter and the first nine months of the year, respectively, versus the comparable periods of last year. The decline in our year-to-date cement volumes reflects the high volumes base of last year when we dispatched additional volumes in light of the then prevalent energy-shortage environment. During the quarter, higher activity continued in the formal-residential and infrastructure sectors.
South, Central America and the Caribbean
January—September Third Quarter
2015 2014 % Var. l-t-l % Var.* 2015 2014 % Var. l-t-l % Var.*
Net sales 1,460 1,684 (13%) 1% 476 585 (19%) 1%
Operating EBITDA 447 563 (21%)(8%) 139 199 (30%)(13%)
Operating EBITDA margin 30.6% 33.4% (2.8pp) 29.2% 34.0% (4.8pp)
In millions of US dollars, except percentages.
Domestic gray cement Ready-mix Aggregates
Year-over-year percentage variation January—September Third Quarter January—September Third Quarter January—September Third Quarter
Volume(3%)(2%) 0%(6%) 1%(3%)
Price (USD)(13%)(17%)(14%)(19%)(16%)(22%)
Price (local currency) 1% 3% 4% 5% 3% 3%
Our domestic gray cement volumes in the region decreased by 2% and 3% during the third quarter and the first nine months of 2015, respectively, versus the comparable periods last year.
In Colombia, during the third quarter our domestic gray cement, ready-mix and aggregates volumes declined by 6%, 8% and 11%, respectively, compared to the third quarter of 2014. For the first nine months of 2015, our cement and aggregates volumes declined by 9% and 3%, respectively, while our ready-mix volumes remained flat, compared to the same period in 2014. On a sequential basis, cement volumes improved by 7% and 18% compared with the second and first quarters of 2015, respectively. The year-over-year decline in third quarter cement volume reflects a very high base of comparison—as third quarter 2014 holds the all-time quarterly volume record—as well as our pricing strategy.
2015 Third Quarter Results Page 5
Operating results
Asia
January—September Third Quarter
2015 2014 % Var. l-t-l % Var.* 2015 2014 % Var. l-t-l % Var.*
Net sales 503 457 10% 14% 162 151 7% 16%
Operating EBITDA 130 99 31% 33% 47 40 18% 24%
Operating EBITDA margin 25.8% 21.7% 4.1pp 29.1% 26.4% 2.7pp
In millions of US dollars, except percentages.
Domestic gray cement Ready-mix Aggregates
Year-over-year percentage variation January—September Third Quarter January—September Third Quarter January—September Third Quarter
Volume 17% 16%(6%) 1%(14%) 38%
Price (USD) 1%(1%)(12%)(20%)(9%)(2%)
Price (local currency) 3% 4% 2% 1%(2%) 9%
Our domestic gray cement volumes in the Asia region increased by 16% and by 17% during the third quarter and the first nine months of 2015, respectively, on a year-over-year basis.
In the Philippines, our domestic gray cement volumes showed favorable dynamics. Volume during the quarter benefited from increased activity in our main demand sectors and a better ability to serve our markets through the introduction of the new cement-grinding mill late last year. The residential sector remains strong as developers continue to expand housing projects supported by stable inflation, low mortgage rates and higher housing demand from Filipinos overseas. The industrial-and-commercial sector continued its growth momentum driven by strong office space demand. The infrastructure sector showed increased demand during the quarter as government gradually started to ramp-up project spending.
2015 Third Quarter Results Page 6
Operating EBITDA, free cash flow and debt-related information
Operating EBITDA and free cash flow
January—September Third Quarter
2015 2014 % Var 2015 2014 % Var
Operating earnings before other expenses, net 1,265 1,195 6% 439 479 (8%)
+ Depreciation and operating amortization 710 807 238 270
Operating EBITDA 1,974 2,003 (1%) 677 749 (10%)
—Net financial expense 882 1,024 281 334
—Maintenance capital expenditures 299 289 108 105
—Change in working capital 129 368 (139) (73)
—Taxes paid 452 483 49 46
—Other cash items (net) (53) (107) (46) (2)
—Free cash flow discontinued operations (27) (10) (13) (11)
Free cash flow after maintenance capital expenditures 292 (44) N/A 436 349 25%
—Strategic capital expenditures 175 100 60 46
—Strategic capital expenditures discontinued operations - 1 - 1
Free cash flow 117 (145) N/A 377 303 24%
Free cash flow during the quarter was mainly used to reduce debt.
Our debt during the quarter reflects a negative conversion effect for US$5 million.
Information on debt and perpetual notes
Second Third
Third Quarter Quarter Quarter
2015 2014 % Var 2015 2015 2014
Total debt (1) 15,136 16,479 (8%) 15,474 Currency denomination
Short-term 2% 6% 3% US dollar 83% 86%
Long-term 98% 94% 97% Euro 16% 13%
Perpetual notes 445 470 (5%) 460 Mexican peso 1% 1%
Cash and cash equivalents 457 995 (54%) 492 Other 0% 0%
Net debt plus perpetual notes 15,124 15,954 (5%) 15,442
Interest rate
Consolidated funded debt (2)/EBITDA (3) 5.18 5.37 5.14 Fixed 74% 69%
Variable 26% 31%
Interest coverage (3) (4) 2.59 2.21 2.55
In millions of US dollars, except percentages and ratios.
Includes convertible notes and capital leases, in accordance with International Financial Reporting Standards (IFRS).
Consolidated funded debt as of September 30, 2015 was US$14,035 million, in accordance with our contractual obligations under the Credit Agreement.
EBITDA calculated in accordance with IFRS.
Interest expense calculated in accordance with our contractual obligations under the Credit Agreement.
2015 Third Quarter Results Page 7
Equity-related and derivative instruments information
Equity-related information
One CEMEX ADS represents ten CEMEX CPOs. The following amounts are expressed in CPO terms.
Beginning-of-quarter CPO-equivalent units outstanding 13,415,619,513
Stock-based compensation 31,626,650
End-of-quarter CPO-equivalent units outstanding 13,447,246,163
Outstanding units equal total CEMEX CPO-equivalent units less CPOs held in subsidiaries, which as of September 30, 2015 were 18,991,576.
CEMEX has outstanding mandatorily convertible securities which, upon conversion, will increase the number of CPOs outstanding by approximately 218 million, subject to antidilution adjustments.
Employee long-term compensation plans
As of September 30, 2015, our executives held 29,417,811 restricted CPOs, representing 0.2% of our total CPOs outstanding as of such date.
Derivative instruments
The following table shows the notional amount for each type of derivative instrument and the aggregate fair market value for all of CEMEX’s derivative instruments as of the last day of each quarter presented.
Third Quarter Second Quarter
2015 2014 2015
Notional amount of equity related derivatives (1) 1,291 1,800 1,378
Estimated aggregate fair market value (1) (2) (3) 39 541 137
In millions of US dollars.
The estimated aggregate fair market value represents the approximate settlement result as of the valuation date, based upon quoted market prices and estimated settlement costs, which fluctuate over time. Fair market values and notional amounts do not represent amounts of cash currently exchanged between the parties; cash amounts will be determined upon termination of the contracts considering the notional amounts and quoted market prices as well as other derivative items as of the settlement date. Fair market values should not be viewed in isolation, but rather in relation to the fair market values of the underlying hedge transactions and the overall reduction in CEMEX’s exposure to the risks being hedged.
Note: Under IFRS, companies are required to recognize all derivative financial instruments on the balance sheet as assets or liabilities, at their estimated fair market value, with changes in such fair market values recorded in the income statement, except when transactions are entered into for cash-flow-hedging purposes, in which case changes in the fair market value of the related derivative instruments are recognized temporarily in equity and then reclassified into earnings as the inverse effects of the underlying hedged items flow through the income statement. As of September 30, 2015, in connection with the fair market value recognition of its derivatives portfolio, CEMEX recognized increases in its assets and liabilities resulting in a net asset of US$74 million, including a liability of US$18 million corresponding to an embedded derivative related to our mandatorily convertible securities, which according to our debt agreements, is presented net of the assets associated with the derivative instruments. The notional amounts of derivatives substantially match the amounts of underlying assets, liabilities, or equity transactions on which the derivatives are being entered into.
Excludes an interest-rate swap related to our long-term energy contracts. As of September 30, 2015, the notional amount of this derivative was US$161 million, with a positive fair market value of approximately US$34 million.
Net of cash collateral deposited under open positions. Cash collateral was US$1 million as of September 30, 2015 and US$10 million as of September 30, 2014.
As required by IFRS, the estimated aggregate fair market value as of September 30, 2015 and 2014 includes a liability of US$18 million and US$47 million, respectively, relating to an embedded derivative in CEMEX’s mandatorily convertible securities.
2015 Third Quarter Results Page 8
Operating results
Consolidated Income Statement & Balance Sheet
CEMEX, S.A.B. de C.V. and Subsidiaries
(Thousands of U.S. Dollars, except per ADS amounts)
January – September Third Quarter
like-to-like like-to-like
INCOME STATEMENT 2015 2014 % Var.% Var.* 2015 2014 % Var.% Var.*
Net sales 10,722,436 11,548,701 (7%) 6% 3,651,117 4,014,127 (9%) 5%
Cost of sales(7,181,970) (7,911,926) 9% (2,411,616) (2,646,589) 9%
Gross profit 3,540,466 3,636,774 (3%) 10% 1,239,501 1,367,538 (9%) 5%
Operating expenses(2,275,911) (2,441,415) 7% (800,202) (888,593) 10%
Operating earnings before other expenses, net 1,264,555 1,195,359 6% 21% 439,299 478,945 (8%) 9%
Other expenses, net(95,106) (62,813) (51%) (88,406) (85,508) (3%)
Operating earnings 1,169,449 1,132,546 3% 350,892 393,437 (11%)
Financial expense(962,386) (1,266,074) 24% (310,024) (425,184) 27%
Other financial income (expense), net(71,665) 236,762 N/A (76,217) 94,321 N/A
Financial income 13,460 19,748 (32%) 4,521 5,864 (23%)
Results from financial instruments, net(151,758) 128,002 N/A (81,797) 7,791 N/A
Foreign exchange results 109,821 137,087 (20%) 15,257 96,764 (84%)
Effects of net present value on assets and liabilities and others, net(43,188) (48,074) 10% (14,199) (16,098) 12%
Equity in gain (loss) of associates 30,635 14,444 112% 30,676 8,493 261%
Income (loss) before income tax 166,032 117,678 41% (4,673) 71,068 N/A
Income tax(213,296) (377,369) 43% (32,746) (146,199) 78%
Profit (loss) of continuing operations(47,264) (259,691) 82% (37,419) (75,131) 50%
Discontinued operations 13,989 14,022 (0%) 5,641 11,223 (50%)
Consolidated net income (loss)(33,275) (245,670) 86% (31,778) (63,908) 50%
Non-controlling interest net income (loss) 43,995 80,194 (45%) 12,337 41,760 (70%)
Controlling interest net income (loss)(77,270) (325,864) 76% (44,116) (105,668) 58%
Operating EBITDA 1,974,259 2,002,651 (1%) 11% 677,131 748,867 (10%) 5%
Earnings (loss) of continued operations per ADS(0.06) (0.25) 75% (0.03) (0.09) 60%
Earnings (loss) of discontinued operations per ADS 0.01 0.01 (4%) - 0.01 (52%)
As of September 30
BALANCE SHEET 2015 2014 % Var.
Total assets 32,953,427 36,967,966 (11%)
Cash and cash equivalents 456,650 994,687 (54%)
Trade receivables less allowance for doubtful accounts 1,856,308 2,127,876 (13%)
Other accounts receivable 331,174 543,404 (39%)
Inventories, net 1,090,722 1,297,682 (16%)
Assets held for sale 423,383 487,226 (13%)
Other current assets 330,078 278,174 19%
Current assets 4,488,313 5,729,049 (22%)
Property, machinery and equipment, net 12,555,240 14,546,639 (14%)
Other assets 15,909,873 16,692,278 (5%)
Total liabilities 23,548,739 25,621,513 (8%)
Liabilities held for sale 149,160 156,706 (5%)
Other current liabilities 4,260,485 4,861,562 (12%)
Current liabilities 4,409,645 5,018,269 (12%)
Long-term liabilities 13,555,843 13,843,717 (2%)
Other liabilities 5,583,252 6,759,527 (17%)
Total Stockholder’s equity 9,404,687 11,346,453 (17%)
Non-controlling interest and perpetual instruments 1,166,795 1,192,531 (2%)
Total Controlling interest 8,237,892 10,153,922 (19%)
2015 Third Quarter Results Page 9
Operating results
Consolidated Income Statement & Balance Sheet
CEMEX, S.A.B. de C.V. and Subsidiaries
(Thousands of Mexican Pesos in nominal terms, except per ADS amounts)
January—September Third Quarter
INCOME STATEMENT 2015 2014 % Var. 2015 2014 % Var.
Net sales 168,449,467 151,865,413 11% 60,572,037 53,147,045 14%
Cost of sales(112,828,746) (104,041,830) (8%)(40,008,715) (35,040,839) (14%)
Gross profit 55,620,720 47,823,583 16% 20,563,321 18,106,206 14%
Operating expenses(35,754,560) (32,104,610) (11%)(13,275,356) (11,764,975) (13%)
Operating earnings before other expenses, net 19,866,160 15,718,973 26% 7,287,965 6,341,231 15%
Other expenses, net(1,494,119) (825,990) (81%)(1,466,659) (1,132,120) (30%)
Operating earnings 18,372,041 14,892,983 23% 5,821,306 5,209,111 12%
Financial expense(15,119,089) (16,648,878) 9%(5,143,306) (5,629,434) 9%
Other financial income (expense), net(1,125,865) 3,113,424 N/A(1,264,440) 1,248,817 N/A
Financial income 211,457 259,687 (19%) 75,009 77,643 (3%)
Results from financial instruments, net(2,384,118) 1,683,221 N/A(1,357,011) 103,148 N/A
Foreign exchange results 1,725,281 1,802,695 (4%) 253,119 1,281,161 (80%)
Effects of net present value on assets and liabilities and others, net(678,485) (632,180) (7%)(235,558) (213,135) (11%)
Equity in gain (loss) of associates 481,274 189,932 153% 508,915 112,441 353%
Income (loss) before income tax 2,608,361 1,547,461 69%(77,526) 940,934 N/A
Income tax(3,350,882) (4,962,402) 32%(543,251) (1,935,672) 72%
Profit (loss) of continuing operations(742,521) (3,414,941) 78%(620,777) (994,737) 38%
Discontinued operations 219,771 184,386 19% 93,577 148,594 (37%)
Consolidated net income (loss)(522,750) (3,230,555) 84%(527,200) (846,143) 38%
Non-controlling net income (loss) 691,165 1,054,555 (34%) 204,679 552,897 (63%)
Controlling net income (loss)(1,213,915) (4,285,110) 72%(731,879) (1,399,041) 48%
Operating EBITDA 31,015,602 26,334,866 18% 11,233,596 9,914,995 13%
Earnings (loss) of continued operations per ADS(0.98) (3.34) 71%(0.58) (1.14) 50%
Earnings (loss) of discontinued operations per ADS 0.16 0.14 15% 0.07 0.11 (40%)
As of September 30
BALANCE SHEET 2015 2014 % Var.
Total assets 557,242,446 496,479,782 12%
Cash and cash equivalents 7,721,944 13,358,649 (42%)
Trade receivables less allowance for doubtful accounts 31,390,167 28,577,374 10%
Other accounts receivable 5,600,154 7,297,921 (23%)
Inventories, net 18,444,103 17,427,868 6%
Assets held for sale 7,159,399 6,543,448 9%
Other current assets 5,581,614 3,735,871 49%
Current assets 75,897,380 76,941,131 (1%)
Property, machinery and equipment, net 212,309,112 195,361,357 9%
Other assets 269,035,954 224,177,295 20%
Total liabilities 398,209,184 344,096,917 16%
Liabilities held for sale 2,522,290 2,104,567 20%
Other current liabilities 72,044,799 65,290,783 10%
Current liabilities 74,567,089 67,395,350 11%
Long-term liabilities 229,229,302 185,921,116 23%
Other liabilities 94,412,793 90,780,451 4%
Total stockholders’ equity 159,033,263 152,382,865 4%
Non-controlling interest and perpetual instruments 19,730,504 16,015,691 23%
Total controlling interest 139,302,758 136,367,175 2%
2015 Third Quarter Results Page 10
Operating results
Operating Summary per Country
In thousands of U.S. dollars
January—September Third Quarter
like-to-like like-to-like
NET SALES 2015 2014 % Var.% Var. * 2015 2014 % Var.% Var. *
Mexico 2,175,116 2,354,346 (8%) 10% 669,021 803,371 (17%) 4%
U.S.A. 2,968,144 2,755,444 8% 8% 1,092,548 1,006,822 9% 9%
Northern Europe 2,319,230 2,968,808 (22%) 3% 829,317 1,047,124 (21%) 3%
Mediterranean 1,066,282 1,152,092 (7%) 3% 348,253 365,728 (5%) 3%
South, Central America and the Caribbean 1,459,749 1,683,892 (13%) 1% 476,182 584,549 (19%) 1%
Asia 503,384 456,972 10% 14% 162,325 151,227 7% 16%
Others and intercompany eliminations 230,531 177,147 30% 30% 73,470 55,308 33% 33%
TOTAL 10,722,436 11,548,701 (7%) 6% 3,651,117 4,014,127 (9%) 5%
GROSS PROFIT
Mexico 1,083,275 1,149,194 (6%) 13% 337,067 396,026 (15%) 7%
U.S.A. 688,401 487,858 41% 41% 283,838 214,487 32% 32%
Northern Europe 629,166 740,767 (15%) 0% 248,421 306,334 (19%)(4%)
Mediterranean 274,803 327,752 (16%)(5%) 88,613 101,909 (13%)(4%)
South, Central America and the Caribbean 602,090 739,493 (19%)(5%) 191,618 261,897 (27%)(9%)
Asia 199,090 151,562 31% 34% 71,120 68,872 3% 9%
Others and intercompany eliminations 63,642 40,149 59% 85% 18,824 18,013 5% 5%
TOTAL 3,540,466 3,636,774 (3%) 10% 1,239,501 1,367,538 (9%) 5%
OPERATING EARNINGS BEFORE OTHER EXPENSES, NET
Mexico 619,767 604,948 2% 22% 183,074 199,431 (8%) 15%
U.S.A. 93,704 (45,954) N/A N/A 71,819 24,920 188% 188%
Northern Europe 133,099 103,265 29% 53% 71,470 80,712 (11%) 14%
Mediterranean 129,322 172,580 (25%)(20%) 38,082 51,018 (25%)(21%)
South, Central America and the Caribbean 386,807 497,862 (22%)(10%) 119,662 176,302 (32%)(15%)
Asia 105,394 76,433 38% 40% 39,163 32,328 21% 26%
Others and intercompany eliminations (203,538) (213,774) 5%(9%) (83,973) (85,766) 2%(16%)
TOTAL 1,264,555 1,195,359 6% 21% 439,299 478,945 (8%) 9%
2015 Third Quarter Results Page 11
Operating results
Operating Summary per Country
EBITDA in thousands of U.S. dollars. EBITDA margin as a percentage of net sales.
January—September Third Quarter
like-to-like like-to-like
OPERATING EBITDA 2015 2014 % Var.% Var. * 2015 2014 % Var.% Var. *
Mexico 735,351 742,060 (1%) 18% 219,511 245,054 (10%) 12%
U.S.A. 392,201 283,192 38% 38% 172,484 136,249 27% 27%
Northern Europe 254,050 263,127 (3%) 14% 113,561 133,075 (15%) 5%
Mediterranean 193,848 244,618 (21%)(13%) 59,397 74,324 (20%)(14%)
South, Central America and the Caribbean 446,592 563,115 (21%)(8%) 139,044 198,515 (30%)(13%)
Asia 130,028 98,981 31% 33% 47,215 39,946 18% 24%
Others and intercompany eliminations (177,812) (192,442) 8%(8%) (74,080) (78,295) 5%(15%)
TOTAL 1,974,259 2,002,651 (1%) 11% 677,131 748,867 (10%) 5%
OPERATING EBITDA MARGIN
Mexico 33.8% 31.5% 32.8% 30.5%
U.S.A. 13.2% 10.3% 15.8% 13.5%
Northern Europe 11.0% 8.9% 13.7% 12.7%
Mediterranean 18.2% 21.2% 17.1% 20.3%
South, Central America and the Caribbean 30.6% 33.4% 29.2% 34.0%
Asia 25.8% 21.7% 29.1% 26.4%
TOTAL 18.4% 17.3% 18.5% 18.7%
2015 Third Quarter Results Page 12
Operating results
Volume Summary
Consolidated volume summary
Cement and aggregates: Thousands of metric tons.
Ready-mix: Thousands of cubic meters.
January—September Third Quarter
2015 2014 % Var. 2015 2014 % Var.
Consolidated cement volume 1 49,565 49,096 1% 17,017 17,100 (0%)
Consolidated ready-mix volume 39,778 39,900 (0%) 13,634 13,962 (2%)
Consolidated aggregates volume 111,083 119,322 (7%) 39,068 42,092 (7%)
Per-country volume summary
January—September Third Quarter Third Quarter 2015 Vs.
DOMESTIC GRAY CEMENT VOLUME 2015 Vs. 2014 2015 Vs. 2014 Second Quarter 2015
Mexico 4% (4%) (8%)
U.S.A. 1% 4% 9%
Northern Europe(1%) (9%) 2%
Mediterranean(4%) 5% 2%
South, Central America and the Caribbean(3%) (2%) 2%
Asia 17% 16% (6%)
READY-MIX VOLUME
Mexico(1%) (13%) (11%)
U.S.A. 13% 15% 8%
Northern Europe(13%) (11%) 2%
Mediterranean 4% 1% (6%)
South, Central America and the Caribbean 0% (6%) (2%)
Asia(6%) 1% 0%
AGGREGATES VOLUME
Mexico(5%) (16%) (8%)
U.S.A. 6% 11% 9%
Northern Europe(18%) (18%) 2%
Mediterranean(7%) (5%) (4%)
South, Central America and the Caribbean 1% (3%) 1%
Asia(14%) 38% 7%
1 Consolidated cement volume includes domestic and export volume of gray cement, white cement, special cement, mortar and clinker.
2015 Third Quarter Results Page 13
Operating results
Price Summary
Variation in U.S. Dollars
January—September Third Quarter Third Quarter 2015 Vs.
DOMESTIC GRAY CEMENT PRICE 2015 Vs. 2014 2015 Vs. 2014 Second Quarter 2015
Mexico(9%) (9%) (0%)
U.S.A. 7% 6% (0%)
Northern Europe (*)(13%) (11%) (2%)
Mediterranean (*)(11%) (18%) (7%)
South, Central America and the Caribbean (*)(13%) (17%) (7%)
Asia (*) 1% (1%) (2%)
READY-MIX PRICE
Mexico(11%) (12%) (3%)
U.S.A. 6% 5% 2%
Northern Europe (*)(14%) (12%) (2%)
Mediterranean (*)(8%) (6%) (1%)
South, Central America and the Caribbean (*)(14%) (19%) (8%)
Asia (*)(12%) (20%) (11%)
AGGREGATES PRICE
Mexico(10%) (15%) (5%)
U.S.A.(0%) (2%) (1%)
Northern Europe (*)(5%) (4%) (1%)
Mediterranean (*)(6%) (4%) (2%)
South, Central America and the Caribbean (*)(16%) (22%) (12%)
Asia (*)(9%) (2%) 1%
Variation in Local Currency
January—September Third Quarter Third Quarter 2015 Vs.
DOMESTIC GRAY CEMENT PRICE 2015 Vs. 2014 2015 Vs. 2014 Second Quarter 2015
Mexico 8% 14% 7%
U.S.A. 7% 6% (0%)
Northern Europe (*) 2% 3% (1%)
Mediterranean (*)(0%) (8%) (5%)
South, Central America and the Caribbean (*) 1% 3% 1%
Asia (*) 3% 4% 2%
READY-MIX PRICE
Mexico 7% 10% 4%
U.S.A. 6% 5% 2%
Northern Europe (*) 1% 0% (2%)
Mediterranean (*) 2% 2% (0%)
South, Central America and the Caribbean (*) 4% 5% 2%
Asia (*) 2% 1% 0%
AGGREGATES PRICE
Mexico 7% 7% 2%
U.S.A.(0%) (2%) (1%)
Northern Europe (*) 9% 8% (1%)
Mediterranean (*) 5% 5% (1%)
South, Central America and the Caribbean (*) 3% 3% (2%)
Asia (*)(2%) 9% 7%
(*) Volume weighted-average price.
2015 Third Quarter Results Page 14
Other activities
CEMEX inaugurated grinding mill in Nicaragua
On August 27, 2015, CEMEX announced that its subsidiary CEMEX Latam Holdings, S.A. completed the construction of the first phase of a new cement grinding plant in Ciudad Sandino, Managua. CLH invested approximately US$30 million for infrastructure procurement and the installation of the first cement grinding mill, with an annual production capacity of approximately 220,000 metric tons. The second phase, which is expected to be completed by the end of 2017, will include the installation of a second cement grinding mill with an additional annual production capacity of approximately 220,000 metric tons and an additional investment of approximately US$25 million. Upon completion of the second phase, CEMEX Nicaragua is expected to reach an estimated total annual cement production capacity of approximately 860,000 metric tons.
Fortune recognizes CEMEX´s positive impact in the world
On August 20, 2015, CEMEX announced that it was included in Fortune’s Change the World list, a ranking that recognizes 50 companies worldwide that have made a sizable impact on major global social or environmental problems as part of their competitive strategy. In the 16th place, CEMEX is the only Latin-American based company included and the only company from the construction materials sector. CEMEX was selected among over 200 nominees, thanks to its Patrimonio Hoy program which provides low-income families living in urban and semi-urban areas with access to building materials, as well as microfinancing, technical advice, and logistical support to assist participants in building their own homes. The program is destined not only to housing projects but also to the improvement of local public infrastructure. Since its inception, Patrimonio Hoy has provided affordable solutions to approximately 2 million people throughout Latin America.
CEMEX announced divestments of its operations in Croatia, Austria and Hungary
On August 12, 2015, in separate transactions, CEMEX announced it signed an agreement for the sale of its operations in Croatia, including its assets in Bosnia & Herzegovina, Montenegro and Serbia, to Duna-Dráva Cement for approximately €230.9 million and for the sale of its operations in Austria and Hungary to the Rohrdorfer Group for approximately €160.1 million. The operations being sold in Croatia mainly consist of 3 cement plants (approximately 1.66 million tons of cement sold in 2014), 2 aggregate quarries (approximately 0.16 million metric tons of aggregates sold in 2014) and 7 ready-mix plants (approximately 0.25 million cubic meters of ready-mix sold in 2014). CEMEX’s operations in Croatia, including Bosnia & Herzegovina, Montenegro and Serbia, had net sales of approximately US$138 million in 2014. The operations in Austria being sold mainly consist of 24 aggregate quarries (approximately 6.47 million metric tons of aggregates sold in 2014) and 34 ready-mix plants (approximately 1.60 million cubic meters of ready-mix sold in 2014). CEMEX’s operations in Austria had net sales of approximately US$241 million in 2014. The operations in Hungary being divested mainly consist of 5 aggregate quarries (approximately 1.36 million metric tons of aggregates sold in 2014) and 34 ready-mix plants (approximately 0.46 million cubic meters of ready-mix sold in 2014). CEMEX’s operations in Hungary had net sales of approximately US$47 million in 2014. The proceeds obtained from these transactions will be used mainly for debt reduction and for general corporate purposes. The closings of these transactions are subject to the satisfaction of standard conditions for this type of transactions, which includes authorization by regulators. We currently expect to finalize the divestments of our operations in Croatia, including its assets in Bosnia & Herzegovina, Montenegro and Serbia, during first quarter of 2016, and the divestment of our operations in Austria and Hungary during fourth quarter of 2015.
CEMEX successfully completed refinancing of its 2012 facilities agreement due February 2017
On August 3, 2015, CEMEX announced that it fully repaid the total amount outstanding of approximately US$1.94 billion under the facilities agreement dated September 17, 2012, as amended from time to time (the “2012 Facilities Agreement”), with new funds from 17 financial institutions. These lenders have joined the credit agreement dated September 29, 2014, as amended (the “Credit Agreement”) under new tranches, allowing CEMEX to increase the average life of its syndicated bank debt to approximately 4 years. Other financial institutions may join the Credit Agreement in the following months. With this transaction, total commitments under the Credit Agreement increased to approximately US$3.79 billion. These commitments include approximately EUR 620 million and approximately US$3.12 billion, out of which about US$710 million are in a revolving credit tranche. The Credit Agreement now has an amortization profile, considering all commitments, of approximately 10% in 2017; 25% in 2018; 25% in 2019; and 40% in 2020. The new tranches share the same guarantors and collateral package as the original tranches under the Credit Agreement. The leverage covenant included in the Credit Agreement will remain at 6.0x until March 31, 2016 and will gradually decline to 4.0x by June 30, 2019. In this transaction Banco Santander (Mexico) and BBVA Securities Inc. acted as Joint Lead Arrangers and Joint Bookrunners and also as lenders, directly or through their affiliates. On September 21, 2015, one institution joined the Credit Agreement and two other increased their commitments thereto representing new commitments in aggregate of approximately US$30 million. As a result of such increase, total commitments under the Credit Agreement reached approximately EUR 621 million and US$3.15 billion, out of which about US$735 million are in the revolving credit tranche.
CEMEX upgraded by Fitch Ratings
On July 28, 2015, CEMEX announced that it received an upgrade from Fitch Ratings to the Issuer Default Ratings (IDRs) to BB- from B+. Additionally to the upgrade of CEMEX’s IDRs, Fitch also upgraded the national scale to A-(mex) from BBB (mex) and the short-term national scale rating to F2 (mex) from F3(mex), which will allow CEMEX to potentially access the institutional Mexican bond market. The rating outlook remains stable.
2015 Third Quarter Results Page 15
Other information
Mexican Tax Reform 2010 and 2014
In November 2009, Mexico approved amendments to the income tax law, which became effective on January 1, 2010. Such amendments modified the tax consolidation regime by requiring entities to determine income taxes as if the tax consolidation provisions did not exist from 1999 onward, specifically turning into taxable items: a) the difference between the sum of the equity of the controlled entities for tax purposes and the equity of the consolidated entity for tax purposes; b) dividends from the controlled entities for tax purposes to CEMEX, S.A.B. de C.V.; and c) other transactions that represented the transfer of resources between the companies included in the tax consolidation. In December 2010, pursuant to miscellaneous rules, the tax authority in Mexico granted the option to defer the calculation and payment of the income tax over the difference in equity explained above, until the subsidiary is disposed of or CEMEX eliminates the tax consolidation. Tax liabilities associated with the tax loss carryforwards used in the tax consolidation of the Mexican subsidiaries are not offset with deferred tax assets in the balance sheet. The realization of these tax assets is subject to the generation of future tax earnings in the controlled subsidiaries that generated the tax loss carryforwards in the past.
In addition, in connection with new amendments to the income tax law in Mexico approved in December 2013 and effective beginning January 1, 2014, the tax consolidation regime in effect until December 31, 2013, was replaced prospectively by a new integration regime, to which CEMEX will not apply, resulting in that beginning in 2014, each Mexican entity will determine its income taxes based solely in its individual results, and a period of up to 10 years has been established for the settlement of the liability for income taxes related to the tax consolidation regime accrued until December 31, 2013, amount which considering the new rules issued for the disconnection of the tax consolidation regime amounted to approximately US$1,901 million, based on an exchange rate of Ps13.05 to US$1.00 as of December 31, 2013.
Changes in the Parent Company’s tax payable associated with the tax consolidation in Mexico in 2014 were as follows (approximate US$Millions):
2014
Balance at the beginning of the period $1,683*
Restatement for the period $65
Payments during the period ($294)
Balance at the end of the period $1,454
*Based on an exchange rate of Ps14.74 to US$1.00 as of December 31, 2014
As of December 31, 2014, the estimated payment schedule of taxes payable resulting from these changes in the tax consolidation regime in Mexico were as follows (approximate amounts in millions of US dollars):
2015 $350 **
2016 $293
2017 $291
2018 $215
2019 and thereafter $305
1,454
** This amount has been paid
Capped Calls
In relation to the capped calls purchased by CEMEX with proceeds of its subordinated convertibles notes issued in March 2011 and due in March 2016, year-to-date we have amended a portion of the capped calls with the purpose of unwinding the position. As a result, CEMEX has received year-to-date an aggregate amount of US$44 million in cash, equivalent to the unwind of 44.2% of the total notional amount of such capped calls.
European Commission’s Antitrust Proceedings in Europe Closed
Regarding the proceedings formally initiated by the European Commission on December 8, 2010 against CEMEX and other companies regarding anticompetitive practices in Austria, Belgium, the Czech Republic, France, Germany, Italy, Luxembourg, the Netherlands, Spain and the United Kingdom, these proceedings were closed on July 31, 2015 by the European Commission. As a result, CEMEX is not subject to any fines or penalties resulting from such proceedings. CEMEX cooperated with the European Commission throughout the process and, in general, will take any necessary steps to continue to operate in accordance with the laws and regulations of the countries in which it does business.
Antitrust Case in Ohio
Regarding the lawsuit lodged in October 2013 in an Ohio State Court alleging that a nonstructural steel manufacturing joint venture in which CEMEX, Inc. has an indirect majority interest, other nonstructural steel manufacturers, and related associations participated in a conspiracy among the defendants to adopt sham industry standards with a goal to exclude the plaintiffs’ products from the market, during the third quarter the court granted the defendants motion for summary judgment dismissing the claims. As of September 30, 2015, it is not known if the plaintiffs will file an appeal of this decision.
Polish Antitrust Investigation
Regarding the antitrust proceedings formally initiated in January 2007 against all cement producers in Poland, including CEMEX, and the reduced fine of approximately US$25 million issued in December 2013 that was appealed by CEMEX in May 2014, the appeals court in September 2015 informed the parties it intends to close the matter during December 2015. The penalty to be paid, if any, must be paid within 14 calendar days after the formal announcement by the appeals court. An accounting provision for this matter exists.
Tax Matters – Egypt
Regarding the February 9, 2014 development levy on clay (the “Levy on Clay”) for an amount of approximately US$42 million ordered to be paid by CEMEX in Egypt and the subsequent request presented by CEMEX before the Ministerial Committee for Resolution of Investment Disputes (the “Ministerial Committee”) in Egypt claiming non-entitlement of the Egyptian tax authority to the Levy on Clay used in the production of cement from the date of enforceability of Law No. 114/2008 up until issuance of Law No. 73/2010, and from cement produced using imported clinker, on September 28, 2015, CEMEX was notified by the Egyptian Cabinet that it ratified an August 10, 2015 decision by the Ministerial Committee pursuant to which the Egyptian tax authority be instructed to cease claiming payment of the Levy on Clay from CEMEX. This decision applies to the years from 2008 up to the issuance date of Law No. 73/2010. It was further decided that the Levy on Clay should not be imposed on imported clinker. Subject to submission of the decision to the Egyptian tax authority and the issuance of a final release, CEMEX shall be in a position to be released from payment of the above mentioned Levy on Clay amounts and accordingly to withdraw from this case. We expect that the Egyptian tax authority shall provide us soon with this final release in application of the decision approved by the Egyptian Cabinet.
2015 Third Quarter Results Page 16
Other information
Discontinued Operations
On August 12, 2015, in separate transactions, CEMEX announced that it signed agreements for the sale of its operations in Austria and Hungary to the Rohrdorfer Group for approximately €160.1 million, and for the sale of its operations in Croatia to Duna-Dráva Cement, including its assets in Bosnia & Herzegovina, Montenegro and Serbia, for approximately €230.9 million. The combined operations in Austria and Hungary being divested mainly consist of 29 aggregate quarries (approximately 7.83 million metric tons of aggregates sold in 2014) and 68 ready-mix plants (approximately 2.06 million cubic meters of ready-mix sold in 2014). CEMEX’s operations in Austria and Hungary had combined net sales of approximately US$288 million in 2014. In addition, the operations in Croatia being divested mainly consist of 3 cement plants (approximately 1.66 million tons of cement sold in 2014), 2 aggregate quarries (approximately 0.16 million metric tons of aggregates sold in 2014) and 7 ready-mix plants (approximately 0.25 million cubic meters of ready-mix sold in 2014). CEMEX’s operations in Croatia, including Bosnia & Herzegovina, Montenegro and Serbia, had net sales of approximately US$138 million in 2014. The closings of these transactions are subject to the satisfaction of standard conditions for this type of transactions, which includes authorization by regulators. CEMEX expects to finalize the divestment of its operations in Austria and Hungary during the fourth quarter of 2015 and the divestments of its operations in Croatia, including its assets in Bosnia & Herzegovina, Montenegro and Serbia, during the first quarter of 2016. The proceeds obtained from these transactions will be used mainly for debt reduction and for general corporate purposes.
For accounting purposes as of September 30, 2015, the balance sheets of CEMEX’s operations in Austria, Hungary and Croatia have been reclassified to assets and liabilities held for sale. As of September 30, 2015 and 2014, the combined selected condensed balance sheet information of CEMEX operations in these countries was as follows:
BALANCE SHEET As of September 30,
(Millions of Mexican pesos) 2015 2014
Current assets 1,603 1,358
Property, machinery and equipment, net 4,552 4,205
Intangible assets and other non-current assets 1,004
980
Total assets held for sale 7,159 6,543
Current liabilities 1,454 1,209
Non-current liabilities 1,068 895
Total liabilities held for sale 2,522 2,104
Net assets held for sale 4,637 4,439
In addition, as required by IFRS considering that the operations in Austria, Hungary and Croatia represent reporting segments on a stand-alone basis, during the reported periods, the income statements of the net assets held for sale were reclassified and presented as discontinued operations. The following table presents combined condensed income statement information of Austria, Hungary and Croatia for the nine-month and the three-month periods ended September 30, 2015 and 2014:
INCOME STATEMENT Jan-Sept Third Quarter
(Millions of Mexican pesos) 2015 2014 2015 2014
Sales 4,563 4,237 1,818 1,607
Cost of sales and operating expenses(4,241)(4,000)(1,651)(1,444)
Other expenses, net(6)(5)(11)(5)
Interest expense, net and others(40)(41)(9)(4)
Income (loss) before income tax 276 191 147 154
Income tax(51)(1)(50)(0)
Net income (loss) 225 190 97 154
Non controlling net income 5 6
3 5
Controlling net income 220 184 94 149
2015 Third Quarter Results Page17
Definitions of terms and disclosures
Methodology for translation, consolidation, and presentation of results
Under IFRS, beginning January 1, 2008, CEMEX translates the financial statements of foreign subsidiaries using exchange rates at the reporting date for the balance sheet and the exchange rates at the end of each month for the income statement. CEMEX reports its consolidated results in Mexican pesos.
For the reader’s convenience, beginning June 30, 2008, US dollar amounts for the consolidated entity are calculated by converting the nominal Mexican peso amounts at the end of each quarter using the average MXN/US$ exchange rate for each quarter. The exchange rates used to convert results for the third quarter of 2015 and the third quarter of 2014 are 16.59 and 13.24 Mexican pesos per US dollar, respectively.
Per-country/region figures are presented in US dollars for the reader’s convenience. Figures presented in US dollars for Mexico, as of September 30, 2015, and September 30, 2014, can be converted into their original local currency amount by multiplying the US-dollar figure by the corresponding average exchange rates for 2015 and 2014, provided below.
Breakdown of regions
Northern Europe includes operations in Austria, the Czech Republic, France, Germany, Hungary, Ireland, Latvia, Poland, and the United Kingdom, as well as trading operations in several Nordic countries.
The Mediterranean region includes operations in Croatia, Egypt, Israel, Spain, and the United Arab Emirates.
The South, Central America and the Caribbean region includes CEMEX’s operations in Argentina, Bahamas, Brazil, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Haiti, Jamaica, Nicaragua, Panama, Peru, and Puerto Rico, as well as trading operations in the Caribbean region.
The Asia region includes operations in Bangladesh, China, Malaysia, the Philippines, Taiwan, and Thailand.
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 and coupon payments on our perpetual notes).
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 (debt plus convertible bonds and financial leases) minus cash and cash equivalents.
Operating EBITDA equals operating earnings before other expenses, net, plus depreciation and operating amortization.
pp equals percentage points
Prices all references to pricing initiatives, price increases or decreases, refer to our prices for our products
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.
Earnings per ADS
The number of average ADSs outstanding used for the calculation of earnings per ADS was 1,371.7 million for the third quarter of 2015; 1,346.4 million for year?to?date 2015; 1,316.8 million for the third quarter of 2014; and 1,300.2 million for year?to?date 2014.
According to the IAS 33 Earnings per share, the weighted-average number of common shares outstanding is determined considering the number of days during the accounting period in which the shares have been outstanding, including shares derived from corporate events that have modified the stockholder’s equity structure during the period, such as increases in the number of shares by a public offering and the distribution of shares from stock dividends or recapitalizations of retained earnings and the potential diluted shares (Stock options, Restricted Stock Options and Mandatory Convertible Shares). The shares issued as a result of share dividends, recapitalizations and potential diluted shares are considered as issued at the beginning of the period.
Exchange rates January—September Third Quarter Third Quarter
2015 2014 2015 2014 2015 2014
Average Average Average Average End of period End of period
Mexican peso 15.71 13.15 16.59 13.24 16.91 13.43
Euro 0.9021 0.7421 0.9013 0.7655 0.8949 0.7917
British pound 0.6528 0.5992 0.6506 0.6036 0.6610 0.6168
Amounts provided in units of local currency per US dollar.
2015 Third Quarter Results Page 18
Exhibit 3
This presentation contains forward-looking statements within the meaning of the U.S. federal securities laws. CEMEX, S.A.B. de C.V. and its direct and indirect subsidiaries (“CEMEX”) intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. In some cases, these statements can be identified by the use of forward-looking words such as “may,” “should,” “could,” “anticipate,” “estimate,” “expect,” “plan,” “believe,” “predict,” “potential” and “intend” or other similar words. These forward-looking statements reflect CEMEX’s current expectations and projections about future events based on CEMEX’s knowledge of present facts and circumstances and assumptions about future events. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from CEMEX’s expectations. Some of the risks, uncertainties and other important factors that could cause results to differ, or that otherwise could have an impact on CEMEX or its subsidiaries, include the cyclical activity of the construction sector; CEMEX’s exposure to other sectors that impact CEMEX’s business, such as the energy sector; competition; general political, economic and business conditions in the markets in which CEMEX operates; the regulatory environment, including environmental, tax, antitrust and acquisition-related rules and regulations; CEMEX’s ability to satisfy CEMEX’s obligations under its material debt agreements, the indentures that govern CEMEX’s senior secured notes and CEMEX’s other debt instruments; expected refinancing of existing indebtedness; the impact of CEMEX’s below investment grade debt rating on CEMEX’s cost of capital; CEMEX’s ability to consummate asset sales, fully integrate newly acquired businesses, achieve cost-savings from CEMEX’s cost-reduction initiatives and implement CEMEX’s global pricing initiatives for CEMEX’s products; the increasing reliance on information technology infrastructure for CEMEX’s invoicing, procurement, financial statements and other processes that can adversely affect operations in the event that the infrastructure does not work as intended, experiences technical difficulties or is subjected to cyber-attacks; weather conditions; natural disasters and other unforeseen events; and the other risks and uncertainties described in CEMEX’s public filings. Readers are urged to read these presentations and carefully consider the risks, uncertainties and other factors that affect CEMEX’s business. The information contained in these presentations is subject to change without notice, and CEMEX is not obligated to publicly update or revise forward-looking statements. Readers should review future reports filed by CEMEX with the U.S. Securities and Exchange Commission. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to CEMEX’s prices for CEMEX’s products. UNLESS OTHERWISE NOTED, ALL FIGURES ARE PRESENTED IN DOLLARS, BASED ON INTERNATIONAL FINANCIAL REPORTING STANDARDS, AS APPLICABLE Copyright CEMEX, S.A.B. de C.V. and its subsidiaries
3Q15 results highlights During the quarter, operating EBITDA increased by 5% on a like-to-like basis mainly due to higher contributions from Mexico, the U.S., and the Northern Europe and Asia regions Free cash flow after maintenance capital expenditures increased by 25% during the quarter Millions of US dollars 2015 2014 % var l-t-l % var 2015 2014 % var l-t-l % var Net sales 10,722 11,549 (7%) 6% 3,651 4,014 (9%) 5% Gross profit 3,540 3,637 (3%) 10% 1,240 1,368 (9%) 5% Operating earnings before other expenses, net 1,265 1,195 6% 21% 439 479 (8%) 9% Operating EBITDA 1,974 2,003 (1%) 11% 677 749 (10%) 5% Free cash flow after maintenance capex 292 (44) N/A 436 349 25% January - September Third Quarter
Components of our business strategy which have allowed us to mitigate currency fluctuations in our different businesses Cost structure in many countries in which we operate with a high local-currency component Continued focus on extracting operating efficiencies from our business Favorable supply-demand dynamics supportive of higher prices for our three core products in most of our markets Year-to-date price increases on a consolidated basis—adjusted for the impact of variable costs and freight rate increases—have offset slightly more than half of the effect of currency fluctuations Impact of currency fluctuations on our business
Highest consolidated year-to-date cement volumes since 2008 Highest year-to-date operating EBITDA margin since 2009, despite adverse FX movements Highest year-to-date free-cash-flow generation after maintenance capex since 2009 Record-low level of working capital days year to date Signed agreements to divest our operations in Austria, Hungary, and Croatia, as well as in other countries, for approximately €391 million Announced year-to-date asset sales amount to about US$620 million Successfully completed refinancing of our 2012 Facilities Agreement Reduction in total debt of US$710 million from December levels 3Q15 achievements
Consolidated volumes and prices During the quarter, higher year-over-year cement and ready-mix volumes in the U.S. and the Mediterranean and Asia regions, and higher aggregates volumes in the U.S. and Asia region Achieved record-high cement volumes year to date in the Philippines and Nicaragua, as well as record ready-mix volumes in the Dominican Republic, Guatemala, Israel, and Egypt Quarterly and year-to-date increases in consolidated prices for our three core products on a like-to-like basis 1 Like-to-like volumes adjusted for investments/divestments and, in the case of prices, foreign-exchange fluctuations 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Volume (l-t-l 1 ) 2% 0% (0%) Price (USD) (7%) (8%) (2%) Price (l-t-l 1 ) 4% 5% 0% Volume (l-t-l 1 ) 3% 2% (0%) Price (USD) (6%) (6%) 0% Price (l-t-l 1 ) 4% 4% 0% Volume (l-t-l 1 ) 0% (0%) 2% Price (USD) (5%) (5%) (1%) Price (l-t-l 1 ) 4% 4% (2%) Aggregates Domestic gray cement Ready mix
Third Quarter 2015 Regional Highlights
Mexico Decrease in our year-over-year cement and ready-mix volumes mainly reflects our value-before-volume strategy and focus on profitability Quarterly prices for our three core products in local-currency terms higher both sequentially and on a year-over-year basis Demand from the industrial-and-commercial sector increased during the quarter, in line with improved retail sales and general commercial activity The formal residential sector slowed down from a very strong 1H15; this sector is expected to grow during 2015 In the infrastructure sector, there was a slowdown in investment during 3Q15
United States Higher cement volumes during the quarter despite poor weather and slowdown in the energy sector; excluding oil-well cement and related activities, cement volumes increased 8% Ready-mix volumes increased 12% during the quarter on a like-to-like basis, adjusting for the acquisition of ready-mix plants in California during 1Q15 Growth in quarterly and year-to-date prices in cement and ready mix; sequentially, ready-mix prices increased 2%, while cement prices remained stable Housing permits in our four key states—Texas, Florida, California and Arizona—grew 12% year-to-date August Construction spending in the industrial-and-commercial sector increased 20% year-to-date August Contract awards for highways and bridges increased 20% year-to-date August Millions of US dollars Net Sales 2,968 2,755 8% 8% 1,093 1,007 9% 9% Op. EBITDA 392 283 38% 38% 172 136 27% 27% as % net sales 13.2% 10.3% 2.9pp 15.8% 13.5% 2.3pp 3Q15 3Q14 % var l-t-l % var 9M15 9M14 % var l-t-l % var
Northern Europe Regional pro-forma cement and ready-mix volumes increased by 1% and 3%, respectively, while aggregates volumes remained flat In Germany, pro-forma cement volumes, adjusting for the transactions with Holcim, decreased 1% during the quarter, while ready-mix and aggregates volumes increased by 2% and 1%, respectively; pro-forma cement prices in local-currency terms remained stable sequentially; the residential sector continues as the main driver of demand during 3Q15 In Poland, the 2% decline in our volumes resulted from a moderation in activity as well as market dynamics In the UK, improvement in quarterly and year-to-date cement and aggregates volumes driven by sustained growth in all sectors; record-high third-quarter cement volumes since 2008 1 Volume-weighted, local-currency average prices
Mediterranean Regional pro-forma gray cement volumes, adjusted for the acquisition of cement assets from Holcim in Spain, decreased by 5% during the quarter and by 11% year to date In Egypt, the decline of our cement volumes resulted mainly from a high volume base last year when we dispatched additional volumes in light of the then prevalent energy-shortage environment In Spain, pro-forma cement volumes, adjusting for the acquisition of assets from Holcim, declined by 13% during the quarter and by 9% year to date, mainly reflecting our focus on more profitable volumes In Spain, pro-forma cement prices increased by 11% on a year-over-year basis, in local-currency terms 1 Volume-weighted, local-currency average prices
South, Central America and the Caribbean 1 Volume-weighted, local-currency average prices Favorable cement volume growth in the Dominican Republic, Costa Rica, Nicaragua and Guatemala during the quarter In Colombia, quarterly cement volumes declined 6% mainly due to a strong comparison in 3Q14 and our pricing strategy; cement prices increased 12% year-over-year and 7% sequentially In Panama, cement volumes, adjusting for the Canal expansion project decreased by 9% during the quarter and increased by 3% year to date Millions of US dollars Net Sales 1,460 1,684 (13%) 1% 476 585 (19%) 1% Op. EBITDA 447 563 (21%) (8%) 139 199 (30%) (13%) as % net sales 30.6% 33.4% (2.8pp) 29.2% 34.0% (4.8pp) 3Q15 3Q14 % var l-t-l % var 9M15 9M14 % var l-t-l % var
Asia 1 Volume-weighted, local-currency average prices Increase in regional cement volumes during the quarter reflects positive performance from our operations in the Philippines During the quarter, regional prices for cement and aggregates are higher both sequentially and on a year-over-year basis, in local-currency terms In the Philippines, the growth in cement volumes reflects positive performance from all sectors, as well as the introduction of the new grinding mill capacity late last year
3Q15 Results
Operating EBITDA, cost of sales and operating expenses Operating EBITDA increased by 5% on a like-to-like basis mainly due to higher contributions from Mexico, the U.S., and the Northern Europe and Asia regions Cost of sales, as a percentage of net sales, increased by 0.2pp during the quarter and declined by 1.5pp year to date Operating expenses, as a percentage of net sales, decreased by 0.2pp mainly due to lower distribution expenses during the quarter Millions of US dollars 2015 2014 % var l-t-l % var 2015 2014 % var l-t-l % var Net sales 10,722 11,549 (7%) 6% 3,651 4,014 (9%) 5% Operating EBITDA 1,974 2,003 (1%) 11% 677 749 (10%) 5% as % net sales 18.4% 17.3% 1.1pp 18.5% 18.7% (0.2pp) Cost of sales 7,182 7,912 9% 2,412 2,647 9% as % net sales 67.0% 68.5% 1.5pp 66.1% 65.9% (0.2pp) Operating expenses 2,276 2,441 7% 800 889 10% as % net sales 21.2% 21.1% (0.1pp) 21.9% 22.1% 0.2pp January - September Third Quarter
Free cash flow Year-to-date working capital days decreased to 22 from 28 days during the same period in 2014
Foreign-exchange gain of US$15 million resulting primarily from the fluctuation of the Mexican peso versus the U.S. dollar partially offset by the fluctuation of the Euro versus the U.S. dollar Loss on financial instruments of US$82 million related mainly to CEMEX shares Controlling interest net loss of US$44 million, versus a loss of US$106 million in 3Q14, mainly reflects lower financial expenses and lower income tax, partially offset by lower operating earnings, a loss in financial instruments, and a lower foreign-exchange gain Other income statement items
Third Quarter 2015 Debt Information
Fully repaid the total amount outstanding of approximately US$1.94 billion of our 2012 Facilities Agreement 21 financial institutions now participate in the syndicated bank loan facility which has an amortization profile of approximately 10% in 2017, 25% in 2018, 25% in 2019, and 40% in 2020 All tranches under the syndicated bank loan facility have substantially the same terms, including a spread over LIBOR of between 250 and 400 basis points, depending on our debt leverage ratio, as follows: Debt-related information Millones de 9M15 9M14 % var % var comp. 3T15 3T14 % var % var comp. Millions of 9M15 9M14 % var l-t-l % var 3Q15 3Q14 % var l-t-l % var dólares US US dollars Ventas Netas 984.86372539943477 1099.4073002541336 -0.10418666023794949 5.9217644308742871E-3 517.38603030418381 562.03754144405843 -7.9445780481407505E-2 4.6073842838749761E-2 Net Sales 984.86372539943477 1099.4073002541336 -0.10418666023794949 5.9217644308742871E-3 517.38603030418381 562.03754144405843 -7.9445780481407505E-2 4.6073842838749761E-2 Flujo de Oper. 308.22197324799095 364.64767543528416 -0.15474033152669134 -5.4821494302028685E-2 160.41092446826934 177.7257054658532 -9.7424179311588505E-2 2.1957220839446682E-2 Op. EBITDA 308.22197324799095 364.64767543528416 -0.15474033152669134 -5.4821494302028685E-2 160.41092446826934 177.7257054658532 -9.7424179311588505E-2 2.1957220839446682E-2 % ventas netas 0.31295900671230859 0.33167660006532063 (1.9pp) 0.31004108165417582 0.31621678688796778 (0.6pp) as % net sales 0.31295900671230859 0.33167660006532063 (1.9pp) 0.31004108165417582 0.31621678688796778 (0.6pp) -1.8717593353% -1.9000000000000021 -0.6175705234% -0.60000000000000142 Volumen 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 Volume 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Cemento -3.3666379973860704E-2 -1.9390969366526952E-2 1.897908779227387E-2 Cement -3.3666379973860704E-2 -1.9390969366526952E-2 1.897908779227387E-2 Concreto 1.8427540487627187E-3 -5.5672828218159755E-2 -1.6097505171313968E-2 Ready mix 1.8427540487627187E-3 -5.5672828218159755E-2 -1.6097505171313968E-2 Agregados 7.7476813452655568E-3 -3.0701895277377784E-2 1.0996452028193748E-2 Aggregates 7.7476813452655568E-3 -3.0701895277377784E-2 1.0996452028193748E-2 Precio (ML)1 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 Price (LC)1 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Cemento 1.0360088842981013E-2 3.4438414185923652E-2 1.4593416153082451E-2 Cement 1.0360088842981013E-2 3.4438414185923652E-2 1.4593416153082451E-2 Concreto 3.7192213553676134E-2 4.6479703524529452E-2 2.2804298458765474E-2 Ready mix 3.7192213553676134E-2 4.6479703524529452E-2 2.2804298458765474E-2 Agregados 2.7088014714911662E-2 2.7159402409111594E-2 -1.8233044504067326E-2 Aggregates 2.7088014714911662E-2 2.7159402409111594E-2 -1.8233044504067326E-2 Validacion Ventas Netas 0 0 0 0 0 0 0 Flujo de Oper. 0 0 0 0 0 0 0 % ventas netas 0 0 #VALUE! 0 0 0 #VALUE! Volumen Cemento 0 0 0 Concreto 0 0 0 Agregados 0 0 0 Precio (ML) Cemento 0 0 0 Concreto 0 0 0 Agregados 0 0 0 3 Tercer Trimestre Segundo Trimestre Third Quarter Second Quarter Millones de dólares US 2015 % del total 2014 % del total 2015 % del total Millions of US dollars 2015 % of total 2014 % of total 2015 % of total Contrato de Financiamiento 0 0 3724.4727330783326 0.22601402567141196 1909.2414242520747 0.12338587548949259 Facilities Agreement 0 0 3724.4727330783326 0.22601402567141196 1909.2414242520747 0.12338587548949259 Nuevo Crédito Sindicado 3172.4417491120294 0.20959291826159729 N/A N/A 1485.1596725550605 9.5979337192350966E-2 New Syndicated-Bank Loan Facility 3172.4417491120294 0.20959291826159729 N/A N/A 1485.1596725550605 9.5979337192350966E-2 Otra deuda bancaria / Capital de trabajo / CBs 210.41383988387318 1.3901358710915164E-2 305.79267104636631 1.8556568286883329E-2 208.60056511274553 1.3480936997855965E-2 Other bank / WC Debt / CBs 210.41383988387318 1.3901358710915164E-2 305.79267104636631 1.8556568286883329E-2 208.60056511274553 1.3480936997855965E-2 Renta Fija 10290.831160189675 0.67988177712175424 10736.392929139289 0.65152185584649247 10419.71641939226 0.6733804412726867 Fixed Income 10290.831160189675 0.67988177712175424 10736.392929139289 0.65152185584649247 10419.71641939226 0.6733804412726867 Notas Convertibles Subordinadas 1462.5200245205788 9.662394590573338E-2 1712.2868207554188 0.10390755019521208 1451.0257056309899 9.3773409047613748E-2 Convertible Subordinated Notes 1462.5200245205788 9.662394590573338E-2 1712.2868207554188 0.10390755019521208 1451.0257056309899 9.3773409047613748E-2 Deuda Total1 15136.206773706155 16478.945154019406 15473.743786943131 Total Debt1 15136.206773706155 16478.945154019406 15473.743786943131 Validation 15136.206773706155 1 16478.94515401941 #VALUE! 15473.743786943131 1 Validation 15136.206773706155 1 16478.94515401941 #VALUE! 15473.743786943131 1 Validation 0 -1 0 #VALUE! 0 -1 Validation 0 -1 0 #VALUE! 0 -1 Current Year 2015 Previous Year 2014 3 Current year 2015 Current year (last 2 digits) 15 Previous year 2014 Previous year (last 2 digits) 14 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 Cemento gris doméstico Volumen (comp1) 2.0937736749552238E-2 4.1644286319042489E-3 -1.5155222069089813E-3 Precio (USD) -7.0357279833409073E-2 -8.227812061100033E-2 -2.4986780524425673E-2 Precio (comp1) 3.9986474821348095E-2 5.2790654765428879E-2 3.99506868374222E-3 Concreto Volumen (comp1) 3.4665055539442546E-2 1.5789764392776684E-2 -4.9325866903531246E-3 Precio (USD) -6.209801233060442E-2 -5.6338468073271829E-2 1.706937704146593E-3 Precio (comp1) 3.7115541170209543E-2 4.4976242487403395E-2 9.5808291769960974E-4 Agregados Volumen (comp1) 6.8043842008425059E-4 -2.7284875304911527E-4 1.8029812110571974E-2 Precio (USD) -5.1408541606060718E-2 -5.0019244098911064E-2 -1.2424670255698777E-2 Precio (comp1) 3.7077514659226152E-2 3.6943567272188504E-2 -2.0467664829191934E-2 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Check Domestic gray cement Volume (l-t-l1) 2.0937736749552238E-2 4.1644286319042489E-3 -1.5155222069089813E-3 0 0 0 Price (USD) -7.0357279833409073E-2 -8.227812061100033E-2 -2.4986780524425673E-2 0 0 0 Price (l-t-l1) 3.9986474821348095E-2 5.2790654765428879E-2 3.99506868374222E-3 0 0 0 0 0 0 Ready mix Volume (l-t-l1) 3.4665055539442546E-2 1.5789764392776684E-2 -4.9325866903531246E-3 0 0 0 Price (USD) -6.209801233060442E-2 -5.6338468073271829E-2 1.706937704146593E-3 0 0 0 Price (l-t-l1) 3.7115541170209543E-2 4.4976242487403395E-2 9.5808291769960974E-4 0 0 0 0 0 0 Aggregates Volume (l-t-l1) 6.8043842008425059E-4 -2.7284875304911527E-4 1.8029812110571974E-2 0 0 0 Price (USD) -5.1408541606060718E-2 -5.0019244098911064E-2 -1.2424670255698777E-2 0 0 0 Price (l-t-l1) 3.7077514659226152E-2 3.6943567272188504E-2 -2.0467664829191934E-2 0 0 0 Validación Cemento gris doméstico 0 0 0 0 0 0 0 0 0 0 0 0 Concreto 0 0 0 0 0 0 0 0 0 0 0 0 Agregados 0 0 0 0 0 0 0 0 0 0 0 0 #REF! #REF! #REF! Input 3M 1T 1Q 6M 2T 2Q 9M 3T 3Q Current vs. Previous 4T 4Q YTD Quarterly (YoY) Sequential 3M15 vs. 3M14 1T15 vs. 1T14 1T15 vs. 4T14 6M15 vs. 6M14 2T15 vs. 2T14 2T15 vs. 1T15 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 2015 vs. 2014 4T15 vs. 4T14 4T15 vs. 3T15 3M15 vs. 3M14 1Q15 vs. 1Q14 1Q15 vs. 4Q14 6M15 vs. 6M14 2Q15 vs. 2Q14 2Q15 vs. 1Q15 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 2015 vs. 2014 4Q15 vs. 4Q14 4Q15 vs. 3Q15 Example 2014 1Q14 3M14 vs. 3M13 1T14 vs. 1T13 1T14 vs. 4T13 2 6M14 vs. 6M13 2T14 vs. 2T13 2T14 vs. 1T14 3 9M14 vs. 9M13 3T14 vs. 3T13 3T14 vs. 2T14 4 2014 vs. 2013 4T14 vs. 4T13 4T14 vs. 3T14 1 3M14 vs. 3M13 1Q14 vs. 1Q13 1Q14 vs. 4Q13 2 6M14 vs. 6M13 2Q14 vs. 2Q13 2Q14 vs. 1Q14 3 9M14 vs. 9M13 3Q14 vs. 3Q13 3Q14 vs. 2Q14 4 2014 vs. 2013 4Q14 vs. 4Q13 4Q14 vs. 3Q14 Millones de 9M15 9M14 % var % var comp. 3T15 3T14 % var % var comp. Millions of 9M15 9M14 % var l-t-l % var 3Q15 3Q14 % var l-t-l % var dólares US US dollars Ventas Netas 784.27002605915959 860.73764910719296 -8.883964019390822E-2 1.4861198344170264E-2 409.27064760813437 448.58992464871625 -8.7650825130261609E-2 1.135810393940139E-2 Net Sales 784.27002605915959 860.73764910719296 -8.883964019390822E-2 1.4861198344170264E-2 409.27064760813437 448.58992464871625 -8.7650825130261609E-2 1.135810393940139E-2 Flujo de Oper. 147.14471574470284 181.13800625970453 -0.18766514668525278 -0.11477187114803669 74.567268092789348 99.777551002263849 -0.25266487958701755 -0.18531790699218817 Op. EBITDA 147.14471574470284 181.13800625970453 -0.18766514668525278 -0.11477187114803669 74.567268092789348 99.777551002263849 -0.25266487958701755 -0.18531790699218817 % ventas netas 0.18761996615385543 0.2104450832929074 (2.2pp) 0.18219549466490326 0.2224248595872903 (4.0pp) as % net sales 0.18761996615385543 0.2104450832929074 (2.2pp) 0.18219549466490326 0.2224248595872903 (4.0pp) -2.2825117139% -2.1999999999999993 -4.2293649224% -4 Volumen 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 Volume 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Cemento -4.202241311310672E-2 4.5439604569364897E-2 2.2735010159175992E-2 Cement -4.202241311310672E-2 4.5439604569364897E-2 2.2735010159175992E-2 Concreto 3.6197014868509118E-2 1.0376346094838909E-2 -5.8968472984881941E-2 Ready mix 3.6197014868509118E-2 1.0376346094838909E-2 -5.8968472984881941E-2 Agregados -7.1072206794538489E-2 -4.9843595680909236E-2 -4.4736656355000078E-2 Aggregates -7.1072206794538489E-2 -4.9843595680909236E-2 -4.4736656355000078E-2 Precio (ML)1 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 Price (LC)1 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Cemento -3.199384394883101E-3 -8.3985376688530788E-2 -5.242179554234027E-2 Cement -3.199384394883101E-3 -8.3985376688530788E-2 -5.242179554234027E-2 Concreto 1.7364745510869948E-2 2.3783079962581468E-2 -1.0788867552980947E-3 Ready mix 1.7364745510869948E-2 2.3783079962581468E-2 -1.0788867552980947E-3 Agregados 4.6382273489486522E-2 5.467033853392525E-2 -1.3037276492471482E-2 Aggregates 4.6382273489486522E-2 5.467033853392525E-2 -1.3037276492471482E-2 Validacion Ventas Netas 0 0 0 0 0 0 0 Flujo de Oper. 0 0 0 0 0 0 0 % ventas netas 0 0 #VALUE! 0 0 0 #VALUE! Volumen Cemento 0 0 0 Concreto 0 0 0 Agregados 0 0 0 Precio (ML) Cemento 0 0 0 Concreto 0 0 0 Agregados 0 0 0 3 Tercer Trimestre Segundo Trimestre Third Quarter Second Quarter Second Quarter Second Quarter Millones de dólares US 2015 2014 % Var. 2015 Millions of US dollars 2015 2014 % Var. 2015 Deuda Total1 15136.312232014347 16478.761254688539 -8.146540883297515E-2 15473.84896318296 Total debt1 15136.312232014347 16478.761254688539 -8.146540883297515E-2 15473.84896318296 Corto Plazo 2.442258243999831E-2 6.0614637705133499E-2 2.5280964391246146E-2 Short-term 2.442258243999831E-2 6.0614637705133499E-2 2.5280964391246146E-2 Largo Plazo 0.97557741756000171 0.93938536229486647 0.97471903560875384 Long-term 0.97557741756000171 0.93938536229486647 0.97471903560875384 Notas perpetuas 444.51025419999996 469.62215230000004 -5.3472558687900906E-2 460.15142850000001 Perpetual notes 444.51025419999996 469.62215230000004 -5.3472558687900906E-2 460.15142850000001 Efectivo y equivalentes 456.65 994.68700000000001 -0.54091085939597083 491.65606500000001 Cash and cash equivalents 456.65 994.68700000000001 -0.54091085939597083 491.65606500000001 Deuda neta más notas perpetuas 15124.172486214347 15953.696406988538 -5.1995719337545876E-2 15442.34432668296 Q2 Net debt plus perpetual notes 15124.172486214347 15953.696406988538 -5.1995719337545876E-2 15442.34432668296 Deuda Fondeada Consolidada2 /Flujo de operación3 5.18 5.37 5.14 5.54 Consolidated Funded Debt2 / EBITDA3 5.18 5.37 5.14 Cobertura de intereses3 4 2.59 2.21 2.5499999999999998 2.06 Interest coverage3 4 2.59 2.21 2.5499999999999998 *******Validar Deuda Fondeada e índice de cobertura de intereses Currency Denomination Tercer Trimestre Segundo Trimestre Currency Denomination Third Quarter Second Quarter US Dollar 0.83105819579155804 0.85504919661504808 0.8505678709069967 US Dollar 0.83105819579155804 0.85504919661504808 0.8505678709069967 Euro 0.16122868211380398 0.12855012961585643 0.136488065775693 Euro 0.16122868211380398 0.12855012961585643 0.136488065775693 Mexican Peso 3.9753465833892027E-3 1.4715318801329043E-2 1.0402393476306789E-2 Mexican Peso 3.9753465833892027E-3 1.4715318801329043E-2 1.0402393476306789E-2 Other 3.7377755112487782E-3 1.6853549677665455E-3 2.541669841003665E-3 Other 3.7377755112487782E-3 1.6853549677665455E-3 2.541669841003665E-3 Interest rate Interest rate Fixed 0.74096219385202922 0.69097956035695218 0.73529660999290058 Fixed 0.74096219385202922 0.69097956035695218 0.73529660999290058 Variable 0.25903780614797089 0.30902043964304782 0.26470339000709947 Variable 0.25903780614797089 0.30902043964304782 0.26470339000709947 Validacion Deuda Total1 0 0 0 0 0 Costo Plazo 0 0 0 0 0 Largo Plazo 0 0 0 0 0 Notas perpetuas 0 0 0 0 0 Efectivo y equivalentes 0 0 0 0 0 Deuda neta más notas perpetuas 0 0 0 0 0 Deuda Consolidada Fondeada2 /Flujo de operación3 0 0 0 0 0 Cobertura de intereses3 4 0 0 0 0 0 US Dollar 0 0 0 0 0 Euro 0 0 0 0 0 Mexican Peso 0 0 0 0 0 Other 0 0 0 0 0 Fixed 0 0 0 0 0 Variable 0 0 0 0 0 Input Primer Trimestre Segundo Trimestre Tercer Trimestre Cuarto Trimestre First Quarter Second Quarter Third Quarter Fourth Quarter Cemento gris doméstico Concreto Agregados Volúmenes Volúmenes Volúmenes crecimiento de un dígito alto high-single-digit growth Consolidado 1 crecimiento de un dígito bajo crecimiento de un dígito bajo a medio estable crecimiento de un dígito medio mid-single-digit growth México crecimiento de un dígito medio crecimiento de un dígito bajo estable disminución de un dígito medio a alto mid to high-single-digit decline Estados Unidos crecimiento de un dígito bajo crecimiento de doble dígito bajo crecimiento de un dígito medio crecimiento de un dígito bajo low-single-digit growth Alemania 1 0.02 0 -0.01 crecimiento de un dígito bajo a medio low to mid-single-digit growth Polonia 0.1 0.1 -0.05 crecimiento de un dígito medio a alto mid to high-single-digit growth Francia N/A -0.05 -0.05 crecimiento de doble dígito medio mid-teens growth Reino Unido 0.06 -0.01 0.04 crecimiento de doble dígito bajo growth in the low teens España 1 disminución de un dígito medio -0.22 -7.0000000000000007E-2 estable a ligeramente negativo flat to slightly negative Egipto -0.09 0.52 -0.04 disminución de un dígito medio mid-single-digit decline Colombia disminución de un dígito medio estable estable a ligeramente negativo disminución de un dígito bajo low-single-digit decline Panamá disminución de un dígito bajo disminución de un dígito bajo crecimiento de un dígito alto crecimiento de doble dígito bajo low-double-digit growth Costa Rica crecimiento de un dígito alto crecimiento de doble dígito bajo crecimiento de doble dígito bajo estable flat Filipinas 0.2 N/A N/A row height anterior: 24 Domestic gray cement Ready mix Aggregates Volumes Volumes Volumes Consolidated 1 low-single-digit growth low to mid-single-digit growth flat Mexico mid-single-digit growth low-single-digit growth flat United States low-single-digit growth low-teens growth mid-single-digit growth Germany 1 0.02 0 -0.01 Poland 0.1 0.1 -0.05 France N/A -0.05 -0.05 UK 0.06 -0.01 0.04 Spain 1 mid-single-digit decline -0.22 -7.0000000000000007E-2 Egypt -0.09 0.52 -0.04 Colombia mid-single-digit decline flat flat to slightly negative Panama low-single-digit decline low-single-digit decline high-single-digit growth Costa Rica high-single-digit growth low-double-digit growth low-double-digit growth Philippines 0.2 N/A N/A Validacion Consolidated #VALUE! #VALUE! #VALUE! Mexico #VALUE! #VALUE! #VALUE! United States #VALUE! #VALUE! #VALUE! Germany 0 0 0 Poland 0 0 0 France 0 0 UK 0 0 0 Spain #VALUE! 0 0 Egypt 0 0 0 Colombia #VALUE! #VALUE! #VALUE! Panama #VALUE! #VALUE! #VALUE! Costa Rica #VALUE! #VALUE! #VALUE! Philippines 0 3 Enero - Septiembre Tercer Trimestre January - September Third Quarter Millones de dólares US 2015 2014 % var % var comp. 2015 2014 % var % var comp. Millions of US dollars 2015 2014 % var l-t-l % var 2015 2014 % var l-t-l % var Ventas netas 7244.4138369786633 7736.5399084135834 -6.3610616278179669E-2 6.1697413430910009E-2 3838.7910335449842 4154.2218230796288 -7.5930174884307922E-2 5.4662785023319331E-2 Net sales 7244.4138369786633 7736.5399084135834 -6.3610616278179669E-2 6.1697413430910009E-2 3838.7910335449842 4154.2218230796288 -7.5930174884307922E-2 5.4662785023319331E-2 Utilidad bruta 2336.7480910573463 2312.8392944670431 1.0337422339502612E-2 0.13000888266263338 1300.545658810518 1331.2256350746472 -2.3046413362081034E-2 0.10224937595115675 Gross profit 2336.7480910573463 2312.8392944670431 1.0337422339502612E-2 0.13000888266263338 1300.545658810518 1331.2256350746472 -2.3046413362081034E-2 0.10224937595115675 Resultado de operación antes de otros gastos, neto 833.84079422199659 721.53719497804946 0.15564492035280808 0.28309803028731145 496.4080168498765 455.8995320183609 8.8853973269453018E-2 0.22933600793518663 Operating earnings before other expenses, net 833.84079422199659 721.53719497804946 0.15564492035280808 0.28309803028731145 496.4080168498765 455.8995320183609 8.8853973269453018E-2 0.22933600793518663 Flujo de operación 1314.3331382398801 1269.6823673117578 3.5166882739861495E-2 0.14136189772662333 743.50651817272387 737.12034623267118 8.663676118413453E-3 0.12628381256651272 Operating EBITDA 1314.3331382398801 1269.6823673117578 3.5166882739861495E-2 0.14136189772662333 743.50651817272387 737.12034623267118 8.663676118413453E-3 0.12628381256651272 Flujo de efectivo libre después de inv AF mtto 292.11629818323513 -43.596466676854405 N/A 436.40828961491366 349.58931305192033 0.24834562534266927 Free cash flow after maintenance capex 292.11629818323513 -43.596466676854405 N/A 436.40828961491366 349.58931305192033 0.24834562534266927 Current year 2015 Previous year 2014 ****Si en alguno de los dos años existe un flujo negativo el % var es = N/A Validación Ventas netas 0 0 0 0 0 0 0 0 Utilidad bruta 0 0 0 0 0 0 0 0 Resultado de operación 0 0 0 0 0 0 0 0 Flujo de operación 0 0 0 0 0 0 0 0 Flujo de efectivo libre 0 0 #VALUE! 0 0 0 0 0 Enero - Marzo Primer Trimestre January - March First Quarter Enero - Junio Segundo Trimestre January - June Second Quarter Enero - Septiembre Tercer Trimestre January - September Third Quarter Enero - Diciembre Cuarto Trimestre January - December Fourth Quarter Cemento gris doméstico Concreto Agregados Domestic gray cement Ready mix Aggregates 3T15 vs. 3T14 3T15 vs. 3T14 3T15 vs. 3T14 3Q15 vs. 3Q14 3Q15 vs. 3Q14 3Q15 vs. 3Q14 Volumen Precios (USD) Precios Volumen Precios (USD) Precios Volumen Precios (USD) Precios Volumes Prices (USD) Prices Volumes Prices (USD) Prices Volumes Prices (USD) Prices (ML) (ML) (ML) (LC) (LC) (LC) México -4.2148970612077327E-2 -9.0571183912531522E-2 0.13924672058926651 -0.1258555010037776 -0.12416108846409224 9.6738645973731996E-2 -0.15883301035107458 -0.14719980783527972 6.7826187203202201E-2 Mexico -4.2148970612077327E-2 -9.0571183912531522E-2 0.13924672058926651 -0.1258555010037776 -0.12416108846409224 9.6738645973731996E-2 -0.15883301035107458 -0.14719980783527972 6.7826187203202201E-2 Estados Unidos 3.7135688415922304E-2 6.4004195529207497E-2 6.4004195529207497E-2 0.1463243196598496 5.3517597785143686E-2 5.3517597785143686E-2 0.10614407467385265 -1.8444792113992605E-2 -1.8444792113992605E-2 U.S. 3.7135688415922304E-2 6.4004195529207497E-2 6.4004195529207497E-2 0.1463243196598496 5.3517597785143686E-2 5.3517597785143686E-2 0.10614407467385265 -1.8444792113992605E-2 -1.8444792113992605E-2 Alemania 1 -0.49295469426375577 -9.8564102754659128E-2 6.1563336004164436E-2 -0.43365945075064388 -0.14509509783627875 6.9992439149086389E-3 -0.57699095965182612 -0.15863157314034526 -9.147834518654932E-3 Germany 1 -0.49295469426375577 -9.8564102754659128E-2 6.1563336004164436E-2 -0.43365945075064388 -0.14509509783627875 6.9992439149086389E-3 -0.57699095965182612 -0.15863157314034526 -9.147834518654932E-3 Polonia -1.5674586811289484E-2 -0.18396724286362973 -3.3123916354843651E-2 0.29096315003781986 -0.11039213195967125 5.3121235198659578E-2 -7.9658237986576827E-2 -0.12976108359823971 2.921867783041401E-2 Poland -1.5674586811289484E-2 -0.18396724286362973 -3.3123916354843651E-2 0.29096315003781986 -0.11039213195967125 5.3121235198659578E-2 -7.9658237986576827E-2 -0.12976108359823971 2.921867783041401E-2 Francia N/A N/A N/A -2.7352781014588216E-2 -0.17520822302452299 -2.7067125025767174E-2 -4.9041397093110362E-3 -0.17387646377164948 -2.5844999181947877E-2 France N/A N/A N/A -2.7352781014588216E-2 -0.17520822302452299 -2.7067125025767174E-2 -4.9041397093110362E-3 -0.17387646377164948 -2.5844999181947877E-2 Reino Unido 3.387589501427541E-2 -2.9952692593701685E-2 4.5689208547530537E-2 -7.559172488709227E-3 -3.7493263333136323E-2 3.7191983821701177E-2 5.3517656772961067E-2 -2.4467484359581727E-2 5.1269518572634981E-2 UK 3.387589501427541E-2 -2.9952692593701685E-2 4.5689208547530537E-2 -7.559172488709227E-3 -3.7493263333136323E-2 3.7191983821701177E-2 5.3517656772961067E-2 -2.4467484359581727E-2 5.1269518572634981E-2 España 2 0.31585875667961583 -0.14067110297763058 1.6402125131510119E-2 -0.18454436542566596 -5.9985805440840312E-2 0.10953042777216741 -2.6020561841136106E-2 -0.24835594999649824 -0.11156753476795662 Spain 2 0.31585875667961583 -0.14067110297763058 1.6402125131510119E-2 -0.18454436542566596 -5.9985805440840312E-2 0.10953042777216741 -2.6020561841136106E-2 -0.24835594999649824 -0.11156753476795662 Egipto -1.7182441019733923E-2 -0.19671335346746602 -0.12299111444424089 0.39756087478971991 -3.3761497703893265E-2 5.490676927787215E-2 -0.44341230454609354 0.9388797228973853 1.1167409725324904 Egypt -1.7182441019733923E-2 -0.19671335346746602 -0.12299111444424089 0.39756087478971991 -3.3761497703893265E-2 5.490676927787215E-2 -0.44341230454609354 0.9388797228973853 1.1167409725324904 Colombia -6.1571578038221435E-2 -0.27921494612548037 0.12410133224891517 -8.4918226955879528E-2 -0.31092644553949533 7.4430465642001828E-2 -0.11305319368985166 -0.31038666400167952 7.5859915178967993E-2 Colombia -6.1571578038221435E-2 -0.27921494612548037 0.12410133224891517 -8.4918226955879528E-2 -0.31092644553949533 7.4430465642001828E-2 -0.11305319368985166 -0.31038666400167952 7.5859915178967993E-2 Panamá -0.22628920674936098 7.1655248895695967E-2 7.1655248895695967E-2 -0.19840108833005088 -5.4483846385567768E-2 -5.4483846385567768E-2 -5.2267972890378527E-3 4.4630582849492367E-2 4.4630582849492367E-2 Panama -0.22628920674936098 7.1655248895695967E-2 7.1655248895695967E-2 -0.19840108833005088 -5.4483846385567768E-2 -5.4483846385567768E-2 -5.2267972890378527E-3 4.4630582849492367E-2 4.4630582849492367E-2 Costa Rica 0.13921061141468383 2.4218912331909269E-3 -4.5788354260189075E-3 0.12158961312395825 -4.3259538381874157E-2 -4.9884708735900181E-2 -8.188330849346219E-2 -2.0825832744672798E-2 -2.762885042928467E-2 Costa Rica 0.13921061141468383 2.4218912331909269E-3 -4.5788354260189075E-3 0.12158961312395825 -4.3259538381874157E-2 -4.9884708735900181E-2 -8.188330849346219E-2 -2.0825832744672798E-2 -2.762885042928467E-2 Filipinas 0.24522863490610428 -2.608447842736018E-2 2.7872787754793519E-2 N/A N/A N/A N/A N/A N/A Philippines 0.24522863490610428 -2.608447842736018E-2 2.7872787754793519E-2 N/A N/A N/A N/A N/A N/A ****Precio en USA son actual basis y los volumenes ya no son like-to-like On a like-to-like basis for the ongoing operations Validacion México 0 0 0 0 0 0 0 0 0 Estados Unidos 0 0 0 0 0 0 0 0 0 España 0 0 0 0 0 0 0 0 0 Reino Unido 0 0 0 0 0 0 0 0 0 Francia 0 0 0 0 0 0 Alemania 0 0 0 0 0 0 0 0 0 Polonia 0 0 0 0 0 0 0 0 0 Colombia 0 0 0 0 0 0 0 0 0 Panamá 0 0 0 0 0 0 0 0 0 Costa Rica 0 0 0 0 0 0 0 0 0 Egipto 0 0 0 0 0 0 0 0 0 Filipinas 0 0 0 Quarter 3 Current Year 2015 Previous Year 2014 Current year (last 2 digits) 15 Previous year (last 2 digits) 14 Millones de 9M15 9M14 % var % var comp. 3T15 3T14 % var % var comp. Millions of 9M15 9M14 % var l-t-l % var 3Q15 3Q14 % var l-t-l % var dólares US US dollars Ventas Netas 1604.6222675732611 2048.5007851882729 -0.21668457284687642 2.6426619202861327E-2 904.05624117195782 1137.6650859386843 -0.2053406117969917 3.8729878029176781E-2 Net Sales 1604.6222675732611 2048.5007851882729 -0.21668457284687642 2.6426619202861327E-2 904.05624117195782 1137.6650859386843 -0.2053406117969917 3.8729878029176781E-2 Flujo de Oper. 146.58413723706983 133.25656776476987 0.1000143534825718 0.23012565985023328 111.12836414210659 120.91933041456512 -8.0971059291270964E-2 0.11135009657850391 Op. EBITDA 146.58413723706983 133.25656776476987 0.1000143534825718 0.23012565985023328 111.12836414210659 120.91933041456512 -8.0971059291270964E-2 0.11135009657850391 % ventas netas 9.1351179776% 6.5050777002% 2.6pp 0.12292195892375815 0.10628728253077654 1.7pp as % net sales 9.1351179776% 6.5050777002% 2.6pp 0.12292195892375815 0.10628728253077654 1.7pp 2.6300402774% 2.5999999999999996 1.6634676393% 1.7000000000000011 Volumen 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 Volume 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Cemento -1.0162524770599427E-2 -9.0137457996752046E-2 1.5050375196509093E-2 Cement -1.0162524770599427E-2 -9.0137457996752046E-2 1.5050375196509093E-2 Concreto -0.12717194373886939 -0.10528426055045281 2.229457678261728E-2 Ready mix -0.12717194373886939 -0.10528426055045281 2.229457678261728E-2 Agregados -0.18422190174636596 -0.17838499291029317 1.6149834308856727E-2 Aggregates -0.18422190174636596 -0.17838499291029317 1.6149834308856727E-2 Precio (ML)1 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 Price (LC)1 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Cemento 1.6769339773977762E-2 2.9063306155198684E-2 -1.0028214085130403E-2 Cement 1.6769339773977762E-2 2.9063306155198684E-2 -1.0028214085130403E-2 Concreto 1.0415319771973616E-2 3.0291915925896471E-3 -1.5751563691395947E-2 Ready mix 1.0415319771973616E-2 3.0291915925896471E-3 -1.5751563691395947E-2 Agregados 8.965641548285759E-2 7.6527672937854674E-2 -9.4560578463184983E-3 Aggregates 8.965641548285759E-2 7.6527672937854674E-2 -9.4560578463184983E-3 Validacion Ventas Netas 0 0 0 0 0 0 0 Flujo de Oper. 0 0 0 0 0 0 0 % ventas netas 0 0 #VALUE! 0 0 0 #VALUE! Volumen Cemento 0 0 0 Concreto 0 0 0 Agregados 0 0 0 Precio (ML) Cemento 0 0 0 Concreto 0 0 0 Agregados 0 0 0 Enero - Septiembre Tercer Trimestre January - September Third Quarter Millones de dólares US 2015 2014 % var % var comp. 2015 2014 % var % var comp. Millions of US dollars 2015 2014 % var l-t-l % var 2015 2014 % var l-t-l% var Ventas netas 7244.4138369786633 7736.5399084135834 -6.3610616278179669E-2 6.1697413430910009E-2 3838.7910335449842 4154.2218230796288 -7.5930174884307922E-2 5.4662785023319331E-2 Net sales 7244.4138369786633 7736.5399084135834 -6.3610616278179669E-2 6.1697413430910009E-2 3838.7910335449842 4154.2218230796288 -7.5930174884307922E-2 5.4662785023319331E-2 Flujo de operación 1314.3331382398801 1269.6823673117578 3.5166882739861495E-2 0.14136189772662333 743.50651817272387 737.12034623267118 8.663676118413453E-3 0.12628381256651272 Operating EBITDA 1314.3331382398801 1269.6823673117578 3.5166882739861495E-2 0.14136189772662333 743.50651817272387 737.12034623267118 8.663676118413453E-3 0.12628381256651272 % de ventas netas 0.18142711995978855 0.16411501554214986 1.7pp 0.19368246712979387 0.17743885079449739 1.7pp as % net sales 0.18142711995978855 0.16411501554214986 1.7pp 0.19368246712979387 0.17743885079449739 1.7pp Costo de ventas 4907.6657459213184 5423.7006139465402 9.5144423476894419E-2 2538.2453747344662 2822.9961880049818 0.10086829535244603 Cost of sales 4907.6657459213184 5423.7006139465402 9.5144423476894419E-2 2538.2453747344662 2822.9961880049818 0.10086829535244603 % de ventas netas 0.67744138537067577 0.7010499109619015 2.4pp 0.6612095715953803 0.67954873577555475 1.9pp as % net sales 0.67744138537067577 0.7010499109619015 2.4pp 0.6612095715953803 0.67954873577555475 1.9pp Gastos de operación 1502.9072968353496 1591.3020994889937 5.5548724960540023E-2 804.13764196064153 875.32610305628623 8.1327931209960846E-2 Operating expenses 1502.9072968353496 1591.3020994889937 5.5548724960540023E-2 804.13764196064153 875.32610305628623 8.1327931209960846E-2 % de ventas netas 0.20745740520286846 0.20568653665942224 (0.1pp) 0.20947679489030421 0.21070759827827032 0.2pp as % net sales 0.20745740520286846 0.20568653665942224 (0.1pp) 0.20947679489030421 0.21070759827827032 0.2pp Los pp se calculan a mano 1.7% 1.7000000000000028 1.6% 1.6999999999999993 Signos de las variaciones 2.4% -2.3999999999999915 1.8% -1.9000000000000057 Celdas d6, d8 y d10 - i6, i8, i10 -0.2% 9.9999999999997868E-2 .1% -0.20000000000000284 enero - sep (ejemplo d6) 0.1762760499854851 0.17807989264544932 -0.19999999999999901 flujo de operación 20.5 20.3 -0.19999999999999929 gastos de operación Validacion Ventas netas 0 0 0 0 0 0 0 0 0 Flujo de operación 0 0 0 0 0 0 0 0 0 % de ventas netas 0 0 #VALUE! 0 0 0 0 #VALUE! 0 Costo de ventas 0 0 0 0 0 0 0 0 0 % de ventas netas 0 0 #VALUE! 0 0 0 0 #VALUE! 0 Gastos de operación 0 0 0 0 0 0 0 0 0 % de ventas netas 0 0 #VALUE! 0 0 0 0 #VALUE! 0 *****Los pp se calculan a mano Millones de 9M15 9M14 % var % var comp. 3T15 3T14 % var % var comp. Millions of 9M15 9M14 % var l-t-l % var 3Q15 3Q14 % var l-t-l % var dólares US US dollars Ventas Netas 1875.5959690527718 1748.6227216758787 7.2613289192080335E-2 7.2613289192080335E-2 1008.0077589380496 957.10536710161148 5.3183686547057199E-2 5.3183686547057199E-2 Net Sales 1875.5959690527718 1748.6227216758787 7.2613289192080335E-2 7.2613289192080335E-2 1008.0077589380496 957.10536710161148 5.3183686547057199E-2 5.3183686547057199E-2 Flujo de Oper. 219.71777150050968 146.94316720074835 0.49525681041255476 0.49525681041255476 155.9307716408405 119.07962883798331 0.30946638952827032 0.30946638952827032 Op. EBITDA 219.71777150050968 146.94316720074835 0.49525681041255476 0.49525681041255476 155.9307716408405 119.07962883798331 0.30946638952827032 0.30946638952827032 % ventas netas 0.11714557672645952 8.4033659965% 3.3pp 0.15469203511401119 0.12441642574692736 3.1pp as % net sales 0.11714557672645952 8.4033659965% 3.3pp 0.15469203511401119 0.12441642574692736 3.1pp 3.3111916761% 3.2999999999999989 3.2756093671% 3.0999999999999996 Volumen 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 Volume 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Cemento 1.0585394905980662E-2 3.7135688415922304E-2 8.5110453148386306E-2 Cement 1.0585394905980662E-2 3.7135688415922304E-2 8.5110453148386306E-2 Concreto 0.13371283086131391 0.1463243196598496 8.2204694218961136E-2 Ready mix 0.13371283086131391 0.1463243196598496 8.2204694218961136E-2 Agregados 5.6207384934765452E-2 0.10614407467385265 9.1998949104279651E-2 Aggregates 5.6207384934765452E-2 0.10614407467385265 9.1998949104279651E-2 Precio (ML) 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 Price (LC) 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Cemento 7.3429351521194855E-2 6.4004195529207636E-2 -1.6327574018987761E-3 Cement 7.3429351521194855E-2 6.4004195529207636E-2 -1.6327574018987761E-3 Concreto 6.0960440086342611E-2 5.3517597785143464E-2 1.7304576276492213E-2 Ready mix 6.0960440086342611E-2 5.3517597785143464E-2 1.7304576276492213E-2 Agregados -1.1617329339339898E-3 -1.8444792113992605E-2 -1.3100455111838971E-2 Aggregates -1.1617329339339898E-3 -1.8444792113992605E-2 -1.3100455111838971E-2 Validacion Ventas Netas 0 0 0 0 0 0 0 Flujo de Oper. 0 0 0 0 0 0 0 % ventas netas 0 0 #VALUE! 0 0 0 #VALUE! Volumen Cemento 0 0 0 Concreto 0 0 0 Agregados 0 0 0 Precio (ML) Cemento 0 0 0 Concreto 0 0 0 Agregados 0 0 0 Cemento gris doméstico Concreto Agregados Domestic gray cement Ready mix Aggregates 9M15 vs. 9M14 9M15 vs. 9M14 9M15 vs. 9M14 9M15 vs. 9M14 9M15 vs. 9M14 9M15 vs. 9M14 Volumen Precios (USD) Precios Volumen Precios (USD) Precios Volumen Precios (USD) Precios Volumes Prices (USD) Prices Volumes Prices (USD) Prices Volumes Prices (USD) Prices (ML) (ML) (ML) (LC) (LC) (LC) México 3.8983641753964238E-2 -9.3299124159473473E-2 5.6154628066892767E-2 -1.1684109463155365E-2 -0.10559259041019226 5.3162828819335851E-2 -5.0564047473017834E-2 -9.9892930458353277E-2 7.7364580791179999E-2 Mexico 3.8983641753964238E-2 -9.3299124159473473E-2 5.6154628066892767E-2 -1.1684109463155365E-2 -0.10559259041019226 5.3162828819335851E-2 -5.0564047473017834E-2 -9.9892930458353277E-2 7.7364580791179999E-2 Estados Unidos 1.0585394905980662E-2 7.3429351521194855E-2 7.8731262807352473E-2 0.13371283086131391 6.0960440086342611E-2 6.0960440086342611E-2 5.6207384934765452E-2 -1.1617329339339898E-3 -1.1617329339339898E-3 U.S. 1.0585394905980662E-2 7.3429351521194855E-2 7.8731262807352473E-2 0.13371283086131391 6.0960440086342611E-2 6.0960440086342611E-2 5.6207384934765452E-2 -1.1617329339339898E-3 -1.1617329339339898E-3 Alemania 1 -0.47676213973180886 -0.12146213733873124 7.1055685261205717E-2 -0.46148664587120192 -0.16725597204040901 1.6495629000024013E-2 -0.60863988135727831 -0.14447174721175318 7.2326930086079363E-2 Germany 1 -0.47676213973180886 -0.12146213733873124 7.1055685261205717E-2 -0.46148664587120192 -0.16725597204040901 1.6495629000024013E-2 -0.60863988135727831 -0.14447174721175318 7.2326930086079363E-2 Polonia 0.19120848616908212 -0.21853838335318831 -8.0570468477982118E-2 0.26646555306726888 -0.16067946588626358 -5.725542571837966E-3 -6.67961144862457E-2 -9.2426086279228797E-2 0.15196115822124023 Poland 0.19120848616908212 -0.21853838335318831 -8.0570468477982118E-2 0.26646555306726888 -0.16067946588626358 -5.725542571837966E-3 -6.67961144862457E-2 -9.2426086279228797E-2 0.15196115822124023 Francia N/A N/A N/A -8.1192105405830745E-2 -0.19176365367467624 -9.1428130957039271E-3 -3.2270738791169158E-2 -0.18977305407834108 -6.409999500463226E-3 France N/A N/A N/A -8.1192105405830745E-2 -0.19176365367467624 -9.1428130957039271E-3 -3.2270738791169158E-2 -0.18977305407834108 -6.409999500463226E-3 Reino Unido 9.3860836967273487E-2 -4.3926515967053346E-2 3.9504611588031861E-2 -1.4300949027183289E-2 -2.224520234197418E-2 7.9794757571932273E-2 4.2380454341383531E-2 -2.4474244837417624E-2 6.8763914616242802E-2 UK 9.3860836967273487E-2 -4.3926515967053346E-2 3.9504611588031861E-2 -1.4300949027183289E-2 -2.224520234197418E-2 7.9794757571932273E-2 4.2380454341383531E-2 -2.4474244837417624E-2 6.8763914616242802E-2 España 2 0.32277310115014912 -0.14849654658134345 4.8827655359767179E-2 -0.17843195599060088 -5.8914374897312702E-2 0.16433963468798773 1.9220645988476752E-3 -0.20789600830339539 6.8962367162707832E-3 Spain 2 0.32277310115014912 -0.14849654658134345 4.8827655359767179E-2 -0.17843195599060088 -5.8914374897312702E-2 0.16433963468798773 1.9220645988476752E-3 -0.20789600830339539 6.8962367162707832E-3 Egipto -0.12871219338404574 -9.9099515399846294E-2 2.7065232863038403E-2 0.49951426401142723 5.2454756474634032E-2 0.18517680181407634 -0.15022355470035667 0.92268907511118836 0.93990779952217085 Egypt -0.12871219338404574 -9.9099515399846294E-2 2.7065232863038403E-2 0.49951426401142723 5.2454756474634032E-2 0.18517680181407634 -0.15022355470035667 0.92268907511118836 0.93990779952217085 Colombia -9.174663248999812E-2 -0.23783876236281051 6.0055956324664584E-3 -3.5174547324839907E-3 -0.2297746954981541 3.9666803482432109E-2 -2.5435257558311032E-2 -0.24350617312496525 1.0954628711471945E-2 Colombia -9.174663248999812E-2 -0.23783876236281051 6.0055956324664584E-3 -3.5174547324839907E-3 -0.2297746954981541 3.9666803482432109E-2 -2.5435257558311032E-2 -0.24350617312496525 1.0954628711471945E-2 Panamá -4.6269123670614906E-2 3.2050783850116969E-2 3.2050783850116969E-2 -7.7056335007708449E-2 -3.61488608980782E-2 -3.61488608980782E-2 6.1723294310264777E-2 3.2054599414918561E-2 3.2054599414918561E-2 Panama -4.6269123670614906E-2 3.2050783850116969E-2 3.2050783850116969E-2 -7.7056335007708449E-2 -3.61488608980782E-2 -3.61488608980782E-2 6.1723294310264777E-2 3.2054599414918561E-2 3.2054599414918561E-2 Costa Rica 0.11595253240745802 3.6692262273075434E-2 2.363029899570239E-2 0.14242903016829556 -3.0792542122950899E-2 -4.3064409577607758E-2 0.20213889520397194 -3.0357294156886741E-3 -1.6117767823796883E-2 Costa Rica 0.11595253240745802 3.6692262273075434E-2 2.363029899570239E-2 0.14242903016829556 -3.0792542122950899E-2 -4.3064409577607758E-2 0.20213889520397194 -3.0357294156886741E-3 -1.6117767823796883E-2 Filipinas 0.23447555535606657 3.9699133987485804E-3 2.2190483956179455E-2 N/A N/A N/A N/A N/A N/A Philippines 0.23447555535606657 3.9699133987485804E-3 2.2190483956179455E-2 N/A N/A N/A N/A N/A N/A ****Precio en USA son actual basis y los volumenes ya no son like-to-like Validacion México 0 0 0 0 0 0 0 0 0 Estados Unidos 0 0 0 0 0 0 0 0 0 España 0 0 0 0 0 0 0 0 0 Reino Unido 0 0 0 0 0 0 0 0 0 Francia 0 0 0 0 0 0 Alemania 0 0 0 0 0 0 0 0 0 Polonia 0 0 0 0 0 0 0 0 0 Colombia 0 0 0 0 0 0 0 0 0 Panamá 0 0 0 0 0 0 0 0 0 Costa Rica 0 0 0 0 0 0 0 0 0 Egipto 0 0 0 0 0 0 0 0 0 Filipinas 0 0 0 Enero - Septiembre Tercer Trimestre January - September Third Quarter Millones de dólares US 2015 2014 % var 2015 2014 % var Millions of US dollars 2015 2014 % var 2015 2014 % var Flujo de operación 2008.6239395289624 2037.0514380228135 -1.395521878497244E-2 692.31927546714883 766.94658836858002 -9.7304446011260856E-2 Operating EBITDA 2008.6239395289624 2037.0514380228135 -1.395521878497244E-2 692.31927546714883 766.94658836858002 -9.7304446011260856E-2 - Gasto financiero neto 884.64349904519395 1026.4742562737599 282.16484990958401 334.65428972809701 - Net Financial Expense 884.64349904519395 1026.4742562737599 282.16484990958401 334.65428972809701 - Inversiones en activo fijo de mantenimiento 304.98707453762398 297.51014554142898 110.137000343468 108.049715027435 - Maintenance Capex 304.98707453762398 297.51014554142898 110.137000343468 108.049715027435 - Inversiones en capital de trabajo 128.568931948629 381.38633855870501 -138.42940793115599 -69.835547084801405 - Change in Working Cap 128.568931948629 381.38633855870501 -138.42940793115599 -69.835547084801405 - Impuestos 452.28596707190098 483.181635264992 48.8378921118913 46.262524564358102 - Taxes Paid 452.28596707190098 483.181635264992 48.8378921118913 46.262524564358102 - Otros gastos -53.9778312576207 -107.904470939218 -46.799348581552103 -1.773706918429 - Other Cash Items (net) -53.9778312576207 -107.904470939218 -46.799348581552103 -1.773706918429 Flujo de efectivo libre después de inv AF mtto 292.11629818323513 -43.596466676854405 N/A 436.40828961491366 349.58931305192033 0.24834562534266927 Free Cash Flow after Maint. Capex 292.11629818323513 -43.596466676854405 N/A 436.40828961491366 349.58931305192033 0.24834562534266927 - Inversiones en activo fijo estratégicas 174.94298358137999 100.96568280578801 59.682523803508097 46.248775906179901 - Strategic Capex 174.94298358137999 100.96568280578801 59.682523803508097 46.248775906179901 Flujo de efectivo libre 117.17331460185514 -144.56214948264241 N/A 376.72576581140555 303.34053714574043 0.24192357986894142 Free Cash Flow 117.17331460185514 -144.56214948264241 N/A 376.72576581140555 303.34053714574043 0.24192357986894142 ****Validar los signos de las variaciones ****Si en alguno de los dos años existe un flujo negativo el % var es = N/A VALIDAR FORMULAS PARA 3Q13 HAY UN N/A Validacion Flujo de operación 0 0 0 0 0 0 0 - Gasto financiero neto 0 0 0 0 0 0 0 - Inversiones en activo fijo de mantenimiento 0 0 0 0 0 0 0 - Inversiones en capital de trabajo 0 0 0 0 0 0 0 - Impuestos 0 0 0 0 0 0 0 - Otros gastos 0 0 0 0 0 0 0 Flujo de efectivo libre después 0 0 #VALUE! 0 0 0 0 - Inversiones en activo fijo estratégicas 0 0 0 0 0 0 0 Flujo de efectivo libre 0 0 #VALUE! 0 0 0 0 0 0 0 0 0 0 0 3 Current year 2015 Last 2 digits 15 *****Los pp se calculan a mano Previous year 2014 Last 2 digits 14 Millones de 9M15 9M14 % var % var comp. 3T15 3T14 % var % var comp. Millions of 9M15 9M14 % var l-t-l % var 3Q15 3Q14 % var l-t-l % var dólares US US dollars Ventas Netas 1510.9371077092997 1551.3757069443514 -2.6066283656523914E-2 0.1352647212644946 745.48745451208811 815.71805785427932 -8.6096663750377916E-2 9.0060494354792089E-2 Net Sales 1510.9371077092997 1551.3757069443514 -2.6066283656523914E-2 0.1352647212644946 745.48745451208811 815.71805785427932 -8.6096663750377916E-2 9.0060494354792089E-2 Flujo de Oper. 517.67206782975529 497.12338452516781 4.133517743128251E-2 0.21074078491155471 256.044998321332 247.09188669097941 3.6233936088519263E-2 0.23793643632655559 Op. EBITDA 517.67206782975529 497.12338452516781 4.133517743128251E-2 0.21074078491155471 256.044998321332 247.09188669097941 3.6233936088519263E-2 0.23793643632655559 % ventas netas 0.34261655577086669 0.32044035645261004 2.3pp 0.34345983526833479 0.30291334648266444 4.0pp as % net sales 0.34261655577086669 0.32044035645261004 2.3pp 0.34345983526833479 0.30291334648266444 4.0pp 2.2176199318% 2.2999999999999972 ajustar pp 4.5464887857% 3.9999999999999964 ajustar pp -4.3000000000000043 Volumen 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 Volume 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Cemento 3.8983641753964411E-2 -4.2148970612077098E-2 -7.6760641059625156E-2 Cement 3.8983641753964411E-2 -4.2148970612077098E-2 -7.6760641059625156E-2 Concreto -1.1684109463155134E-2 -0.1258555010037776 -0.11422812517756337 Ready mix -1.1684109463155134E-2 -0.1258555010037776 -0.11422812517756337 Agregados -5.0564047473017834E-2 -0.15883301035107469 -8.3293781776868747E-2 Aggregates -5.0564047473017834E-2 -0.15883301035107469 -8.3293781776868747E-2 Precio (ML) 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 Price (LC) 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Cemento 8.218334067065633E-2 0.13924672058926618 6.7202723944524104E-2 Cement 8.218334067065633E-2 0.13924672058926618 6.7202723944524104E-2 Concreto 6.6348578821635557E-2 9.6738645973732232E-2 4.2341963737717932E-2 Ready mix 6.6348578821635557E-2 9.6738645973732232E-2 4.2341963737717932E-2 Agregados 7.2922763730225548E-2 6.7826187203202465E-2 1.5945021025174984E-2 Aggregates 7.2922763730225548E-2 6.7826187203202465E-2 1.5945021025174984E-2 Validación Ventas Netas 0 0 0 0 0 0 0 Flujo de Oper. 0 0 0 0 0 0 0 % ventas netas 0 0 #VALUE! 0 0 0 #VALUE! Volumen Cemento 0 0 0 Concreto 0 0 0 Agregados 0 0 0 Precio (ML) Cemento 0 0 0 Concreto 0 0 0 Agregados 0 0 0 Input 3M 3M15 3M14 1T 1T15 1T14 6M 6M15 6M14 2T 2T15 2T14 9M 9M15 9M14 3T 3T15 3T14 Yearly 2015 2014 4T 4T15 4T14 1Q 1Q15 1Q14 2Q 2Q15 2Q14 3Q 3Q15 3Q14 4Q 4Q15 4Q14 Millones de 9M15 9M14 % var % var comp. 3T15 3T14 % var % var comp. Millions of 9M15 9M14 % var l-t-l % var 3Q15 3Q14 % var l-t-l % var dólares US US dollars Ventas Netas 341.3440031950384 305.72900879319593 0.11649203502940572 0.13278036657671646 176.91238893237167 159.86727935697837 0.10662037687732286 0.13822664129228435 Net Sales 341.3440031950384 305.72900879319593 0.11649203502940572 0.13278036657671646 176.91238893237167 159.86727935697837 0.10662037687732286 0.13822664129228435 Flujo de Oper. 82.605278866815937 59.113961692806541 0.3973903372622038 0.39884222707239358 45.406614209579267 33.836041050322194 0.34196001660031372 0.36331637548695128 Op. EBITDA 82.605278866815937 59.113961692806541 0.3973903372622038 0.39884222707239358 45.406614209579267 33.836041050322194 0.34196001660031372 0.36331637548695128 % ventas netas 0.24200008816213661 0.19335411424040877 4.9pp 0.25666158533949174 0.21165082177177375 4.5pp as % net sales 0.24200008816213661 0.19335411424040877 4.9pp 0.25666158533949174 0.21165082177177375 4.5pp 4.8645973922% 4.8999999999999986 4.5010763568% 4.5 Volumen 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 Volume 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Cemento 0.1705736007411508 0.16384234125967209 -6.1388238043276241E-2 Cement 0.1705736007411508 0.16384234125967209 -6.1388238043276241E-2 Concreto -5.8661103640900047E-2 6.8778867802428909E-3 1.2267462061044631E-3 Ready mix -5.8661103640900047E-2 6.8778867802428909E-3 1.2267462061044631E-3 Agregados -0.13722977203692815 0.38112817953828537 6.5309761443673661E-2 Aggregates -0.13722977203692815 0.38112817953828537 6.5309761443673661E-2 Precio (ML)1 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 Price (LC)1 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Cemento 3.2206375238663987E-2 4.0304649987127912E-2 1.5721378719844262E-2 Cement 3.2206375238663987E-2 4.0304649987127912E-2 1.5721378719844262E-2 Concreto 1.7572258336373686E-2 1.0749564271322514E-2 2.3633642193547463E-3 Ready mix 1.7572258336373686E-2 1.0749564271322514E-2 2.3633642193547463E-3 Agregados -2.0423617866899099E-2 8.9799047768670801E-2 7.1601806330850754E-2 Aggregates -2.0423617866899099E-2 8.9799047768670801E-2 7.1601806330850754E-2 Validacion Ventas Netas 0 0 0 0 0 0 0 Flujo de Oper. 0 0 0 0 0 0 0 % ventas netas 0 0 #VALUE! 0 0 0 #VALUE! Volumen Cemento 0 0 0 Concreto 0 0 0 Agregados 0 0 0 Precio (ML) Cemento 0 0 0 Concreto 0 0 0 Agregados 0 0 0 Consolidated Leverage Ratio Applicable Margin > 5.50x 400 bps < 5.50x > 5.00 350 bps < 5.00x > 4.50 325 bps < 4.50x > 4.00 300 bps < 4.00x > 3.50 275 bps < 3.50x 250 bps Millones de 9M15 9M14 % var % var comp. 3T15 3T14 % var % var comp. Millions of 9M15 9M14 % var l-t-l % var 3Q15 3Q14 % var l-t-l % var dólares US US dollars Ventas Netas 984.86372539943477 1099.4073002541336 -0.10418666023794949 5.9217644308742871E-3 517.38603030418381 562.03754144405843 -7.9445780481407505E-2 4.6073842838749761E-2 Net Sales 984.86372539943477 1099.4073002541336 -0.10418666023794949 5.9217644308742871E-3 517.38603030418381 562.03754144405843 -7.9445780481407505E-2 4.6073842838749761E-2 Flujo de Oper. 308.22197324799095 364.64767543528416 -0.15474033152669134 -5.4821494302028685E-2 160.41092446826934 177.7257054658532 -9.7424179311588505E-2 2.1957220839446682E-2 Op. EBITDA 308.22197324799095 364.64767543528416 -0.15474033152669134 -5.4821494302028685E-2 160.41092446826934 177.7257054658532 -9.7424179311588505E-2 2.1957220839446682E-2 % ventas netas 0.31295900671230859 0.33167660006532063 (1.9pp) 0.31004108165417582 0.31621678688796778 (0.6pp) as % net sales 0.31295900671230859 0.33167660006532063 (1.9pp) 0.31004108165417582 0.31621678688796778 (0.6pp) -1.8717593353% -1.9000000000000021 -0.6175705234% -0.60000000000000142 Volumen 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 Volume 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Cemento -3.3666379973860704E-2 -1.9390969366526952E-2 1.897908779227387E-2 Cement -3.3666379973860704E-2 -1.9390969366526952E-2 1.897908779227387E-2 Concreto 1.8427540487627187E-3 -5.5672828218159755E-2 -1.6097505171313968E-2 Ready mix 1.8427540487627187E-3 -5.5672828218159755E-2 -1.6097505171313968E-2 Agregados 7.7476813452655568E-3 -3.0701895277377784E-2 1.0996452028193748E-2 Aggregates 7.7476813452655568E-3 -3.0701895277377784E-2 1.0996452028193748E-2 Precio (ML)1 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 Price (LC)1 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Cemento 1.0360088842981013E-2 3.4438414185923652E-2 1.4593416153082451E-2 Cement 1.0360088842981013E-2 3.4438414185923652E-2 1.4593416153082451E-2 Concreto 3.7192213553676134E-2 4.6479703524529452E-2 2.2804298458765474E-2 Ready mix 3.7192213553676134E-2 4.6479703524529452E-2 2.2804298458765474E-2 Agregados 2.7088014714911662E-2 2.7159402409111594E-2 -1.8233044504067326E-2 Aggregates 2.7088014714911662E-2 2.7159402409111594E-2 -1.8233044504067326E-2 Validacion Ventas Netas 0 0 0 0 0 0 0 Flujo de Oper. 0 0 0 0 0 0 0 % ventas netas 0 0 #VALUE! 0 0 0 #VALUE! Volumen Cemento 0 0 0 Concreto 0 0 0 Agregados 0 0 0 Precio (ML) Cemento 0 0 0 Concreto 0 0 0 Agregados 0 0 0 3 Tercer Trimestre Segundo Trimestre Third Quarter Second Quarter Millones de dólares US 2015 % del total 2014 % del total 2015 % del total Millions of US dollars 2015 % of total 2014 % of total 2015 % of total Contrato de Financiamiento 0 0 3724.4727330783326 0.22601402567141196 1909.2414242520747 0.12338587548949259 Facilities Agreement 0 0 3724.4727330783326 0.22601402567141196 1909.2414242520747 0.12338587548949259 Nuevo Crédito Sindicado 3172.4417491120294 0.20959291826159729 N/A N/A 1485.1596725550605 9.5979337192350966E-2 New Syndicated-Bank Loan Facility 3172.4417491120294 0.20959291826159729 N/A N/A 1485.1596725550605 9.5979337192350966E-2 Otra deuda bancaria / Capital de trabajo / CBs 210.41383988387318 1.3901358710915164E-2 305.79267104636631 1.8556568286883329E-2 208.60056511274553 1.3480936997855965E-2 Other bank / WC Debt / CBs 210.41383988387318 1.3901358710915164E-2 305.79267104636631 1.8556568286883329E-2 208.60056511274553 1.3480936997855965E-2 Renta Fija 10290.831160189675 0.67988177712175424 10736.392929139289 0.65152185584649247 10419.71641939226 0.6733804412726867 Fixed Income 10290.831160189675 0.67988177712175424 10736.392929139289 0.65152185584649247 10419.71641939226 0.6733804412726867 Notas Convertibles Subordinadas 1462.5200245205788 9.662394590573338E-2 1712.2868207554188 0.10390755019521208 1451.0257056309899 9.3773409047613748E-2 Convertible Subordinated Notes 1462.5200245205788 9.662394590573338E-2 1712.2868207554188 0.10390755019521208 1451.0257056309899 9.3773409047613748E-2 Deuda Total1 15136.206773706155 16478.945154019406 15473.743786943131 Total Debt1 15136.206773706155 16478.945154019406 15473.743786943131 Validation 15136.206773706155 1 16478.94515401941 #VALUE! 15473.743786943131 1 Validation 15136.206773706155 1 16478.94515401941 #VALUE! 15473.743786943131 1 Validation 0 -1 0 #VALUE! 0 -1 Validation 0 -1 0 #VALUE! 0 -1 Current Year 2015 Previous Year 2014 3 Current year 2015 Current year (last 2 digits) 15 Previous year 2014 Previous year (last 2 digits) 14 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 Cemento gris doméstico Volumen (comp1) 2.0937736749552238E-2 4.1644286319042489E-3 -1.5155222069089813E-3 Precio (USD) -7.0357279833409073E-2 -8.227812061100033E-2 -2.4986780524425673E-2 Precio (comp1) 3.9986474821348095E-2 5.2790654765428879E-2 3.99506868374222E-3 Concreto Volumen (comp1) 3.4665055539442546E-2 1.5789764392776684E-2 -4.9325866903531246E-3 Precio (USD) -6.209801233060442E-2 -5.6338468073271829E-2 1.706937704146593E-3 Precio (comp1) 3.7115541170209543E-2 4.4976242487403395E-2 9.5808291769960974E-4 Agregados Volumen (comp1) 6.8043842008425059E-4 -2.7284875304911527E-4 1.8029812110571974E-2 Precio (USD) -5.1408541606060718E-2 -5.0019244098911064E-2 -1.2424670255698777E-2 Precio (comp1) 3.7077514659226152E-2 3.6943567272188504E-2 -2.0467664829191934E-2 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Check Domestic gray cement Volume (l-t-l1) 2.0937736749552238E-2 4.1644286319042489E-3 -1.5155222069089813E-3 0 0 0 Price (USD) -7.0357279833409073E-2 -8.227812061100033E-2 -2.4986780524425673E-2 0 0 0 Price (l-t-l1) 3.9986474821348095E-2 5.2790654765428879E-2 3.99506868374222E-3 0 0 0 0 0 0 Ready mix Volume (l-t-l1) 3.4665055539442546E-2 1.5789764392776684E-2 -4.9325866903531246E-3 0 0 0 Price (USD) -6.209801233060442E-2 -5.6338468073271829E-2 1.706937704146593E-3 0 0 0 Price (l-t-l1) 3.7115541170209543E-2 4.4976242487403395E-2 9.5808291769960974E-4 0 0 0 0 0 0 Aggregates Volume (l-t-l1) 6.8043842008425059E-4 -2.7284875304911527E-4 1.8029812110571974E-2 0 0 0 Price (USD) -5.1408541606060718E-2 -5.0019244098911064E-2 -1.2424670255698777E-2 0 0 0 Price (l-t-l1) 3.7077514659226152E-2 3.6943567272188504E-2 -2.0467664829191934E-2 0 0 0 Validación Cemento gris doméstico 0 0 0 0 0 0 0 0 0 0 0 0 Concreto 0 0 0 0 0 0 0 0 0 0 0 0 Agregados 0 0 0 0 0 0 0 0 0 0 0 0 #REF! #REF! #REF! Input 3M 1T 1Q 6M 2T 2Q 9M 3T 3Q Current vs. Previous 4T 4Q YTD Quarterly (YoY) Sequential 3M15 vs. 3M14 1T15 vs. 1T14 1T15 vs. 4T14 6M15 vs. 6M14 2T15 vs. 2T14 2T15 vs. 1T15 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 2015 vs. 2014 4T15 vs. 4T14 4T15 vs. 3T15 3M15 vs. 3M14 1Q15 vs. 1Q14 1Q15 vs. 4Q14 6M15 vs. 6M14 2Q15 vs. 2Q14 2Q15 vs. 1Q15 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 2015 vs. 2014 4Q15 vs. 4Q14 4Q15 vs. 3Q15 Example 2014 1Q14 3M14 vs. 3M13 1T14 vs. 1T13 1T14 vs. 4T13 2 6M14 vs. 6M13 2T14 vs. 2T13 2T14 vs. 1T14 3 9M14 vs. 9M13 3T14 vs. 3T13 3T14 vs. 2T14 4 2014 vs. 2013 4T14 vs. 4T13 4T14 vs. 3T14 1 3M14 vs. 3M13 1Q14 vs. 1Q13 1Q14 vs. 4Q13 2 6M14 vs. 6M13 2Q14 vs. 2Q13 2Q14 vs. 1Q14 3 9M14 vs. 9M13 3Q14 vs. 3Q13 3Q14 vs. 2Q14 4 2014 vs. 2013 4Q14 vs. 4Q13 4Q14 vs. 3Q14 Millones de 9M15 9M14 % var % var comp. 3T15 3T14 % var % var comp. Millions of 9M15 9M14 % var l-t-l % var 3Q15 3Q14 % var l-t-l % var dólares US US dollars Ventas Netas 784.27002605915959 860.73764910719296 -8.883964019390822E-2 1.4861198344170264E-2 409.27064760813437 448.58992464871625 -8.7650825130261609E-2 1.135810393940139E-2 Net Sales 784.27002605915959 860.73764910719296 -8.883964019390822E-2 1.4861198344170264E-2 409.27064760813437 448.58992464871625 -8.7650825130261609E-2 1.135810393940139E-2 Flujo de Oper. 147.14471574470284 181.13800625970453 -0.18766514668525278 -0.11477187114803669 74.567268092789348 99.777551002263849 -0.25266487958701755 -0.18531790699218817 Op. EBITDA 147.14471574470284 181.13800625970453 -0.18766514668525278 -0.11477187114803669 74.567268092789348 99.777551002263849 -0.25266487958701755 -0.18531790699218817 % ventas netas 0.18761996615385543 0.2104450832929074 (2.2pp) 0.18219549466490326 0.2224248595872903 (4.0pp) as % net sales 0.18761996615385543 0.2104450832929074 (2.2pp) 0.18219549466490326 0.2224248595872903 (4.0pp) -2.2825117139% -2.1999999999999993 -4.2293649224% -4 Volumen 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 Volume 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Cemento -4.202241311310672E-2 4.5439604569364897E-2 2.2735010159175992E-2 Cement -4.202241311310672E-2 4.5439604569364897E-2 2.2735010159175992E-2 Concreto 3.6197014868509118E-2 1.0376346094838909E-2 -5.8968472984881941E-2 Ready mix 3.6197014868509118E-2 1.0376346094838909E-2 -5.8968472984881941E-2 Agregados -7.1072206794538489E-2 -4.9843595680909236E-2 -4.4736656355000078E-2 Aggregates -7.1072206794538489E-2 -4.9843595680909236E-2 -4.4736656355000078E-2 Precio (ML)1 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 Price (LC)1 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Cemento -3.199384394883101E-3 -8.3985376688530788E-2 -5.242179554234027E-2 Cement -3.199384394883101E-3 -8.3985376688530788E-2 -5.242179554234027E-2 Concreto 1.7364745510869948E-2 2.3783079962581468E-2 -1.0788867552980947E-3 Ready mix 1.7364745510869948E-2 2.3783079962581468E-2 -1.0788867552980947E-3 Agregados 4.6382273489486522E-2 5.467033853392525E-2 -1.3037276492471482E-2 Aggregates 4.6382273489486522E-2 5.467033853392525E-2 -1.3037276492471482E-2 Validacion Ventas Netas 0 0 0 0 0 0 0 Flujo de Oper. 0 0 0 0 0 0 0 % ventas netas 0 0 #VALUE! 0 0 0 #VALUE! Volumen Cemento 0 0 0 Concreto 0 0 0 Agregados 0 0 0 Precio (ML) Cemento 0 0 0 Concreto 0 0 0 Agregados 0 0 0 3 Tercer Trimestre Segundo Trimestre Third Quarter Second Quarter Second Quarter Second Quarter Millones de dólares US 2015 2014 % Var. 2015 Millions of US dollars 2015 2014 % Var. 2015 Deuda Total1 15136.312232014347 16478.761254688539 -8.146540883297515E-2 15473.84896318296 Total debt1 15136.312232014347 16478.761254688539 -8.146540883297515E-2 15473.84896318296 Corto Plazo 2.442258243999831E-2 6.0614637705133499E-2 2.5280964391246146E-2 Short-term 2.442258243999831E-2 6.0614637705133499E-2 2.5280964391246146E-2 Largo Plazo 0.97557741756000171 0.93938536229486647 0.97471903560875384 Long-term 0.97557741756000171 0.93938536229486647 0.97471903560875384 Notas perpetuas 444.51025419999996 469.62215230000004 -5.3472558687900906E-2 460.15142850000001 Perpetual notes 444.51025419999996 469.62215230000004 -5.3472558687900906E-2 460.15142850000001 Efectivo y equivalentes 456.65 994.68700000000001 -0.54091085939597083 491.65606500000001 Cash and cash equivalents 456.65 994.68700000000001 -0.54091085939597083 491.65606500000001 Deuda neta más notas perpetuas 15124.172486214347 15953.696406988538 -5.1995719337545876E-2 15442.34432668296 Q2 Net debt plus perpetual notes 15124.172486214347 15953.696406988538 -5.1995719337545876E-2 15442.34432668296 Deuda Fondeada Consolidada2 /Flujo de operación3 5.18 5.37 5.14 5.54 Consolidated Funded Debt2 / EBITDA3 5.18 5.37 5.14 Cobertura de intereses3 4 2.59 2.21 2.5499999999999998 2.06 Interest coverage3 4 2.59 2.21 2.5499999999999998 *******Validar Deuda Fondeada e índice de cobertura de intereses Currency Denomination Tercer Trimestre Segundo Trimestre Currency Denomination Third Quarter Second Quarter US Dollar 0.83105819579155804 0.85504919661504808 0.8505678709069967 US Dollar 0.83105819579155804 0.85504919661504808 0.8505678709069967 Euro 0.16122868211380398 0.12855012961585643 0.136488065775693 Euro 0.16122868211380398 0.12855012961585643 0.136488065775693 Mexican Peso 3.9753465833892027E-3 1.4715318801329043E-2 1.0402393476306789E-2 Mexican Peso 3.9753465833892027E-3 1.4715318801329043E-2 1.0402393476306789E-2 Other 3.7377755112487782E-3 1.6853549677665455E-3 2.541669841003665E-3 Other 3.7377755112487782E-3 1.6853549677665455E-3 2.541669841003665E-3 Interest rate Interest rate Fixed 0.74096219385202922 0.69097956035695218 0.73529660999290058 Fixed 0.74096219385202922 0.69097956035695218 0.73529660999290058 Variable 0.25903780614797089 0.30902043964304782 0.26470339000709947 Variable 0.25903780614797089 0.30902043964304782 0.26470339000709947 Validacion Deuda Total1 0 0 0 0 0 Costo Plazo 0 0 0 0 0 Largo Plazo 0 0 0 0 0 Notas perpetuas 0 0 0 0 0 Efectivo y equivalentes 0 0 0 0 0 Deuda neta más notas perpetuas 0 0 0 0 0 Deuda Consolidada Fondeada2 /Flujo de operación3 0 0 0 0 0 Cobertura de intereses3 4 0 0 0 0 0 US Dollar 0 0 0 0 0 Euro 0 0 0 0 0 Mexican Peso 0 0 0 0 0 Other 0 0 0 0 0 Fixed 0 0 0 0 0 Variable 0 0 0 0 0 Input Primer Trimestre Segundo Trimestre Tercer Trimestre Cuarto Trimestre First Quarter Second Quarter Third Quarter Fourth Quarter Cemento gris doméstico Concreto Agregados Volúmenes Volúmenes Volúmenes crecimiento de un dígito alto high-single-digit growth Consolidado 1 crecimiento de un dígito bajo crecimiento de un dígito bajo a medio estable crecimiento de un dígito medio mid-single-digit growth México crecimiento de un dígito medio crecimiento de un dígito bajo estable disminución de un dígito medio a alto mid to high-single-digit decline Estados Unidos crecimiento de un dígito bajo crecimiento de doble dígito bajo crecimiento de un dígito medio crecimiento de un dígito bajo low-single-digit growth Alemania 1 0.02 0 -0.01 crecimiento de un dígito bajo a medio low to mid-single-digit growth Polonia 0.1 0.1 -0.05 crecimiento de un dígito medio a alto mid to high-single-digit growth Francia N/A -0.05 -0.05 crecimiento de doble dígito medio mid-teens growth Reino Unido 0.06 -0.01 0.04 crecimiento de doble dígito bajo growth in the low teens España 1 disminución de un dígito medio -0.22 -7.0000000000000007E-2 estable a ligeramente negativo flat to slightly negative Egipto -0.09 0.52 -0.04 disminución de un dígito medio mid-single-digit decline Colombia disminución de un dígito medio estable estable a ligeramente negativo disminución de un dígito bajo low-single-digit decline Panamá disminución de un dígito bajo disminución de un dígito bajo crecimiento de un dígito alto crecimiento de doble dígito bajo low-double-digit growth Costa Rica crecimiento de un dígito alto crecimiento de doble dígito bajo crecimiento de doble dígito bajo estable flat Filipinas 0.2 N/A N/A row height anterior: 24 Domestic gray cement Ready mix Aggregates Volumes Volumes Volumes Consolidated 1 low-single-digit growth low to mid-single-digit growth flat Mexico mid-single-digit growth low-single-digit growth flat United States low-single-digit growth low-teens growth mid-single-digit growth Germany 1 0.02 0 -0.01 Poland 0.1 0.1 -0.05 France N/A -0.05 -0.05 UK 0.06 -0.01 0.04 Spain 1 mid-single-digit decline -0.22 -7.0000000000000007E-2 Egypt -0.09 0.52 -0.04 Colombia mid-single-digit decline flat flat to slightly negative Panama low-single-digit decline low-single-digit decline high-single-digit growth Costa Rica high-single-digit growth low-double-digit growth low-double-digit growth Philippines 0.2 N/A N/A Validacion Consolidated #VALUE! #VALUE! #VALUE! Mexico #VALUE! #VALUE! #VALUE! United States #VALUE! #VALUE! #VALUE! Germany 0 0 0 Poland 0 0 0 France 0 0 UK 0 0 0 Spain #VALUE! 0 0 Egypt 0 0 0 Colombia #VALUE! #VALUE! #VALUE! Panama #VALUE! #VALUE! #VALUE! Costa Rica #VALUE! #VALUE! #VALUE! Philippines 0 3 Enero - Septiembre Tercer Trimestre January - September Third Quarter Millones de dólares US 2015 2014 % var % var comp. 2015 2014 % var % var comp. Millions of US dollars 2015 2014 % var l-t-l % var 2015 2014 % var l-t-l % var Ventas netas 7244.4138369786633 7736.5399084135834 -6.3610616278179669E-2 6.1697413430910009E-2 3838.7910335449842 4154.2218230796288 -7.5930174884307922E-2 5.4662785023319331E-2 Net sales 7244.4138369786633 7736.5399084135834 -6.3610616278179669E-2 6.1697413430910009E-2 3838.7910335449842 4154.2218230796288 -7.5930174884307922E-2 5.4662785023319331E-2 Utilidad bruta 2336.7480910573463 2312.8392944670431 1.0337422339502612E-2 0.13000888266263338 1300.545658810518 1331.2256350746472 -2.3046413362081034E-2 0.10224937595115675 Gross profit 2336.7480910573463 2312.8392944670431 1.0337422339502612E-2 0.13000888266263338 1300.545658810518 1331.2256350746472 -2.3046413362081034E-2 0.10224937595115675 Resultado de operación antes de otros gastos, neto 833.84079422199659 721.53719497804946 0.15564492035280808 0.28309803028731145 496.4080168498765 455.8995320183609 8.8853973269453018E-2 0.22933600793518663 Operating earnings before other expenses, net 833.84079422199659 721.53719497804946 0.15564492035280808 0.28309803028731145 496.4080168498765 455.8995320183609 8.8853973269453018E-2 0.22933600793518663 Flujo de operación 1314.3331382398801 1269.6823673117578 3.5166882739861495E-2 0.14136189772662333 743.50651817272387 737.12034623267118 8.663676118413453E-3 0.12628381256651272 Operating EBITDA 1314.3331382398801 1269.6823673117578 3.5166882739861495E-2 0.14136189772662333 743.50651817272387 737.12034623267118 8.663676118413453E-3 0.12628381256651272 Flujo de efectivo libre después de inv AF mtto 292.11629818323513 -43.596466676854405 N/A 436.40828961491366 349.58931305192033 0.24834562534266927 Free cash flow after maintenance capex 292.11629818323513 -43.596466676854405 N/A 436.40828961491366 349.58931305192033 0.24834562534266927 Current year 2015 Previous year 2014 ****Si en alguno de los dos años existe un flujo negativo el % var es = N/A Validación Ventas netas 0 0 0 0 0 0 0 0 Utilidad bruta 0 0 0 0 0 0 0 0 Resultado de operación 0 0 0 0 0 0 0 0 Flujo de operación 0 0 0 0 0 0 0 0 Flujo de efectivo libre 0 0 #VALUE! 0 0 0 0 0 Enero - Marzo Primer Trimestre January - March First Quarter Enero - Junio Segundo Trimestre January - June Second Quarter Enero - Septiembre Tercer Trimestre January - September Third Quarter Enero - Diciembre Cuarto Trimestre January - December Fourth Quarter Cemento gris doméstico Concreto Agregados Domestic gray cement Ready mix Aggregates 3T15 vs. 3T14 3T15 vs. 3T14 3T15 vs. 3T14 3Q15 vs. 3Q14 3Q15 vs. 3Q14 3Q15 vs. 3Q14 Volumen Precios (USD) Precios Volumen Precios (USD) Precios Volumen Precios (USD) Precios Volumes Prices (USD) Prices Volumes Prices (USD) Prices Volumes Prices (USD) Prices (ML) (ML) (ML) (LC) (LC) (LC) México -4.2148970612077327E-2 -9.0571183912531522E-2 0.13924672058926651 -0.1258555010037776 -0.12416108846409224 9.6738645973731996E-2 -0.15883301035107458 -0.14719980783527972 6.7826187203202201E-2 Mexico -4.2148970612077327E-2 -9.0571183912531522E-2 0.13924672058926651 -0.1258555010037776 -0.12416108846409224 9.6738645973731996E-2 -0.15883301035107458 -0.14719980783527972 6.7826187203202201E-2 Estados Unidos 3.7135688415922304E-2 6.4004195529207497E-2 6.4004195529207497E-2 0.1463243196598496 5.3517597785143686E-2 5.3517597785143686E-2 0.10614407467385265 -1.8444792113992605E-2 -1.8444792113992605E-2 U.S. 3.7135688415922304E-2 6.4004195529207497E-2 6.4004195529207497E-2 0.1463243196598496 5.3517597785143686E-2 5.3517597785143686E-2 0.10614407467385265 -1.8444792113992605E-2 -1.8444792113992605E-2 Alemania 1 -0.49295469426375577 -9.8564102754659128E-2 6.1563336004164436E-2 -0.43365945075064388 -0.14509509783627875 6.9992439149086389E-3 -0.57699095965182612 -0.15863157314034526 -9.147834518654932E-3 Germany 1 -0.49295469426375577 -9.8564102754659128E-2 6.1563336004164436E-2 -0.43365945075064388 -0.14509509783627875 6.9992439149086389E-3 -0.57699095965182612 -0.15863157314034526 -9.147834518654932E-3 Polonia -1.5674586811289484E-2 -0.18396724286362973 -3.3123916354843651E-2 0.29096315003781986 -0.11039213195967125 5.3121235198659578E-2 -7.9658237986576827E-2 -0.12976108359823971 2.921867783041401E-2 Poland -1.5674586811289484E-2 -0.18396724286362973 -3.3123916354843651E-2 0.29096315003781986 -0.11039213195967125 5.3121235198659578E-2 -7.9658237986576827E-2 -0.12976108359823971 2.921867783041401E-2 Francia N/A N/A N/A -2.7352781014588216E-2 -0.17520822302452299 -2.7067125025767174E-2 -4.9041397093110362E-3 -0.17387646377164948 -2.5844999181947877E-2 France N/A N/A N/A -2.7352781014588216E-2 -0.17520822302452299 -2.7067125025767174E-2 -4.9041397093110362E-3 -0.17387646377164948 -2.5844999181947877E-2 Reino Unido 3.387589501427541E-2 -2.9952692593701685E-2 4.5689208547530537E-2 -7.559172488709227E-3 -3.7493263333136323E-2 3.7191983821701177E-2 5.3517656772961067E-2 -2.4467484359581727E-2 5.1269518572634981E-2 UK 3.387589501427541E-2 -2.9952692593701685E-2 4.5689208547530537E-2 -7.559172488709227E-3 -3.7493263333136323E-2 3.7191983821701177E-2 5.3517656772961067E-2 -2.4467484359581727E-2 5.1269518572634981E-2 España 2 0.31585875667961583 -0.14067110297763058 1.6402125131510119E-2 -0.18454436542566596 -5.9985805440840312E-2 0.10953042777216741 -2.6020561841136106E-2 -0.24835594999649824 -0.11156753476795662 Spain 2 0.31585875667961583 -0.14067110297763058 1.6402125131510119E-2 -0.18454436542566596 -5.9985805440840312E-2 0.10953042777216741 -2.6020561841136106E-2 -0.24835594999649824 -0.11156753476795662 Egipto -1.7182441019733923E-2 -0.19671335346746602 -0.12299111444424089 0.39756087478971991 -3.3761497703893265E-2 5.490676927787215E-2 -0.44341230454609354 0.9388797228973853 1.1167409725324904 Egypt -1.7182441019733923E-2 -0.19671335346746602 -0.12299111444424089 0.39756087478971991 -3.3761497703893265E-2 5.490676927787215E-2 -0.44341230454609354 0.9388797228973853 1.1167409725324904 Colombia -6.1571578038221435E-2 -0.27921494612548037 0.12410133224891517 -8.4918226955879528E-2 -0.31092644553949533 7.4430465642001828E-2 -0.11305319368985166 -0.31038666400167952 7.5859915178967993E-2 Colombia -6.1571578038221435E-2 -0.27921494612548037 0.12410133224891517 -8.4918226955879528E-2 -0.31092644553949533 7.4430465642001828E-2 -0.11305319368985166 -0.31038666400167952 7.5859915178967993E-2 Panamá -0.22628920674936098 7.1655248895695967E-2 7.1655248895695967E-2 -0.19840108833005088 -5.4483846385567768E-2 -5.4483846385567768E-2 -5.2267972890378527E-3 4.4630582849492367E-2 4.4630582849492367E-2 Panama -0.22628920674936098 7.1655248895695967E-2 7.1655248895695967E-2 -0.19840108833005088 -5.4483846385567768E-2 -5.4483846385567768E-2 -5.2267972890378527E-3 4.4630582849492367E-2 4.4630582849492367E-2 Costa Rica 0.13921061141468383 2.4218912331909269E-3 -4.5788354260189075E-3 0.12158961312395825 -4.3259538381874157E-2 -4.9884708735900181E-2 -8.188330849346219E-2 -2.0825832744672798E-2 -2.762885042928467E-2 Costa Rica 0.13921061141468383 2.4218912331909269E-3 -4.5788354260189075E-3 0.12158961312395825 -4.3259538381874157E-2 -4.9884708735900181E-2 -8.188330849346219E-2 -2.0825832744672798E-2 -2.762885042928467E-2 Filipinas 0.24522863490610428 -2.608447842736018E-2 2.7872787754793519E-2 N/A N/A N/A N/A N/A N/A Philippines 0.24522863490610428 -2.608447842736018E-2 2.7872787754793519E-2 N/A N/A N/A N/A N/A N/A ****Precio en USA son actual basis y los volumenes ya no son like-to-like On a like-to-like basis for the ongoing operations Validacion México 0 0 0 0 0 0 0 0 0 Estados Unidos 0 0 0 0 0 0 0 0 0 España 0 0 0 0 0 0 0 0 0 Reino Unido 0 0 0 0 0 0 0 0 0 Francia 0 0 0 0 0 0 Alemania 0 0 0 0 0 0 0 0 0 Polonia 0 0 0 0 0 0 0 0 0 Colombia 0 0 0 0 0 0 0 0 0 Panamá 0 0 0 0 0 0 0 0 0 Costa Rica 0 0 0 0 0 0 0 0 0 Egipto 0 0 0 0 0 0 0 0 0 Filipinas 0 0 0 Quarter 3 Current Year 2015 Previous Year 2014 Current year (last 2 digits) 15 Previous year (last 2 digits) 14 Millones de 9M15 9M14 % var % var comp. 3T15 3T14 % var % var comp. Millions of 9M15 9M14 % var l-t-l % var 3Q15 3Q14 % var l-t-l % var dólares US US dollars Ventas Netas 1604.6222675732611 2048.5007851882729 -0.21668457284687642 2.6426619202861327E-2 904.05624117195782 1137.6650859386843 -0.2053406117969917 3.8729878029176781E-2 Net Sales 1604.6222675732611 2048.5007851882729 -0.21668457284687642 2.6426619202861327E-2 904.05624117195782 1137.6650859386843 -0.2053406117969917 3.8729878029176781E-2 Flujo de Oper. 146.58413723706983 133.25656776476987 0.1000143534825718 0.23012565985023328 111.12836414210659 120.91933041456512 -8.0971059291270964E-2 0.11135009657850391 Op. EBITDA 146.58413723706983 133.25656776476987 0.1000143534825718 0.23012565985023328 111.12836414210659 120.91933041456512 -8.0971059291270964E-2 0.11135009657850391 % ventas netas 9.1351179776% 6.5050777002% 2.6pp 0.12292195892375815 0.10628728253077654 1.7pp as % net sales 9.1351179776% 6.5050777002% 2.6pp 0.12292195892375815 0.10628728253077654 1.7pp 2.6300402774% 2.5999999999999996 1.6634676393% 1.7000000000000011 Volumen 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 Volume 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Cemento -1.0162524770599427E-2 -9.0137457996752046E-2 1.5050375196509093E-2 Cement -1.0162524770599427E-2 -9.0137457996752046E-2 1.5050375196509093E-2 Concreto -0.12717194373886939 -0.10528426055045281 2.229457678261728E-2 Ready mix -0.12717194373886939 -0.10528426055045281 2.229457678261728E-2 Agregados -0.18422190174636596 -0.17838499291029317 1.6149834308856727E-2 Aggregates -0.18422190174636596 -0.17838499291029317 1.6149834308856727E-2 Precio (ML)1 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 Price (LC)1 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Cemento 1.6769339773977762E-2 2.9063306155198684E-2 -1.0028214085130403E-2 Cement 1.6769339773977762E-2 2.9063306155198684E-2 -1.0028214085130403E-2 Concreto 1.0415319771973616E-2 3.0291915925896471E-3 -1.5751563691395947E-2 Ready mix 1.0415319771973616E-2 3.0291915925896471E-3 -1.5751563691395947E-2 Agregados 8.965641548285759E-2 7.6527672937854674E-2 -9.4560578463184983E-3 Aggregates 8.965641548285759E-2 7.6527672937854674E-2 -9.4560578463184983E-3 Validacion Ventas Netas 0 0 0 0 0 0 0 Flujo de Oper. 0 0 0 0 0 0 0 % ventas netas 0 0 #VALUE! 0 0 0 #VALUE! Volumen Cemento 0 0 0 Concreto 0 0 0 Agregados 0 0 0 Precio (ML) Cemento 0 0 0 Concreto 0 0 0 Agregados 0 0 0 Enero - Septiembre Tercer Trimestre January - September Third Quarter Millones de dólares US 2015 2014 % var % var comp. 2015 2014 % var % var comp. Millions of US dollars 2015 2014 % var l-t-l % var 2015 2014 % var l-t-l% var Ventas netas 7244.4138369786633 7736.5399084135834 -6.3610616278179669E-2 6.1697413430910009E-2 3838.7910335449842 4154.2218230796288 -7.5930174884307922E-2 5.4662785023319331E-2 Net sales 7244.4138369786633 7736.5399084135834 -6.3610616278179669E-2 6.1697413430910009E-2 3838.7910335449842 4154.2218230796288 -7.5930174884307922E-2 5.4662785023319331E-2 Flujo de operación 1314.3331382398801 1269.6823673117578 3.5166882739861495E-2 0.14136189772662333 743.50651817272387 737.12034623267118 8.663676118413453E-3 0.12628381256651272 Operating EBITDA 1314.3331382398801 1269.6823673117578 3.5166882739861495E-2 0.14136189772662333 743.50651817272387 737.12034623267118 8.663676118413453E-3 0.12628381256651272 % de ventas netas 0.18142711995978855 0.16411501554214986 1.7pp 0.19368246712979387 0.17743885079449739 1.7pp as % net sales 0.18142711995978855 0.16411501554214986 1.7pp 0.19368246712979387 0.17743885079449739 1.7pp Costo de ventas 4907.6657459213184 5423.7006139465402 9.5144423476894419E-2 2538.2453747344662 2822.9961880049818 0.10086829535244603 Cost of sales 4907.6657459213184 5423.7006139465402 9.5144423476894419E-2 2538.2453747344662 2822.9961880049818 0.10086829535244603 % de ventas netas 0.67744138537067577 0.7010499109619015 2.4pp 0.6612095715953803 0.67954873577555475 1.9pp as % net sales 0.67744138537067577 0.7010499109619015 2.4pp 0.6612095715953803 0.67954873577555475 1.9pp Gastos de operación 1502.9072968353496 1591.3020994889937 5.5548724960540023E-2 804.13764196064153 875.32610305628623 8.1327931209960846E-2 Operating expenses 1502.9072968353496 1591.3020994889937 5.5548724960540023E-2 804.13764196064153 875.32610305628623 8.1327931209960846E-2 % de ventas netas 0.20745740520286846 0.20568653665942224 (0.1pp) 0.20947679489030421 0.21070759827827032 0.2pp as % net sales 0.20745740520286846 0.20568653665942224 (0.1pp) 0.20947679489030421 0.21070759827827032 0.2pp Los pp se calculan a mano 1.7% 1.7000000000000028 1.6% 1.6999999999999993 Signos de las variaciones 2.4% -2.3999999999999915 1.8% -1.9000000000000057 Celdas d6, d8 y d10 - i6, i8, i10 -0.2% 9.9999999999997868E-2 .1% -0.20000000000000284 enero - sep (ejemplo d6) 0.1762760499854851 0.17807989264544932 -0.19999999999999901 flujo de operación 20.5 20.3 -0.19999999999999929 gastos de operación Validacion Ventas netas 0 0 0 0 0 0 0 0 0 Flujo de operación 0 0 0 0 0 0 0 0 0 % de ventas netas 0 0 #VALUE! 0 0 0 0 #VALUE! 0 Costo de ventas 0 0 0 0 0 0 0 0 0 % de ventas netas 0 0 #VALUE! 0 0 0 0 #VALUE! 0 Gastos de operación 0 0 0 0 0 0 0 0 0 % de ventas netas 0 0 #VALUE! 0 0 0 0 #VALUE! 0 *****Los pp se calculan a mano Millones de 9M15 9M14 % var % var comp. 3T15 3T14 % var % var comp. Millions of 9M15 9M14 % var l-t-l % var 3Q15 3Q14 % var l-t-l % var dólares US US dollars Ventas Netas 1875.5959690527718 1748.6227216758787 7.2613289192080335E-2 7.2613289192080335E-2 1008.0077589380496 957.10536710161148 5.3183686547057199E-2 5.3183686547057199E-2 Net Sales 1875.5959690527718 1748.6227216758787 7.2613289192080335E-2 7.2613289192080335E-2 1008.0077589380496 957.10536710161148 5.3183686547057199E-2 5.3183686547057199E-2 Flujo de Oper. 219.71777150050968 146.94316720074835 0.49525681041255476 0.49525681041255476 155.9307716408405 119.07962883798331 0.30946638952827032 0.30946638952827032 Op. EBITDA 219.71777150050968 146.94316720074835 0.49525681041255476 0.49525681041255476 155.9307716408405 119.07962883798331 0.30946638952827032 0.30946638952827032 % ventas netas 0.11714557672645952 8.4033659965% 3.3pp 0.15469203511401119 0.12441642574692736 3.1pp as % net sales 0.11714557672645952 8.4033659965% 3.3pp 0.15469203511401119 0.12441642574692736 3.1pp 3.3111916761% 3.2999999999999989 3.2756093671% 3.0999999999999996 Volumen 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 Volume 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Cemento 1.0585394905980662E-2 3.7135688415922304E-2 8.5110453148386306E-2 Cement 1.0585394905980662E-2 3.7135688415922304E-2 8.5110453148386306E-2 Concreto 0.13371283086131391 0.1463243196598496 8.2204694218961136E-2 Ready mix 0.13371283086131391 0.1463243196598496 8.2204694218961136E-2 Agregados 5.6207384934765452E-2 0.10614407467385265 9.1998949104279651E-2 Aggregates 5.6207384934765452E-2 0.10614407467385265 9.1998949104279651E-2 Precio (ML) 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 Price (LC) 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Cemento 7.3429351521194855E-2 6.4004195529207636E-2 -1.6327574018987761E-3 Cement 7.3429351521194855E-2 6.4004195529207636E-2 -1.6327574018987761E-3 Concreto 6.0960440086342611E-2 5.3517597785143464E-2 1.7304576276492213E-2 Ready mix 6.0960440086342611E-2 5.3517597785143464E-2 1.7304576276492213E-2 Agregados -1.1617329339339898E-3 -1.8444792113992605E-2 -1.3100455111838971E-2 Aggregates -1.1617329339339898E-3 -1.8444792113992605E-2 -1.3100455111838971E-2 Validacion Ventas Netas 0 0 0 0 0 0 0 Flujo de Oper. 0 0 0 0 0 0 0 % ventas netas 0 0 #VALUE! 0 0 0 #VALUE! Volumen Cemento 0 0 0 Concreto 0 0 0 Agregados 0 0 0 Precio (ML) Cemento 0 0 0 Concreto 0 0 0 Agregados 0 0 0 Cemento gris doméstico Concreto Agregados Domestic gray cement Ready mix Aggregates 9M15 vs. 9M14 9M15 vs. 9M14 9M15 vs. 9M14 9M15 vs. 9M14 9M15 vs. 9M14 9M15 vs. 9M14 Volumen Precios (USD) Precios Volumen Precios (USD) Precios Volumen Precios (USD) Precios Volumes Prices (USD) Prices Volumes Prices (USD) Prices Volumes Prices (USD) Prices (ML) (ML) (ML) (LC) (LC) (LC) México 3.8983641753964238E-2 -9.3299124159473473E-2 5.6154628066892767E-2 -1.1684109463155365E-2 -0.10559259041019226 5.3162828819335851E-2 -5.0564047473017834E-2 -9.9892930458353277E-2 7.7364580791179999E-2 Mexico 3.8983641753964238E-2 -9.3299124159473473E-2 5.6154628066892767E-2 -1.1684109463155365E-2 -0.10559259041019226 5.3162828819335851E-2 -5.0564047473017834E-2 -9.9892930458353277E-2 7.7364580791179999E-2 Estados Unidos 1.0585394905980662E-2 7.3429351521194855E-2 7.8731262807352473E-2 0.13371283086131391 6.0960440086342611E-2 6.0960440086342611E-2 5.6207384934765452E-2 -1.1617329339339898E-3 -1.1617329339339898E-3 U.S. 1.0585394905980662E-2 7.3429351521194855E-2 7.8731262807352473E-2 0.13371283086131391 6.0960440086342611E-2 6.0960440086342611E-2 5.6207384934765452E-2 -1.1617329339339898E-3 -1.1617329339339898E-3 Alemania 1 -0.47676213973180886 -0.12146213733873124 7.1055685261205717E-2 -0.46148664587120192 -0.16725597204040901 1.6495629000024013E-2 -0.60863988135727831 -0.14447174721175318 7.2326930086079363E-2 Germany 1 -0.47676213973180886 -0.12146213733873124 7.1055685261205717E-2 -0.46148664587120192 -0.16725597204040901 1.6495629000024013E-2 -0.60863988135727831 -0.14447174721175318 7.2326930086079363E-2 Polonia 0.19120848616908212 -0.21853838335318831 -8.0570468477982118E-2 0.26646555306726888 -0.16067946588626358 -5.725542571837966E-3 -6.67961144862457E-2 -9.2426086279228797E-2 0.15196115822124023 Poland 0.19120848616908212 -0.21853838335318831 -8.0570468477982118E-2 0.26646555306726888 -0.16067946588626358 -5.725542571837966E-3 -6.67961144862457E-2 -9.2426086279228797E-2 0.15196115822124023 Francia N/A N/A N/A -8.1192105405830745E-2 -0.19176365367467624 -9.1428130957039271E-3 -3.2270738791169158E-2 -0.18977305407834108 -6.409999500463226E-3 France N/A N/A N/A -8.1192105405830745E-2 -0.19176365367467624 -9.1428130957039271E-3 -3.2270738791169158E-2 -0.18977305407834108 -6.409999500463226E-3 Reino Unido 9.3860836967273487E-2 -4.3926515967053346E-2 3.9504611588031861E-2 -1.4300949027183289E-2 -2.224520234197418E-2 7.9794757571932273E-2 4.2380454341383531E-2 -2.4474244837417624E-2 6.8763914616242802E-2 UK 9.3860836967273487E-2 -4.3926515967053346E-2 3.9504611588031861E-2 -1.4300949027183289E-2 -2.224520234197418E-2 7.9794757571932273E-2 4.2380454341383531E-2 -2.4474244837417624E-2 6.8763914616242802E-2 España 2 0.32277310115014912 -0.14849654658134345 4.8827655359767179E-2 -0.17843195599060088 -5.8914374897312702E-2 0.16433963468798773 1.9220645988476752E-3 -0.20789600830339539 6.8962367162707832E-3 Spain 2 0.32277310115014912 -0.14849654658134345 4.8827655359767179E-2 -0.17843195599060088 -5.8914374897312702E-2 0.16433963468798773 1.9220645988476752E-3 -0.20789600830339539 6.8962367162707832E-3 Egipto -0.12871219338404574 -9.9099515399846294E-2 2.7065232863038403E-2 0.49951426401142723 5.2454756474634032E-2 0.18517680181407634 -0.15022355470035667 0.92268907511118836 0.93990779952217085 Egypt -0.12871219338404574 -9.9099515399846294E-2 2.7065232863038403E-2 0.49951426401142723 5.2454756474634032E-2 0.18517680181407634 -0.15022355470035667 0.92268907511118836 0.93990779952217085 Colombia -9.174663248999812E-2 -0.23783876236281051 6.0055956324664584E-3 -3.5174547324839907E-3 -0.2297746954981541 3.9666803482432109E-2 -2.5435257558311032E-2 -0.24350617312496525 1.0954628711471945E-2 Colombia -9.174663248999812E-2 -0.23783876236281051 6.0055956324664584E-3 -3.5174547324839907E-3 -0.2297746954981541 3.9666803482432109E-2 -2.5435257558311032E-2 -0.24350617312496525 1.0954628711471945E-2 Panamá -4.6269123670614906E-2 3.2050783850116969E-2 3.2050783850116969E-2 -7.7056335007708449E-2 -3.61488608980782E-2 -3.61488608980782E-2 6.1723294310264777E-2 3.2054599414918561E-2 3.2054599414918561E-2 Panama -4.6269123670614906E-2 3.2050783850116969E-2 3.2050783850116969E-2 -7.7056335007708449E-2 -3.61488608980782E-2 -3.61488608980782E-2 6.1723294310264777E-2 3.2054599414918561E-2 3.2054599414918561E-2 Costa Rica 0.11595253240745802 3.6692262273075434E-2 2.363029899570239E-2 0.14242903016829556 -3.0792542122950899E-2 -4.3064409577607758E-2 0.20213889520397194 -3.0357294156886741E-3 -1.6117767823796883E-2 Costa Rica 0.11595253240745802 3.6692262273075434E-2 2.363029899570239E-2 0.14242903016829556 -3.0792542122950899E-2 -4.3064409577607758E-2 0.20213889520397194 -3.0357294156886741E-3 -1.6117767823796883E-2 Filipinas 0.23447555535606657 3.9699133987485804E-3 2.2190483956179455E-2 N/A N/A N/A N/A N/A N/A Philippines 0.23447555535606657 3.9699133987485804E-3 2.2190483956179455E-2 N/A N/A N/A N/A N/A N/A ****Precio en USA son actual basis y los volumenes ya no son like-to-like Validacion México 0 0 0 0 0 0 0 0 0 Estados Unidos 0 0 0 0 0 0 0 0 0 España 0 0 0 0 0 0 0 0 0 Reino Unido 0 0 0 0 0 0 0 0 0 Francia 0 0 0 0 0 0 Alemania 0 0 0 0 0 0 0 0 0 Polonia 0 0 0 0 0 0 0 0 0 Colombia 0 0 0 0 0 0 0 0 0 Panamá 0 0 0 0 0 0 0 0 0 Costa Rica 0 0 0 0 0 0 0 0 0 Egipto 0 0 0 0 0 0 0 0 0 Filipinas 0 0 0 Enero - Septiembre Tercer Trimestre January - September Third Quarter Millones de dólares US 2015 2014 % var 2015 2014 % var Millions of US dollars 2015 2014 % var 2015 2014 % var Flujo de operación 2008.6239395289624 2037.0514380228135 -1.395521878497244E-2 692.31927546714883 766.94658836858002 -9.7304446011260856E-2 Operating EBITDA 2008.6239395289624 2037.0514380228135 -1.395521878497244E-2 692.31927546714883 766.94658836858002 -9.7304446011260856E-2 - Gasto financiero neto 884.64349904519395 1026.4742562737599 282.16484990958401 334.65428972809701 - Net Financial Expense 884.64349904519395 1026.4742562737599 282.16484990958401 334.65428972809701 - Inversiones en activo fijo de mantenimiento 304.98707453762398 297.51014554142898 110.137000343468 108.049715027435 - Maintenance Capex 304.98707453762398 297.51014554142898 110.137000343468 108.049715027435 - Inversiones en capital de trabajo 128.568931948629 381.38633855870501 -138.42940793115599 -69.835547084801405 - Change in Working Cap 128.568931948629 381.38633855870501 -138.42940793115599 -69.835547084801405 - Impuestos 452.28596707190098 483.181635264992 48.8378921118913 46.262524564358102 - Taxes Paid 452.28596707190098 483.181635264992 48.8378921118913 46.262524564358102 - Otros gastos -53.9778312576207 -107.904470939218 -46.799348581552103 -1.773706918429 - Other Cash Items (net) -53.9778312576207 -107.904470939218 -46.799348581552103 -1.773706918429 Flujo de efectivo libre después de inv AF mtto 292.11629818323513 -43.596466676854405 N/A 436.40828961491366 349.58931305192033 0.24834562534266927 Free Cash Flow after Maint. Capex 292.11629818323513 -43.596466676854405 N/A 436.40828961491366 349.58931305192033 0.24834562534266927 - Inversiones en activo fijo estratégicas 174.94298358137999 100.96568280578801 59.682523803508097 46.248775906179901 - Strategic Capex 174.94298358137999 100.96568280578801 59.682523803508097 46.248775906179901 Flujo de efectivo libre 117.17331460185514 -144.56214948264241 N/A 376.72576581140555 303.34053714574043 0.24192357986894142 Free Cash Flow 117.17331460185514 -144.56214948264241 N/A 376.72576581140555 303.34053714574043 0.24192357986894142 ****Validar los signos de las variaciones ****Si en alguno de los dos años existe un flujo negativo el % var es = N/A VALIDAR FORMULAS PARA 3Q13 HAY UN N/A Validacion Flujo de operación 0 0 0 0 0 0 0 - Gasto financiero neto 0 0 0 0 0 0 0 - Inversiones en activo fijo de mantenimiento 0 0 0 0 0 0 0 - Inversiones en capital de trabajo 0 0 0 0 0 0 0 - Impuestos 0 0 0 0 0 0 0 - Otros gastos 0 0 0 0 0 0 0 Flujo de efectivo libre después 0 0 #VALUE! 0 0 0 0 - Inversiones en activo fijo estratégicas 0 0 0 0 0 0 0 Flujo de efectivo libre 0 0 #VALUE! 0 0 0 0 0 0 0 0 0 0 0 3 Current year 2015 Last 2 digits 15 *****Los pp se calculan a mano Previous year 2014 Last 2 digits 14 Millones de 9M15 9M14 % var % var comp. 3T15 3T14 % var % var comp. Millions of 9M15 9M14 % var l-t-l % var 3Q15 3Q14 % var l-t-l % var dólares US US dollars Ventas Netas 1510.9371077092997 1551.3757069443514 -2.6066283656523914E-2 0.1352647212644946 745.48745451208811 815.71805785427932 -8.6096663750377916E-2 9.0060494354792089E-2 Net Sales 1510.9371077092997 1551.3757069443514 -2.6066283656523914E-2 0.1352647212644946 745.48745451208811 815.71805785427932 -8.6096663750377916E-2 9.0060494354792089E-2 Flujo de Oper. 517.67206782975529 497.12338452516781 4.133517743128251E-2 0.21074078491155471 256.044998321332 247.09188669097941 3.6233936088519263E-2 0.23793643632655559 Op. EBITDA 517.67206782975529 497.12338452516781 4.133517743128251E-2 0.21074078491155471 256.044998321332 247.09188669097941 3.6233936088519263E-2 0.23793643632655559 % ventas netas 0.34261655577086669 0.32044035645261004 2.3pp 0.34345983526833479 0.30291334648266444 4.0pp as % net sales 0.34261655577086669 0.32044035645261004 2.3pp 0.34345983526833479 0.30291334648266444 4.0pp 2.2176199318% 2.2999999999999972 ajustar pp 4.5464887857% 3.9999999999999964 ajustar pp -4.3000000000000043 Volumen 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 Volume 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Cemento 3.8983641753964411E-2 -4.2148970612077098E-2 -7.6760641059625156E-2 Cement 3.8983641753964411E-2 -4.2148970612077098E-2 -7.6760641059625156E-2 Concreto -1.1684109463155134E-2 -0.1258555010037776 -0.11422812517756337 Ready mix -1.1684109463155134E-2 -0.1258555010037776 -0.11422812517756337 Agregados -5.0564047473017834E-2 -0.15883301035107469 -8.3293781776868747E-2 Aggregates -5.0564047473017834E-2 -0.15883301035107469 -8.3293781776868747E-2 Precio (ML) 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 Price (LC) 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Cemento 8.218334067065633E-2 0.13924672058926618 6.7202723944524104E-2 Cement 8.218334067065633E-2 0.13924672058926618 6.7202723944524104E-2 Concreto 6.6348578821635557E-2 9.6738645973732232E-2 4.2341963737717932E-2 Ready mix 6.6348578821635557E-2 9.6738645973732232E-2 4.2341963737717932E-2 Agregados 7.2922763730225548E-2 6.7826187203202465E-2 1.5945021025174984E-2 Aggregates 7.2922763730225548E-2 6.7826187203202465E-2 1.5945021025174984E-2 Validación Ventas Netas 0 0 0 0 0 0 0 Flujo de Oper. 0 0 0 0 0 0 0 % ventas netas 0 0 #VALUE! 0 0 0 #VALUE! Volumen Cemento 0 0 0 Concreto 0 0 0 Agregados 0 0 0 Precio (ML) Cemento 0 0 0 Concreto 0 0 0 Agregados 0 0 0 Input 3M 3M15 3M14 1T 1T15 1T14 6M 6M15 6M14 2T 2T15 2T14 9M 9M15 9M14 3T 3T15 3T14 Yearly 2015 2014 4T 4T15 4T14 1Q 1Q15 1Q14 2Q 2Q15 2Q14 3Q 3Q15 3Q14 4Q 4Q15 4Q14 Millones de 9M15 9M14 % var % var comp. 3T15 3T14 % var % var comp. Millions of 9M15 9M14 % var l-t-l % var 3Q15 3Q14 % var l-t-l % var dólares US US dollars Ventas Netas 341.3440031950384 305.72900879319593 0.11649203502940572 0.13278036657671646 176.91238893237167 159.86727935697837 0.10662037687732286 0.13822664129228435 Net Sales 341.3440031950384 305.72900879319593 0.11649203502940572 0.13278036657671646 176.91238893237167 159.86727935697837 0.10662037687732286 0.13822664129228435 Flujo de Oper. 82.605278866815937 59.113961692806541 0.3973903372622038 0.39884222707239358 45.406614209579267 33.836041050322194 0.34196001660031372 0.36331637548695128 Op. EBITDA 82.605278866815937 59.113961692806541 0.3973903372622038 0.39884222707239358 45.406614209579267 33.836041050322194 0.34196001660031372 0.36331637548695128 % ventas netas 0.24200008816213661 0.19335411424040877 4.9pp 0.25666158533949174 0.21165082177177375 4.5pp as % net sales 0.24200008816213661 0.19335411424040877 4.9pp 0.25666158533949174 0.21165082177177375 4.5pp 4.8645973922% 4.8999999999999986 4.5010763568% 4.5 Volumen 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 Volume 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Cemento 0.1705736007411508 0.16384234125967209 -6.1388238043276241E-2 Cement 0.1705736007411508 0.16384234125967209 -6.1388238043276241E-2 Concreto -5.8661103640900047E-2 6.8778867802428909E-3 1.2267462061044631E-3 Ready mix -5.8661103640900047E-2 6.8778867802428909E-3 1.2267462061044631E-3 Agregados -0.13722977203692815 0.38112817953828537 6.5309761443673661E-2 Aggregates -0.13722977203692815 0.38112817953828537 6.5309761443673661E-2 Precio (ML)1 9M15 vs. 9M14 3T15 vs. 3T14 3T15 vs. 2T15 Price (LC)1 9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15 Cemento 3.2206375238663987E-2 4.0304649987127912E-2 1.5721378719844262E-2 Cement 3.2206375238663987E-2 4.0304649987127912E-2 1.5721378719844262E-2 Concreto 1.7572258336373686E-2 1.0749564271322514E-2 2.3633642193547463E-3 Ready mix 1.7572258336373686E-2 1.0749564271322514E-2 2.3633642193547463E-3 Agregados -2.0423617866899099E-2 8.9799047768670801E-2 7.1601806330850754E-2 Aggregates -2.0423617866899099E-2 8.9799047768670801E-2 7.1601806330850754E-2 Validacion Ventas Netas 0 0 0 0 0 0 0 Flujo de Oper. 0 0 0 0 0 0 0 % ventas netas 0 0 #VALUE! 0 0 0 #VALUE! Volumen Cemento 0 0 0 Concreto 0 0 0 Agregados 0 0 0 Precio (ML) Cemento 0 0 0 Concreto 0 0 0 Agregados 0 0 0 Consolidated Leverage Ratio Applicable Margin > 5.50x 400 bps < 5.50x > 5.00 350 bps < 5.00x > 4.50 325 bps < 4.50x > 4.00 300 bps < 4.00x > 3.50 275 bps < 3.50x 250 bps
Consolidated debt maturity profile 372 3,304 432 1,450 2,467 1,575 Millions of US dollars 1,969 966 1,982 7 Avg. life of debt: 5.4 years Fixed Income Other bank / WC debt / Certificados Bursátiles Convertible Subordinated Notes2 Syndicated Bank Loan Facility Total debt excluding perpetual notes1 as of September 30, 2015 US$ 15,136 million 612 1 CEMEX has perpetual debentures totaling US$445 million 2 Convertible Subordinated Notes include only the debt component of US$1,463 million; total notional amount is about US$1,563 million (on May 27, US$304 million of 3.250% Convertible Subordinated Notes due 2016 were converted and US$321 million were exchanged for newly issued 3.720% Convertible Subordinated Notes due 2020)
2015 Outlook
We expect low-single-digit increases in consolidated volumes for cement, low to mid-single-digit increases in ready mix, and flat volumes for aggregates Regarding cost of energy, on a per ton of cement produced basis, a mid-single-digit decline from last year’s level is expected Total capital expenditures expected to be about US$800 million, US$500 million in maintenance capex and US$300 million in strategic capex We expect working capital investment during the year to be about US$50 million We expect cash taxes to reach about US$500 million We expect a reduction in our cost of debt of US$150 million, including our perpetual and convertible securities 2015 guidance
2015 plan to bolster our road to investment grade Cost and expense reductions $150 million FCF initiatives Asset divestments Total debt reduction US$250 million US$1.0 – 1.5 billion US$0.5 – 1.0 billion Initiatives Targets announced in February 2015 In 2015 2015 & beyond WC: on track Int exp: US$142 million US$710 million ~ US$620 million Progress as of 3Q15 ~ 75%
Appendix
Additional information on debt and perpetual notes Interest rate Fixed 74% Variable 26% Currency denomination U.S. dollar 83% Euro 16% 1 Includes convertible notes and capital leases, in accordance with IFRS 2 Consolidated Funded Debt as of September 30, 2015 was US$14,035 million, in accordance with our contractual obligations under the syndicated bank loan facility 3 EBITDA calculated in accordance with IFRS 4 Interest expense in accordance with our contractual obligations under the syndicated bank loan facility Mexican peso 1% Second Quarter 2015 2014 % Var. 2015 Total debt 1 15,136 16,479 (8%) 15,474 Short-term 2% 6% 3% Long-term 98% 94% 97% Perpetual notes 445 470 (5%) 460 Cash and cash equivalents 457 995 (54%) 492 Net debt plus perpetual notes 15,124 15,954 (5%) 15,442 Consolidated Funded Debt 2 / EBITDA 3 5.18 5.37 5.14 Interest coverage 3 4 2.59 2.21 2.55 Third Quarter Millions of US dollars
Additional information on debt and perpetual notes 1 Includes convertible notes and capital leases, in accordance with IFRS Total debt1 by instrument 68% 10% 21%
9M15 volume and price summary: Selected countries 1 On a pro-forma basis adjusting for the transactions with Holcim closed at the beginning of 1Q15, cement, ready-mix, and aggregates volumes increased by 5% and declined by 1% and 5%, respectively, year to date. 2 On a pro-forma basis adjusting for the transactions with Holcim closed at the beginning of 1Q15, cement volumes declined by 9%, year to date. Prices Prices Prices (LC) (LC) (LC) Mexico 4% (9%) 8% (1%) (11%) 7% (5%) (10%) 7% U.S. 1% 7% 7% 13% 6% 6% 6% (0%) (0%) Germany 1 (48%) (12%) 7% (46%) (17%) 1% (61%) (14%) 4% Poland 19% (22%) (6%) 27% (16%) 2% (7%) (9%) 9% France N/A N/A N/A (8%) (19%) (1%) (3%) (19%) (1%) UK 9% (4%) 4% (1%) (2%) 6% 4% (2%) 6% Spain 2 32% (15%) 4% (18%) (6%) 15% 0% (21%) (4%) Egypt (13%) (10%) (2%) 50% 5% 14% (15%) 92% 107% Colombia (9%) (24%) 5% (0%) (23%) 5% (3%) (24%) 3% Panama (5%) 3% 3% (8%) (4%) (4%) 6% 3% 3% Costa Rica 12% 4% 2% 14% (3%) (4%) 20% (0%) (2%) Philippines 23% 0% 2% N/A N/A N/A N/A N/A N/A Aggregates 9M15 vs. 9M14 Domestic gray cement 9M15 vs. 9M14 Ready mix 9M15 vs. 9M14 Prices (USD) Volumes Prices (USD) Volumes Prices (USD) Volumes
3Q15 volume and price summary: Selected countries 1 On a pro-forma basis adjusting for the transactions with Holcim closed at the beginning of 1Q15, cement, ready-mix, and aggregates volumes decreased by 1%, and increased by 2% and 1%, respectively, on a year-over-year basis. 2 On a pro-forma basis adjusting for the transactions with Holcim closed at the beginning of 1Q15, cement volumes declined by 13%, on a year-over-year basis. Prices Prices Prices (LC) (LC) (LC) Mexico (4%) (9%) 14% (13%) (12%) 10% (16%) (15%) 7% U.S. 4% 6% 6% 15% 5% 5% 11% (2%) (2%) Germany 1 (49%) (10%) 6% (43%) (15%) 1% (58%) (16%) (1%) Poland (2%) (18%) (3%) 29% (11%) 5% (8%) (13%) 3% France N/A N/A N/A (3%) (18%) (3%) (0%) (17%) (3%) UK 3% (3%) 5% (1%) (4%) 4% 5% (2%) 5% Spain 2 32% (14%) 2% (18%) (6%) 11% (3%) (25%) (11%) Egypt (2%) (20%) (12%) 40% (3%) 5% (44%) 94% 112% Colombia (6%) (28%) 12% (8%) (31%) 7% (11%) (31%) 8% Panama (23%) 7% 7% (20%) (5%) (5%) (1%) 4% 4% Costa Rica 14% 0% (0%) 12% (4%) (5%) (8%) (2%) (3%) Philippines 25% (3%) 3% N/A N/A N/A N/A N/A N/A 3Q15 vs. 3Q14 Domestic gray cement 3Q15 vs. 3Q14 Prices (USD) Volumes Ready mix Volumes Prices (USD) Volumes Prices (USD) Aggregates 3Q15 vs. 3Q14
2015 expected outlook: Selected countries 1 On a like-to-like basis for the ongoing operations Domestic gray cement Ready mix Aggregates Volumes Volumes Volumes Consolidated 1 low-single-digit growth low to mid-single- digit growth flat Mexico mid-single-digit growth low-single-digit growth flat United States low-single-digit growth low-teens growth mid-single-digit growth Germany 1 2% 0% (1%) Poland 10% 10% (5%) France N/A (5%) (5%) UK 6% (1%) 4% Spain 1 mid-single-digit decline (22%) (7%) Egypt (9%) 52% (4%) Colombia mid-single-digit decline flat flat to slightly negative Panama low-single-digit decline low-single-digit decline high-single-digit growth Costa Rica high-single-digit growth low-teens growth low-teens growth Philippines 20% N/A N/A
Definitions 9M15 / 9M14: Results for the first nine months of the years 2015 and 2014, respectively. Cement: When providing cement volume variations, refers to domestic gray cement operations (starting in 2Q10, the base for reported cement volumes changed from total domestic cement including clinker to domestic gray cement) 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 Prices: All references to pricing initiatives, price increases or decreases, refer to our prices for our products 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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