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, 2017

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  ☒            Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

 

 

 

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Contents

 

1.	Press release, dated October 26, 2017, announcing third quarter 2017 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX).

 

2.	Third quarter 2017 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX).

 

3.	Presentation regarding third quarter 2017 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX).

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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 26, 2017				By:				/s/ Rafael Garza
										Name:  Rafael Garza
										Title:    Chief Comptroller

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EXHIBIT INDEX

 

EXHIBIT NO.		DESCRIPTION
1.		Press release, dated October 26, 2017, announcing third quarter 2017 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX).
2.		Third quarter 2017 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX).
3.		Presentation regarding third quarter 2017 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX).

Exhibit 99.1

 

Media Relations		Investor Relations
Paula Andrea Escobar		Jesús Ortiz
+57 (1) 603-9079		+57 (1) 603-9051
paulaandrea.escobar@cemex.com		jesus.ortizd@cemex.com

 

CEMEX LATAM HOLDINGS REPORTS

THIRD QUARTER 2017 RESULTS

 

•

Despite the lackluster demand for our products in Colombia, our cement prices bottomed out in July after almost a year of declines. Our cement prices in local-currency as of September were 2% higher than they were in June, as we continued with our Value Before Volume strategy in the country.

 

•

Despite a decrease of US$43 million and US$101 million in EBITDA during the third quarter and first nine months of the year, our Free Cash Flow after total Capex only declined US$6 million and US$27 million, respectively, mostly because of lower strategic Capex, disciplined management of working capital, and lower financial expenses.

 

•

We reached our lowest level of working capital investment during a third quarter, with minus 7 average working capital days. During this period our working capital investment remained in negative territory for sixth consecutive quarter.

BOGOTA, COLOMBIA. OCTOBER 26, 2017 – CEMEX Latam Holdings, S.A. (“CLH”) (BVC: CLH), announced today that consolidated net sales reached US$312 million during the third quarter of 2017, decreasing by 8%, in contrast with the same period of 2016. During the first nine months of the year consolidated net sales reached US$954 million, declining by 6% compared to those of the same period of 2016. These declines are mostly explained by lower cement volumes and prices in Colombia. As a result, operating EBITDA declined by 38% and 30% during the third quarter and the first nine months of 2017, respectively, compared to the same periods of 2016.

During the third quarter of 2017, our consolidated domestic gray cement, ready-mix and aggregates volumes were negatively affected by unusually rainy weather in Central America and weaker demand conditions in Colombia and decreased by 1%, 9% and 9%, respectively, compared to those of the third quarter of 2016. During the quarter our daily cement dispatches increased in Costa Rica, Nicaragua and El Salvador.

Jaime Muguiro, CEO of CLH, said, “Despite the significant efforts to manage the variables under our control, our results continued to be negatively affected by lackluster demand and intense competitive dynamics in Colombia, and by adverse weather conditions in our operations in Central America. However, after almost a year of declines in our cement prices in Colombia, we might have reached an inflection point. As of September, our cement prices were 2% higher than they were in June of this year”

CLH’s Financial and Operational Highlights

 

•

Our EBITDA was negatively affected as our cement prices in Colombia declined by 22% and 21%, in local-currency terms, during the third quarter and first nine months of the year, respectively, compared to those of the same periods in 2016.

 

•

We might have reached an inflection point in our cement prices in Colombia. Although our cement prices declined in 3Q17, on a year-over-year and sequential basis, as of September they were 2% higher than in June of this year.

 

1

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•

For ninth consecutive quarter our cement volumes increased in our Rest of CLH region, on a year over year basis.

 

•

Daily cement dispatches grew in Costa Rica for the second consecutive quarter, on a year over year basis.

 

•

For sixth consecutive quarter, during the July-September period, our working capital investment remained in negative territory.

 

•

Our Financial Expenses decreased by US$5 million during the quarter, versus those of 3Q16, mainly as a consequence of the refinancing agreement signed earlier this year.

 

•

During the quarter our Total Debt was reduced by US$14 million, on a sequential basis.

Jaime Muguiro added, “Despite the headwinds we have faced in recent quarters in our operations, I am optimistic about the recent and encouraging developments with regards to our prices in Colombia, and our volumes in Costa Rica, which should allow us to continue with our Value Before Volume strategy in these countries, and which should impact positively our results in the upcoming quarters”

Consolidated Corporate Results

During the third quarter of the year, controlling interest net income reached US$28 million decreasing 34% compared to that of the third quarter of 2016.

Net debt was reduced during the third quarter of 2017 to US$881 million.

Geographical Markets Third Quarter 2017 Highlights

Operating EBITDA in Colombia decreased by 63% to US$22 million, versus US$60 million in the third quarter of 2016, with a decline of 18% in net sales reaching US$142 million.

In Panama, operating EBITDA decreased by 8% to US$30 million during the quarter. Net sales reached US$71 million in the third quarter of 2017, an increase of 1% compared to those in the same period of 2016.

In Costa Rica, operating EBITDA reached US$13 million during the quarter, decreasing by 6% on a year-over-year basis. Net sales declined by 2% to US$37 million, compared to those of the third quarter of 2016.

In the Rest of CLH operating EBITDA declined by 8% to US$19 million during the quarter. Net sales reached US$67 million in the third quarter of 2017, an increase of 5% compared to those of the same period in 2016.

CLH is a regional leader in the building solutions industry that provides high-quality products and reliable services to customers and communities in Colombia, Panama, Costa Rica, Nicaragua, El Salvador, Guatemala, and Brazil. CLH’s mission is to create sustainable value by providing industry-leading products and solutions to satisfy the construction needs of our customers in the markets where we operate.

###

This press release contains forward-looking statements and information that are necessarily subject to risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of CLH to be materially different from those expressed or implied in this release, including, among others, changes in general economic, political, governmental and business conditions globally and in the countries in which CLH does business, changes in interest rates, changes in inflation rates, changes in exchange rates, the level of construction generally, changes in cement demand and prices, changes in raw material and energy prices, changes in business strategy, changes derived from events affecting CEMEX, S.A.B de C.V. and subsidiaries (“CEMEX”) and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. CLH assumes no obligation to update or correct the information contained in this press release.

Operating EBITDA is defined as operating earnings before other expenses, net plus depreciation and operating amortization. Free Cash Flow is defined as operating EBITDA minus net interest expense, maintenance and expansion capital expenditures, change in working capital, taxes paid, and other cash items (net other expenses

 

2

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less proceeds from the disposal of obsolete and/or substantially depleted operating fixed assets that are no longer in operation). All of the above items are prepared under International Financial Reporting Standards as issued by the International Accounting Standards Board. Operating EBITDA and Free Cash Flow (as defined above) are presented herein because CLH believes that they are widely accepted as financial indicators of CLH’s ability to internally fund capital expenditures and service or incur debt. Operating EBITDA and Free Cash Flow should not be considered as indicators of CLH’s financial performance, as alternatives to cash flow, as measures of liquidity or as being comparable to other similarly titled measures of other companies.

 

 

3

Exhibit 99.2

 

 

●

Stock Listing Information

Colombian Stock Exchange S.A.

Ticker: CLH

 

●

Investor Relations

Jesús Ortiz de la Fuente

+57 (1) 603-9051

E-mail: jesus.ortizd@cemex.com

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OPERATING AND FINANCIAL HIGHLIGHTS

 

		January - September												Third Quarter
		2017				2016				% var				2017				2016				% var
Consolidated cement volume			5,673				5,666				0	%			1,892				1,892				0	%
Consolidated domestic gray cement volume			4,974				4,976				(0	%)			1,652				1,670				(1	%)
Consolidated ready-mix volume			2,197				2,355				(7	%)			721				795				(9	%)
Consolidated aggregates volume			5,234				5,547				(6	%)			1,695				1,869				(9	%)
Net sales			954				1,012				(6	%)			312				340				(8	%)
Gross profit			409				496				(18	%)			128				168				(23	%)
as % of net sales			42.8	%			49.0	%			(6.2pp	)			41.2	%			49.3	%			(8.1pp	)
Operating earnings before other expenses, net			177				276				(36	%)			53				92				(43	%)
as % of net sales			18.6	%			27.2	%			(8.6pp	)			16.9	%			27.1	%			(10.2pp	)
Controlling interest net income (loss)			79				143				(45	%)			28				43				(34	%)
Operating EBITDA			239				340				(30	%)			71				114				(38	%)
as % of net sales			25.0	%			33.6	%			(8.6pp	)			22.7	%			33.4	%			(10.7pp	)
Free cash flow after maintenance capital expenditures			77				181				(58	%)			19				54				(65	%)
Free cash flow			46				73				(37	%)			17				22				(26	%)
Net debt			881				969				(9	%)			881				969				(9	%)
Total debt			922				1,016				(9	%)			922				1,016				(9	%)
Earnings per share			0.14				0.26				(45	%)			0.05				0.08				(35	%)
Shares outstanding at end of period			557				556				0	%			557				556				0	%
Employees			4,351				4,724				(8	%)			4,351				4,724				(8	%)

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-share amounts.

Shares outstanding are presented in millions.

 

 

2017 Third Quarter Results		Page 2

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OPERATING RESULTS

 

Colombia    

 

 

		January - September												Third Quarter
		2017				2016				% var				2017				2016				% var
Net sales			432				512				(16%)				142				173				(18	%)
Operating EBITDA			83				176				(53%)				22				60				(63	%)
Operating EBITDA margin			19.1	%			34.4	%			(15.3pp)				15.8	%			34.9	%			(19.1pp	)

In millions of US dollars, except percentages.

 

		Domestic gray cement								Ready-Mix								Aggregates
		January - September				Third Quarter				January - September				Third Quarter				January - September				Third Quarter
Volume			(5	%)			(4	%)			(15	%)			(16	%)			(18	%)			(21	%)
Price (USD)			(18	%)			(22	%)			1	%			(4	%)			7	%			5	%
Price (local currency)			(21	%)			(22	%)			(2	%)			(4	%)			4	%			5	%

Year-over-year percentage variation.

In Colombia, during the third quarter our domestic gray cement, ready-mix and aggregates volumes declined by 4%, 16%, and 21%, respectively, compared to those of the third quarter of 2016. For the first nine months of the year, our domestic gray cement, ready-mix and aggregates volumes decreased by 5%, 15%, and 18%, respectively, compared to those of the same period of 2016.

Cement consumption during the quarter was affected by weak demand from industrial and commercial projects, as well as from high and middle income housing developments. Although our cement prices declined in 3Q17, on a year-over-year and sequential basis, as of September they were 2% higher than in June.

The deterioration in EBITDA during this quarter, on a year over year basis, relates mainly to lower cement volumes and prices, higher distribution costs due to the closure of our Bucaramanga plant, higher fuel costs, higher costs related to the scope of the maintenance of a kiln in our Ibague cement plant, as well as certain the one-off effects related to our housing solutions business, and the adverse arbitration decision of an electricity contract.

Panama    

 

 

		January - September												Third Quarter
		2017				2016				% var				2017				2016				% var
Net sales			212				200				6	%			71				70				1	%
Operating EBITDA			87				90				(3	%)			30				32				(8	%)
Operating EBITDA margin			41.3	%			45.3	%			(4.0pp	)			42.0	%			46.4	%			(4.4pp	)

In millions of US dollars, except percentages.

 

		Domestic gray cement								Ready-Mix								Aggregates
		January - September				Third Quarter				January - September				Third Quarter				January - September				Third Quarter
Volume			5	%			(3	%)			16	%			4	%			18	%			15	%
Price (USD)			(1	%)			(1	%)			(0	%)			0	%			(3	%)			(9	%)
Price (local currency)			(1	%)			(1	%)			(0	%)			0	%			(3	%)			(9	%)

Year-over-year percentage variation.

In Panama during the third quarter our domestic gray cement volumes declined by 3%, while our ready-mix and aggregates volumes increased by 4% and 15% respectively, compared to those of the third quarter of 2016. For the first nine months of 2017, our domestic gray cement, ready-mix and aggregates volumes increased by 5%, 16%, and 18% respectively, compared to those of the first nine months of 2016.    

Our cement dispatches in the country during the quarter and the first nine months of 2017 were driven by infrastructure works like the second line of the Subway, Minera Panamá, and the urban renovation of Colon city, as well as by middle-income and low-income residential projects.

Our margin decline of 4.4 percentage points during the quarter is mostly explained by lower cement volumes, a product-mix effect reflecting an increase in sales of ready-mix and aggregates, and an increase in our fuel costs

 

2017 Third Quarter Results		Page 3

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OPERATING RESULTS

 

Costa Rica    

 

 

		January - September												Third Quarter
		2017				2016				% var				2017				2016				% var
Net sales			114				120				(5	%)			37				38				(2	%)
Operating EBITDA			40				49				(18	%)			13				14				(6	%)
Operating EBITDA margin			35.2	%			40.7	%			(5.5pp	)			35.1	%			36.8	%			(1.7pp	)

In millions of US dollars, except percentages.

 

		Domestic gray cement								Ready-Mix								Aggregates
		January - September				Third Quarter				January - September				Third Quarter				January - September				Third Quarter
Volume			(1	%)			(0	%)			2	%			22	%			28	%			33	%
Price (USD)			(8	%)			(6	%)			(15	%)			(10	%)			(52	%)			(51	%)
Price (local currency)			(4	%)			(3	%)			(11	%)			(7	%)			(49	%)			(50	%)

Year-over-year percentage variation.

In Costa Rica, during the third quarter our domestic gray cement volumes remained flat, while our ready-mix and aggregates

volumes increased by 22% and 33%, respectively, compared to those of the third quarter of 2016. For the first nine months

of the year our domestic gray cement volumes declined by 1%, while our ready-mix and aggregates volumes increased by 2%

and 28%, respectively, compared to those of the same period of 2016.

Despite severe weather conditions during the quarter, we have seen positive signs with regards to demand for our products

in the country. Daily national cement consumption increased during the July-September period for the second consecutive

quarter, on a year-over-year basis, fueled by industrial and commercial developments.

Year to date, our operations in Costa Rica have had the highest alternative fuels substitution rate in our portfolio. This

quarter it reached 27.8%, a new record for this operation, helping us partially offset the increase in fuel costs in the country.

Rest of CLH    

 

 

		January - September												Third Quarter
		2017				2016				% var				2017				2016				% var
Net sales			215				197				9	%			67				64				5	%
Operating EBITDA			66				65				1	%			19				20				(8	%)
Operating EBITDA margin			30.4	%			32.8	%			(2.4pp	)			27.9	%			31.8	%			(3.9pp	)

In millions of US dollars, except percentages.

 

		Domestic gray cement								Ready-Mix								Aggregates
		January - September				Third Quarter				January - September				Third Quarter				January - September				Third Quarter
Volume			10	%			7	%			27	%			20	%			62	%			2	%
Price (USD)			(1	%)			(1	%)			(9	%)			(4	%)			(12	%)			2	%
Price (local currency)			(1	%)			(1	%)			(9	%)			(4	%)			(8	%)			7	%

Year-over-year percentage variation.

In the Rest of CLH region, which includes our operations in Nicaragua, Guatemala, El Salvador and Brazil, during the third quarter of 2017 our domestic gray cement, ready-mix and aggregates volumes increased by 7%, 20% and 2%, respectively, compared to those of the third quarter of 2016. During the first nine months of 2017, our domestic gray cement, ready-mix and aggregates volumes increased by 10%, 27% and 62%, respectively, compared to those of the same period of 2016. Despite the unusual rainy weather conditions in Central America in recent months, cement volumes increased for the ninth consecutive quarter in the Rest of CLH region in the July-September period, on a year-over-year basis.

In Nicaragua, infrastructure works continued to drive cement consumption. Although housing developments continue to demand our products, construction activity for new projects has slowed down.

With regards to Guatemala, construction activity during the quarter was affected by rainy weather conditions, and by the decrease in demand from two of the most important mining projects in the country. National cement consumption continues to rely heavily on private investment, mostly from industrial and commercial works. Construction of public works remains stagnant and with very low levels of disbursements.

 

2017 Third Quarter Results		Page 4

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OPERATING EBITDA, FREE CASH FLOW AND DEBT RELATED INFORMATION

 

Operating EBITDA and free cash flow    

 

 

		January - September												Third Quarter
		2017				2016				% var				2017				2016				% var
Operating earnings before other expenses, net			177				276				(36	%)			52				93				(44	%)
+ Depreciation and operating amortization			61				64								18				21
Operating EBITDA			239				340				(30	%)			71				114				(38	%)
- Net financial expense			47				49								15				20
- Capital expenditures for maintenance			36				32								13				10
- Change in working Capital			(7	)			(17	)							5				5
- Taxes paid			83				85								18				21
- Other cash items (Net)			4				10								2				4
Free cash flow after maintenance capital exp			77				181				(58	%)			19				54				(65	%)
- Strategic Capital expenditures			30				108								2				32
Free cash flow			46				73				(37	%)			17				22				(26	%)

In millions of US dollars, except percentages.

Information on Debt

 

 

		Third Quarter												Second Quarter						Third Quarter
		2017				2016				% var				2017						2017				2016
Total debt 1, 2			922				1,016								936			Currency denomination
Short term			16	%			27	%							2	%		U.S. dollar			98	%			97	%
Long term			84	%			73	%							98	%		Colombian peso			2	%			3	%
Cash and cash equivalents			41				47				(11	%)			39			Interest rate
Net debt			881				969				(9	%)			897			Fixed			65	%			76	%
																		Variable			35	%			24	%

In millions of US dollars, except percentages.

1	Includes capital leases, in accordance with International Financial Reporting Standards (IFRS).

2	Represents the consolidated balances of CLH and subsidiaries.

 

2017 Third Quarter Results		Page 5

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OPERATING RESULTS

 

Income statement & balance sheet

CEMEX Latam Holdings, S.A. and Subsidiaries

in thousands of U.S. Dollars, except per share amounts

 

		January - September												Third Quarter
INCOME STATEMENT		2017				2016				% var				2017				2016				% var
Net sales			954,321				1,012,153				(6	%)			311,566				340,077				(8	%)
Cost of sales			(545,682	)			(516,042	)			(6	%)			(183,090	)			(172,302	)			(6	%)
Gross profit			408,639				496,111				(18	%)			128,476				167,775				(23	%)
Operating expenses			(231,412	)			(220,552	)			(5	%)			(75,845	)			(75,693	)			(0	%)
Operating earnings before other expenses, net			177,227				275,559				(36	%)			52,631				92,082				(43	%)
Other expenses, net			(6,041	)			(2,707	)			(123	%)			(4,582	)			(2,433	)			(88	%)
Operating earnings			171,186				272,852				(37	%)			48,049				89,649				(46	%)
Financial expenses			(46,619	)			(49,329	)			5	%			(14,475	)			(19,951	)			27	%
Other income (expenses), net			(884	)			12,443				N/A				7,290				882				727	%
Net income before income taxes			123,683				235,966				(48	%)			40,864				70,580				(42	%)
Income tax			(44,187	)			(92,047	)			52	%			(12,689	)			(27,531	)			54	%
Consolidated net income			79,496				143,919				(45	%)			28,175				43,049				(35	%)
Non-controlling Interest Net Income			(288	)			(518	)			44	%			(98	)			(205	)			52	%
Controlling Interest Net Income			79,208				143,401				(45	%)			28,077				42,844				(34	%)
Operating EBITDA			238,566				339,583				(30	%)			70,829				113,532				(38	%)
Earnings per share			0.14				0.26				(45	%)			0.05				0.08				(35	%)

 

		as of September 30
BALANCE SHEET		2017				2016				% var
Total Assets			3,367,493				3,376,607				(0	%)
Cash and Temporary Investments			41,401				46,761				(11	%)
Trade Accounts Receivables			125,287				115,804				8	%
Other Receivables			67,647				42,953				57	%
Inventories			78,236				70,867				10	%
Other Current Assets			14,929				13,563				10	%
Current Assets			327,500				289,948				13	%
Fixed Assets			1,265,865				1,247,216				1	%
Other Assets			1,774,128				1,839,443				(4	%)
Total Liabilities			1,816,889				1,869,004				(3	%)
Current Liabilities			501,456				575,949				(13	%)
Long-Term Liabilities			1,300,131				1,284,515				1	%
Other Liabilities			15,302				8,540				79	%
Consolidated Stockholders’ Equity			1,550,604				1,507,603				3	%
Non-controlling Interest			5,146				5,938				(13	%)
Stockholders’ Equity Attributable to Controlling Interest			1,545,458				1,501,665				3	%

 

2017 Third Quarter Results		Page 6

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OPERATING RESULTS

 

Income statement & balance sheet

CEMEX Latam Holdings, S.A. and Subsidiaries

in millions of Colombian Pesos in nominal terms, except per share amounts

 

		January - September												Third Quarter
INCOME STATEMENT		2017				2016				% var				2017				2016				% var
Net sales			2,809,215				3,075,558				(9	%)			921,551				2,021,436				(54	%)
Cost of sales			(1,606,312	)			(1,568,061	)			(2	%)			(541,544	)			(1,034,363	)			48	%
Gross profit			1,202,903				1,507,497				(20	%)			380,007				987,073				(62	%)
Operating expenses			(681,203	)			(670,175	)			(2	%)			(224,337	)			(449,437	)			50	%
Operating earnings before other expenses, net			521,700				837,322				(38	%)			155,673				537,636				(71	%)
Other expenses, net			(17,783	)			(8,225	)			(116	%)			(13,552	)			(7,015	)			(93	%)
Operating earnings			503,917				829,097				(39	%)			142,121				530,621				(73	%)
Financial expenses			(137,232	)			(149,892	)			8	%			(42,817	)			(107,218	)			60	%
Other income (expenses), net			(2,602	)			37,809				N/A				21,563				23,927				(10	%)
Net income before income taxes			364,083				717,014				(49	%)			120,867				447,330				(73	%)
Income tax			(130,071	)			(279,698	)			53	%			(37,531	)			(174,498	)			78	%
Consolidated net income			234,012				437,316				(46	%)			83,336				272,832				(69	%)
Non-controlling Interest Net Income			(849	)			(1,574	)			46	%			(289	)			(1,091	)			74	%
Controlling Interest Net Income			233,163				435,742				(46	%)			83,047				271,741				(69	%)
Operating EBITDA			702,261				1,031,867				(32	%)			209,495				336,642				(38	%)
Earnings per share			420.39				786.01				(47	%)			149.71				228.25				(34	%)

 

		as of September 30
BALANCE SHEET		2017				2016				% var
Total Assets			9,904,032				9,724,459				2	%
Cash and Temporary Investments			121,761				134,670				(10	%)
Trade Accounts Receivables			368,478				333,510				10	%
Other Receivables			198,954				123,702				61	%
Inventories			230,097				204,093				13	%
Other Current Assets			43,909				39,062				12	%
Current Assets			963,199				835,037				15	%
Fixed Assets			3,722,997				3,591,920				4	%
Other Assets			5,217,836				5,297,502				(2	%)
Total Liabilities			5,343,596				5,382,638				(1	%)
Current Liabilities			1,474,817				1,658,705				(11	%)
Long-Term Liabilities			3,823,775				3,699,337				3	%
Other Liabilities			45,004				24,596				83	%
Consolidated Stockholders’ Equity			4,560,436				4,341,821				5	%
Non-controlling Interest			15,135				17,101				(11	%)
Stockholders’ Equity Attributable to Controlling Interest			4,545,301				4,324,720				5	%

 

2017 Third Quarter Results		Page 7

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OPERATING RESULTS

 

Operating Summary per Country    

in thousands of U.S. dollars    

Operating EBITDA margin as a percentage of net sales    

 

		January - September												Third Quarter
		2017				2016				% var				2017				2016				% var
NET SALES
Colombia			432,019				511,785				(16	%)			141,501				172,804				(18	%)
Panama			211,792				199,609				6	%			70,592				69,827				1	%
Costa Rica			113,732				119,535				(5	%)			37,169				37,871				(2	%)
Rest of CLH			215,377				197,161				9	%			67,203				64,092				5	%
Others and intercompany eliminations			(18,599	)			(15,937	)			(17	%)			(4,899	)			(4,517	)			(8	%)
TOTAL			954,321				1,012,153				(6	%)			311,566				340,077				(8	%)
GROSS PROFIT
Colombia			159,132				242,872				(34	%)			47,812				82,895				(42	%)
Panama			100,085				100,342				(0	%)			34,530				35,986				(4	%)
Costa Rica			52,981				62,056				(15	%)			17,529				18,940				(7	%)
Rest of CLH			83,806				80,535				4	%			24,689				26,221				(6	%)
Others and intercompany eliminations			12,635				10,306				23	%			3,916				3,733				5	%
TOTAL			408,639				496,111				(18	%)			128,476				167,775				(23	%)
OPERATING EARNINGS BEFORE OTHER EXPENSES, NET
Colombia			63,505				156,487				(59	%)			17,144				53,423				(68	%)
Panama			74,593				76,834				(3	%)			25,846				27,880				(7	%)
Costa Rica			36,081				43,926				(18	%)			11,581				12,313				(6	%)
Rest of CLH			60,985				60,570				1	%			17,173				19,006				(10	%)
Others and intercompany eliminations			(57,937	)			(62,258	)			7	%			(19,113	)			(20,540	)			7	%
TOTAL			177,227				275,559				(36	%)			52,631				92,082				(43	%)
OPERATING EBITDA
Colombia			82,663				176,054				(53	%)			22,398				60,277				(63	%)
Panama			87,475				90,364				(3	%)			29,679				32,420				(8	%)
Costa Rica			40,025				48,615				(18	%)			13,039				13,943				(6	%)
Rest of CLH			65,544				64,745				1	%			18,736				20,351				(8	%)
Others and intercompany eliminations			(37,141	)			(40,195	)			8	%			(13,023	)			(13,459	)			3	%
TOTAL			238,566				339,583				(30	%)			70,829				113,532				(38	%)
OPERATING EBITDA MARGIN
Colombia			19.1	%			34.4	%							15.8	%			34.9	%
Panama			41.3	%			45.3	%							42.0	%			46.4	%
Costa Rica			35.2	%			40.7	%							35.1	%			36.8	%
Rest of CLH			30.4	%			32.8	%							27.9	%			31.8	%
TOTAL			25.0	%			33.6	%							22.7	%			33.4	%

 

2017 Third Quarter Results		Page 8

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OPERATING RESULTS

 

Volume Summary

Consolidated volume summary

Cement and aggregates in thousands of metric tons

Ready mix in thousands of cubic meters

 

		January - September												Third Quarter
		2017				2016				% var				2017				2016				% var
Total cement volume 1			5,673				5,666				0	%			1,892				1,892				0	%
Total domestic gray cement volume			4,974				4,976				(0	%)			1,652				1,670				(1	%)
Total ready-mix volume			2,197				2,355				(7	%)			721				795				(9	%)
Total aggregates volume			5,234				5,547				(6	%)			1,695				1,869				(9	%)

 

1	Consolidated cement volume includes domestic and export volume of gray cement, white cement, special cement, mortar and clinker.

Per-country volume summary    

 

		January -September				Third Quarter				Third Quarter 2017
		2017 vs. 2016				2017 vs. 2016				vs. Second Quarter 2017
DOMESTIC GRAY CEMENT
Colombia			(5	%)			(4	%)			5	%
Panama			5	%			(3	%)			(4	%)
Costa Rica			(1	%)			(0	%)			(1	%)
Rest of CLH			10	%			7	%			(7	%)
READY-MIX
Colombia			(15	%)			(16	%)			3	%
Panama			16	%			4	%			(4	%)
Costa Rica			2	%			22	%			28	%
Rest of CLH			27	%			20	%			(31	%)
AGGREGATES
Colombia			(18	%)			(21	%)			2	%
Panama			18	%			15	%			4	%
Costa Rica			28	%			33	%			(15	%)
Rest of CLH			62	%			2	%			(62	%)

 

2017 Third Quarter Results		Page 9

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OPERATING RESULTS

 

Price Summary    

Variation in U.S. dollars    

 

		January -September				Third Quarter				Third Quarter 2017
		2017 vs. 2016				2017 vs. 2016				vs. Second Quarter 2017
DOMESTIC GRAY CEMENT
Colombia			(18	%)			(22	%)			(2	%)
Panama			(1	%)			(1	%)			0	%
Costa Rica			(8	%)			(6	%)			(0	%)
Rest of CLH			(1	%)			(1	%)			0	%
READY-MIX
Colombia			1	%			(4	%)			(0	%)
Panama			(0	%)			0	%			2	%
Costa Rica			(15	%)			(10	%)			(4	%)
Rest of CLH			(9	%)			(4	%)			9	%
AGGREGATES
Colombia			7	%			5	%			0	%
Panama			(3	%)			(9	%)			(3	%)
Costa Rica			(52	%)			(51	%)			25	%
Rest of CLH			(12	%)			2	%			23	%

For Rest of CLH, volume-weighted average prices.    

Variation in local currency    

 

		January -September				Third Quarter				Third Quarter 2017
		2017 vs. 2016				2017 vs. 2016				vs. Second Quarter 2017
DOMESTIC GRAY CEMENT
Colombia			(21	%)			(22	%)			(2	%)
Panama			(1	%)			(1	%)			0	%
Costa Rica			(4	%)			(3	%)			(1	%)
Rest of CLH			(1	%)			(1	%)			(0	%)
READY-MIX
Colombia			(2	%)			(4	%)			(1	%)
Panama			(0	%)			0	%			2	%
Costa Rica			(11	%)			(7	%)			(4	%)
Rest of CLH			(9	%)			(4	%)			9	%
AGGREGATES
Colombia			4	%			5	%			(0	%)
Panama			(3	%)			(9	%)			(3	%)
Costa Rica			(49	%)			(50	%)			25	%
Rest of CLH			(8	%)			7	%			24	%

For Rest of CLH, volume-weighted average prices.    

 

2017 Third Quarter Results		Page 10

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DEFINITIONS OF TERMS AND DISCLOSURES

 

 

Exchange rates

 

		January - September								January - September								Third Quarter
		2017 closing				2016 closing				2017 average				2016 average				2017 average				2016 average
Colombian peso			2,941.07				2,879.95				2,943.68				3,038.63				2,957.80				2,965.17
Panama balboa			1.00				1.00				1.00				1.00				1.00				1.00
Costa Rica colon			574.13				558.80				572.71				549.45				575.57				557.87
Euro			1.18				1.12				1.12				0.00				1.12				1.12

Amounts provided in units of local currency per US dollar.    

 

2017 Third Quarter Results		Page 11

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DEFINITIONS OF TERMS AND DISCLOSURES

 

 

2017 Third Quarter Results		Page 12

Exhibit 99.3

 

RESULTS 3Q17 October 26, 2017 RESULTS3Q17

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||Forward looking information This presentation contains forward-looking statements. 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 Latam Holdings, S.A.’s (“CLH”) current expectations and projections about future events based on CLH’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 CLH’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 CLH or its subsidiaries, include, but are not limited to, the cyclical activity of the construction sector; CLH’s exposure to other sectors that impact CLH’s business, such as the energy sector; competition; general political, economic and business conditions in the markets in which CLH operates; the regulatory environment, including environmental, tax, antitrust and acquisition-related rules and regulations; CLH’s ability to satisfy its debt obligations and CEMEX, S.A.B. de C.V.’s (“CEMEX”) 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 CEMEX’s existing indebtedness; the impact of CEMEX’s below investment grade debt rating on CLH’s and CEMEX’s cost of capital; CEMEX’s ability to consummate asset sales and fully integrate newly acquired businesses; achieve cost-savings from CLH’s cost-reduction initiatives and implement CLH’s pricing initiatives for CLH’s products; the increasing reliance on information technology infrastructure for CLH’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 CLH’s public filings. Readers are urged to read these presentations and carefully consider the risks, uncertainties and other factors that affect CLH’s business. The information contained in these presentations is subject to change without notice, and CLH is not obligated to publicly update or revise forward-looking statements. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to CLH’s prices for CLH’s products. UNLESS OTHERWISE NOTED, ALL CONSOLIDATED FIGURES ARE PRESENTED IN DOLLARS AND ARE BASED ON THE FINANCIAL STATEMENTS OF EACH COUNTRY PREPARED UNDER INTERNATIONAL FINANCIAL REPORTING STANDARDS. Copyright CEMEX LatamHoldings, S.A. and its subsidiaries.2

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||Financial Results Summary Net Sales Operating EBITDA Margin EBITDA (US$M) (US$M) (%) -6% 1,012 954 -8% 340—30% -8.6pp 312 -38% -10.7pp 340 . 6% 33 114 . 4% 239 . 0% 33 25 . 7% 71 22 9M16 9M17 3Q16 3Q17 9M16 9M17 3Q16 3Q17 9M16 9M17 3Q16 3Q17 3

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||Consolidated Volumes and Prices 9M17vs. 3Q17 vs. 3Q17 vs. 9M16 3Q16 2Q17 Volume 0% -1% 0% Our consolidated volumes Domestic for our three core products gray Price (USD) -9% -11% -2% cement decreased during 3Q17, Price (LtL1) -10% -11% -2% mainly resulting from weaker demand in Colombia and Panama, and unusual rainy weather in Central America Volume -7% -9% 0% Ready-mix concrete Price (USD) 2% -1% 0% Price (LtL1) 0% -1% 0% Our cement prices declined by 11% and 2% in 3Q17, Volume -6% -9% -4% in local currency terms1, against those Aggregates Price (USD) -3% -5% 5% of 3Q16 and 2Q17, respectively, mainly as a result of intense competitive Price (LtL1) -4% -5% 4% dynamics in Colombia (1) Like-to-like prices adjusted for foreign-exchange fluctuations 4

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||EBITDA Variation YTD 17 -30% 340 -12 -85 8 -4 -10 2 239 EBITDA Vol Price O. Costs Dist SG&A Fx EBITDA YTD16 YTD17 33.6% 25.0%—8.6pp EBITDA EBITDA Margin Margin YTD16 YTD17 5

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REGIONAL HIGHLIGHTS Results 3Q 176

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Results Highlights Colombia 7

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||Colombia –Results Highlights National cement dispatches 9M17 9M16 % var 3Q17 3Q16 % var remain subdued. We estimate that national cement Net Sales 432 512 -16% 142 173 -18% demand decreased by 1.3% and 2.5%, Financial Op. EBITDA in 3Q17 and 9M17, respectively, on a Summary 83 176 -53% 22 60 -63% US$ Million as % net year-over-year basis sales 19.1% 34.4% (15.3pp) 15.8% 34.9% (19.1pp) Possibly reached an 9M17 vs. 9M16 3Q17 vs. 3Q16 3Q17 vs. 2Q17 inflection point in our prices. Our cement prices in local-currency Cement -5% -4% 5% terms as of September were 2% higher Volume Ready mix -15% -16% 3% than they were in June Aggregates -18% -21% 2% The deterioration in EBITDA margin during 3Q17 vs. 3Q16 9M17 vs. 9M16 3Q17 vs. 3Q16 3Q17 vs. 2Q17 relates mainly to: Cement -21% -22% -2%—Lower cement prices Price—Lower demand for our products (Local Currency) Ready mix -2% -4% -1%—Higher distribution and fuel costs Aggregates 4% 5% 0%—Higher maintenance costs—Certain one-off effects related to housing solutions, and electricity 8

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||Colombia –Residential Sector Challenging economic conditions have affected middle and high income housing developments this year Social interest housing has been the main driver of demand for this sector in 2017 Cement demand from residential sector is expected to decrease in the mid single digits Central Government recently made changes in middle during 2017 income housing subsidy program in an effort to boost construction, after several months of lackluster demand 9

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||Colombia –Infrastructure Sector Infrastructure works should drive cement demand in 2017, mainly as a consequence of:—Initial works of 4G program—Increased disbursements from the royalties fund—Vías de la Equidad program—Construction of public schools Infrastructure developments in Bogota remain subdued. However, financing was recently secured to develop projects in the city in 2018 and onwards Cement demand from Construction works from some 4G projects, which infrastructure projects should have secured financing, have started to demand grow ~2% in 2017 cement, although at low levels. 10

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||Colombia –First carbon-neutral fleet in the country CEMEX Colombia received carbon-neutral certification for its entire fleet Emissions of vehicles are offset by planting and maintaining approximately 480,000 trees in Orinoquía, a post-conflict, and nature rich zone of Colombia This forestry project will capture around 120,000 tons of CO2, and This achievement further demonstrates our effort, protect the region’s native commitment, and responsibility to the environment, forests and is proof that at CLH we are building a better future 11

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Results Highlights Panama

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||Panama –Results Highlights 9M17 9M16 % var 3Q17 3Q16 % var While our cement volumes Net Sales 212 200 6% 71 70 1% declined, our ready-mix and Financial aggregates volumes increased Summary Op. EBITDA 87 90 -3% 30 32 -8% US$ Million during 3Q17,compared to those of 3Q16 as % net sales 41.3% 45.3% (4.0pp) 42.0% 46.4% (4.4pp) 9M17 vs. 9M16 3Q17 vs. 3Q16 3Q17 vs. 2Q17 During 1H17 we had a favorable Cement 5% -3% -4% comparison base in Panama Volume Ready mix 16% 4% -4% reflecting a low level of construction activity in 1H16 Aggregates 18% 15% 4% 9M17 vs. 9M16 3Q17 vs. 3Q16 3Q17 vs. 2Q17 EBITDA and EBITDA margin Cement -1% -1% 0% declined during the quarter, Price Ready mix 0% 0% 2% compared to those of 3Q16, mostly as a (Local Currency) result of lower cement volumes, a Aggregates -3% -9% -3% product-mix effect, and higher fuel costs 13

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|| Panama –Sector Highlights Infrastructure works should continue to drive demand for our products in the country. Unfortunately execution of new projects is taking longer than anticipated Strong pipeline of infrastructure projects should be supported by Government revenues. Potential investments of ~US$10 B from projects such as:—3rd line of the subway—4th bridge over the Canal—The Corozal port Delays in new public projects could create a temporary decline—Natural Gas plant (Isla Margarita) in demand for our products, given the lackluster consumption from the residential and industrial and commercial sectors 14

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Results Highlights Costa Rica

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||Costa Rica –Results Highlights 9M17 9M16 % var 3Q17 3Q16 % var Second consecutive quarter with Net Sales 114 120 -5% 37 38 -2% growth in daily cement sales Financial on a year-over-year basis Summary Op. EBITDA 40 49 -18% 13 14 -6% US$ Million as % net sales 35.2% 40.7% (5.5pp) 35.1% 36.8% (1.7pp) Despite the unusual rainy 9M17 vs. 9M16 3Q17 vs. 3Q16 3Q17 vs. 2Q17 weather during 3Q17, our ready- mix and aggregates volumes Cement -1% 0% -1% grew by double digit rates Volume Ready mix 2% 22% 28% versus those of 3Q16 Aggregates 28% 33% -15% 9M17 vs. 9M16 3Q17 vs. 3Q16 3Q17 vs. 2Q17 EBITDA and EBITDA margin declined during the quarter, Cement -4% -3% -1% compared to those of 3Q16, as a result Price (Local Currency) Ready mix -11% -7% -4% of lower prices, a product-mix effect, higher fuel costs, and a provision for bad Aggregates -49% -50% 25% debt 16

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|| Costa Rica– Sector Highlights Demand for our products in upcoming quarters should be driven by the execution of :—Oxígeno project—Northern Beltway—Route 32—Hotels and warehouses—Works in public universities We recently secured most of the supply for Oxigeno, the biggest private project in the country Potential demand could derive from efforts to repair local infrastructure damaged during The improving construction prospects in the country make us the hurricane season optimistic of the potential of our Value Before Volume strategy in the near term 17

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Results Highlights Rest of CLH

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||Rest of CLH –Results Highlights 9M17 9M16 % var 3Q17 3Q16 % var Our cement volumes grew in Net Sales 215 197 9% 67 64 5% 3Q17 for 9th consecutive quarter, Financial on a year-over-year basis, despite Summary Op. EBITDA 66 65 1% 19 20 -8% adverse weather conditions US$ Million as % net sales 30.4% 32.8% (2.4pp) 27.9% 31.8% (3.9pp) In 3Q17 and 9M17 demand for 9M17 vs. 9M16 3Q17 vs. 3Q16 3Q17 vs. 2Q17 our three core products grew Cement 10% 7% -7% vs. that of the same periods in 2016 Volume Ready mix 27% 20% -31% Aggregates 62% 2% -62% EBITDA Margin declined 3.9pp in 3Q17 vs.3Q16, mostly explained by: 9M17 vs. 9M16 3Q17 vs. 3Q16 3Q17 vs. 2Q17—Lower cement volumes in Guatemala—Lower ready-mix prices in Nicaragua Cement -1% -1% 0%—Product-mix effect reflecting higher Price (Local Currency) Ready mix -9% -4% 9% ready-mix and aggregates volumes—Product-mix effect related to higher Aggregates -8% 7% 24% volumes in El Salvador and Brazil 19

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||Rest of CLH –Nicaragua highlights Our cement volumes increased on a year over year basis despite severe weather in 3Q17 We estimate that construction of roads and hospitals, should drive demand for our products in the following quarters. Construction works for new residential projects have slowed down in recent months Our cautious view of the country remain given the increase vulnerabilities of the country’s external accounts    20

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||Rest of CLH –Guatemala highlights National cement consumption was affected this quarter by rainy weather, and a decrease in demand from two mining projects Our cement dispatches decreased by 11% and 10% during 3Q17,against those of 3Q16 and 2Q17, respectively Residential, and industrial and commercial works continue to drive cement demand, whereas consumption from public works remains dull 21    

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FREE CASH FLOW
3Q 17 Results

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||Free Cash Flow US$ Million 9M17 9M16 % var 3Q17 3Q16 % var During 3Q17 and 9M17, while Operating Op. EBITDA EBITDA 239 340 -30% 71 114 -38% EBITDA declined US$43 M and —Net Financial Expense 47 49 15 20 US$101 M, FCF1 only decreased —Maintenance Capex 36 32 13 10 US$6 M and US$27 M, respectively, mostly as a result of:—Change in Working Cap -7 -17 5 5—Lower strategic Capex—Lower Financial Expenses resulting—Taxes Paid 83 85 18 21 from the debt refinancing—Other Cash Items (net) 4 10 2 4—Lower cash taxes—Sales of idle and non-core fixed assets Free Cash Flow Free Cash Flow 77 181 -58% 19 54 -65% After Maintenance Capex—Strategic Capex 30 108 2 32 Net debt was reduced during 3Q17 to US$881 M Free Cash Flow 46 73 -37% 17 22 -26% (1) Free Cash Flow 23

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GUIDANCE
3Q 17 Results

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||2017 Guidance Volume YoY% Consolidated volumes in 2017 Cement Ready—Mix Aggregates expected to decline: Colombia Cement: 1% (5%) (13%) (18%) Ready-mix: 6% Aggregates: 7% Cement Ready—Mix Aggregates Maintenance and Strategic Panama 4% 11% 18% Capexin 2017 are expected to be about US$51 M and US$29 M, respectively, saving US$116 M in total Capex on a year-over-year basis Cement Ready—Mix Aggregates Costa Rica 1% 5% 24% Consolidated Cash taxes are expected to be at US$107 M 25

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||Consolidated debt maturity profile US $922 Million 600 Total debt as of September 30, 2017 2.7x Net Debt/EBITDA (LTM)1 US$ Million as of September 30, 2017 322. 1 0 (1) Last twelve months to September 2017    2017 2018 2023 26

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RESULTS 3Q17 October 26, 2017