Form 6-K

 

 

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 February, 2019

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 66265, México

(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):

 

 

 


Contents

 

1.    Press release, dated February 7, 2019, announcing fourth quarter 2018 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE: CX).
2.    Fourth quarter 2018 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE: CX).
3.    Presentation regarding fourth quarter 2018 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE: CX).


SIGNATURE

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

 

       

CEMEX, S.A.B. de C.V.

        (Registrant)
       
Date:   February 7, 2019       By:   /s/ Rafael Garza Lozano
 

 

       

 

         

Name: Rafael Garza Lozano

         

Title: Chief Comptroller

 

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EXHIBIT INDEX

 

EXHIBIT
NO.
  

DESCRIPTION

1.    Press release, dated February 7, 2019, announcing fourth quarter 2018 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE: CX).
2.    Fourth quarter 2018 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE: CX).
3.    Presentation regarding fourth quarter 2018 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE: CX).

 

4

Press release, dated February 7, 2019

Exhibit 1

 

Media Relations

Andrea Castro Velez

  

Investor Relations

Pablo Gutiérrez

+57 (1) 603-9134

andrea.castro@cemex.com

  

+57 (1) 603-9051

pabloantonio.gutierrez@cemex.com

 

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CEMEX LATAM HOLDINGS REPORTS

FOURTH QUARTER 2018 RESULTS

 

   

Free cash flow improved, both during the quarter and full year. Free cash flow during 2018 reached US$52 million, an improvement of 16% compared to that of 2017. Additionally, we received about US$31 million during the third quarter related to the sale of our business in Manaus, Brazil.

 

   

Our net debt declined by 9% during 2018, reaching US$805 million.

 

   

Our controlling interest net income improved, both during the quarter and full year. During the full year net income increased by 36%, reaching US$63 million.

BOGOTA, COLOMBIA. FEBRUARY 7, 2019 – CEMEX Latam Holdings, S.A. (“CLH”) (BVC: CLH), announced today that consolidated net sales reached US$260 million during the fourth quarter of 2018, a decline of 7% compared to those of the same period of 2017. Operating EBITDA reached US$55 million during the fourth quarter, 24% lower on a year-over-year basis.

During the fourth quarter of 2018, our consolidated domestic gray cement volumes remained flat, while our consolidated ready-mix and aggregates volumes decreased by 7% and 16%, respectively, compared to those of the fourth quarter of 2017. Our consolidated prices in local-currency terms for domestic gray cement remained flat, and improved 1% and 5% for ready-mix and aggregates, respectively, during the quarter on a year over year basis.

Jaime Muguiro, CEO of CLH, said, “In 2018 we operated in a very challenging environment as we faced lower national cement demand in Panama, Costa Rica and Nicaragua, and flattish demand in Colombia. Additionally, we had a new competitor in Costa Rica and increased cement imports in Panama, as well as costs inflation, particularly in fuels and freights.

In this environment, we remained focused on the variables under our control as we improved service levels to our customers and reached high adoption rates of our CEMEX Go digital services. Also, we increased our prices in Colombia and Costa Rica. We reduced our financial expense and CAPEX, as well as managed our working capital effectively.

Our free cash flow and the proceeds from the divestment of our business in Brazil were used to reduce our net debt, which declined by 9% during 2018”

Jaime Muguiro added, “Regarding our operations in Colombia, we are encouraged by the improving trends in the economy and in national cement demand which increased by 4% during the fourth quarter. Our cement volumes during the fourth quarter increased by 4% year-over-year and 7% sequentially”

Consolidated Corporate Results

During the fourth quarter, controlling interest net income was US$10 million, compared to a loss of US$33 million during the same quarter of 2017.

Geographical Markets Fourth Quarter 2018 Highlights

Operating EBITDA in Colombia reached US$23 million, 24% lower compared to that of the fourth quarter of 2017. Net sales declined 6% to US$125 million during this period.

 

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In Panama, operating EBITDA decreased by 37% to US$13 million during the quarter. Net sales reached US$53 million during the fourth quarter of 2018, a 3% decline compared to those of the same period of 2017.

In Costa Rica, operating EBITDA reached US$9 million during the quarter, US$5 million lower on a year-over-year basis. Net sales reached US$27 million, a decline of 23% compared to those of the fourth quarter of 2017.

In the Rest of CLH operating EBITDA declined by 7% to US$18 million during the quarter. Net sales reached US$59 million during the fourth quarter of 2018, 2% lower than those of the same period of 2017.

In accordance with its vision, CLH will continue constantly evolving to become more flexible in our operations, more creative in our commercial offerings, more sustainable in our use of resources, more innovative in conducting our business, and more efficient in our capital allocation. 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, and Guatemala.

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

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

 

2

Fourth quarter 2018 results for CEMEX Latam Holdings, S..A.

Exhibit 2

 

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2018 FOURTH QUARTER RESULTS ï,§ Stock Listing Information Colombian Stock Exchange S.A. Ticker: CLH ï,§ Investor Relations Pablo Gutiérrez +57 (1) 603-9051 E-mail: pabloantonio.gutierrez@cemex.com


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OPERATING AND FINANCIAL HIGHLIGHTS January—December Fourth Quarter 2018 2017 % var 2018 2017 % var Consolidated cement volume 6,649 7,133 (7%) 1,679 1,679 0% Consolidated domestic gray cement volume 5,855 6,241 (6%) 1,489 1,485 0% Consolidated ready-mix volume 2,604 2,908 (10%) 659 712 (7%) Consolidated aggregates volume 6,265 6,985 (10%) 1,471 1,751 (16%) Net sales 1,108 1,206 (8%) 260 278 (7%) Gross profit 459 536 (14%) 112 127 (11%) as % of net sales 41.4% 44.4% (3.0pp) 43.2% 45.5% (2.3pp) Operating earnings before other expenses, net 168 239 (30%) 39 55 (30%) as % of net sales 15.1% 19.8% (4.7pp) 14.9% 19.7% (4.8pp) Controlling interest net income (loss) 63 46 36% 10 -33 N/A Operating EBITDA 243 314 (23%) 55 72 (24%) as % of net sales 21.9% 26.0% (4.1pp) 21.1% 25.9% (4.8pp) Free cash flow after maintenance capital 54 76 (29%) 19 -1 n/a expenditures Free cash flow 52 45 16% 18 -1 N/A Net debt 805 882 (9%) 805 882 (9%) Total debt 842 927 (9%) 842 927 (9%) Earnings of continuing operations per share 0.13 0.14 (8%) 0.02 (0.01) N/A Shares outstanding at end of period 557 557 0% 549 557 (1%) Employees 4,067 4,297 (5%) 4,067 4,297 (5%) 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. Consolidated net sales during the fourth quarter of 2018 declined by 7% Operating EBITDA during the fourth quarter of 2018 declined by 24% compared to those of the fourth quarter of 2017. On a like-to-like basis, compared to that of the fourth quarter of 2017. During the full year adjusting for foreign exchange fluctuations, net sales during the quarter operating EBITDA decreased by 23% compared to that of 2017. The full declined by 2%. For the full year consolidated net sales decreased by 8% year decline was mainly due to lower volumes and increased energy compared to those of 2017. The full year decline was mostly due to costs. The impact of lower volumes on EBITDA in Colombia, Panama, and lower consolidated volumes and lower consolidated ready-mix and Nicaragua was $27, $21 and $13 million dollars, respectively. aggregates prices, in U.S. dollar terms. Operating EBITDA margin during the fourth quarter of 2018 declined by Cost of sales as a percentage of net sales during 2018 increased by 3pp 4.8pp, compared to that of the fourth quarter of 2017. During 2018 from 55.6% to 58.6%, on a year-over-year basis. operating EBITDA margin decreased by 4.1pp compared to that of 2017. Operating expenses as a percentage of net sales during 2018 increased Controlling interest net income during 2018 reached US$63 million, an by 1.5pp from 24.7% to 26.2%, compared to those of 2017. increase of 36% versus 2017. During the fourth quarter of 2018 our controlling interest net income reached US$10 million, an improvement of US$43 million compared to that of the fourth quarter of 2017. Total debt at the end of the year declined to US$842 million, 9% lower than that of 2017. 2018 Fourth Quarter Results Page 2


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OPERATING RESULTS Colombia January—December Fourth Quarter 2018 2017 % var 2018 2017 % var Net sales 524 566 (7%) 125 134 (6%) Operating EBITDA 95 113 (16%) 23 30 (24%) Operating EBITDA margin 18.2% 20.0% (1.8pp) 18.3% 22.6% (4.3pp) In millions of US dollars, except percentages. Domestic gray cement Ready-Mix Aggregates January—January—January— Fourth Quarter Fourth Quarter Fourth Quarter December December December Volume (6%) 4% (11%) (8%) (14%) (15%) Price (USD) 1% (5%) 0% (6%) (1%) (4%) Price (local currency) 2% 2% 0% 1% (0%) 4% Year-over-year percentage variation. In Colombia, during the fourth quarter our domestic gray cement volume increased by 4%, while our ready-mix and aggregates volumes declined by 8% and 15%, respectively, compared to those of the fourth quarter of 2017. For the full year, our domestic gray cement, ready-mix and aggregates volumes decreased by 6%, 11%, and 14%, respectively, compared to those of 2017. We are encouraged by the improving trends in the Colombian economy and in national cement demand. During 4Q18, our cement volumes increased by 4% year-over-year and by 7% sequentially. Our cement, ready-mix and aggregates prices increased by 2%, 1% and 4%, respectively, during the quarter on a year-over-year basis in local-currency terms. Panama January—December Fourth Quarter 2018 2017 % var 2018 2017 % var Net sales 222 266 (17%) 53 54 (3%) Operating EBITDA 64 109 (41%) 13 21 (37%) Operating EBITDA margin 29.0% 40.8% (11.8pp) 25.0% 38.5% (13.5pp) In millions of US dollars, except percentages. Domestic gray cement Ready-Mix Aggregates January—January—January— Fourth Quarter Fourth Quarter Fourth Quarter December December December Volume (18%) (8%) (15%) (4%) (8%) (10%) Price (USD) (1%) (2%) (7%) (2%) 1% 8% Price (local currency) (1%) (2%) (7%) (2%) 1% 8% Year-over-year percentage variation. In Panama, during the fourth quarter our domestic gray cement, ready-mix and aggregates volumes declined by 8%, 4%, and 10%, respectively, compared to those of the fourth quarter of 2017. During 2018, our domestic gray cement, ready-mix and aggregates volumes decreased by 18%, 15%, and 8%, respectively, compared to those of 2017. We estimate that national-cement demand declined by around 6% during the quarter and 13% during 2018. Industry volumes were particularly low during the second quarter due to the construction-workers strike and remained quite low for the rest of the year. During 2018, improvement in infrastructure activity was more than offset by lower demand from both the residential and the industrial-and-commercial sectors, which did not improve despite a 4.3% GDP growth during 2018. In the infrastructure sector, the most relevant projects during the quarter were the Panama Northern Corridor highway, the Vía Transísmica highway, the urban renovation of Colón City, the ITSE College, as well as the metro’s second line. 2018 Fourth Quarter Results Page 3


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OPERATING RESULTS Costa Rica January—December Fourth Quarter 2018 2017 % var 2018 2017 % var Net sales 139 149 (7%) 27 35 (23%) Operating EBITDA 45 53 (15%) 9 13 (35%) Operating EBITDA margin 32.6% 35.7% (3.1pp) 31.3% 37.3% (6.0pp) In millions of US dollars, except percentages. Domestic gray cement Ready-Mix Aggregates January—January—January— Fourth Quarter Fourth Quarter Fourth Quarter December December December Volume 1% (16%) 6% (4%) 9% 9% Price (USD) 2% (2%) 3% 7% (12%) (9%) Price (local currency) 3% 4% 5% 14% (11%) (3%) Year-over-year percentage variation. In Costa Rica, during the fourth quarter our domestic gray cement and ready-mix volumes declined by 16% and 4%, respectively, while our aggregates volumes increased by 9%, compared to those of the fourth quarter of 2017. For the full year, our domestic gray cement, ready-mix and aggregates volumes increased by 1%, 6% and 9%, respectively, compared to those of 2017. We estimate that national cement consumption declined by 7%, both during the quarter and the full year. Increased activity in the industrial-and-commercial sector was more than offset by lower demand from the residential and infrastructure sectors. Regarding pricing for our products, quarterly cement and ready-mix prices in local-currency terms improved by 4% and 14%, respectively, on a year-over-year basis. Rest of CLH January—December Fourth Quarter 2018 2017 % var 2018 2017 % var Net sales 239 249 (4%) 59 60 (2%) Operating EBITDA 74 87 (15%) 18 19 (7%) Operating EBITDA margin 30.9% 34.8% (3.9pp) 30.1% 31.7% (1.6pp) In millions of US dollars, except percentages. Domestic gray cement Ready-Mix Aggregates January—January—January— Fourth Quarter Fourth Quarter Fourth Quarter December December December Volume (2%) 4% (1%) (15%) (23%) (71%) Price (USD) (2%) (4%) (4%) (6%) (9%) (4%) Price (local currency) 1% 1% (1%) (1%) (4%) 0% Year-over-year percentage variation. In the Rest of CLH, region which includes our operations in Nicaragua, Guatemala and El Salvador, during the fourth quarter our domestic gray cement volume increased by 4%, while our ready-mix and aggregates volumes declined by 15% and 71%, respectively, compared to those of the fourth quarter of 2017. During 2018, our domestic gray cement, ready-mix and aggregates volumes decreased by 2%, 1% and 23%, respectively, compared to those of 2017. In Nicaragua, due to the economic uncertainty, private investment remains paralyzed and commercial banks continue restricting consumer-and-business credit to preserve liquidity. Our cement volumes during the quarter and the full year declined by 10% and 14%, respectively. Our sequential volumes during the quarter increased by 5% due to the acceleration of some government projects. With regards to Guatemala, we estimate that national-cement demand increased in the mid-single digits during 2018. Our cement volumes increased 7% during 2018, outperforming the industry because we are directly reaching more retailers where we have distribution capabilities, while our ready-mix volumes benefited from improved service and client coverage in Guatemala City. 2018 Fourth Quarter Results Page 4


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. OPERATING EBITDA, FREE CASH FLOW AND DEBT RELATED INFORMATION Operating EBITDA and free cash flow January—December Fourth Quarter 2018 2017 % var 2018 2017 % var Operating earnings before other expenses, net 168 239 (30%) 39 55 (30%) + Depreciation and operating amortization 75 75 16 17 Operating EBITDA 243 314 (23%) 55 72 (24%) - Net financial expense 59 63 16 17 - Capital expenditures for maintenance 44 50 17 15 - Change in working Capital (5) 18 (15) 26 - Taxes paid 58 100 18 17 - Other cash items (Net) 31 4 (1) 0 - Free cash flow discontinued operations 2 3 0 (1) Free cash flow after maintenance capital exp 54 76 (29%) 19 (1) n/a - Strategic Capital expenditures 1 30 1 (0) Free cash flow 52 45 16% 18 (1) n/a In millions of US dollars, except percentages. Additionally, we received about US$31 million dollars during the third quarter related to the gross proceeds from the sale of our business in Brazil. Free cash flow and the proceeds from the Brazil divestment were mainly used to reduce debt during 2018. Information on Debt Third Fourth Quarter Fourth Quarter Quarter 2018 2017 % var 2018 2018 2017 Total debt 1, 2 842 927 834 Currency denomination Short term 1% 37% 24% U.S. dollar 99% 98% Long term 99% 63% 76% Colombian peso 1% 2% Cash and cash equivalents 37 45 (18%) 24 Interest rate Net debt 805 882 (9%) 810 Fixed 61% 63% Net debt / EBITDA 3.3x 2.8x 3.1x Variable 39% 37% 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. 2018 Fourth 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—December Fourth Quarter INCOME STATEMENT 2018 2017 % var 2018 2017 % var Net sales 1,108,329 1,206,453 (8%) 259,809 278,266 (7%) Cost of sales (649,670) (670,188) 3% (147,481) (151,567) 3% Gross profit 458,659 536,265 (14%) 112,328 126,699 (11%) Operating expenses (290,848) (297,543) 2% (73,733) (71,909) (3%) Operating earnings before other expenses, net 167,811 238,722 (30%) 38,595 54,790 (30%) Other expenses, net 3,757 (34,386) n/a 4,461 (28,339) n/a Operating earnings 171,568 204,336 (16%) 43,056 26,451 63% Financial expenses (59,000) (63,256) 7% (16,062) (16,664) 4% Other income (expenses), net (3,469) (4,649) 25% (14,058) (3,567) (294%) Net income before income taxes 109,099 136,431 (20%) 12,936 6,220 108% Income tax (36,593) (56,894) 36% (3,249) (11,739) 72% Profit of continuing operations 72,506 79,537 (9%) 9,687 (5,519) n/a Discontinued operations (9,556) (33,126) 71% (173) (27,566) 0% Consolidated net income 62,950 46,411 36% 9,514 (33,085) n/a Non-controlling Interest Net Income (194) (316) 39% (8) (28) 73% Controlling Interest Net Income 62,756 46,095 36% 9,506 (33,113) n/a Operating EBITDA 242,507 314,108 (23%) 54,768 72,019 (24%) Earnings of continued operations per share 0.13 0.14 (8%) 0.02 (0.01) n/a Earnings of discontinued operations per share (0.02) (0.06) 71% (0.00) (0.05) 99% as of December 31 BALANCE SHEET 2018 2017 % var Total Assets 3,047,781 3,293,989 (7%) Cash and Temporary Investments 37,126 45,154 (18%) Trade Accounts Receivables 87,465 115,475 (24%) Other Receivables 64,841 58,238 11% Inventories 81,172 82,675 (2%) Assets held for sale 0 0 n/a Other Current Assets 38,567 25,745 50% Current Assets 309,171 327,287 (6%) Fixed Assets 1,162,672 1,250,521 (7%) Other Assets 1,575,938 1,716,181 (8%) Total Liabilities 1,530,180 1,750,944 (13%) Liabilities available for sale 0 0 n/a Other Current Liabilities 294,557 682,837 (57%) Current Liabilities 294,557 682,837 (57%) Long-Term Liabilities 1,218,048 1,052,481 16% Other Liabilities 17,575 15,626 12% Consolidated Stockholders’ Equity 1,517,601 1,543,045 (2%) Non-controlling Interest 5,296 4,910 8% Stockholders’ Equity Attributable to Controlling Interest 1,512,305 1,538,135 (2%) 2018 Fourth 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—December Fourth Quarter INCOME STATEMENT 2018 2017 % var 2018 2017 % var Net sales 3,293,999 3,568,554 (8%) 839,374 834,939 1% Cost of sales (1,930,846) (1,982,340) 3% (476,473) (454,778) (5%) Gross profit 1,363,153 1,586,214 (14%) 362,901 380,161 (5%) Operating expenses (864,412) (880,101) 2% (238,209) (215,764) (10%) Operating earnings before other expenses, net 498,741 706,113 (29%) 124,692 164,397 (24%) Other expenses, net 11,166 (101,711) n/a 14,410 (85,031) n/a Operating earnings 509,907 604,402 (16%) 139,102 79,366 75% Financial expenses (175,351) (187,105) 6% (51,890) (49,999) (4%) Other income (expenses), net (10,311) (13,750) 25% (45,418) (10,703) (324%) Net income before income taxes 324,245 403,547 (20%) 41,794 18,664 124% Income tax (108,753) (168,286) 35% (10,498) (35,224) 70% Profit of continuing operations 215,492 235,261 (8%) 31,296 (16,560) n/a Discontinued operations (28,403) (97,983) 71% (558) (82,712) 99% Consolidated net income 187,089 137,278 36% 30,738 (99,272) n/a Non-controlling Interest Net Income (576) (933) 38% (28) (84) 67% Controlling Interest Net Income 186,513 136,345 37% 30,710 (99,356) n/a Operating EBITDA 720,741 929,097 (22%) 176,942 216,093 (18%) Earnings of continued operations per share 392 422 (7%) 57 (30) n/a Earnings of discontinued operations per share (52) (176) (71%) (1) (149) 99% as of December 31 BALANCE SHEET 2018 2017 % var Total Assets 9,904,526 9,829,262 1% Cash and Temporary Investments 120,649 134,738 (10%) Trade Accounts Receivables 284,238 344,578 (18%) Other Receivables 210,717 173,782 21% Inventories 263,788 246,703 7% Assets held for sale 0 0 n/a Other Current Assets 125,338 76,822 63% Current Assets 1,004,730 976,623 3% Fixed Assets 3,778,392 3,731,553 1% Other Assets 5,121,404 5,121,086 0% Total Liabilities 4,972,702 5,224,816 (5%) Liabilities available for sale 0 0 n/a Other Current Liabilities 957,236 2,037,587 (53%) Current Liabilities 957,236 2,037,587 (53%) Long-Term Liabilities 3,958,350 3,140,600 26% Other Liabilities 57,116 46,629 22% Consolidated Stockholders’ Equity 4,931,824 4,604,446 7% Non-controlling Interest 17,209 14,652 17% Stockholders’ Equity Attributable to Controlling Interest 4,914,615 4,589,794 7% 2018 Fourth 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—December Fourth Quarter 2018 2017 % var 2018 2017 % var NET SALES Colombia 524,330 565,649 (7%) 125,081 133,630 (6%) Panama 222,036 266,273 (17%) 52,624 54,481 (3%) Costa Rica 139,087 148,855 (7%) 27,156 35,123 (23%) Rest of CLH 238,750 249,115 (4%) 58,621 59,872 (2%) Others and intercompany eliminations (15,874) (23,439) 32% (3,673) (4,840) 24% TOTAL 1,108,329 1,206,453 (8%) 259,809 278,266 (7%) GROSS PROFIT Colombia 201,235 211,696 (5%) 48,830 52,564 (7%) Panama 85,081 125,276 (32%) 18,237 25,191 (28%) Costa Rica 66,004 70,619 (7%) 14,501 17,638 (18%) Rest of CLH 99,505 109,440 (9%) 25,548 25,196 1% Others and intercompany eliminations 6,834 19,234 (64%) 5,212 6,110 (15%) TOTAL 458,659 536,265 (14%) 112,328 126,699 (11%) OPERATING EARNINGS BEFORE OTHER EXPENSES, NET Colombia 67,736 86,666 (22%) 16,220 23,160 (30%) Panama 48,223 91,768 (47%) 8,516 17,175 (50%) Costa Rica 40,625 47,887 (15%) 7,411 11,806 (37%) Rest of CLH 67,227 80,887 (17%) 15,946 17,526 (9%) Others and intercompany eliminations (56,000) (68,486) 18% (9,498) (14,877) 36% TOTAL 167,811 238,722 (30%) 38,595 54,790 (30%) OPERATING EBITDA Colombia 95,408 112,961 (16%) 22,901 30,148 (24%) Panama 64,316 108,512 (41%) 13,133 20,997 (37%) Costa Rica 45,336 53,146 (15%) 8,504 13,088 (35%) Rest of CLH 73,818 86,743 (15%) 17,633 18,961 (7%) Others and intercompany eliminations (36,371) (47,254) 23% (7,403) (11,175) 34% TOTAL 242,507 314,108 (23%) 54,768 72,019 (24%) OPERATING EBITDA MARGIN Colombia 18.2% 20.0% 18.3% 22.6% Panama 29.0% 40.8% 25.0% 38.5% Costa Rica 32.6% 35.7% 31.3% 37.3% Rest of CLH 30.9% 34.8% 30.1% 31.7% TOTAL 21.9% 26.0% 21.1% 25.9% 2018 Fourth 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—December Fourth Quarter 2018 2017 % var 2018 2017 % var Total cement volume 1 6,649 7,133 (7%) 1,679 1,679 0% Total domestic gray cement volume 5,855 6,241 (6%) 1,489 1,485 0% Total ready-mix volume 2,604 2,908 (10%) 659 712 (7%) Total aggregates volume 6,265 6,985 (10%) 1,471 1,751 (16%) 1 Consolidated cement volume includes domestic and export volume of gray cement, white cement, special cement, mortar and clinker. Per-country volume summary January—December Fourth Quarter Fourth Quarter 2018 2018 vs. 2017 2018 vs. 2017 vs. Third Quarter 2018 DOMESTIC GRAY CEMENT Colombia (6%) 4% 7% Panama (18%) (8%) (14%) Costa Rica 1% (16%) (14%) Rest of CLH (2%) 4% 6% READY-MIX Colombia (11%) (8%) 2% Panama (15%) (4%) (17%) Costa Rica 6% (4%) (6%) Rest of CLH (1%) (15%) 32% AGGREGATES Colombia (14%) (15%) (0%) Panama (8%) (10%) (17%) Costa Rica 9% 9% (12%) Rest of CLH (23%) (71%) 11% 2018 Fourth Quarter Results Page 9


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OPERATING RESULTS Price Summary Variation in U.S. dollars January—December Fourth Quarter Fourth Quarter 2018 2018 vs. 2017 2018 vs. 2017 vs. Third Quarter 2018 DOMESTIC GRAY CEMENT Colombia 1% (5%) (10%) Panama (1%) (2%) (0%) Costa Rica 2% (2%) (4%) Rest of CLH (2%) (4%) (1%) READY-MIX Colombia 0% (6%) (7%) Panama (7%) (2%) 2% Costa Rica 3% 7% (1%) Rest of CLH (4%) (6%) (4%) AGGREGATES Colombia (1%) (4%) (9%) Panama 1% 8% (4%) Costa Rica (12%) (9%) (0%) Rest of CLH (9%) (4%) 3% For Rest of CLH, volume-weighted average prices. Variation in local currency January—December Fourth Quarter Fourth Quarter 2018 2018 vs. 2017 2018 vs. 2017 vs. Third Quarter 2018 DOMESTIC GRAY CEMENT Colombia 2% 2% (1%) Panama (1%) (2%) (0%) Costa Rica 3% 4% 1% Rest of CLH 1% 1% 1% READY-MIX Colombia 0% 1% 1% Panama (7%) (2%) 2% Costa Rica 5% 14% 5% Rest of CLH (1%) (1%) (2%) AGGREGATES Colombia (0%) 4% (0%) Panama 1% 8% (4%) Costa Rica (11%) (3%) 5% Rest of CLH (4%) 0% 4% For Rest of CLH, volume-weighted average prices. 2018 Fourth Quarter Results Page 10


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DEFINITIONS OF TERMS AND DISCLOSURES Methodology for translation and presentation of results INCOME STATEMENT Jan—Dec Fourth Quarter Under IFRS, CLH reports its consolidated results in its functional currency, which is the US Dollar, by translating the financial statements (Millions of dollars) 2018 2017 2018 2017 of foreign subsidiaries using the corresponding exchange rate at the Sales 26.6 36.4 (0.2) 10.3 reporting date for the balance sheet and the corresponding exchange Cost of sales and operating (27.9) (44.3) 0.2 (11.5) rates at the end of each month for the income statement. Other expenses, net (0.1) (45.0) — (45.0) For the reader’s convenience, Colombian peso amounts for the Interest expense, net and others (0.3) 0.1 (0.0) (0.0) consolidated entity are calculated by converting the US dollar amounts Income (loss) before income tax (1.6) (52.7) (0.0) (46.2) using the closing COP/US$ exchange rate at the reporting date for Income tax 0.3 19.6 —18.6 balance sheet purposes, and the average COP/US$ exchange rate for the Loss of discontinued operations (1.3) (33.1) (0.0) (27.6) corresponding period for income statement purposes. The exchange rates are provided below. Result in sale, withholding and Fx (8.2)— (0.1)— reclassification Per-country/region selected financial information of the income Net loss of discontinued operations (9.6) (33.1) (0.2) (27.6) statement is presented before corporate charges and royalties which are included under “other and intercompany eliminations.” Discontinued operations and assets held for sale Consolidated financial information On September 27, after receiving the corresponding authorizations by When reference is made to consolidated financial information means local authorities, CEMEX Latam concluded the disposal of its the financial information of CLH together with its consolidated construction materials operations in Brazil to Votorantim Cimentos subsidiaries. N/NE S.A., comprised of a fluvial cement distribution terminal located in Manaus, Amazonas state and its operating license. The selling price was Presentation of financial and operating information approximately US$31 million including working capital adjustments. Individual information is provided for Colombia, Panama and Costa Rica. CEMEX Latam’s operations in Brazil for the period from January 1 to December 31, 2018 and the year 2017 were reclassified and reported Countries in Rest of CLH include Nicaragua, Guatemala and El Salvador. net of tax in the single line item “Discontinued Operations”. The following table presents condensed combined information of the income statements of CEMEX Latam discontinued operations in its operating segment in Brazil for the period from January 1 to December 31, 2018 and the year 2017: Exchange rates January—December January—December Fourth Quarter 2018 EoP 2017 EoP 2018 average 2017 average 2018 average 2017 average Colombian peso 3,249.75 2,984.00 2,972.04 2,957.89 3,230.74 3,000.51 Panama balboa 1.00 1.00 1.00 1.00 1.00 1.00 Costa Rica colon 611.75 572.56 581.56 572.30 608.53 571.08 Euro 0.87 1.05 0.85 1.10 0.88 1.07 Amounts provided in units of local currency per US dollar. 2018 Fourth Quarter Results Page 11


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DEFINITIONS OF TERMS AND DISCLOSURES Definition of terms Free cash flow equals operating EBITDA minus net interest expense, maintenance and strategic capital expenditures, change in working capital, taxes paid, and other cash items (net other expenses less proceeds from the disposal of obsolete and/or substantially depleted operating fixed assets that are no longer in operation). Maintenance capital expenditures investments incurred for the purpose of ensuring CLH’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 internal policies. Net debt equals total debt minus cash and cash equivalents. Operating EBITDA equals operating earnings before other expenses, net, plus depreciation and operating amortization. pp equals percentage points. EoP equals End of Period. Strategic capital expenditures investments incurred with the purpose of increasing CLH’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. 2018 Fourth Quarter Results Page 12

Presentation regarding fourth quarter 2018 results for CEMEX Latam Holdings, S.A.

Exhibit 3

 

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RESULTS 4Q18 F ebr uar y 7 , 2 0 1 9


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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 Latam Holdings, S.A. and its subsidiaries. 2


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||Financial Results Summary Net Sales Operating EBITDA Margin EBITDA (US$M) (US$M) (%) -8% . 206 1 108 . -7% 1 278 -23% -4.1pp 260 -24% 0% -4.8pp 314 26 . 72 9% 9% 25 . 243 21 . 55 1% 21 . 12M17 12M18 4Q17 4Q18 12M17 12M18 4Q17 4Q18 12M17 12M18 4Q17 4Q18 3


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||Consolidated Volumes andPrices 12M18 12M17 vs. 4Q18 4Q17 vs. 4Q18 3Q18 vs. Our cement volumes remained flat during 4Q18, Volume -6% 0% 2% improved volumes in Colombia, Guatemala and Domestic El Salvador were offset by lower volumes in gray Price (USD) 0% -5% -6% Costa Rica, Panama and Nicaragua cement Price (LtL ) 1% 0% -2% 1 -10% -7% 0% Our cement prices increased 1% Volume during the full year on a like-to-like Ready-mix concrete Price (USD) -2% -4% -6% basis, mainly due to improved prices in Colombia and Price (LtL1) -2% 1% 0% Costa Rica Volume -10% -16% -6% Aggregates Price (USD) -2% -1% -7% In our ready-mix business, prices declined by 2% for the full year Price (LtL1) -2% 5% -1% improved prices in Colombia and Costa Rica were more than offset by lower prices in Panama (1) Like-to-like prices adjusted for foreign-exchange fluctuations 4


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||EBITDA Variation 12M18 -23% 314 -59 5 -10 -3 -1 -3 243 EBITDA Vol Price O. Costs Dist SG&A FX EBITDA 12M17 12M18 26.0% 21.9% -4.1pp EBITDA EBITDA Margin 12M17 Margin 12M18 5


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||Net debt reduction 12M18 -77 882 7 805 25 -77 -31 Net Debt Free Cash Flow Brazil Fine in Colombia Other Net Debt 3 Dec. 17 12M18 Divestment Dec. 18 1 2 (1) Excludes “fine in Colombia” (2) Gross amount (3) Fine imposed by the Colombian Superintendence of Industry and Commerce (SIC), paid on January 5, 2018 and reflected in the “Other cash items” line of the Free Cash Flow. In July 6 2018, CEMEX Colombia filed in the administrative court an annulment and reestablishment of right claim against the decision of the SIC


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REGIONAL HIGHLIGHTS 4Q 1 8 R e s u l t s


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Results Highlights Colombia


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||Colombia –Results Highlights 12M18 12M17 % var 4Q18 4Q17 % var We are encouraged by the Net Sales 524 566 -7% 125 134 -6% improving trends in the Colombian Financial Op. EBITDA economy and in cement demand Summary 95 113 -16% 23 30 -24% During 4Q18, our cement volumes increased by US$ Million as % net 4% year-over-year and by 7% sequentially sales 18.2% 20.0% (1.8pp) 18.3% 22.6% (4.3pp) 12M18 vs. 4Q18 vs. 4Q17 4Q18 vs. 3Q18 Our cement, ready-mix and 12M17 Cement -6% 4% 7% aggregates prices increased by 2%, Volume 1% and 4%, respectively, during the Ready mix -11% -8% 2% quarter Aggregates -14% -15% 0% on a year-over-year basis in local currency terms 12M18 vs. 4Q18 vs. 4Q17 4Q18 vs. 3Q18 12M17 Cement 2% 2% -1% EBITDA margin declined 4.3pp Price during the quarter, (Local Currency) Ready mix 0% 1% 1% mainly due to higher freight and energy costs, partially offset by higher prices Aggregates 0% 4% 0% 9


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||Colombia –Residential Sector We estimate that cement dispatches to the residential sector increased in the low-single digits during 4Q18; improving cement demand particularly in the informal or self-construction segment Volumes to the social-housing segment remained relatively flat during 4Q18 however, there are encouraging signs for this segment going forward, as sales and construction permits year-to-date November ‘18 increased by 5% and 15%, respectively. Social housing supported by the continuation of government subsidies The mid-to-high income segment remains challenged, housing starts, sales and permits in this segment declined in the double digits year-to-date We expect industry cement volumes to the residential sector to November ‘18; home inventory in this segment is increase in the low-single digits during 2019, supported by the informal high at about 16 months of sales and social-housing segments 10


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||Colombia –Infrastructure Sector The infrastructure sector continued its positive performance during 4Q18 Our volumes to this sector were supported by the Salitre water-treatment plant, the CETIC Hospital, a group of 210 schools, and by the expansion of the San Fernando water-treatment plant We dispatched our products to 15 4G projects, including Autopista al Mar 1, Autopista al Rio Magdalena 2, Bucaramanga-Barranca-Yondó, Bucaramanga-Pamplona, Pasto-Rumichaca and Vías del NUS. We reached an estimated 36% market share in 4G volumes during 2018 Projects worth more than US$320 million were awarded in Bogotá late 2018 During 2019, we expect cement volumes to the infrastructure sector to The Alsacia-Tintal Avenue, the Rincon avenue increase in the mid-single digits. Activity in this sector should be from Boyacá to Carrera 91, three community centers and a police station; projects to start reinforced by a higher transportation-investment budget and an construction in 2019 increase in the budget of royalties from extraction activities 11


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Results Highlights Panama


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||Panama –Results Highlights We estimate that national cement 12M18 12M17 % var 4Q18 4Q17 % var demand declined by ~6% during 4Q18 Net Sales 222 266 -17% 53 54 -3% Industry volumes were particularly affected Financial Op. EBITDA during 2Q18 due to the construction-workers Summary 64 109 -41% 13 21 -37% strike but continued weak for the rest of the year US$ Million as % net sales 29.0% 40.8% (11.8pp) 25.0% 38.5% (13.5pp) Improvement in infrastructure 12M18 vs. activity more than offset by lower 4Q18 vs. 4Q17 4Q18 vs. 3Q18 12M17 demand from both the residential Cement -18% -8% -14% and the industrial-and-commercial Volume Ready mix -15% -4% -17% sectors most relevant projects during 4Q18 were the Aggregates -8% -10% -17% Panama Northern Corridor highway, the Vía Transísmica highway, the urban renovation of Colón City, the ITSE College, as well as the 12M18 vs. metro’s second line 4Q18 vs. 4Q17 4Q18 vs. 3Q18 12M17 Cement -1% -2% 0% During the quarter, our EBITDA Price (Local Currency) Ready mix -7% -2% 2% margin declined by 13.5pp, mainly due to lower prices, higher Aggregates 1% 8% -4% energy costs and an inventory write-off effect 13


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||Panama –Sector Highlights In 2019, we expect the infrastructure sector to be the main driver of demand; main projects that should start construction are During 1Q19 the Corredor de las Playas highway, during 2Q19 the metro’s-second-line connection to the airport and during 4Q19 the fourth bridge over the canal. We also expect the US$2.3 billion metro’s-third-line to be awarded during the first half of this year and start construction during 1Q20 We expect national cement consumption to decline in the mid-single digits during 2019, the high level of inventories in apartments and offices should continue impacting cement consumption, despite that Panama’s GDP is During 2019 we expect our cement volumes from flat to decreasing 2%, expected to grow by 4.7% in 2019 outperforming the expected mid-single digits decline for the industry as 14 we are considering an improvement in our market position


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Results Highlights Costa Rica


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||Costa Rica –Results Highlights We estimate that national cement 12M18 12M17 % var 4Q18 4Q17 % var consumption declined by 7%, both during 4Q18 and 2018 Net Sales 139 149 -7% 27 35 -23% Increased activity in the industrial-and- Financial Op. EBITDA commercial sector was more than offset by lower Summary 45 53 -15% 9 13 -35% demand from the residential and infrastructure US$ Million as % net sectors sales 32.6% 35.7% (3.1pp) 31.3% 37.3% (6.0pp) Our cement volumes and prices 12M18 vs. 4Q18 vs. 4Q17 4Q18 vs. 3Q18 increased by 1% and 3%, 12M17 respectively, during 2018 Cement 1% -16% -14% our market position improved during the first Volume Ready mix 6% -4% -6% semester of 2018 as we prepared for the entrance of a new competitor. During the second Aggregates 9% 9% -12% half of the year our market position reflects this new competitor that commissioned a grinding 12M18 vs. mill in May 4Q18 vs. 4Q17 4Q18 vs. 3Q18 12M17 Price Cement 3% 4% 1% The EBITDA margin during the quarter declined by 6pp, (Local Currency) Ready mix 5% 14% 5% higher prices in local-currency terms were more Aggregates -11% -3% 5% than offset by lower volumes, a bad-debt provision, and increased freight costs 16


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||Costa Rica –Sector Highlights For 2019, the main driver of demand should be the infrastructure sector projects like Ruta-32-Cruce-a-Río-Frío-Limón and Circunvalación Norte highways, recently started construction, and Ruta-1-Cañas-Limonal is expected to start during 2Q19 Infrastructure spending is one of the pillars of the government plan to reactivate the economy The plan includes investments of US$4.6 billion, out of which US$3 billion could be spent in the 2019-2022 period. Ruta 32 and Ruta-1-Cañas-Limonal are two of the projects supported by this plan In 2019, we expect national cement demand to increase ~1%, increased demand from the infrastructure sector should more than offset declines in Considering the presence of the new competitor for the full year, we the other two sectors expect our cement volumes to decline from 3% to 6% during 2019 17


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Results Highlights Rest of CLH


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||Rest of CLH –Results Highlights 12M18 12M17 % var 4Q18 4Q17 % var Our cement volumes increased by Net Sales 239 249 -4% 59 60 -2% 4% during 4Q18, Financial higher cement volumes in Guatemala and El Summary Op. EBITDA 74 87 -15% 18 19 -7% Salvador more than offset lower volumes in US$ Million Nicaragua as % net sales 30.9% 34.8% (3.9pp) 30.1% 31.7% (1.6pp) 12M18 vs. 4Q18 vs. 4Q17 4Q18 vs. 3Q18 Cement prices in local-currency 12M17 Cement -2% 4% 6% terms increased by 1%, Volume both during 4Q18 and 2018 Ready mix -1% -15% 32% Aggregates -23% -71% 11% 12M18 vs. Our EBITDA margin declined by 4Q18 vs. 4Q17 4Q18 vs. 3Q18 12M17 1.6pp during 4Q18 Cement 1% 1% 1% mainly due to higher purchased-clinker costs in Price Guatemala. In Nicaragua, the margin remained (Local Currency) Ready mix -1% -1% -2% relatively flat because the volume impact was offset by lower operating costs Aggregates -4% 0% 4% 19


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||Nicaragua –Sector Highlights GDP contracted 3.5% in 2018, private investment remains paralyzed and commercial banks continue restricting consumer-and-business credit to preserve liquidity Our cement volumes during the quarter and the full year declined by 10% and 14%, respectively, our sequential volumes during the quarter increased by 5% due to the acceleration of some government projects The U.S. Government approved in December 2018 the “Nica Act”, law that constrains funding to Nicaragua from multilateral banks in which the U.S. participates. Government-sponsored projects should continue during the first half of the year, but there is no longer-term visibility; the self-construction sector might be the only segment supporting cement Due to the effect of the political unrest on the construction sector, we expect our consumption in the country 20 volumes in Nicaragua to decline from 10% to 20% in 2019


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||Guatemala –Sector Highlights Our cement and ready-mix volumes increased by 7% and 48%, respectively, during 2018 achieving record volumes in both businesses We estimate that national-cement demand increased in the mid-single digits during 2018 Our cement volumes outperformed the industry because we are directly reaching more retailers where we have distribution capabilities, while our ready-mix volumes benefited from improved service and client coverage in Guatemala City The residential and industrial-and-commercial sectors were the main drivers of demand during the quarter, supported by vertical-housing projects and We expect our cement volumes in Guatemala to increase in the low-single digits shopping malls in Guatemala City during 2019 21


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OTHER INFORMATION 4Q 1 8 R e s u l t s


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||Free Cash Flow Free cash flow improved, both US$ Million 12M18 12M17 % var 4Q18 4Q17 % var during the quarter and full year Operating . EBIT EBITDA 243 314 -23% 55 72 -24% increased free cash flow during the full year was due to lower financial expenses, CAPEX and taxes, as well as a positive working capital - Net financial expense 59 63 16 17 variation, despite lower EBITDA and the US$25 million dollars fine paid in Colombia - Maintenance Capex 44 50 17 15 - Change in working cap -5 18 -15 26 Additionally, we received ~US$31 - Taxes paid 58 100 18 17 million during 3Q18, related to the gross proceeds from the sale of - Other cash items (net) 31 4 -1 0 our business in Brazil - Free cash flow 2 3 0 -1 discontinued operations Free Cash Flow 54 76 -29% 19 -1 n/a We are pleased with our working After Maintenance Capex capital management - Strategic Capex 1 30 1 0 During 4Q18 we more than recovered our year-to-date September ‘18 investment in working Free Cash Flow 52 45 16% 18 -1 n/a capital, resulting in a positive contribution to free cash flow of US$5 million, compared to an US$18 million dollar investment during 2017 23


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||Income Statement Items Our net income improved, both during the quarter and full year, increased net income during these periods was mainly due to lower taxes, as well as a positive effect in other expenses net, related to the fine in Colombia registered in 4Q17, and in discontinued operations, related to the impairment of our assets in Brazil registered in 4Q17 During 4Q18, other expenses, net, were positive US$5 million, mainly due to a positive effect from the reversal of some provisions Other income and expenses, net, were negative US$14 million, during 4Q18 mainly due to a negative foreign-exchange effect related to the U.S.-dollar appreciation vs. the Colombian peso 24


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||Consolidated debt as of December 31, 2018 US$ Million 511 US $842 M Total debt 324 3.3x Net Debt / EBITDA 7 2019 2020 2021 2022 2023 Type Currency Cost US$ M Interest Rate Banks COP 9.23% 7 Intercompany USD 6ML + 250 bps 130                Variable Intercompany USD 6ML + 255 bps 194 39% Intercompany USD Fixed 5.65% 511 Fixed Average Cost / Total USD 5.50%1 842 61% (1) Average Cost of USD denominated debt 25 The term “Intercompany” refers to debt with subsidiaries of CEMEX, S.A.B. de C.V.


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||2019 Guidance Volume YoY% Consolidated volumes: Cement Ready—Mix Aggregates - Cement: -2% to -1% Colombia - Ready-mix: 0% to 1% 0% to 1% 1% to 3% 1% to 3% - Aggregates: -2% to 0% Cement Ready—Mix Aggregates Total Capex US$40 M Panama Maintenance Capex US$35 M -0.5% to -2% 5% to 7% 5% to 7% Strategic Capex US$5 M Costa Rica Cement Ready—Mix Aggregates Consolidated Cash taxes -3% to -6% -2% to -3% 3% to 5% US$66 M 26


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RESULTS 4Q18 F e b r u a r y 7 , 2 0 1 9