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
Date of Report: April 27, 2010
CEMEX, S.A.B. de C.V.
(Exact name of Registrant as specified in its charter)
CEMEX Publicly Traded Stock Corporation
(Translation of Registrant’s name into English)
United Mexican States
(Jurisdiction of incorporation or organization)
Av. Ricardo Margáin Zozaya #325, Colonia Valle del Campestre
Garza García, Nuevo León, México 66265
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
N/A
Contents
| 1. | Press release, dated April 27, 2010, announcing first quarter 2010 results for CEMEX, S.A.B. de C.V. (NYSE:CX). |
| 2. | First quarter 2010 results for CEMEX, S.A.B. de C.V. (NYSE:CX). |
| 3. | Presentation regarding first quarter 2010 results for CEMEX, S.A.B. de C.V. (NYSE:CX). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, CEMEX, S.A.B. de C.V. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| CEMEX, S.A.B. de C.V. | ||||||||
| (Registrant) | ||||||||
| Date: | April 27, 2010 |
By: | /s/ Rafael Garza | |||||
| Name: Rafael Garza Title: Chief Comptroller | ||||||||
EXHIBIT INDEX
| EXHIBIT NO. | DESCRIPTION | |
| 1. | Press release, dated April 27, 2010, announcing first quarter 2010 results for CEMEX, S.A.B. de C.V. (NYSE:CX). | |
| 2. | First quarter 2010 results for CEMEX, S.A.B. de C.V. (NYSE:CX). | |
| 3. | Presentation regarding 2010 first quarter results for CEMEX, S.A.B. de C.V. (NYSE:CX). | |
Exhibit 1
| Media Relations Jorge Pérez (52-81) 8888-4334 mr@cemex.com |
Investor Relations Eduardo Rendón (52-81) 8888-4256 ir@cemex.com |
Analyst Relations Luis Garza (52-81) 8888-4136 ir@cemex.com |
CEMEX REPORTS FIRST QUARTER 2010 RESULTS
MONTERREY, MEXICO, April 27, 2010 – CEMEX, S.A.B. de C.V. (NYSE: CX), announced today that consolidated net sales decreased 10% in the first quarter of 2010 to approximately U.S.$3.0 billion versus the comparable period in 2009. EBITDA decreased 23% in the first quarter of 2010 to U.S.$515 million versus the same period of 2009. Consolidated cement sales volumes decreased 6% versus the same period in 2009, while ready-mix and aggregates sales volumes decreased 16% and 13%, respectively.
Financial and Operational Highlights
| • | The decline in sales during the first quarter of 2010 was due primarily to lower volumes in Mexico, the U.S. and Europe, partly offset by higher prices in several markets. |
| • | The infrastructure sector continues to be the main driver of demand in most of the markets in which we operate. |
| • | Free cash flow after maintenance capital expenditures for the quarter was negative U.S.$171 million. |
| • | At the end of the first quarter, net debt plus our perpetual securities was approximately U.S.$18 billion, representing a decrease of U.S.$3 billion when compared to the same period last year. |
Fernando A. Gonzalez, Executive Vice President of Planning and Finance, said: “The results of the quarter reflect the ongoing challenges posed by the effects of the global economic slowdown, as well as unfavorable weather conditions in the U.S. and Europe. Our ongoing efforts to reduce costs and optimize the efficiency of our operations are progressing well and we continue to build upon on our goals of becoming a leaner, more agile company. We continue to make progress in mitigating our refinancing risk and lengthening our debt maturity profile. Today, we are well placed to take advantage of the potential recovery in some of our key markets.”
Consolidated Corporate Results
Net income from continuing operations was a loss of U.S.$341 million in the first quarter of 2010 versus a loss of U.S.$61 million in the first quarter of 2009 due to lower operating income, higher financial expenses, higher other expenses, and a tax
expense versus an income last year related to a deferred tax benefit recognized during the first quarter of 2009, partly mitigated by foreign exchange gains and lower losses on financial instruments.
Geographical Markets First Quarter Highlights
Net sales in our operations in Mexico decreased 4% in the first quarter of 2010 to U.S.$742 million, compared with the same period of 2009. EBITDA decreased 10% to U.S.$258 million versus the same period last year.
CEMEX’s operations in the United States reported net sales of U.S.$552 million in the first quarter of 2010, down 24% from the same period in 2009. EBITDA was a loss of U.S.$23 million in first quarter.
In Spain, our net sales for the quarter were U.S.$150 million, down 24% versus the first quarter of 2009, while EBITDA decreased 19% to U.S.$31 million.
Sales in the United Kingdom operations remained flat during the first quarter, reaching U.S.$267 million, when compared with the same quarter of 2009. EBITDA was a loss of U.S.$5 million in the quarter.
During the first quarter of 2010, net sales in the Rest of Europe region decreased 13%, to U.S.529 million, versus the comparable period in the previous. year. EBITDA was a loss of U.S.$27 million.
CEMEX’s operations in South/Central America and the Caribbean reported net sales of U.S.$348 million during the first quarter of 2010, representing an increase of 4% over the same period of 2009. EBITDA decreased 6% in the quarter, to U.S.$121 million, versus the same period in 2009.
First-quarter net sales in Africa and the Middle East were U.S.$264 million, down 1% from the same quarter in 2009. EBITDA decreased 5%, to U.S.$83 million in the quarter, versus the comparable period in 2009.
Operations in Asia reported net sales of U.S.$124 million, an increase of 10% versus the first quarter of 2009, and EBITDA was U.S.$33 million, an 18% increase from the same period in the previous. year.
CEMEX is a global building materials company that provides high-quality products and reliable service to customers and communities in more than 50 countries throughout the world. CEMEX has a rich history of improving the well-being of those it serves through its efforts to pursue innovative industry solutions and efficiency advancements and to promote a sustainable future. For more information, visit www.cemex.com.
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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 CEMEX to be materially different from those expressed or implied in this release, including, among others, changes in general economic, political, governmental and business conditions globally and in the countries in which CEMEX does business, changes in interest
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rates, changes in inflation rates, changes in exchange rates, the level of construction generally, changes in cement demand and prices, changes in raw material and energy prices, changes in business strategy, and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. CEMEX assumes no obligation to update or correct the information contained in this press release.
EBITDA is defined as operating income plus depreciation and amortization. Free Cash Flow is defined as EBITDA minus net interest expense, maintenance and expansion capital expenditures, change in working capital, taxes paid, and other cash items (net other expenses less proceeds from the disposal of obsolete and/or substantially depleted operating fixed assets that are no longer in operation). Net debt is defined as total debt minus the fair value of cross-currency swaps associated with debt minus cash and cash equivalents. The net debt to EBITDA ratio is calculated by dividing net debt at the end of the quarter by EBITDA for the last twelve months. EBITDA and Free Cash Flow (as defined above) are presented herein because CEMEX believes that they are widely accepted as financial indicators of CEMEX’s ability to internally fund capital expenditures and service or incur debt. EBITDA and Free Cash Flow should not be considered as indicators of CEMEX’s financial performance, as alternatives to cash flow, as measures of liquidity or as being comparable to other similarly titled measures of other companies.
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Exhibit 2
Exhibit 2 CEMEX 2010 FIRST QUARTER RESULTS Stock Listing Information NYSE (ADS) Ticker: CX MEXICAN STOCK EXCHANGE Ticker: CEMEXCPO Ratio of CEMEXCPO TO CX = 10:1 Investor Relations In the United States 1 877 7CX NYSE In Mexico 52 (81) 8888 4292 E-Mail ir@cemex.com
OPERATING AND FINANCIAL HIGHLIGHTS CEMEX January—March First quarter 2010 2009 % Var. l-t-l % Var.* 2010 2009 % Var. l-t-l % Var.* Consolidated cement volume (thousand metric tons) 14,445 15,387 (6%) 14,445 15,387 (6%) Consolidated ready-mix volume (thousand cubic meters) 10,757 12,846 (16%) 10,757 12,846 (16%) Consolidated aggregates volume (thousand metric tons) 32,502 37,446 (13%) 32,502 37,446 (13%) Net sales 3,043 3,387 (10%) (16%) 3,043 3,387 (10%) (16%) Gross profit 820 970 (15%) (23%) 820 970 (15%) (23%) Gross profit margin 26.9% 28.6% (1.7%) 26.9% 28.6% (1.7%) Operating income 148 299 (50%) (61%) 148 299 (50%) (61%) Operating Income margin 4.9% 8.8% (3.9%) 4.9% 8.8% (3.9%) Net income from continuing operations (341) (61) (458%) (341) (61) (458%) EBITDA 515 667 (23%) (29%) 515 667 (23%) (29%) EBITDA margin 16.9% 19.7% (2.8%) 16.9% 19.7% (2.8%) Free cash flow after maintenance capital expenditures (171) 118 N/A (171) 118 N/A Free cash flow (198) (34) (482%) (198) (34) (482%) Net debt 15,005 18,034 (17%) 15,005 18,034 (17%) Total debt 16,472 18,820 (12%) 16,472 18,820 (12%) Total debt plus Perpetual notes 19,458 21,789 (11%) 19,458 21,789 (11%) Earnings per ADS (0.36) 0.00 N/A (0.36) 0.00 N/A Fully diluted earnings per ADS (0.33) 0.00 N/A (0.33) 0.00 N/A Average ADSs outstanding 959.6 810.8 18% 959.6 810.8 18% Employees 46,870 51,003 (8%) 46,870 51,003 (8%) This information does not include Australian operations for 2009. Please see page 17 on this report for additional information. In millions of U.S. dollars, except ratios and per-ADS amounts. Average ADSs outstanding are presented in millions. * Percentage variations adjusted for investments/divestments and currency fluctuations. Consolidated net sales in the first quarter of 2010 decreased to US$3,043 million, representing a decrease of 10% compared with those of the first quarter of 2009, or a decrease of 16% adjusting for currency fluctuations. The decline in sales is the result of lower volumes in Spain, the U.S and Mexico, and lower prices mainly from our U.S. and Spanish operations. The infrastructure sector continues to be the main driver of demand in most of our markets. Cost of sales as a percentage of net sales increased 1.7 percentage points to 73.1% from 71.4% during the first quarter of 2009. Selling, general, and administrative (SG&A) expenses as a percentage of net sales increased 2.3 percentage points during the quarter compared with the same period last year, from 19.8% to 22.1%. The increase in expenses is mainly the result of lower economies of scale due to lower volumes, especially in the U.S, Spain, and Mexico, higher transportation costs as well as currency fluctuation effects, which were partially offset by savings from our cost-reduction initiatives. EBITDA decreased 23% during the first quarter of 2010 compared with the same period last year, to US$515 million. The decrease was due mainly to lower contributions from our U.S., Spanish and Mexican operations. Adjusting for divestments and currency fluctuations, EBITDA declined 29%. EBITDA margin decreased 2.8 percentage points, from 19.7% in the first quarter of 2009 to 16.9% this quarter. Other expenses, net, for the quarter resulted in a loss of US$88 million, which included severance payments, fixed asset impairments, and the amortization of fees related to debt. Exchange gain (loss) net, for the quarter was a gain of US$57 million, resulting mainly from the appreciation of the peso against the U.S. dollar. Gain (loss) on financial instruments for the quarter was a loss of US$41 million, resulting mainly from negative contributions from equity derivatives related to CEMEX and Axtel shares. Net income from continuing operations was a loss of US$341 million in the first quarter of 2010 versus a loss of US$61 million in the first quarter of 2009 due to lower operating income, higher financial expenses, higher other expenses, net, and a tax expense versus an income last year related to a deferred tax benefit recognized during the first quarter of 2009; the loss was mitigated by foreign exchange gains and lower losses on financial instruments. Net debt at the end of the first quarter was US$15,005 million, representing a decrease of US$48 million during the quarter. 2010 First Quarter Results Page 2
OPERATING RESULTS CEMEX MEXICO January – March First quarter 2010 2009 % Var. l-t-l % Var.* 2010 2009 % Var. l-t-l % Var.* Net sales 742 775 (4%) (16%) 742 775 (4%) (16%) EBITDA 258 288 (10%) (22%) 258 288 (10%) (22%) EBITDA margin 34.8% 37.2% 34.8% 37.2% In millions of U.S dollars, except percentages. Cement Ready-mix Aggregates January – March First Quarter January—March First Quarter January—March First Quarter Volume (12%) (12%) (22%) (22%) (14%) (14%) Price (US) 13% 13% 14% 14% 26% 26% Price (LC) (1%) (1%) (0%) (0%) 10% 10% Our Mexican operations’ cement volumes decreased 12% during the quarter versus the same period last year, while ready-mix volumes decreased 22% over the same period. Results for the quarter were affected by the continued decline in activity from infrastructure and, in a lesser way, non-residential and formal-residential segments; activity in social housing construction, within the formal-residential sector, had a slight increase. Tight credit conditions in bridge loans extended to housing developers continue to negatively affect construction spending, although loans from banks and INFONAVIT extended to end-users increased. UNITED STATES January – March First quarter 2010 2009 % Var. l-t-l % Var.* 2010 2009 % Var. l-t-l % Var.* Net sales 552 726 (24%) (24%) 552 726 (24%) (24%) EBITDA (23) 32 N/A N/A (23) 32 N/A N/A EBITDA margin (4.2 %) 4.4% (4.2 %) 4.4% In millions of U.S dollars, except percentages. Cement Ready-mix Aggregates January – March First Quarter January—March First Quarter January—March First Quarter Volume (8%) (8%) (14%) (14%) (15%) (15%) Price (US) (8%) (8%) (15%) (15%) (5%) (5%) Price (LC) (8%) (8%) (15%) (15%) (5%) (5%) Cement, ready-mix, and aggregates volumes for CEMEX’s operations in the United States decreased 8%, 14%, and 15%, respectively, during the first quarter of 2010 versus the same period last year. Although the rate of decline has slowed, sales volumes for the quarter continued to decrease, and visibility continues to be limited. The decline in sales volumes for the quarter was driven mainly by continued weakness in the industrial-and-commercial sector, tight credit conditions, and extremely bad weather conditions throughout the country. Performance from the residential sector continues to show signs of modest recovery fueled by improvements in affordability as well as the extension and expansion of the federal tax subsidy. Activity from the infrastructure sector continues to depend on public construction spending related to the U.S government’s stimulus plan. 2010 First Quarter Results Page 3
OPERATING RESULTS CEMEX SPAIN January – March First quarter 2010 2009 % Var. l-t-l % Var.* 2010 2009 % Var. l-t-l % Var.* Net sales 150 199 (24%) (28%) 150 199 (24%) (28%) EBITDA 31 38 (19%) (23%) 31 38 (19%) (23%) EBITDA margin 20.3% 19.0% 20.3% 19.0% In millions of U.S dollars, except percentages. Cement Ready-mix Aggregates January – March First Quarter January – March First Quarter January – March First Quarter Volume (25%) (25%) (28%) (28%) (18%) (18%) Price (US) (4%) (4%) (4%) (4%) 3% 3% Price (LC) (9%) (9%) (8%) (8%) (2%) (2%) In CEMEX’s operations in Spain, our domestic cement and ready-mix volumes decreased 25% and 28%, respectively, during the first quarter of 2010 compared with the same period last year. Demand for our products continues to be affected by lower activity across all sectors, as macroeconomic conditions have not yet improved. Consumption for building materials in our markets, especially in Levante, Baleares, and Centro, continue to fall at a faster rate than the overall market as these markets had shown above average growth in previous years. The residential sector continues to contract, with housing starts still declining. Activity from the infrastructure sector is still at a low level as government stimulus plans have not yet translated into actual cement demand. Finally, unfavorable weather conditions throughout the country have negatively affected our volumes for the quarter. UK January – March First quarter 2010 2009 % Var. l-t-l % Var.* 2010 2009 % Var. l-t-l % Var.* Net sales 267 267 0% (7%) 267 267 0% (7%) EBITDA (5) 7 N/A N/A (5) 7 N/A N/A EBITDA margin (1.8%) 2.5% (1.8%) 2.5% In millions of U.S dollars, except percentages. Cement Ready-mix Aggregates January – March First Quarter January – March First Quarter January – March First Quarter Volume (6%) (6%) (12%) (12%) (4%) (4%) Price (US) 2% 2% (1%) (1%) 0% 0% Price (LC) (5%) (5%) (8%) (8%) (7%) (7%) Our UK operations’ cement volumes decreased 6% during the first quarter of 2010 versus the same period in 2009, while ready-mix volumes fell 12% and aggregates volumes decreased 4%. Construction activity during the quarter was held back by the still challenging economic situation. Despite positive signs from the residential and infrastructure sectors, the continuing decline in the private non-residential sector has affected overall demand for building products. In addition, harsh weather conditions throughout the UK had a negative effect on our sales volumes during the quarter. 2010 First Quarter Results Page 4
OPERATING RESULTS CEMEX REST OF EUROPE January – March First quarter 2010 2009 % Var. l-t-l % Var.* 2010 2009 % Var. l-t-l % Var.* Net sales 529 605 (13%) (19%) 529 605 (13%) (19%) EBITDA (27) (2) (1,036%) (943%) (27) (2) (1,036%) (943%) EBITDA margin (5.0%) (0.4%) (5.0%) (0.4%) In millions of U.S dollars, except percentages. Cement Ready-mix Aggregates January – March First Quarter January – March First Quarter January – March First Quarter Volume (18%) (18%) (17%) (17%) (22%) (22%) Price (US) 9% 9% 4% 4% 13% 13% Price (LC) (2%) (2%) (1%) (1%) (8%) (8%) In CEMEX’s operations in France, our domestic ready-mix and aggregates volumes decreased 14% and 13%, respectively, during the first quarter of 2010 versus the comparable period of last year. During the quarter, all of our regions were adversely affected by weak demand in all of our segments, especially in the industrial-and-commercial and residential sectors. The infrastructure sector has not seen a significant impact from the French government’s stimulus plan. Finally, volumes for the quarter were negatively impacted by bad weather conditions. In Germany, our domestic cement volumes decreased 23% during the first quarter versus the comparable period of 2009. During the quarter, we continued to face a pronounced decline in demand for our products. Sales volume continued their downward trend as a result of the challenging macroeconomic situation. Volumes continue to be driven by the infrastructure and, to a lesser extent, the residential sectors. Additionally, extremely bad weather conditions hampered overall construction activity, affecting all our markets. Domestic cement volumes in the region as a whole decreased 18% during the quarter versus the comparable period of 2009. SOUTH/CENTRAL AMERICA AND THE CARIBBEAN January – March First quarter 2010 2009 % Var. l-t-l % Var.* 2010 2009 % Var. l-t-l % Var.* Net sales 348 333 4% (5%) 348 333 4% (5%) EBITDA 121 129 (6%) (16%) 121 129 (6%) (16%) EBITDA margin 34.7% 38.6% 34.7% 38.6% In millions of U.S dollars, except percentages. Cement Ready-mix Aggregates January – March First Quarter January – March First Quarter January – March First Quarter Volume 4% 4% (11%) (11%) (12%) (12%) Price (US) 3% 3% (2%) (2%) (2%) (2%) Price (LC) (7%) (7%) (12%) (12%) (15%) (15%) CEMEX’s domestic cement volumes for our operations in Colombia increased 18% during the first quarter of 2010 versus the comparable period of last year. Sales volumes for the quarter benefited from a better macroeconomic environment prevailing in the country. Construction spending in low and middle-income housing and recovery from the industrial-and-commercial sector led to increased sales of building materials; nevertheless, the recent abolition of the “Megaproyectos de Vivienda Social” lowers our expectations for a housing upturn. Performance from the infrastructure sector had a marginal decrease given the finalization of the presidential period. Domestic cement volumes in the region as a whole increased 4% during the first quarter of 2010 versus the comparable period of 2009. 2010 First Quarter Results Page 5
OPERATING RESULTS CEMEX AFRICA AND THE MIDDLE EAST January – March First quarter 2010 2009 % Var. l-t-l % Var.* 2010 2009 % Var. l-t-l % Var.* Net sales 264 265 (1%) (5%) 264 265 (1%) (5%) EBITDA 83 88 (5%) (8%) 83 88 (5%) (8%) EBITDA margin 31.7% 33.3% 31.7% 33.3% In millions of U.S dollars, except percentages. Cement Ready-mix Aggregates January – March First Quarter January – March First Quarter January – March First Quarter Volume (1%) (1%) (9%) (9%) 15% 15% Price (US) 5% 5% (10%) (10%) 13% 13% Price (LC) 3% 3% (17%) (17%) 2% 2% Domestic cement volumes for our operations in Egypt increased 6% during the first quarter of 2010 versus the comparable period of last year. Strong domestic demand driven by low-and middle-income housing, as well as from infrastructure projects, resulted in increased demand for our products. The region’s domestic cement volumes as a whole decreased 1% during the quarter versus the same period of 2009. ASIA January – March First quarter 2010 2009 % Var. l-t-l % Var.* 2010 2009 % Var. l-t-l % Var.* Net sales 124 113 10% 5% 124 113 10% 5% EBITDA 33 28 18% 13% 33 28 18% 13% EBITDA margin 26.7% 24.9% 26.7% 24.9% In millions of U.S dollars, except percentages. Cement Ready-mix Aggregates January – March First Quarter January – March First Quarter January – March First Quarter Volume 20% 20% (2%) (2%) 8% 8% Price (US) 4% 4% 2% 2% 17% 17% Price (LC) (1%) (1%) (3%) (3%) 8% 8% In the Philippines, our domestic cement volumes increased 17% during the first quarter of 2010 versus the comparable period of last year. Construction activity during the quarter was driven by strong retail and infrastructure demand brought about by favorable warm weather conditions, election-related spending and reconstruction following last year’s devastating typhoons. The overall economy was supported by growth in remittances from overseas and stimulus government spending. Our cement volumes in the region as a whole increased 20% during the quarter versus the comparable period in 2009. 2010 First Quarter Results Page 6
EBITDA, FREE CASH FLOW AND DEBT-RELATED INFORMATION CEMEX EBITDA AND FREE CASH FLOW( ) First quarter January – March 2010 2009 % Var. 2009 2008 % Var. Operating income 148 299 (50%) 148 299 (50%) + Depreciation and operating amortization 367 369 367 369 EBITDA 515 667 (23%) 515 667 (23%)—Net financial expense 275 198 275 198—Maintenance capital expenditures 28 41 28 41—Change in working capital 328 311 328 311—Taxes paid 50 62 50 62—Other cash items (net) 6 (19) 6 (19)—Free cash flow discontinued operations 0 (45) 0 (45) Free cash flow after maintenance capital expenditures (171) 118 N/A (171) 118 N/A—Expansion capital expenditures 27 148 27 148—Expansion capital expenditures discontinued operations 0 4 0 4 Free cash flow (198) (34) (482%) (198) (34) (482%) In millions of U.S dollars. Net debt was reduced by US$48 million as a result of the positive effect of US$101 million from recognizing the equity component of the convertible bond issuance in March, the positive conversion effect of US$117 million, and the proceeds from the sale of assets from Ready Mix USA LLC, which were more than sufficient to offset the negative free cash flow of the quarter. DEBT-RELATED INFORMATION First quarter Fourth quarter First quarter 2010 2009 2010 2009 % Var. 2009 Currency denomination Total debt 16,472 18,820X (12%) 16,130 US dollar 64% 63% Short-term 5% 23% 4% Euro 26% 23% Long-term 95% 77% 96% Mexican peso 10% 12% Cash and cash equivalents 1,467 728 101% 1,077 Other 0% 2% Fair value of cross-currency swaps (2) 0 19 0 Net debt (2) 15,005 18,034 (17%) 15,053 Interest rate Interest expense 315 205 54% 316 Fixed 31% 25% Variable 69% 75% In millions of U.S dollars, except percentages. During the first quarter of 2010, CEMEX issued various short-term notes under its Short-Term Promissory Notes Program (“Certificados Bursátiles de Corto Plazo”), having an outstanding amount of MXN800 million at the end of the quarter. ( ) EBITDA and free cash flow (calculated as set forth above) are presented herein because CEMEX believes that they are widely accepted as financial indicators of its ability to internally fund capital expenditures and to service or incur debt. EBITDA and free cash flow should not be considered as indicators of CEMEX’s financial performance, as alternatives to cash flow, as measures of liquidity, or as being comparable to other similarly titled measures of other companies. EBITDA is reconciled above to operating income, which CEMEX considers to be the most comparable measure as determined under Mexican Financial Reporting Standards. Free cash flow is reconciled to EBITDA. (2) For presentation purposes in the table above, net debt includes the fair value of cross-currency swaps (“CCS”), if any, associated with debt. 2010 First Quarter Results Page 7
EQUITY RELATED AND DERIVATIVE INSTRUMENTS INFORMATION Equity-Related InformationOne CEMEX ADS represents ten CEMEX CPOs. The following amounts are expressed in CPO terms. Beginning-of-quarter CPO-equivalent units outstanding9,595,996,684 Stock based compensation3,378,620End-of-quarter CPO-equivalent units outstanding9,599,375,304Outstanding units equal total shares issued by CEMEX less shares held in subsidiaries. CEMEX has outstanding mandatory convertible securities which upon conversion will increase the number of CPOs outstanding by approximately 172.5 million. Employee long-term compensation plans As of March 31, 2010, executives had outstanding options on a total of 95,503,515 CPOs, with a weighted-average strike price of approximately US$1.82 per CPO (equivalent to US$18.22 per ADS). Starting in 2005, CEMEX began offering executives a restricted stock-ownership program. As of March 31, 2010, our executives held 31,779,640 restricted CPOs, representing 0.3% of our total CPOs outstanding. Derivative InstrumentsThe following table shows the notional amount for each type of derivative instrument and the aggregate fair market value for all of CEMEX’s derivative instruments as of the last day of each quarter presented.First quarterFourth quarterNotional amounts 201020092009Equity (2)1,651966969Foreign-exchange (1) 02890Interest-rate (3)05,2160Estimated aggregate fair market value (1) (3) (4)(41)(138)(24)In millions of US dollars. The estimated aggregate fair market value represents the approximate settlement result as of the valuation date, based upon quoted market prices and estimated settlement costs, which fluctuate over time. Fair market values and notional amounts do not represent amounts of cash currently exchanged between the parties; cash amounts will be determined upon termination of the contracts considering the notional amounts and quoted market prices as well as other derivative items as of the settlement date. Fair market values should not be viewed in isolation but rather in relation to the fair market values of the underlying hedge transactions and the overall reduction in CEMEX’s exposure to the risks being hedged. Note: Under Mexican FRS, companies are required to recognize all derivative financial instruments on the balance sheet as assets or liabilities, at their estimated fair market value, with changes in such fair market values recorded in the income statement, except when transactions are entered into for cash-flow hedging purposes, in which changes in the fair market value of the related derivative instruments are recognized temporarily in equity and then reclassified into earnings as the inverse effects of the underlying hedged items flow through the income statement. As of March 31, 2010, in connection with the fair market value recognition of its derivatives portfolio, CEMEX had recognized increases in assets and liabilities resulting in a net liability of US$9 million, which according to our financial agreements, is presented net of the assets associated with the derivative instruments. The notional amounts of derivatives substantially match the amounts of underlying assets, liabilities, or equity transactions on which the derivatives are being entered into. (1) As of March 31, 2009, excludes derivatives for a notional amount of US$2,969 million entered into by financial institutions with certain Special Purpose Entities (“SPEs”) created under various series of our perpetual notes. As of July 1, 2009, all these derivatives were closed out as we elected to defer the coupons on the perpetual notes by one day. The SPEs received US$103 million, which is being used to pay coupons on the perpetual notes. (2) Includes a notional amount of US$360 million in connection with a guarantee given by CEMEX under a financial transaction of its employees’ pension fund trust. As of March 31, 2010, the fair value of such financial guarantee represents a liability of US$105 million net of collateral deposit of US$55 million. (3) Excludes an interest-rate swap related to our long-term energy contracts. As of March 31, 2010, the notional amount of this derivative was US$202 million, and it had a positive fair market value of approximately US$32 million. (4) Net of cash collateral deposited under open positions. Cash collateral was US$119 million as of March 31, 2010. CEMEX 2010 First Quarter Results Page 8
OPERATING RESULTS Consolidated Income Statement & Balance Sheet CEMEX, S.A.B. de C.V. and Subsidiaries (Thousands of U.S. Dollars, except per ADS amounts) January—March First quarter INCOME STATEMENT 2010 2009 % Var. like-to-like 2010 2009 % Var. like-to-like % Var. * % Var. * Net Sales 3,042,648 3,387,428 (10%) (16%) 3,042,648 3,387,428 (10%) (16%) Cost of Sales (2,222,758) (2,417,684) (8%) (2,222,758) (2,417,684) (8%) Gross Profit 819,890 969,744 (15%) (23%) 819,890 969,744 (15%) (23%) Selling, General and Administrative Expenses (671,493) (671,134) 0% (671,493) (671,134) 0% Operating Income 148,397 298,610 (50%) (61%) 148,397 298,610 (50%) (61%) Other Expenses, Net (87,818) (37,913) 132% (87,818) (37,913) 132% Operating Income After Other Expenses, Net 60,579 260,698 (77%) 60,579 260,698 (77%) Financial Expenses (314,651) (204,663) 54% (314,651) (204,663) 54% Financial Income 6,398 6,304 1% 6,398 6,304 1% Exchange Gain (Loss), Net 56,859 (160,164) N/A 56,859 (160,164) N/A Monetary Position Gain (Loss) (43) 5,276 N/A (43) 5,276 N/A Gain (Loss) on Financial Instruments (40,878) (138,720) (71%) (40,878) (138,720) (71%) Total Comprehensive Financing (Cost) Income (292,315) (491,967) (41%) (292,315) (491,967) (41%) Net Income Before Income Taxes (231,736) (231,269) 0% (231,736) (231,269) 0% Income Tax (86,135) 173,136 N/A (86,135) 173,136 N/A Net Income Before Participation of Uncons. Subs. (317,870) (58,133) 447% (317,870) (58,133) 447% Participation in Unconsolidated Subsidiaries (23,428) (2,995) 682% (23,428) (2,995) 682% Net Income from Continuing Operations (341,299) (61,128) 458% (341,299) (61,128) 458% Discontinued Operations (0) 66,904 N/A (0) 66,904 N/A Consolidated Net Income (341,299) 5,777 N/A (341,299) 5,777 N/A Minority Interest Net Income 702 2,983 (76%) 702 2,983 (76%) MAJORITY INTEREST NET INCOME (342,001) 2,794 N/A (342,001) 2,794 N/A EBITDA 515,010 667,164 (23%) (29%) 515,010 667,164 (23%) (29%) Earnings per ADS -0.36 0.00 N/A -0.36 0.00 N/A As of March 31 BALANCE SHEET 2010 2009 % Var. Total Assets 44,996,807 44,131,240 2% Cash and Temporary Investments 1,467,372 728,395 101% Trade Accounts Receivables 1,115,955 1,235,601 (10%) Other Receivables 799,949 747,277 7% Inventories 1,401,185 1,432,414 (2%) Other Current Assets 288,830 272,288 6% Discontinued Operations—302,691 N/A Current Assets 5,073,291 4,718,666 8% Fixed Assets 19,370,745 18,986,386 2% Other Assets 20,552,771 18,710,861 10% Discontinued Operations—1,715,327 N/A Total Liabilities 25,615,673 27,478,668 (7%) Current Liabilities 4,060,268 7,741,745 (48%) Discontinued Operations—289,053 N/A Long-Term Liabilities 15,697,184 14,455,988 9% Other Liabilities 5,858,222 4,856,573 21% Discontinued Operations—135,308 N/A Consolidated Stockholders’ Equity 19,381,133 16,652,572 16% Minority Interest and Perpetual Instruments 3,268,352 3,246,132 1% Stockholders’ Equity Attributable to Majority Interest 16,112,781 13,406,440 20% 2010 First Quarter Results Page 9
OPERATING RESULTS Consolidated Income Statement & Balance Sheet CEMEX, S.A.B. de C.V. and Subsidiaries (Thousands of Mexican Pesos in nominal terms) January—March First quarter INCOME STATEMENT 2010 2009 % Var. 2010 2009 % Var. Net Sales 38,793,763 49,422,575 (22%) 38,793,763 49,422,575 (22%) Cost of Sales (28,340,166) (35,274,011) (20%) (28,340,166) (35,274,011) (20%) Gross Profit 10,453,597 14,148,564 (26%) 10,453,597 14,148,564 (26%) Selling, General and Administrative Expenses (8,561,539) (9,791,838) (13%) (8,561,539) (9,791,838) (13%) Operating Income 1,892,059 4,356,726 (57%) 1,892,059 4,356,726 (57%) Other Expenses, Net (1,119,676) (553,147) 102% (1,119,676) (553,147) 102% Operating Income After Other Expenses, Net 772,383 3,803,579 (80%) 772,383 3,803,579 (80%) Financial Expenses (4,011,804) (2,986,038) 34% (4,011,804) (2,986,038) 34% Financial Income 81,571 91,976 (11%) 81,571 91,976 (11%) Exchange Gain (Loss), Net 724,956 (2,336,796) N/A 724,956 (2,336,796) N/A Monetary Position Gain (Loss) (545) 76,984 N/A (545) 76,984 N/A Gain (Loss) on Financial Instruments (521,191) (2,023,926) (74%) (521,191) (2,023,926) (74%) Total Comprehensive Financing (Cost) Income (3,727,012) (7,177,799) (48%) (3,727,012) (7,177,799) (48%) Net Income Before Income Taxes (2,954,630) (3,374,220) (12%) (2,954,630) (3,374,220) (12%) Income Tax (1,098,218) 2,526,061 N/A (1,098,218) 2,526,061 N/A Net Income Before Participation of Uncons. Subs. (4,052,847) (848,159) 378% (4,052,847) (848,159) 378% Participation in Unconsolidated Subsidiaries (298,713) (43,694) 584% (298,713) (43,694) 584% Net Income from Continuing Operations (4,351,561) (891,853) 388% (4,351,561) (891,853) 388% Discontinued Operations (1) 976,136 N/A (1) 976,136 N/A Consolidated Net Income (4,351,561) 84,283 N/A (4,351,561) 84,283 N/A Minority Interest Net Income 8,954 43,515 (79%) 8,954 43,515 (79%) MAJORITY INTEREST NET INCOME (4,360,515) 40,768 N/A (4,360,515) 40,768 N/A EBITDA 6,566,383 9,733,925 (33%) 6,566,383 9,733,925 (33%) Earnings per ADS -4.54 0.05 N/A -4.54 0.05 N/A As of March 31 BALANCE SHEET 2010 2009 % Var. Total Assets 556,160,532 625,339,667 (11%) Cash and Temporary Investments 18,136,715 10,321,356 76% Trade Accounts Receivables 13,793,209 17,508,471 (21%) Other Receivables 9,887,367 10,588,913 (7%) Inventories 17,318,652 20,297,303 (15%) Other Current Assets 3,569,936 3,858,316 (7%) Discontinued Operations—4,289,133 N/A Current Assets 62,705,879 66,863,492 (6%) Fixed Assets 239,422,407 269,037,086 (11%) Other Assets 254,032,246 265,132,903 (4%) Discontinued Operations—24,306,186 N/A Total Liabilities 316,609,723 389,372,722 (19%) Current Liabilities 50,184,912 109,700,530 (54%) Discontinued Operations—4,095,884 N/A Long-Term Liabilities 194,017,191 204,841,354 (5%) Other Liabilities 72,407,620 68,817,634 5% Discontinued Operations—1,917,320 N/A Consolidated Stockholders’ Equity 239,550,808 235,966,944 2% Minority Interest and Perpetual Instruments 40,396,830 45,997,687 (12%) Stockholders’ Equity Attributable to Majority Interest 199,153,978 189,969,258 5% 2010 First Quarter Results Page 10
OPERATING RESULTS Operating Summary per Country In thousands of U.S. dollars January—March First quarter 2010 2009 % Var. like-to-like 2010 2009 % Var. like-to-like NET SALES % Var. * % Var. * Mexico 741,544 774,723 (4%) (16%) 741,544 774,723 (4%) (16%) U.S.A. 551,785 726,234 (24%) (24%) 551,785 726,234 (24%) (24%) Spain 150,474 199,190 (24%) (28%) 150,474 199,190 (24%) (28%) United Kingdom 267,252 266,696 0% (7%) 267,252 266,696 0% (7%) Rest of Europe 529,242 605,491 (13%) (19%) 529,242 605,491 (13%) (19%) South / Central America and Caribbean 348,155 333,334 4% (5%) 348,155 333,334 4% (5%) Africa and Middle East 263,609 265,131 (1%) (5%) 263,609 265,131 (1%) (5%) Asia 124,455 113,308 10% 5% 124,455 113,308 10% 5% Others and intercompany eliminations 66,132 103,322 (36%) (36%) 66,132 103,322 (36%) (36%) TOTAL 3,042,648 3,387,428 (10%) (16%) 3,042,648 3,387,428 (10%) (16%) GROSS PROFIT Mexico 363,343 374,081 (3%) (15%) 363,343 374,081 (3%) (15%) U.S.A. (27,871) 44,841 N/A N/A (27,871) 44,841 N/A N/A Spain 46,898 60,555 (23%) (26%) 46,898 60,555 (23%) (26%) United Kingdom 34,817 53,198 (35%) (40%) 34,817 53,198 (35%) (40%) Rest of Europe 56,196 91,420 (39%) (42%) 56,196 91,420 (39%) (42%) South / Central America and Caribbean 152,025 146,928 3% (8%) 152,025 146,928 3% (8%) Africa and Middle East 93,403 97,338 (4%) (7%) 93,403 97,338 (4%) (7%) Asia 44,636 38,340 16% 11% 44,636 38,340 16% 11% Others and intercompany eliminations 56,443 63,042 (10%) (10%) 56,443 63,042 (10%) (10%) TOTAL 819,890 969,744 (15%) (23%) 819,890 969,744 (15%) (23%) OPERATING INCOME Mexico 220,998 255,226 (13%) (24%) 220,998 255,226 (13%) (24%) U.S.A. (180,746) (129,529) (40%) (40%) (180,746) (129,529) (40%) (40%) Spain 16,874 25,214 (33%) (36%) 16,874 25,214 (33%) (36%) United Kingdom (28,841) (21,538) (34%) (24%) (28,841) (21,538) (34%) (24%) Rest of Europe (70,049) (47,204) (48%) (37%) (70,049) (47,204) (48%) (37%) South / Central America and Caribbean 100,640 103,355 (3%) (14%) 100,640 103,355 (3%) (14%) Africa and Middle East 70,717 76,697 (8%) (10%) 70,717 76,697 (8%) (10%) Asia 28,063 23,175 21% 16% 28,063 23,175 21% 16% Others and intercompany eliminations (9,260) 13,214 N/A N/A (9,260) 13,214 N/A N/A TOTAL 148,397 298,610 (50%) (61%) 148,397 298,610 (50%) (61%) 2010 First Quarter Results Page 11
OPERATING RESULTS Operating Summary per Country EBITDA in thousands of U.S. dollars. EBITDA margin as a percentage of net sales January—March First quarter 2010 2009 % Var. like-to-like 2010 2009 % Var. like-to-like EBITDA % Var. * % Var. * Mexico 257,964 288,007 (10%) (22%) 257,964 288,007 (10%) (22%) U.S.A. (23,378) 32,268 N/A N/A (23,378) 32,268 N/A N/A Spain 30,610 37,887 (19%) (23%) 30,610 37,887 (19%) (23%) United Kingdom (4,815) 6,594 N/A N/A (4,815) 6,594 N/A N/A Rest of Europe (26,680) (2,349) (1036%) (943%) (26,680) (2,349) (1036%) (943%) South / Central America and Caribbean 120,857 128,828 (6%) (16%) 120,857 128,828 (6%) (16%) Africa and Middle East 83,438 88,184 (5%) (8%) 83,438 88,184 (5%) (8%) Asia 33,270 28,260 18% 13% 33,270 28,260 18% 13% Others and intercompany eliminations 43,745 59,486 (26%) (19%) 43,745 59,486 (26%) (19%) TOTAL 515,010 667,164 (23%) (29%) 515,010 667,164 (23%) (29%) EBITDA MARGIN Mexico 34.8% 37.2% 34.8% 37.2% U.S.A. (4.2%) 4.4% (4.2%) 4.4% Spain 20.3% 19.0% 20.3% 19.0% United Kingdom (1.8%) 2.5% (1.8%) 2.5% Rest of Europe (5.0%) (0.4%) (5.0%) (0.4%) South / Central America and Caribbean 34.7% 38.6% 34.7% 38.6% Africa and Middle East 31.7% 33.3% 31.7% 33.3% Asia 26.7% 24.9% 26.7% 24.9% CONSOLIDATED MARGIN 16.9% 19.7% 16.9% 19.7% 2010 First Quarter Results Page 12 OTHER ACTIVITIES
OPERATING RESULTS Volume Summary Consolidated volume summary Cement and aggregates: Thousands of metric tons. Ready-mix: Thousands of cubic meters. January—March First quarter 2010 2009 % Var. 2010 2009 % Var. Consolidated cement volume * 14,445 15,387 (6%) 14,445 15,387 (6%) Consolidated ready-mix volume 10,757 12,846 (16%) 10,757 12,846 (16%) Consolidated aggregates volume 32,502 37,446 (13%) 32,502 37,446 (13%) Per-country volume summary January—March First quarter First quarter 2010 Vs. DOMESTIC CEMENT VOLUME 2010 Vs. 2009 2010 Vs. 2009 Fourth quarter 2009 Mexico (12%) (12%) (6%) U.S.A. (8%) (8%) (5%) Spain (25%) (25%) (17%) United Kingdom (6%) (6%) 2% Rest of Europe (18%) (18%) (40%) South / Central America and Caribbean 4% 4% 3% Africa and Middle East (1%) (1%) 3% Asia 20% 20% 8% READY-MIX VOLUME Mexico (22%) (22%) (8%) U.S.A. (14%) (14%) (5%) Spain (28%) (28%) (18%) United Kingdom (12%) (12%) (1%) Rest of Europe (17%) (17%) (33%) South / Central America and Caribbean (11%) (11%) 2% Africa and Middle East (9%) (9%) (8%) Asia (2%) (2%) (19%) AGGREGATES VOLUME Mexico (14%) (14%) (11%) U.S.A. (15%) (15%) (7%) Spain (18%) (18%) (20%) United Kingdom (4%) (4%) 0% Rest of Europe (22%) (22%) (42%) South / Central America and Caribbean (12%) (12%) 10% Africa and Middle East 15% 15% (2%) Asia 8% 8% (11%) * Includes 234 thousands tons and 127 thousands tons from United Arab Emirates in 2009 and 2010, respectively. 2010 First Quarter Results Page 13
OPERATING RESULTS Price Summary Variation in U.S. Dollars January—March First quarter First quarter 2010 Vs. DOMESTIC CEMENT PRICE 2010 Vs. 2009 2010 Vs. 2009 Fourth quarter 2009 Mexico 13% 13% 6% U.S.A. (8%) (8%) (3%) Spain (4%) (4%) (6%) United Kingdom 2% 2% (8%) Rest of Europe (*) 9% 9% (5%) South / Central America and Caribbean (*) 3% 3% 1% Africa and Middle East (*) 5% 5% 3% Asia (*) 4% 4% 6% READY-MIX PRICE Mexico 14% 14% 4% U.S.A. (15%) (15%) (3%) Spain (4%) (4%) (8%) United Kingdom (1%) (1%) (6%) Rest of Europe (*) 4% 4% (1%) South / Central America and Caribbean (*) (2%) (2%) (1%) Africa and Middle East (*) (10%) (10%) (2%) Asia (*) 2% 2% 2% AGGREGATES PRICE Mexico 26% 26% 7% U.S.A. (5%) (5%) 1% Spain 3% 3% (5%) United Kingdom 0% 0% (9%) Rest of Europe (*) 13% 13% 3% South / Central America and Caribbean (*) (2%) (2%) 7% Africa and Middle East (*) 13% 13% 6% Asia (*) 17% 17% 9% (*) Volume weighted-average price. 2010 First Quarter Results Page 14
OPERATING RESULTS Price Summary Variation in Local Currency January—March First quarter First quarter 2010 Vs. DOMESTIC CEMENT PRICE 2010 Vs. 2009 2010 Vs. 2009 Fourth quarter 2009 Mexico (1%) (1%) 3% U.S.A. (8%) (8%) (3%) Spain (9%) (9%) 2% United Kingdom (5%) (5%) (2%) Rest of Europe (*) (2%) (2%) (0%) South / Central America and Caribbean (*) (7%) (7%) (0%) Africa and Middle East (*) 3% 3% 3% Asia (*) (1%) (1%) 4% READY-MIX PRICE Mexico (0%) (0%) 1% U.S.A. (15%) (15%) (3%) Spain (8%) (8%) 0% United Kingdom (8%) (8%) (0%) Rest of Europe (*) (1%) (1%) 6% South / Central America and Caribbean (*) (12%) (12%) (3%) Africa and Middle East (*) (17%) (17%) (2%) Asia (*) (3%) (3%) 1% AGGREGATES PRICE Mexico 10% 10% 3% U.S.A. (5%) (5%) 1% Spain (2%) (2%) 3% United Kingdom (7%) (7%) (3%) Rest of Europe (*) 8% 8% 10% South / Central America and Caribbean (*) (15%) (15%) 4% Africa and Middle East (*) 2% 2% 5% Asia (*) 8% 8% 7% (*) Volume weighted-average price. 2010 First Quarter Results Page 15
CEMEX announces senior management changes On February 9, 2010, CEMEX announced changes to its senior management team. Fernando A. Gonzalez has been appointed Executive Vice President, Planning & Finance. Mr. Gonzalez, who has served CEMEX in a variety of executive capacities since 1989 and has been a member of the Company’s Executive Committee since 2003, will be responsible for all corporate strategic and developmental functions, including the Company’s relationships with capital markets. CEMEX also announced the retirement of Hector Medina, Executive Vice President of Finance and Legal, and Armando J. Garcia, Executive Vice President of Technology, Energy and Sustainability. Mr. Medina and Mr. Garcia each participated in an early retirement program for senior executives. Mr. Garcia remains a member of the Company’s Board of Directors, on which he has served since 1983. As a result of these changes, the following executives report to Lorenzo H. Zambrano, CEMEX Chairman and CEO: Francisco Garza, President, Americas; Fernando A. Gonzalez, Executive Vice President, Planning & Finance; Juan Romero, President, Europe, Middle East, Africa & Asia; Victor Romo, Executive Vice President, Administration. CEMEX received US$100 million in cash proceeds from joint venture asset sale in the U.S. On February 22, 2010, CEMEX announced that its 49.9% owned Ready Mix USA LLC joint venture has completed the sale of 12 active quarries and certain other assets to SPO Partners & Co. for US$420 million. The active quarries, which consist of 2 granite quarries in Georgia, 9 limestone quarries in Tennessee, and 1 limestone quarry in Virginia, are operated by Ready Mix USA LLC and were deemed non strategic by CEMEX and Ready Mix USA LLC, its joint venture partner. The proceeds from the sale were partly used to reduce debt held by Ready Mix USA LLC, and to effect a cash distribution of approximately US$100 million to each joint venture partner, including CEMEX. CEMEX, which does not consolidate the results of Ready Mix USA LLC, expects to use its cash proceeds from this divestment to reduce outstanding debt and to enhance its liquidity position. CEMEX announces closing of offering of convertible subordinated notes On March 30, 2010, CEMEX announced the closing of an offering of US$715 million aggregate principal amount of 4.875% convertible subordinated Notes due 2015 (the “Notes”). The aggregate principal amount of the Notes issued reflects the full exercise of the US$65 million over-allotment option granted to the initial purchasers with respect to the Notes. In connection with the offering of the Notes, CEMEX entered into a capped call transaction with an affiliate of one of the initial purchasers. This transaction is expected to generally reduce the potential cost to CEMEX upon future conversion of the Notes. CEMEX used a portion of the net proceeds from the offering of the Notes to fund the purchase of the capped call transaction, and intends to use the remaining net proceeds for general corporate purposes and to repay indebtedness, including Certificados Bursatiles maturing through March 2011 and indebtedness under CEMEX’s Financing Agreement, as amended. The Notes and the capped call transaction, as well as CEMEX’s ADSs and, or CPOs, underlying such securities, have not been registered under the U.S. Securities Act of 1933 (the “Securities Act”) or any applicable state securities laws. The Notes were offered only to qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act. Unless so registered, the Notes and the securities issuable upon conversion may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. 2010 First Quarter Results Page 16
OTHER INFORMATION Sale of our Australian assets In connection with the aforementioned sale of our Australian assets on October 1, 2009, our balance sheet as of March 31, 2009, includes the assets and liabilities associated to our Australian operations reclassified to the single lines items “Assets from discontinued operations” and “Liabilities from discontinued operations, respectively. Likewise, our income statements for the three-month periods ended March 31, 2009, presented elsewhere in this quarterly report, include the reclassification line-by-line of CEMEX Australia’s results of operations, net of income tax, for the three-month period to a single line item “Discontinued operations” before net income. According to MFRS, during the fourth quarter of 2009, “Discontinued operations” includes the result on the sale of our Australian assets representing a loss, net of income tax, of approximately US$446 million. This loss represents the difference between the selling price of approximately US$1.7 billion and the carrying amount of the net assets, including foreign currency translation effects accrued in equity. Selected condensed financial information of balance sheet as of September 30, 2009 and of income statement for CEMEX Australia for the nine-month period ended September 30, 2009 and the three-month period ended March 31, 2009, is as follows: Millions pesos September 30, 2009 March 31, 2009 Net sales MXN 13,015 MXN 3,979 Operating income MXN 1,198 MXN 395 Total assets MXN 28,595 Total liabilities MXN 6,013 Net total assets MXN 22,582 Mexican Tax Reform 2010 During November 2009 the Mexican Congress approved a new tax law which was enacted and published in the Daily Gazette on December 7, 2009 and effective as of January 1, 2010. The tax reform includes changes to the tax consolidation regime that will require the Company to determine its taxable income under the Mexican Income Tax Law (Ley del Impuesto Sobre la Renta) as though the tax consolidation provisions did not exist from 1999 forward. These changes also require that companies pay taxes on intercompany dividends (specifically, dividends paid from profits not taxed in the past), certain other special tax items, and operating losses generated by members of the consolidated tax group not recovered by the individual company generating such losses within the succeeding 10-year period (regarding losses from the sale of shares, losses incurred through 2001 were not required to be amortized against earnings nor were they to be reversed in regards with their effects on the consolidation; losses incurred after 2001 and through 2007 could be amortized within a five year period, and those for 2008 and forward within ten years, provided that if it was not done, their effects on the amortization would be reversed). This tax reform increase the statutory income tax rate from 28% to 30% for the year 2010 to 2012, 29% for 2013, and 28% for 2014 and future years. These changes to the tax law require that in 2010 CEMEX will be required to pay (at the new, 30% tax rate) 25% of the tax that results from eliminating the tax consolidation effects for the period from 1999 to 2004. The remaining 75% shall be paid as follows: 25% on 2011, 20% on 2012, 15% on 2013 and 15% on 2014. With respect to the consolidation effects originating after 2004, these are required to be taken into account during the sixth fiscal year following their origination and will be payable over the succeeding five years in the same proportions (25%, 25%, 20%, 15%, and 15%). Applicable taxes payable as a result of this change to the tax law will be increased by inflation adjustments as required by the Mexican Income Tax Law. Pursuant to the changes in the Mexican Tax Law dealing with tax consolidation, CEMEX estimates that the nominal value of the tax payments that will be payable in connection with such changes will be as shown in the table below and totaling approximately US$799 million. According to Mexican FRS, this amount was recognized by CEMEX as a Tax Payable on its balance sheet, against a corresponding deferred tax asset for approximately US$628 million for future tax benefits that CEMEX is expected to realize in connection with the payment of this new tax liability, and approximately US$171 million against retained earnings from previous years. The realization of this tax asset will be subject to future earnings paid in the companies that have generated tax losses in the past within the Mexico consolidated tax group as well as other limitations that currently exist, or in the future may exist, in the Mexican tax law. Tax Liability Amortization Schedule: US$ Millions 2010 US$30 2011 US$44 2012 US$54 2013 US$54 2014 US$98 2015 US$156 2016 US$136 2017 US$100 2018 US$79 2019 US$48 TOTAL US$799 Effects of the nationalization of CEMEX Venezuela on our financial statements Our consolidated balance sheets as of March 31, 2010 and 2009, presented elsewhere in this quarterly report, include within “Other assets” our net investment in our confiscated Venezuelan assets as of the same dates. Our net investment in our Venezuelan assets as of March 31, 2010 and 2009 is as follows: March 31, 2010 March 31, 2009 Net total assets MXN6,459 MXN7,419 2010 First Quarter Results Page 17
DEFINITION OF TERMS AND DISCLOSURES CEMEX Methodology for translation, consolidation, and presentation of results Under Mexican Financial Reporting Standards (“Mexican FRS”), beginning January 1, 2008, CEMEX translates the financial statements of those foreign subsidiaries operating in low-inflation environments using exchange rates at the reporting date for the balance sheet and the exchange rates at the end of each month for the income statement, while for foreign subsidiaries operating in high-inflation environments, CEMEX uses the exchange rates at the reporting date for the balance sheet and income statement. CEMEX reports its consolidated results in Mexican pesos. For the reader’s convenience, beginning June 30, 2008, US dollar amounts for the consolidated entity are calculated by converting the nominal Mexican peso amounts at the end of each quarter using the average MXN/US$ exchange rate for each quarter. The exchange rates used to convert results for first quarter 2010 and first quarter 2009 are 12.75 and 14.59 Mexican pesos per US dollar, respectively. Per-country/region figures are presented in US dollars for the reader’s convenience. Figures presented in US dollars for Mexico, Spain, and the United Kingdom as of March 31, 2010, and March 31, 2009, can be converted into their original local currency amount by multiplying the US-dollar figure by the corresponding average exchange rates for 2010 and 2009, provided below. Breakdown of regions The South/Central America and Caribbean region includes CEMEX’s operations in Argentina, Colombia, Costa Rica, the Dominican Republic, Jamaica, Nicaragua, Panama, Puerto Rico, and Venezuela (through July 31, 2008), as well as trading operations in the Caribbean region. Rest of Europe includes operations in Austria, Croatia, Czech Republic, Denmark, Finland, France, Germany, Hungary, Ireland, Latvia, Norway, Poland, and Sweden. Africa and Middle East includes operations in Egypt, Israel, and the United Arab Emirates. The Asia region includes operations in Bangladesh, Malaysia, the Philippines, Taiwan, and Thailand. Definition of terms EBITDA equals operating income plus depreciation and operating amortization. Free cash flow equals 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 and coupon payments on our perpetual notes). Maintenance capital expenditures consist of maintenance spending on our cement, ready-mix, and other businesses in existing markets. Expansion capital expenditures consist of expansion spending on our cement, ready-mix, and other businesses in existing markets. Working capital equals operating accounts receivable (including other current assets received as payment in kind) plus historical inventories minus operating payables. Net debt equals total debt minus cash and cash equivalents, and does not include our obligations in respect of our perpetual notes and loans, which are treated as equity obligations under Mexican financial reporting standards. Includes the fair value of cross-currency swaps associated with debt. Earnings per ADS The number of average ADSs outstanding used for the calculation of earnings per ADS was 959.6 million for first quarter 2010 and 810.8 million for first quarter 2009. According to the Mexican NIF B-14 Earnings per share, the weighted average number of common shares outstanding is determined considering the number of days during the accounting period in which the shares have been outstanding, including shares derived from corporate events that have modified the stockholder’s equity structure during the period, such as, increases in the number of shares by a public offering and the distribution of share dividends. The shares issued as a result of share dividends should be considered as issued at the beginning of the period. Exchange rate January—March First quarter 2010 Average 2009 Average 2010 Average 2009 Average Mexican peso 12.75 14.59 12.75 14.59 Euro 0.7313 0.7700 0.7313 0.7700 British pound 0.6446 0.6983 0.6446 0.6983 Amounts provided in units of local currency per U.S. dollar. 2010 First Quarter Results Page 18
Exhibit 3
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CEMEX
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Forward looking information
This presentation contains certain forward-looking statements and information relating to CEMEX, S.A.B. de C.V. and its subsidiaries (collectively, “CEMEX”) that are based on the beliefs of its management, as well as assumptions made by and information currently available to CEMEX. Such statements reflect the current views of CEMEX with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the actual results, performance or achievements of CEMEX to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic, political, governmental, and business conditions globally and in the countries in which CEMEX does business, changes in interest rates, changes in inflation rates, changes in exchange rates, the level of construction generally, changes in cement demand and prices, changes in raw material and energy prices, changes in business strategy, and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or targeted. CEMEX does not intend, and does not assume any obligation, to update these forward-looking statements.
UNLESS OTHERWISE NOTED, ALL FIGURES ARE PRESENTED UNDER MEXICAN FRS
Copyright CEMEX, S.A.B. de C.V. and its subsidiaries.
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April 2010
1Q10 RESULTS
www.cemex.com
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1Q10 messages
We have aggressively implemented strategies to reduce financing risk over the next two years giving us sufficient headway to capitalize on the recovery in our markets
We are beginning to see moderate signs of growth in markets that have experienced the deepest corrections, like the US and parts of Europe, but we continue to be cautious about whether these trends will have traction
Our business model has demonstrated its strength, not just by how we can deliver growth in the good times, but by how quickly we can adjust our business during the challenging times
We are continuously and aggressively focusing on our profitability metrics and rightsizing efforts
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1Q10 results highlights
January – March
First Quarter
Millions of US dollars
2010
2009
% var
l-t-l % var
2010
2009
% var
l-t-l % var
Net sales
3,043
3,387
(10%)
(16%)
3,043
3,387
(10%)
(16%)
Gross profit
820
970
(15%)
(23%)
820
970
(15%)
(23%)
Operating income
148
299
(50%)
(61%)
148
299
(50%)
(61%)
EBITDA
515
667
(23%)
(29%)
515
667
(23%)
(29%)
Free cash flow after
(171)
118
N/A
(171)
118
N/A
maintenance capex
Bad weather during the quarter was partially offset by better pricing conditions in some markets and cost-reduction initiatives ?Most of the expected EBITDA growth and recovery in our hardest hit markets for 2010 will be reflected in the second half of the year
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Consolidated volumes and prices
3M10 vs. 3M09
1Q10 vs. 1Q09
1Q10 vs. 4Q09
Volume
(6%)
(6%)
(6%)
Cement
Price (USD)
4%
4%
1%
Price (l-t-l1)
(3%)
(3%)
1%
Volume
(16%)
(16%)
(16%)
Ready Mix
Price (USD)
(1%)
(1%)
(2%)
Price (l-t-l1)
(7%)
(7%)
0%
Volume
(13%)
(13%)
(19%)
Aggregates
Price (USD)
3%
3%
(1%)
Price (l-t-l1)
(2%)
(2%)
2%
Severe winter weather conditions in the United States and Europe negatively affected our operations in such markets during the first quarter
1 Like-to-like prices adjusted for investments/divestments and foreign-exchange fluctuations
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April 2010
REGIONAL HIGHLIGHTS
www.cemex.com
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Mexico
Millions of US dollars
3M10
3M09
% var
l-t-l % var
1Q10
1Q09
% var
l-t-l % var
Net Sales
742
775
(4%)
(16%)
742
775
(4%)
(16%)
EBITDA
258
288
(10%)
(22%)
258
288
(10%)
(22%)
% sales
34.8%
37.2%
34.8%
37.2%
Volume
3M10 vs. 3M09
1Q10 vs. 1Q09
1Q10 vs. 4Q09
Cement
(12%)
(12%)
(6%)
Ready-mix
(22%)
(22%)
(8%)
Aggregates
(14%)
(14%)
(11%)
Price (LC)
3M10 vs. 3M09
1Q10 vs. 1Q09
1Q10 vs. 4Q09
Cement
(1%)
(1%)
3%
Ready-mix
(0%)
(0%)
1%
Aggregates
10%
10%
3%
Construction during the first half of 2009 was strong in anticipation of mid-year elections, making a difficult comparison Investment in infrastructure expected to drop from the very high level reached in 2009 Formal housing affected by bridge financing constraints; low-income housing expected to be flat, with middle- and high-income housing declining Self-construction expected to decrease slightly in 2010 Industrial and commercial sector expected to moderately grow in 2010, after two years of decline
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United States
Millions of US dollars
3M10
3M09
% var
l-t-l % var
1Q10
1Q09
% var
l-t-l % var
Net Sales
552
726
(24%)
(24%)
552
726
(24%)
(24%)
EBITDA
(23)
32
N/A
N/A
(23)
32
N/A
N/A
% sales
(4.2%)
4.4%
(4.2%)
4.4%
Volume
3M10 vs. 3M09
1Q10 vs. 1Q09
1Q10 vs. 4Q09
Cement
(8%)
(8%)
(5%)
Ready-mix
(14%)
(14%)
(5%)
Aggregates
(15%)
(15%)
(7%)
Price (LC)
3M10 vs. 3M09
1Q10 vs. 1Q09
1Q10 vs. 4Q09
Cement
(8%)
(8%)
(3%)
Ready-mix
(15%)
(15%)
(3%)
Aggregates
(5%)
(5%)
1%
Volumes in the first quarter affected by severe weather conditions throughout the country
1Q10 contract awards for streets and highways up 38% year over year in real terms driven by ARRA fiscal stimulus monies and the extension in March of the federal highway spending program until year end
Residential sector showing modest recovery fueled by improved affordability and the extension and expansion of the federal tax subsidy
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Europe
Millions of US dollars
3M10
3M09
% var
l-t-l % var
1Q10
1Q09
% var
l-t-l % var
Net Sales
947
1,071
(12%)
(18%)
947
1,071
(12%)
(18%)
EBITDA
(1)
42
N/A
N/A
(1)
42
N/A
N/A
% sales
(0.1%)
3.9%
N/A
(0.1%)
3.9%
N/A
Volume
3M10 vs. 3M09
1Q10 vs. 1Q09
1Q10 vs. 4Q09
Cement
(19%)
(19%)
(26%)
Ready-mix
(18%)
(18%)
(27%)
Aggregates
(17%)
(17%)
(30%)
Price (LC)1
3M10 vs. 3M09
1Q10 vs. 1Q09
1Q10 vs. 4Q09
Cement
(5%)
(5%)
1%
Ready-mix
(3%)
(3%)
4%
Aggregates
3%
3%
8%
Severe winter weather conditions in our operations in Europe affected volumes during the first quarter
In most countries in the region, infrastructure continues to be the main driver for volume demand
Housing starts in Spain expected to decline further in 2010; pricing adjusting slowly
Stabilization and potential growth expected in some European markets for 2010
1 Volume-weighted, local-currency average prices
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Millions of US dollars
3M10
3M09
% var
l-t-l % var
1Q10
1Q09
% var
l-t-l % var
Net Sales
348
333
4%
(5%)
348
333
4%
(5%)
EBITDA
121
129
(6%)
(16%)
121
129
(6%)
(16%)
% sales
34.7%
38.6%
34.7%
38.6%
Volume
3M10 vs. 3M09
1Q10 vs. 1Q09
1Q10 vs. 4Q09
Cement
4%
4%
3%
Ready-mix
(11%)
(11%)
2%
Aggregates
(12%)
(12%)
10%
Price (LC)1
3M10 vs. 3M09
1Q10 vs. 1Q09
1Q10 vs. 4Q09
Cement
(7%)
(7%)
(0%)
Ready-mix
(12%)
(12%)
(3%)
Aggregates
(15%)
(15%)
4%
Increase in cement volume during the quarter mainly driven by operations in Colombia
Colombia recently abolished the
Megaproyectos de Vivienda Social, which will affect future low-income housing; despite this, cement consumption is expected to be fueled by general elections and the stabilization of middle- and high-income housing
Growth in the region expected for 2010 fueled by operations in Colombia, Panama, and the Dominican Republic
1 Volume-weighted, local-currency average prices
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Africa and Middle East
Millions of US dollars
3M10
3M09
% var
l-t-l % var
1Q10
1Q09
% var
l-t-l % var
Net Sales
264
265
(1%)
(5%)
264
265
(1%)
(5%)
EBITDA
83
88
(5%)
(8%)
83
88
(5%)
(8%)
% sales
31.7%
33.3%
31.7%
33.3%
Volume
3M10 vs. 3M09
1Q10 vs. 1Q09
1Q10 vs. 4Q09
Cement
(1%)
(1%)
3%
Ready-mix
(9%)
(9%)
(8%)
Aggregates
15%
15%
(2%)
Price (LC)1
3M10 vs. 3M09
1Q10 vs. 1Q09
1Q10 vs. 4Q09
Cement
3%
3%
3%
Ready-mix
(17%)
(17%)
(2%)
Aggregates
2%
2%
5%
Year-over-year growth in cement volume of 6% in Egypt was offset by a decline in volumes in the UAE
UAE construction affected by the Dubai World standstill, especially in Dubai
In Egypt, expected recovery in tourism and Suez Canal receipts are expected to complement already robust growth rates in construction
The informal housing and infrastructure sectors will continue to be the main drivers of cement demand in the region on 2010
1 Volume-weighted, local-currency average prices
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Asia
Millions of US dollars
3M10
3M09
% var
l-t-l % var
1Q10
1Q09
% var
l-t-l % var
Net Sales
124
113
10%
5%
124
113
10%
5%
EBITDA
33
28
18%
13%
33
28
18%
13%
% sales
26.7%
24.9%
26.7%
24.9%
Volume
3M10 vs. 3M09
1Q10 vs. 1Q09
1Q10 vs. 4Q09
Cement
20%
20%
8%
Ready-mix
(2%)
(2%)
(19%)
Aggregates
8%
8%
(11%)
Price (LC)1
3M10 vs. 3M09
1Q10 vs. 1Q09
1Q10 vs. 4Q09
Cement
(1%)
(1%)
4%
Ready-mix
(3%)
(3%)
1%
Aggregates
8%
8%
7%
Cement volumes in the region increased 20% during the quarter, driven mainly by growth in the Philippines and Thailand
In the Philippines, construction is expected to continue shifting towards more private investment, reflecting increasing investor appetite for Asian assets
1 Volume-weighted, local-currency average prices
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April 2010
2010 OUTLOOK
www.cemex.com
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2010 guidance
Consolidated domestic volumes expected to increase by 3% for cement, by 1% for aggregates and to be slightly lower for ready mix
– Volumes in Mexico declining by 4% for cement and aggregates, and by 8% for ready mix
– US cement, ready-mix and aggregates volumes to have high-single-digit increases
EBITDA to be about US$2.9 billion, based on currently prevailing exchange rates Free cash flow after maintenance capex to reach close to US$1 billion, reflecting exclusion of Australian operations, higher interest expense, and higher maintenance capex US$600 million from free cash flow to be used for debt reduction during the year
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April 2010
cemex
IQ 10 RESULTS
www.cemex.com
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EBITDA, cost of sales and SG&A
January – March First Quarter
Millions of US dollars 2010 2009 % var l-t-l 2010 2009 % var l-t-l % var
Net sales 3,043 3,387 (10%) (16%) 3,043 3,387 (10%) (16%)
EBITDA 515 667 (23%) (29%) 515 667 (23%) (29%)
% sales 16.9% 19.7% (2.8pp) 16.9% 19.7% (2.8pp)
Cost of sales 2,223 2,418 (8%) 2,223 2,418 (8%)
% sales 73.1% 71.4% 1.7pp 73.1% 71.4% 1.7pp
SG&A 671 671 0% 671 671 0%
% sales 22.1% 19.8% 2.3pp 22.1% 19.8% 2.3pp
Performance during the first quarter reflects the continued general slowdown in the global economy as well as severe winter weather conditions in the United States and Europe
Increase in SG&A as a percentage of sales resulting from lesser economies of scale due to lower volumes and higher transportation costs, partially offset by savings from cost-reduction initiatives
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Free Cash Flow
January – March
First Quarter
Millions of US dollars 2010 2009 % var 2010 2009 % var
EBITDA 515 667 (23%) 515 667 (23%)
Net Financial Expense 275 198 275 198
Maintenance Capex 28 41 28 41
Change in Working Cap 328 311 328 311
Taxes Paid 50 62 50 62
Other Cash Items (net) 6 (19) 6 (19)
Free cash flow D.O. (45) (45)
FCF after Maint Capex (171) 118 N/A (171) 118 N/A
Expansion Capex 27 148 27 148
Expansion Capex D.O. 4 4
Free Cash Flow (198) (34) (482%) (198) (34) (482%)
D.O. = Discontinued Operations
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Other income statement items
Increase in financial expenses during the quarter reflects new terms of Financing Agreement, as well as the substitution of bank debt with the recently issued bonds
Exchange gain for the quarter of US$57 million, resulting mainly from the appreciation of the Mexican peso against the US dollar
Increase in notional amount of equity derivatives reflects the capped-call transaction made in connection with the convertible subordinated notes issued in March
Loss on financial instruments of US$41 million resulting mainly from the equity derivatives related to CEMEX and Axtel shares
Other expenses of US$88 million during the quarter resulting mainly from the impairment of Davenport plant, severance payments, and others
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April 2010
Cemex
DEBT
INFORMATION
www.cemex.com
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Debt-related activity in the quarter
Reopening in January of the 2016 US-dollar notes for an additional US$500 million with a yield of 8.477%
Issuance of US$715 million in 5-year convertible subordinated notes with an annual coupon of 4.875%
Sale of 12 active quarries and certain other assets by our 49.9% owned Ready Mix USA LLC joint venture for U.S.$420 million, with a cash distribution of approximately US$100 million dollars to CEMEX
Issuance of various short-term notes under our short-term Certificados Bursátiles program, having an outstanding amount of MXN800 million at the end of the quarter
Prepaid US$582 million under the Financing Agreement during first quarter; additional prepayment of US$180 million in April, reducing unpaid scheduled amortizations under agreement during 2010 and 2011 to zero
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Consolidated debt maturity profile
Total debt excluding perpetual debentures as of 1Q10 US$ 16,472
US$ million 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0
Financing Agreement Amortizations
Other bank / WC debt
Fixed Income
Prepayment under Financing Agreement made during April for US$180 million
8,152 2,426
1,759 1,486 824
516 622 519
167 2010 2011 2012 2013 2014 2015 2016 2017 >2018
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ANNEX
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Additional debt-related information
Currency denomination Interest Rate
Mexican peso
10% Fixed 31%
Euro U.S. 26% dollar
Variable 64% 69%
First Quarter Fourth Quarter
Millions of US dollars 2010 2009 % Var. 2009
Total debt 16,472 18,820 (12%) 16,130
Short-term 5% 23% 4%
Long-term 95% 77% 96%
Cash and cash equivalents 1,467 728 101% 1,077
Fair value cross currency swaps1 0 19 0
Net debt 15,005 18,034 (17%) 15,053
1 For presentation purposes in the table above, net debt includes the fair value of cross-currency swaps, if any, associated with debt.
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1Q10 volume and price summary:
Selected countries
Cement Ready-mix Aggregates 3M10 Vs 3M09 3M10 Vs 3M09 3M10 Vs 3M09
Prices Prices Prices Volumes Volumes Volumes (LC) (LC) (LC)
Mexico (12%) (1%) (22%) (0%) (14%) 10%
U.S. (8%) (8%) (14%) (15%) (15%) (5%)
Spain (25%) (9%) (28%) (8%) (18%) (2%)
UK (6%) (5%) (12%) (8%) (4%) (7%)
France N/A N/A (14%) (1%) (13%) 3%
Germany (23%) 10% (25%) 1% (27%) 13%
Colombia 18% (9%) 1% (15%) (18%) (10%)
Egypt 6% 9% 12% (3%) (11%) (1%)
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2010 Outlook:
Selected countries
Domestic Cement Ready-mix Aggregates Volumes Volumes Volumes
Mexico (4%) (8%) (4%)
United States 7% to 9% 7% to 9% 7% to 9%
Spain (10%) (17%) (10%)
UK 2% 0% 3%
France (4%) 0%
Germany 3% (6%) (1%)
Colombia 8% 14% >20%
Egypt 7% 18% 17%
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CEMEX
CX
LISTED
NYSE
CEMEX
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Definitions
3M10 / 3M09: results for the first three months of the years 2010 and 2009, respectively.
EBITDA: Operating income plus depreciation and operating amortization
Expansion capital expenditures: consist of expansion spending on our cement, ready-mix, and other core businesses in existing markets
LC: Local currency
Like-to-like percentage variation (l-t-l % var): Percentage variations adjusted for investments/divestments and currency fluctuations
Maintenance capital expenditures: consist of maintenance spending on our cement, ready-mix, and other businesses in existing markets
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Contact information
Investor Relations Stock Information
In the United States
+1 877 7CX NYSE
NYSE (ADS): CX
Mexican Stock Exchange:
In Mexico CEMEXCPO
+52 81 8888 4292
Ratio of CEMEXCPO to
CX:10 to 1
ir@cemex.com
Calendar of Events
June 3, 2010
CEMEX Day (video webcast)
July 27, 2010
Second quarter 2010 financial results and conference call
October 26, 2010
Third quarter 2010 financial results and conference call
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