UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 or 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of October, 2015
Commission File Number: 001-14946

CEMEX, S.A.B. de C.V.
(Translation of Registrant’s name into English)

Avenida Ricardo Margáin Zozaya #325, Colonia Valle del Campestre
San Pedro Garza García, Nuevo León, México 66265
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F   x        Form 40-F  ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ¨

 

Contents
 
1.	Press release, dated October 22, 2015, announcing third quarter 2015 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX).	
 
2.	Third quarter 2015 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX).	
 
3.	Presentation regarding third quarter 2015 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:	 	October 22, 2015	 	 	 	By:	 	/s/ Rafael Garza	
 	 	 	 	 	 	 	 	Name: Rafael Garza	
 	 	 	 	 	 	 	 	Title:   Chief Comptroller	

EXHIBIT INDEX

EXHIBIT
NO.	  	DESCRIPTION	
 	 	
1.	  	Press release, dated October 22, 2015, announcing third quarter 2015 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX).	
 	 	
2.	  	Third quarter 2015 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX).	
 	 	
3.	  	Presentation regarding third quarter 2015 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX).	

Exhibit 1

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

CEMEX LATAM HOLDINGS REPORTS
THIRD QUARTER 2015 RESULTS
 
 	•	 	Historic volume records for the first nine months of the year in Nicaragua for cement, in Guatemala for ready mix, and in Panama for aggregates	
 
 	•	 	In Colombia, our quarterly cement volumes and prices continued to increase on a sequential basis	
BOGOTA, COLOMBIA, OCTOBER 22, 2015 – CEMEX Latam Holdings, S.A. (“CLH”) (BVC: CLH), announced today that its consolidated net sales reached US$354 million during the third quarter of 2015, a decrease of 23% versus the third quarter of 2014. This decline is mainly explained by currency fluctuations and lower sales in our operations in Colombia and Panama. Adjusting for currency fluctuations, consolidated net sales during the third quarter remained flat, on a year-over-year basis.
Operating EBITDA, also adjusted for currency fluctuations, declined by 10% during the third quarter of 2015 compared with the same period in 2014.
During the third quarter of 2015, consolidated domestic gray cement, ready-mix and aggregates volumes decreased by 5%, 8% and 7% respectively, compared to the same period last year.
Carlos Jacks, CEO of CLH, said, “We are pleased with the performance of our operations in Costa Rica, Nicaragua and Guatemala. Additionally, our cement volumes in Colombia continued with a positive trend in the third quarter, increasing by 7% and 18% compared to the second and first quarter of this year respectively.”
CLH’s Financial and Operational Highlights
 
 	•	 	In Colombia, during the first nine months of the year, domestic gray cement and aggregates volumes declined by 9% and 3% respectively, while our ready-mix volumes remained flat, compared with the same period a year ago. Compared with the second quarter of 2015, third quarter domestic gray cement volumes increased 7%, while ready-mix and aggregates volumes decreased by 4% and 6%, respectively.	
 
 	•	 	In Panama, our domestic gray cement, ready-mix and aggregates volumes in the third quarter decreased by 23%, 20% and 1%, respectively, compared with the third quarter a year ago.	
 
 	•	 	In Costa Rica, our volumes for domestic gray cement and ready-mix grew at double-digit rates during both the third quarter and the first nine months of the year, compared with the same periods last year. Aggregates volumes declined 8% during the quarter, but increased 20% during the first nine months of the year.	
 
 	•	 	Free cash flow after maintenance capital expenditures reached US$51 million during the third quarter of 2015, a decrease of 53% compared with the third quarter of 2015.	

Carlos Jacks added, “We have seen progress towards improving our profitability, which has been affected by the severe depreciation of the Colombian peso. Despite of the challenging economic environment, we remain confident on the fundamentals of our markets and the opportunities they offer to our company.”
Consolidated Corporate Results
During the third quarter, controlling interest net income reached US$35 million.
Net debt decreased by US$18 million, to US$1,060 million as of the end of the third quarter 2015. 
Geographical Markets third quarter 2015 Highlights
Operating EBITDA in Colombia decreased by 39% to US$61 million versus US$100 million in the third quarter of 2014, with a decline of 34% in net sales reaching US$177 million. Adjusting for currency fluctuations, our EBITDA in Colombia declined by 5% on a year-over-year basis.
In Panama, operating EBITDA decreased by 29% to US$30 million during the quarter. Net sales reached US$73 million in the third quarter of 2015, a decrease of 21% compared with the same period in 2014.
In Costa Rica, operating EBITDA reached US$15 million during the quarter, decreasing by 17% compared with the same period a year ago. Net sales increased by 10% to US$41 million, on a year- over-year basis.
In the Rest of CLH region, net sales during the quarter reached US$67 million. Operating EBITDA in the quarter decreased by 12% versus the comparable period in 2014, reaching US$18 million.
CLH is a regional leader in the building solutions industry that provides high-quality products and reliable service to customers and communities in Colombia, Panama, Costa Rica, Nicaragua, El Salvador, Guatemala, and Brazil. CLH’s mission is to encourage the development of the countries where it operates through innovative building solutions that foster well-being.
###
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

Exhibit 2

 
2015
THIRD QUARTER RESULTS
Stock Listing Information
Colombian Stock Exchange S.A. Ticker: CLH
Investor Relations
Jesús Ortiz de la Fuente +57 (1) 603-9051
E-mail: jesus.ortizd@cemex.com

 
OPERATING AND FINANCIAL HIGHLIGHTS
January—September Third Quarter
2015 2014% var 2015 2014% var
Consolidated cement volume 5,497 5,986(8%) 1,877 2,055(9%)
Consolidated domestic gray cement 5,035 5,327(5%) 1,728 1,827(5%)
Consolidated ready-mix volume 2,629 2,624 0% 876 954(8%)
Consolidated aggregates volume 6,548 6,499 1% 2,179 2,354(7%)
Net sales 1,102 1,324(17%) 354 460(23%)
Gross profit 521 656(21%) 165 236(30%)
as % of net sales 47.3% 49.5%(2.2pp) 46.6% 51.3%(4.7pp)
Operating earnings before other
281 372(24%) 90 136(34%)
expenses, net
as % of net sales 25.5% 28.1%(2.6pp) 25.3% 29.6%(4.3pp)
Controlling interest net income 117 209(44%) 35 88(60%)
Operating EBITDA 346 443(22%) 110 160(31%)
as % of net sales 31.4% 33.4%(2.0pp) 31.0% 34.7%(3.7pp)
Free cash flow after maintenance
188 252(25%) 51 110(53%)
capital expenditures
Free cash flow 79 212(63%) 12 82(86%)
Net debt 1,060 1,088(3%) 1,060 1,088(3%)
Total debt 1,118 1,142(2%) 1,118 1,142(2%)
Earnings per share 0.21 0.38(44%) 0.06 0.16(61%)
Shares outstanding at end of period 556 556 0% 556 556 0%
Employees 4,947 4,877 1% 4,947 4,877 1%
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 third quarter of 2015 declined by 23% compared to the third quarter of 2014. During the first nine months of 2015 consolidated net sales decreased by 17%, compared to the same period in 2014. This decline in net sales is explained mainly as a result of foreign exchange fluctuations and the effect of lower cement volumes from our operations in Colombia and Panama.
Cost of sales as a percentage of net sales during the first nine months of 2015 increased by 2.2pp from 50.5% to 52.7% on a year-over-year basis.
Operating expenses as a percentage of net sales during the first nine months of 2015 increased by 0.3pp from 21.5% to 21.8% compared to the same period in 2014.
Operating EBITDA during the third quarter of 2015 declined by 31% compared to the third quarter of 2014. During the first nine months of 2015 operating EBITDA decreased by 22%, compared to the same
period in 2014.This decline is mainly explained by foreign exchange fluctuations, the effect of lower cement volumes from our operations in Colombia and Panama and scheduled maintenance works in Costa Rica and Colombia.
Operating EBITDA margin during the third quarter of 2015 declined by 3.7pp, compared to the third quarter of 2014. During the first nine months of the year operating EBITDA margin declined by 2.0pp compared with the same period last year.
Controlling interest net income during the third quarter of 2015 reached US$35 million, declining by 60% compared to the third quarter of 2014. During the first nine months of 2015 controlling interest net income reached US$117 million, declining 44% compared to the same period in 2014.
Total debt at the end of the third quarter of 2015 reached US$1,118 million.
2015 Third Quarter Results Page 2

 
OPERATING RESULTS
Colombia
January—September Third Quarter
2015 2014% var 2015 2014% var
Net sales 551 769(28%) 177 267(34%)
Operating EBITDA 189 281(33%) 61 100(39%)
Operating EBITDA margin 34.2% 36.5%(2.3pp) 34.4% 37.5%(3.1pp)
In millions of US dollars, except percentages.
Domestic gray cement Ready-Mix Aggregates
January—January—January -
Third Quarter Third Quarter Third Quarter
September September September
Volume(9%)(6%)(0%)(8%)(3%)(11%)
Price (USD)(24%)(28%)(23%)(31%)(24%)(31%)
Price (local currency) 5% 12% 5% 7% 3% 8%
Year-over-year percentage variation.
In Colombia, during the third quarter our domestic gray cement, ready-mix and aggregates volumes declined by 6%, 8% and
11%, respectively, compared to the third quarter of 2014. For the first nine months of 2015, our cement and aggregates
volumes declined by 9% and 3%, respectively, while our ready-mix volumes remained stable, compared to the same period
in 2014.
On a sequential basis, cement volumes improved by 18% and 7% compared with the first and second quarters of 2015,
respectively. The year-over-year decline in third quarter cement volume reflects a very high base of comparison—as third
quarter 2014 holds the all-time quarterly volume record—as well as our pricing increases.
Panama
January—September Third Quarter
2015 2014% var 2015 2014% var
Net sales 224 241(7%) 73 93(21%)
Operating EBITDA 92 108(16%) 30 42(29%)
Operating EBITDA margin 40.9% 44.9%(4.0pp) 41.3% 45.7%(4.4pp)
In millions of US dollars, except percentages.
Domestic gray cement Ready-Mix Aggregates
January—January—January -
Third Quarter Third Quarter Third Quarter
September September September
Volume(5%)(23%)(8%)(20%) 6%(1%)
Price (USD) 3% 7%(4%)(5%) 3% 4%
Price (local currency) 3% 7%(4%)(5%) 3% 4%
Year-over-year percentage variation.
In Panama during the third quarter our domestic gray cement, ready-mix and aggregates volumes declined by 23%, 20% and 1% respectively, compared to the third quarter of 2014. For the first nine months of 2015, our domestic gray cement and ready-mix volumes decreased by 5% and 8% respectively, while our aggregates volumes increased by 6%, compared with the same period in 2014.
During the quarter, the negative performance in our volumes is mainly explained by lower sales to the Panama Canal expansion project, as well as, the completion of some large infrastructure projects like “Corredor Norte” and “Parque Eólico”. Cement sales to the Panama Canal expansion project declined by 84% during the quarter on a year-over-year basis.
The positive performance of the industrial and commercial sector was not enough to offset the slowdown in the housing and infrastructure sectors during the quarter.
2015 Third Quarter Results Page 3

 
OPERATING RESULTS
Costa Rica
January—September Third Quarter
2015 2014% var 2015 2014% var
Net sales 131 114 15% 41 38 10%
Operating EBITDA 54 51 6% 15 18(17%)
Operating EBITDA margin 41.3% 44.9%(3.6pp) 35.7% 47.1%(11.4pp)
In millions of US dollars, except percentages.
Domestic gray cement Ready-Mix Aggregates
January—January—January -
Third Quarter Third Quarter Third Quarter
September September September
Volume 12% 14% 14% 12% 20%(8%)
Price (USD) 4% 0%(3%)(4%)(0%)(2%)
Price (local currency) 2%(0%)(4%)(5%)(2%)(3%)
Year-over-year percentage variation.
In Costa Rica, during the third quarter our domestic gray cement and ready-mix volumes increased by 14%, 12%,
respectively, while our aggregates volumes declined by 8%, compared to the third quarter of 2014. For the first nine months
of the year our domestic gray cement, ready-mix and aggregates volumes increased by 12%, 14% and 20%, respectively,
compared to the same period of last year.
During the third quarter infrastructure remained as the main driver for cement demand. Our cement volumes have been
positively affected by the ongoing construction of roads, as well as hydroelectric projects like “Chucás”.
Rest of CLH
January—September Third Quarter
2015 2014% var 2015 2014% var
Net sales 209 210(1%) 67 67 0%
Operating EBITDA 57 60(5%) 18 20(12%)
Operating EBITDA margin 27.5% 28.6%(1.1pp) 26.2% 29.8%(3.6pp)
In millions of US dollars, except percentages.
Domestic gray cement Ready-Mix Aggregates
January—January—January -
Third Quarter Third Quarter Third Quarter
September September September
Volume(4%) 4% 21% 21% 8% 20%
Price (USD)(4%)(9%) 0%(2%) 10% 2%
Price (local currency) 2%(0%) 2%(1%) 13% 4%
Year-over-year percentage variation.
In the Rest of CLH region, which includes our operations in Nicaragua, Guatemala, El Salvador and Brazil, during the third
quarter of 2015 our domestic gray cement, ready-mix and aggregates volumes increased by 4%, 21% and 20%, respectively,
compared to the third quarter of 2014. During the first nine months of the year, our domestic gray cement volumes
decreased by 4%, while our ready-mix and aggregates volumes increased by 21% and 8% respectively, compared to the same
period of last year.
The positive performance in our cement volumes in Nicaragua, as well as our ready-mix volumes in Guatemala were offset
by weak demand conditions in the other markets. Housing and infrastructure in Nicaragua, along with industrial-and-
commercial activity in Guatemala, remained the main drivers of demand for our products.
2015 Third Quarter Results Page 4

 
OPERATING EBITDA, FREE CASH FLOW AND DEBT
RELATED INFORMATION
Operating EBITDA and free cash flow
January—September Third Quarter
2015 2014% var 2015 2014% var
Operating earnings before other expenses, net 281 372(24%) 90 136(34%)
+ Depreciation and operating amortization 65 71 20 24
Operating EBITDA 346 443(22%) 110 160(31%)
—Net financial expense 58 75 17 28
—Capital expenditures for maintenance 26 38 13 12
—Change in working Capital(24)(3) 2(13)
—Taxes paid 87 81 24 22
—Other cash items (Net) 11(0) 3 0
Free cash flow after maintenance capital exp 188 252(25%) 51 110(53%)
—Strategic Capital expenditures 110 40 39 28
Free cash flow 79 212(63%) 12 82(86%)
In millions of US dollars, except percentages.
Information on Debt
Second
Third Quarter Third Quarter
Quarter
2015 2014% var 2015 2015 2014
Total debt 1, 2 1,118 1,142(2%) 1,136 Currency denomination
Short term 13% 22% 13% U.S. dollar 99% 98%
Long term 87% 78% 87% Colombian peso 1% 2%
Cash and cash equivalents 58 54 8% 59 Interest rate
Net debt 1,060 1,088(3%) 1,077 Fixed 78% 78%
Variable 22% 22%
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.
2015 Third Quarter Results Page 5

 
OPERATING RESULTS
Income statement & balance sheet
CEMEX Latam Holdings, S.A. and Subsidiaries
in thousands of U.S. Dollars, except per share amounts
January—September Third Quarter
INCOME STATEMENT 2015 2014% var 2015 2014% var
Net sales 1,102,080 1,324,298(17%) 354,481 460,343(23%)
Cost of sales(580,765)(668,294) 13%(189,130)(224,144) 16%
Gross profit 521,315 656,004(21%) 165,351 236,199(30%)
Operating expenses(239,849)(284,088) 16%(75,558)(99,870) 24%
Operating earnings before other expenses, net 281,466 371,916(24%) 89,793 136,329(34%)
Other expenses, net(12,907)(3,863)(234%)(5,792)(4,383)(32%)
Operating earnings 268,559 368,053(27%) 84,001 131,946(36%)
Financial expenses(58,272)(75,220) 23%(17,708)(27,593) 36%
Other income (expenses), net(17,922) 5,564 N/A(15,893) 9,869 N/A
Net income before income taxes 192,365 298,397(36%) 50,400 114,222(56%)
Income tax(74,826)(88,593) 16%(15,594)(25,976) 40%
Consolidated net income 117,539 209,804(44%) 34,806 88,246(61%)
Non-controlling Interest Net Income(415)(851) 51%(108)(459) 76%
Controlling Interest Net Income 117,124 208,953(44%) 34,698 87,787(60%)
0 0
Operating EBITDA 346,283 442,839(22%) 109,935 159,766(31%)
Earnings per share 0.21 0.38(44%) 0.06 0.16(61%)
as of September 30
BALANCE SHEET 2015 2014% var
Total Assets 3,267,748 3,751,678(13%)
Cash and Temporary Investments 58,448 53,870 8%
Trade Accounts Receivables 105,045 168,361(38%)
Other Receivables 47,950 107,901(56%)
Inventories 91,687 107,516(15%)
Other Current Assets 15,248 21,375(29%)
Current Assets 318,378 459,023(31%)
Fixed Assets 1,053,680 1,183,659(11%)
Other Assets 1,895,690 2,108,996(10%)
Total Liabilities 1,924,171 2,276,070(15%)
Current Liabilities 404,602 689,166(41%)
Long-Term Liabilities 1,509,945 1,573,821(4%)
Other Liabilities 9,624 13,083(26%)
Consolidated Stockholders’ Equity 1,343,577 1,475,608(9%)
Non-controlling Interest 5,214 6,256(17%)
Stockholders’ Equity Attributable to Controlling Interest 1,338,363 1,469,352(9%)
2015 Third Quarter Results Page 6

 
OPERATING RESULTS
Income statement & balance sheet
CEMEX Latam Holdings, S.A. and Subsidiaries
in millions of Colombian Pesos in nominal terms, except per share amounts
January—September Third Quarter
INCOME STATEMENT 2015 2014% var 2015 2014% var
Net sales 2,952,371 2,584,581 14% 1,073,967 893,329 20%
Cost of sales(1,555,817)(1,304,287)(19%)(573,004)(434,828)(32%)
Gross profit 1,396,554 1,280,294 9% 500,963 458,501 9%
Operating expenses(642,533)(554,444)(16%)(228,917)(193,828)(18%)
Operating earnings before other expenses, net 754,021 725,850 4% 272,046 264,673 3%
Other expenses, net(34,577)(7,540)(359%)(17,549)(8,557)(105%)
Operating earnings 719,444 718,310 0% 254,497 256,116(1%)
Financial expenses(156,106)(146,804)(6%)(53,649)(53,571)(0%)
Other income (expenses), net(48,012) 10,859 N/A(48,150) 19,287 N/A
Net income before income taxes 515,326 582,365(12%) 152,698 221,832(31%)
Income tax(200,452)(172,901)(16%)(47,245)(50,324) 6%
Consolidated net income 314,874 409,464(23%) 105,453 171,508(39%)
Non-controlling Interest Net Income(1,111)(1,658) 33%(327)(891) 63%
Controlling Interest Net Income 313,763 407,806(23%) 105,126 170,617(38%)
Operating EBITDA 927,660 864,267 7% 333,069 309,920 7%
Earnings per share 566.16 736.37(23%) 189.61 306.27(38%)
as of September 30
BALANCE SHEET 2015 2014% var
Total Assets 10,201,715 7,610,204 34%
Cash and Temporary Investments 182,470 109,274 67%
Trade Accounts Receivables 327,945 341,518(4%)
Other Receivables 149,697 218,874(32%)
Inventories 286,241 218,093 31%
Other Current Assets 47,604 43,359 10%
Current Assets 993,957 931,118 7%
Fixed Assets 3,289,526 2,401,028 37%
Other Assets 5,918,232 4,278,058 38%
Total Liabilities 6,007,148 4,616,962 30%
Current Liabilities 1,263,142 1,397,961(10%)
Long-Term Liabilities 4,713,959 3,192,463 48%
Other Liabilities 30,047 26,538 13%
Consolidated Stockholders’ Equity 4,194,567 2,993,242 40%
Non-controlling Interest 16,278 12,689 28%
Stockholders’ Equity Attributable to Controlling Interest 4,178,288 2,980,553 40%
2015 Third Quarter Results Page 7

 
OPERATING RESULTS
Operating Summary per Country
in thousands of U.S. dollars
Operating EBITDA margin as a percentage of net sales
January—September Third Quarter
2015 2014% var 2015 2014% var
NET SALES
Colombia 551,323 768,629(28%) 177,065 266,692(34%)
Panama 223,916 241,262(7%) 72,973 92,577(21%)
Costa Rica 130,959 113,730 15% 41,476 37,733 10%
Rest of CLH 208,549 210,157(1%) 67,208 66,930 0%
Others and intercompany eliminations(12,667)(9,480)(34%)(4,241)(3,589)(18%)
TOTAL 1,102,080 1,324,298(17%) 354,481 460,343(23%)
GROSS PROFIT
Colombia 263,103 385,990(32%) 83,522 133,594(37%)
Panama 102,703 118,353(13%) 33,979 46,912(28%)
Costa Rica 68,767 61,561 12% 19,134 21,210(10%)
Rest of CLH 75,274 75,769(1%) 24,352 25,552(5%)
Others and intercompany eliminations 11,468 14,331(20%) 4,364 8,931(51%)
TOTAL 521,315 656,004(21%) 165,351 236,199(30%)
OPERATING EARNINGS BEFORE OTHER EXPENSES, NET
Colombia 168,556 253,865(34%) 54,847 90,660(40%)
Panama 77,549 95,472(19%) 25,404 38,035(33%)
Costa Rica 49,260 45,857 7% 13,232 15,989(17%)
Rest of CLH 53,569 56,206(5%) 16,449 18,766(12%)
Others and intercompany eliminations(67,468)(79,484) 15%(20,139)(27,121) 26%
TOTAL 281,466 371,916(24%) 89,793 136,329(34%)
OPERATING EBITDA
Colombia 188,502 280,678(33%) 60,920 99,886(39%)
Panama 91,526 108,343(16%) 30,143 42,331(29%)
Costa Rica 54,066 51,121 6% 14,814 17,755(17%)
Rest of CLH 57,247 60,009(5%) 17,590 19,954(12%)
Others and intercompany eliminations(45,058)(57,312) 21%(13,532)(20,160) 33%
TOTAL 346,283 442,839(22%) 109,935 159,766(31%)
OPERATING EBITDA MARGIN
Colombia 34.2% 36.5% 34.4% 37.5%
Panama 40.9% 44.9% 41.3% 45.7%
Costa Rica 41.3% 44.9% 35.7% 47.1%
Rest of CLH 27.5% 28.6% 26.2% 29.8%
TOTAL 31.4% 33.4% 31.0% 34.7%
2015 Third Quarter Results Page 8

 
OPERATING RESULTS
Volume Summary
Consolidated volume summary
Cement and aggregates in thousands of metric tons
Ready-mix in thousands of cubic meters
January—September Third Quarter
2015 2014% var 2015 2014% var
Total cement volume 1 5,497 5,986(8%) 1,877 2,055(9%)
Total domestic gray cement volume 5,035 5,327(5%) 1,728 1,827(5%)
Total ready-mix volume 2,629 2,624 0% 876 954(8%)
Total aggregates volume 6,548 6,499 1% 2,179 2,354(7%)
1 Consolidated cement volume includes domestic and export volume of gray cement, white cement, special cement, mortar and clinker.
Per-country volume summary
January—September Third Quarter Third Quarter 2015
2015 vs. 2014 2015 vs. 2014 vs. Second Quarter 2015
DOMESTIC GRAY CEMENT
Colombia(9%)(6%) 7%
Panama(5%)(23%)(11%)
Costa Rica 12% 14%(9%)
Rest of CLH(4%) 4%(1%)
READY-MIX
Colombia(0%)(8%)(4%)
Panama(8%)(20%) 1%
Costa Rica 14% 12%(17%)
Rest of CLH 21% 21% 7%
AGGREGATES
Colombia(3%)(11%)(6%)
Panama 6%(1%) 3%
Costa Rica 20%(8%)(22%)
Rest of CLH 8% 20% 39%
2015 Third Quarter Results Page 9

 
OPERATING RESULTS
Price Summary
Variation in U.S. dollars
January—September Third Quarter Third Quarter 2015
2015 vs. 2014 2015 vs. 2014 vs. Second Quarter 2015
DOMESTIC GRAY CEMENT
Colombia(24%)(28%)(12%)
Panama 3% 7% 2%
Costa Rica 4% 0%(2%)
Rest of CLH(4%)(9%)(4%)
READY-MIX
Colombia(23%)(31%)(15%)
Panama(4%)(5%)(0%)
Costa Rica(3%)(4%)(3%)
Rest of CLH 0%(2%)(2%)
AGGREGATES
Colombia(24%)(31%)(16%)
Panama 3% 4%(0%)
Costa Rica(0%)(2%)(7%)
Rest of CLH 10% 2%(11%)
Fo r Rest o f CLH, volume-weighted average prices.
Variation in local currency
January—September Third Quarter Third Quarter 2015
2015 vs. 2014 2015 vs. 2014 vs. Second Quarter 2015
DOMESTIC GRAY CEMENT
Colombia 5% 12% 7%
Panama 3% 7% 2%
Costa Rica 2%(0%)(1%)
Rest of CLH 2%(0%)(1%)
READY-MIX
Colombia 5% 7% 2%
Panama(4%)(5%)(0%)
Costa Rica(4%)(5%)(3%)
Rest of CLH 2%(1%)(2%)
AGGREGATES
Colombia 3% 8% 2%
Panama 3% 4%(0%)
Costa Rica(2%)(3%)(7%)
Rest of CLH 13% 4%(10%)
For Rest o f CLH, volume-weighted average prices.
2015 Third Quarter Results Page 10

 
OTHER ACTIVITIES AND INFORMATION
Cemex latam holdings announced senior level organizational changes
CEMEX Latam Holdings, S.A. (“CLH”) (BVC: CLH), announced changes to its senior level organization.
? Guillermo Rojo has been appointed Director of CEMEX Guatemala ? Guillermo García has been appointed Director of CEMEX Brazil
The rest of the operational and corporate staff functions at CLH will remain unchanged.
Cemex latam holdings inaugurated cement grinding mill in Nicaragua
CEMEX Latam Holdings, S.A. (“CLH”) (BVC: CLH) announced that it has completed the construction of the first phase of a new cement grinding plant in Ciudad Sandino, Managua. CLH invested approximately U.S.$30 million for infrastructure procurement and the installation of the first
cement grinding mill, with an annual production capacity of approximately 220,000 metric tons. The inauguration ceremony took place this Thursday, August 27, at the new facility and was attended by the President of Nicaragua, Daniel Ortega; the Chief Executive Officer of CEMEX, Fernando A. Gonzalez; the Chairman of the Board of Directors of CLH, Jaime Elizondo; and the Director of CEMEX Nicaragua, Yuri de los Santos. The second phase, which is expected to be completed by the end of 2017, will include the installation of a second cement grinding mill with an additional annual production capacity of approximately 220,000 metric tons and an additional investment of approximately U.S.$25 million. Upon completion of the second phase, CEMEX Nicaragua is expected to reach an estimated total annual cement production capacity of approximately 860,000 metric tons. “This investment reflects the commitment that CEMEX Latam Holdings has with the Nicaraguan market. We are optimistic about the national economic outlook and will strive to continue being a reliable supplier in the country given the growing need for high quality building materials across all construction sectors,” said Jaime Elizondo.
2015 Third Quarter Results Page 11

 
DEFINITIONS OF TERMS AND DISCLOSURES
Methodology for translation and presentation of results
Under IFRS, CLH reports its consolidated results in its functional currency, which is the US Dollar, by translating the financial statements of foreign subsidiaries using the corresponding exchange rate at the reporting date for the balance sheet and the corresponding exchange rates at the end of each month for the income statement.
For the reader’s convenience, Colombian peso amounts for the consolidated entity are calculated by converting the US dollar amounts using the closing COP/US$ exchange rate at the reporting date for balance sheet purposes, and the average COP/US$ exchange rate for the corresponding period for income statement purposes. The exchange rates used to convert: (i) the balance sheet as of September 30, 2015 and September 30, 2014 was $3,121.94 and $2,028.48 Colombian pesos per US dollar, respectively, and (ii) the consolidated results for the third quarter of 2015 and for the third quarter of 2014 were $3,029.69 and $1,939.84 Colombian pesos per US dollar, respectively.
Per-country/region selected financial information of the income statement is presented before corporate charges and royalties which are included under “other and intercompany eliminations.”
Consolidated financial information
When reference is made to consolidated financial information means the financial information of CLH together with its consolidated subsidiaries.
Presentation of financial and operating information
Individual information is provided for Colombia, Panama and Costa Rica.
Countries in Rest of CLH include Nicaragua, Guatemala, El Salvador and Brazil.
Exchange rates
January—September January—September Third Quarter
2015 closing 2014 closing 2015 average 2014 average 2015 average 2014 average
Colombian peso 3,121.94 2,028.48 2,678.91 1,951.66 3,029.69 1,939.84
Panama balboa 1.00 1.00 1.00 1.00 1.00 1.00
Costa Rica colon 541.04 545.52 540.84 547.36 541.10 544.93
Euro 1.1174 0.7917 1.1085 0.7421 1.1100 0.7655
Amounts provided in units of local currency per US dollar.
2015 Third Quarter Results Page 12

 
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.
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.
2015 Third Quarter Results Page 13

Exhibit 3

 
Exhibit 3
RESULTS 3Q15
October 22, 2015

 	

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 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	 	 	

 	

Financial Results Summary
Net Sales (US$M) Operating EBITDA(US$M)
-17% -23% -22% -31%
1,324 1,102 460 354 443 346 160 110
9M14 9M15 3Q14 3Q15 9M14 9M15 3Q14 3Q15
Increase in net sales in Costa Rica and Nicaragua were more than offset by lower contribution from our Colombia and Panama operations
Our results continued to be affected by FX
U.S dollar appreciated 56% v.s. COP during 3Q15 on a year-over-year basis
Consolidated net sales remained flat in 3Q15 on an adjusted basis1 compared with 3Q14 and 2Q15
Consolidated EBITDA declined by 1% on an adjusted basis1 compared with 2Q15 and by 10% versus 3Q14
(1)	 	Adjusting for FX fluctuations	
3	 	 	

 	

Financial Results Summary
Operating EBITDA Margin(%)
-2.0pp	 	-3.7pp	
33.4%	 	31.4% 34. 7% 31.0%	
9M14 9M15 3Q14 3Q15
Consolidated EBITDA margin was affected by currency fluctuations, lower volumes in Colombia and Panama, and scheduled maintenance works in Costa Rica and Colombia
Consolidated EBITDA margin declined by 2.0pp during 9M15 and by 3.7pp during 3Q15 compared with the same periods in 2014
4	 	 	

 	

Consolidated Volumes and Prices
Domestic gray cement
Ready-mix concrete
Aggregates
9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15
Volume(5%)(5%) 1%
Price (USD)(13%)(17%)(7%)
Price (LtL1 ) 4% 8% 3%
Volume 0%(8%)(3%)
Price (USD)(17%)(24%)(10%)
Price (LtL1 ) 3% 3% 0%
Volume 1%(7%)(3%)
Price (USD)(18%)(23%)(12%)
Price (LtL1 ) 3% 5%(2%)
(1)	 	Like-to-like prices adjusted for foreign-exchange fluctuations	
Cement volumes grew by 1% from 2Q15 to 3Q15
Historic year-to-date volume records
Cement: Nicaragua Ready-mix: Guatemala Aggregates: Panama
Higher prices in 3Q15 and 9M15 in local-currency terms in our three main products compared with the same periods a year ago
Growth in cement prices reflect our efforts in our profitability recovery strategy in Colombia
5	 	 	

 	

REGIONAL HIGHLIGHTS
Results 3Q15

 	

Results Highlights Colombia

 	

Colombia – Results Highlights
Financial Summary US$ Million
Volume
Price (Local Currency)
9M15 9M14% var 3Q15 3Q14% var
Net Sales 551 769(28%) 177 267(34%)
Op. EBITDA 189 281(33%) 61 100(39%)
as % net
sales 34.2% 36.5%(2.3pp) 34.4% 37.5%(3.1pp)
9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15
Cement(9%)(6%) 7%
Ready-mix(0%)(8%)(4%)
Aggregates(3%)(11%)(6%)
9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15
Cement 5% 12% 7%
Ready-mix 5% 7% 2%
Aggregates 3% 8% 2%
Improvement in profitability will continue being our main strategic focus in the upcoming quarters
U.S. dollar appreciated 56% versus COP compared with 3Q14
Higher prices in our three core products in local currency terms, during 3Q15 and 9M15 compared with the same periods in 2014
Cement volumes grew by 7% and 18%
3Q15 compared with 2Q15 and 1Q15 respectively
8	 	 	

 	

Colombia - Capacity expansion project
Maceo Plant – Antioquia, Colombia (Sept. 2015)
Construction of grinding phase was completed during recent months and production trials were carried out successfully
We expect clinker production line to start in 2H16 increasing our cement capacity in the country from 4.5 to close to 5.5 million
Higher operating efficiencies
Fuel and electricity costs at this new plant are expected to be 15% and 10% lower than in our current cement operations
Lower distribution expenses are expected in our cement network once we start operations
9

 	

Colombia - Fiscal outlook
National Central Government: Fiscal Balance Projected figures for 2015 and 2016 (% of GDP)
2015 Shortfall in oil revenues Debt Service Increase Reduction in current Expenditure and investment Management & Tax Evasion Initiative 2016
-2,2
-3,0
0,2
0,5
-1,2
-0,2
+0,3
+0,5
-3,6
-2,1
Structural Structural
Economic Cycle Economic Cycle
Energetic Cycle Energetic Cycle
Source: Ministry of Finance
The fiscal rule allows for a temporary higher government leverage given reduced expectations of GDP growth, and lower oil prices affecting fiscal revenues
The recently approved National Budget for 2016 is COP $215.91 B
2.5% higher than the projected 2015 budget (which was COP $210.62 B)
The investment category was the most affected within the 2016 National Budget due to the fall in oil revenues, it represents a decrease of 11% compared to 2015
US $1.6 B of the road plan announced in the PIPE 2.03 were recently approved
Government estimates that all of the 57 projects will be awarded by the end of November 2015
(1)	 	USD $ 74.4 B FX: 2,900 COP/USD	
(2)	 	USD $72.6 B FX: 2,900 COP/USD	
(3)	 	New stimulus plan for production and employment	
10

 	

Colombia – 4G infrastructure projects outlook
6	 	Projects of the first wave have reached financial closure during 3Q15.	
Private financing for the remaining projects expected to be fully obtained by 1Q16
Current Concessions
New Concessions
Awarded Concessions
CLH’s Cement Plants & Grinding Mills
19 projects for US $8.5 B have been awarded in the first two waves of the 4G
Financial closure for the projects included in 2nd wave should be obtained by 2H16, according to infrastructure authorities
Three projects of the 3rd wave for US $1.7 B were prioritized for public funding approval and awarding process
9 additional projects for US $3 B have been approved by means of private initiative PPPs; this number could increase significantly
11

 	

Colombia – Government housing initiatives
130,000 new social housing subsidies on mortgage rate
130,000 units under “Mi casa ya” subsidy program
77,000 units under previously awarded social housing subsidy program
50,000 units under new subsidy on middle-income housing
30,000 units in new free-home program
Government expects a positive GDP impact of 0.4pp for 2016 with the execution of its housing initiatives
Housing initiatives now cover a wider social spectrum increasing the multiplying factor in the economy and making execution easier
Projects under VIPAs1 program are advancing at a slower pace due to the slow approval of bank loans to beneficiaries
We started works in projects for more than 4K houses under our housing solutions initiatives as part of the VIPAs1 program
(1)	 	Social Housing for Savers	
12

 	

Results Highlights Panama

 	

Panama – Results Highlights
Financial Summary US$ Million
9M15 9M14% var 3Q15 3Q14% var
Net Sales 224 241(7%) 73 93(21%)
Op. EBITDA 92 108(16%) 30 42(29%)
as % net sales 40.9% 44.9% (4.0pp) 41.3% 45.7%(4.4pp)
Volume
9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15
Cement(5%)(23%)(11%)
Ready-mix(8%)(20%) 1%
Aggregates 6%(1%) 3%
Price (Local Currency)
9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15
Cement 3% 7% 2%
Ready-mix(4%)(5%)(0%)
Aggregates 3% 4%(0%)
Cement prices increased by 7% during 3Q15 versus 3Q14 reflecting a mix effect from lower sales to the Canal expansion project
Our ready-mix and aggregates volumes grew sequentially by 1% and 3% during 3Q15
Cement volumes decline is mainly explained by lower volumes to the Canal expansion project, as well as, the completion of some large infrastructure projects
EBITDA margins remained flat during 3Q15 compared with 2Q15, and declined by 4.4pp versus 3Q14
14

 	

Panama – Sector Highlights
The 25% increase in the I&C sector not enough to offset the slowdown in housing and the infrastructure during the quarter
Executive order to begin works for:
2nd line of Panama City Subway Urban renovation city of Colon
Infrastructure sector decreased by 75% during 3Q15 due to lower consumption of the Canal expansion project and the end of “Corredor Norte” & “Parque Eólico”
Perception of slowdown in new permits approval and execution of new public works; we expect this to be temporary
15

 	

Results Highlights
Costa Rica

 	

Costa Rica – Results Highlights
Financial Summary US$ Million
Volume
Price (Local Currency)
9M15 9M14% var 3Q15 3Q14% var
Net Sales 131 114 15% 41 38 10%
Op. EBITDA 54 51 6% 15 18(17%)
as % net sales 41.3% 44.9% (3.6pp) 35.7% 47.1%(11.4pp)
9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15
Cement 12% 14%(9%)
Ready-mix 14% 12%(17%)
Aggregates 20%(8%)(22%)
9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15
Cement 2%(0%)(1%)
Ready-mix(4%)(5%)(3%)
Aggregates(2%)(3%)(7%)
Double-digit growth in net sales for the third consecutive quarter driven mainly by infrastructure projects
Double-digit growth in year-to-date volumes for our three core products compared with the same period last year
Operating EBITDA increased by 6% during 9M15 compared with same period last year
EBITDA margin during 3Q15 was affected mainly by scheduled maintenance works and higher costs freight
17

 	

Costa Rica– Sector Highlights
Infrastructure remained the main driver for cement demand in 3Q15
We expect the Capulín hydroelectric plant project to start in 4Q15
Infrastructure works from the National Development Plan could start in 4Q15. Main projects might be developed in 2016-2017
Volumes during the year positively affected by construction of roads and hydroelectric dams
We are confident but cautious regarding the positive impact of the National Development Plan, given the governments fiscal deficit levels
18

 	

Results Highlights
Rest of CLH

 	

Rest of CLH – Results Highlights
Financial Summary US$ Million
Volume
Price (Local Currency)
9M15 9M14% var 3Q15 3Q14% var
Net Sales 209 210(1%) 67 67 0%
Op. EBITDA 57 60(5%) 18 20(12%)
as % net sales 27.5% 28.6% (1.1pp) 26.2% 29.8%(3.6pp)
9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15
Cement(4%) 4%(1%)
Ready-mix 21% 21% 7%
Aggregates 8% 20% 39%
9M15 vs. 9M14 3Q15 vs. 3Q14 3Q15 vs. 2Q15
Cement 2%(0%)(1%)
Ready-mix 2%(1%)(2%)
Aggregates 13% 4%(10%)
Double-digit growth in net sales for the sixth consecutive quarter in Nicaragua, on a year-over-year basis
Positive volume performance
in all of our products during 3Q15 compared with 3Q14, driven by positive demand environment in Nicaragua and Guatemala
Ready-mix volumes grew by 47% in Guatemala during 3Q15 compared with same period in 2014
Higher prices for our three main products during 9M15, compared with the same period in 2014
20

 	

Rest of CLH – Sector Highlights
In Guatemala, the industrial-and-commercial sector remained as the main driver during 3Q15
Volume growth in Nicaragua was positively affected by good weather conditions enhancing housing and infrastructure activities
Public and private investment has grown during the year by 35% and 24%, respectively, in Nicaragua
Volumes in Nicaragua expected to remain strong with continued high levels of public and private investments
21

 	

FREE CASH FLOW
3Q15 Results

 	

Free Cash Flow
US$ Million 9M15 9M14% var 3Q15 3Q14% var
Operating. EBITDEBITDA 346 443(22%) 110 160(31%)
- Net Financial Expense 58 75 17 28
- Maintenance Capex 26 38 13 12
- Change in Working Cap(24)(3) 2(13)
- Taxes Paid 87 81 24 22
- Other Cash Items (net) 11(0) 3 0
Free Cash Flow
Free Cash Flow 188 252(25%) 51 110(53%)
After Maintenance Capex
- Strategic Capex 110 40 39 28
Free Cash Flow 79 212(63%) 12 82(86%)
Reversal in our working capital investment of US$24MM during 9M15, reflecting improvement from our initiatives
FCF before strategic Capex declined by 25% in 9M15 vs. 9M14, mainly resulting from lower EBITDA
Net debt reduction of US$18 million during 3Q15 to US$1,060 million
23

 	

GUIDANCE
3Q15 Results

 	

2015 Guidance
Volume YoY%
Cement Ready - Mix Aggregates
Colombia Mid-single-digit decline Flat Flat to slightly negative
Cement Ready - Mix Aggregates
Panama Low-single-digit decline Low-single-digit decline High-single-digit growth
Cement Ready - Mix Aggregates
Costa Rica High-single-digit growth Low-teens growth Low-teens growth
Maintenance capex is expected to be about US $52 MM in 2015
Strategic capex is expected to reach US $158 MM in 2015
Consolidated Cash taxes are expected to range between US $110 MM and US $130 MM
25

 	

APPENDIX
3Q15 Results

 	

Consolidated debt maturity profile
US$ Million
679
253
40
141
3	 	 	
2015 2016 2017 2018 2025
US $1,118 Million
Total debt as of September 30, 2015
27

 	

Definitions
Cement: When providing cement volume variations, refers to our domestic gray cement operations.
Operating EBITDA: Operating earnings before other expenses, net plus depreciation and operating amortization.
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.
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.
LC: Local currency.
pp: Percentage points.
Like-to-like Percentage Variation (l-t-l%var): Percentage variations adjusted for investments/divestments and currency fluctuations.
Rest of CLH: Includes Brazil, Guatemala, El Salvador and Nicaragua.
28

 	

Contact information
Investor Relations
Jesús Ortiz de la Fuente
Phone: +57(1) 603-9051
E-mail: jesus.ortizd@cemex.com
Stock Information
Colombian Stock Exchange CLH

 	

RESULTS 3Q15
October 22, 2015
30