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

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 or 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February, 2016
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 February 4, 2016, announcing fourth quarter 2015 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX).	
 
2.	Fourth 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 fourth 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:	 	February 4, 2016	 	 	 	By:	 	/s/ Rafael Garza	
 	 	 	 	 	 	 	 	Name: Rafael Garza	
 	 	 	 	 	 	 	 	Title:   Chief Comptroller	

EXHIBIT INDEX

EXHIBIT
NO.	  	DESCRIPTION	
 	 	
1.	  	Press release, dated February 4, 2016, announcing fourth quarter 2015 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX).	
 	 	
2.	  	Fourth 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 fourth 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	 	+57 (1) 603-9051	
paulaandrea.escobar@cemex.com	 	jesus.ortizd@cemex.com	

CEMEX LATAM HOLDINGS REPORTS
FOURTH QUARTER 2015 RESULTS
 
 	•	 	New historic records in Central America during 2015	
 
 	•	 	Free Cash Flow after maintenance CAPEX was positively impacted by substantial results in Working Capital	
BOGOTA, COLOMBIA, FEBRUARY 04, 2016 – CEMEX Latam Holdings, S.A. (“CLH”) (BVC: CLH), announced today that its consolidated net sales reached US$1,427 million during 2015, a decrease of 17% compared to 2014. During the fourth quarter of 2015, net sales declined by 19% versus the fourth quarter of 2014 mainly explained by foreign-exchange fluctuations and lower sales in our operations in Colombia and Panama. Adjusting for foreign-exchange fluctuations, consolidated net sales both for the fourth quarter and for 2015 decreased by 1%, on a year-over-year basis.
Operating EBITDA, also adjusted for foreign-exchange fluctuations, declined by 6% during the fourth quarter and for the full year compared to the same periods in 2014.
For the full year 2015 consolidated domestic gray cement, ready-mix and aggregates volumes decreased by 6%, 3%, and 3% respectively, compared to the same period last year.
Carlos Jacks, CEO of CLH, said, “We are pleased with the performance of our operations in Central America. During 2015 we achieved a new historic EBITDA record in Nicaragua, as well as historic volume records in Nicaragua for cement, in Guatemala for ready mix, and in Costa Rica for aggregates.”
CLH’s Financial and Operational Highlights
 
 	•	 	In Colombia, during 2015, domestic gray cement, ready-mix, and aggregates volumes declined by 9%, 3%, and 6%, respectively, compared to 2014. During the fourth quarter domestic gray cement, ready-mix, and aggregates volumes decreased by 8%, 11%, and 16%, respectively, on a year-over-year basis.	
 
 	•	 	In Panama, during 2015 our domestic gray cement and ready-mix volumes declined by 9% and 12%, while our aggregates volumes remained flat, compared to the same period last year.	
 
 	•	 	In Costa Rica, during the full year, our volumes for domestic gray cement, ready-mix, and aggregates grew by 7%, 14%, and 16%, respectively, compared to 2014.	
 
 	•	 	During 2015 we achieved a new historic EBITDA record in Nicaragua, as well as historic volume records in Nicaragua for cement, in Guatemala for ready mix, and in Costa Rica for aggregates.	
 
 	•	 	Free cash flow after maintenance capital expenditures reached US$ 249 million during the fourth quarter of 2015, relatively flat compared to 2014.	

Carlos Jacks added, “The successful execution of our initiatives during the year lead to a substantial contribution in working capital, positively impacting our Free Cash Flow generation.”
Consolidated Corporate Results
During 2015, controlling interest net income reached US$95 million.
Net debt decreased by US$105 million, to US$1,034 million as of the end of the year compared to 2014.
Geographical Markets fourth quarter 2015 Highlights
Operating EBITDA in Colombia decreased by 32% during 2015 to US$248 million, versus US$363 in 2014, with a decline of 27% in net sales reaching US$725 million during the same period. Adjusting for foreign-exchange fluctuations, our EBITDA in Colombia declined by 6% on a year-over-year basis.
In Panama, operating EBITDA decreased by 16% to US$117 million during the year. Net sales reached US$285 million in 2015, a decrease of 10% compared to the same period last year.
In Costa Rica, operating EBITDA reached US$69 million during the year, remaining flat compared to the same period a year ago. Net sales increased by 9% to US$167 million, on a year-over-year basis.
In the Rest of CLH region, net sales during 2015 reached US$269 million. Operating EBITDA in the year decreased by 7% versus 2014, reaching US$73 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

Exhibit 2
2015 FOURTH 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—December Fourth Quarter 2015 2014 % var 2015 2014 % var Consolidated cement volume 7,315 7,910 (8%) 1,818 1,924 (6%) Consolidated domestic gray cement 6,636 7,074 (6%) 1,601 1,747 (8%) Consolidated ready-mix volume 3,395 3,497 (3%) 767 872 (12%) Consolidated aggregates volume 8,447 8,671 (3%) 1,899 2,172 (13%) Net sales 1,427 1,725 (17%) 325 400 (19%) Gross profit 677 855 (21%) 156 199 (22%) as % of net sales 47.5% 49.6% (2.1pp) 48.0% 49.8% (1.8pp) Operating earnings before other expenses, net 365 481 (24%) 83 109 (24%) as % of net sales 25.6% 27.9% (2.3pp) 25.6% 27.3% (1.7pp) Controlling interest net income (loss) 95 273 (65%) -22 64 N/A Operating EBITDA 450 577 (22%) 103 134 (23%) as % of net sales 31.5% 33.5% (2.0pp) 31.8% 33.5% (1.7pp) Free cash flow after maintenance capital expenditures 249 252 (1%) 61 0 N/A Free cash flow 105 172 (39%) 27 -40 N/A Net debt 1,034 1,140 (9%) 1,034 1,140 (9%) Total debt 1,088 1,191 (9%) 1,088 1,191 (9%) Earnings per share 0.17 0.46 (62%) (0.04) 0.12 N/A Shares outstanding at end of period 556 556 0% 556 556 0% Employees 4,813 4,915 (2%) 4,813 4,915 (2%) Employees 4,813 4,915 (2%) 4,813 Cement and aggregates volumes in thousands of metric tons. Ready-mix volumes in thousands of cubic meters. In millions of US dollars, except volumes, percentages, employees, and per-share amounts. Shares outstanding are presented in millions. Consolidated net sales during the fourth quarter of 2015 declined by 19% compared to the fourth quarter of 2014. For the full year 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 2015 increased by 2.1pp from 50.4% to 52.5% on a year-over-year basis. Operating expenses as a percentage of net sales during the 2015 increased by 0.2pp from 21.7% to 21.9% compared to the same period in 2014. Operating EBITDA during the fourth quarter of 2015 declined by 23% compared to the fourth quarter of 2014. During the full year operating EBITDA decreased by 22%, compared to the same period in 2014.This decline is mainly explained by foreign exchange fluctuations and the effect of lower cement volumes from our operations in Colombia and Panama. Operating EBITDA margin during the fourth quarter of 2015 declined by 1.7pp, compared to the fourth quarter of 2014. During 2015 operating EBITDA margin declined by 2.0pp compared with the same period last year. Controlling interest net income during 2015 reached US$95 million, declining 65% compared to the same period in 2014. During the fourth quarter 2015 we registered a Controlling interest net loss of US$22 million, compared to a net income of US$64 million in the same period in 2014 Total debt at the end of the year reached US$1,088 million.

 
OPERATING RESULTS Colombia January - December Fourth Quarter 2015 2014 % var 2015 2014 % var Net sales 725 993 (27%) 173 225 (23%) Operating EBITDA 248 363 (32%) 60 82 (27%) Operating EBITDA margin 34.2% 36.5% (2.3pp) 34.4% 36.6% (2.2pp) In millions of US dollars, except percentages. Domestic gray cement Ready-Mix Aggregates January - January - January - December Fourth Quarter December Fourth Quarter December Fourth Quarter Volume (9%) (8%) (3%) (11%) (6%) (16%) Price (USD) (22%) (15%) (23%) (23%) (23%) (21%) Price (local currency) 8% 18% 6% 7% 4% 9% Year-over-year percentage variation. In Colombia, during the fourth quarter our domestic gray cement, ready-mix and aggregates volumes declined by 8%, 11% and 16% respectively, compared to the fourth quarter of 2014. For the full year, our domestic gray cement, ready-mix and aggregates volumes decreased by 9%, 3% and 6%, respectively, compared to 2014. Our volume performance both during the fourth quarter and during the year is mainly explained by a tough comparison base in 2014, as well as by our value before volume strategy in the country. During the fourth quarter our prices in local currency increased sequentially by 5 percentage points, and by 18 percentage points compared with the fourth quarter of 2014. Panama January - December Fourth Quarter 2015 2014 % var 2015 2014 % var Net sales 285 315 (10%) 61 74 (18%) Operating EBITDA 117 140 (16%) 26 31 (18%) Operating EBITDA margin 41.2% 44.3% (3.1pp) 42.4% 42.5% (0.1pp) In millions of US dollars, except percentages. Domestic gray cement Ready-Mix Aggregates January - January - January - December Fourth Quarter December Fourth Quarter December Fourth Quarter Volume (9%) (22%) (12%) (24%) (0%) (19%) Price (USD) 4% 5% (4%) (6%) 3% 2% Price (local currency) 4% 5% (4%) (6%) 3% 2% Year-over-year percentage variation. In Panama during the fourth quarter our domestic gray cement, ready-mix and aggregates volumes decreased by 22%, 24% and 19% respectively, compared to the fourth quarter of 2014. For 2015, our domestic gray cement and ready-mix volumes decreased by 9% and 12% respectively, while our aggregates volumes remained flat, compared to 2014. During the year, the negative performance in our volumes is mainly explained by lower sales to the Panama Canal expansion project, the completion of some large infrastructure projects, as well as a slow-down in the process of approval of construction licenses, and in execution of new infrastructure projects. Cement sales to the Panama Canal expansion project declined by 80% and 55% during the quarter and for the full year, respectively, on a year-over-year basis.

 
OPERATING RESULTS Costa Rica January—December Fourth Quarter 2015 2014 % var 2015 2014 % var Net sales 167 153 9% 36 39 (7%) Operating EBITDA 69 69 (0%) 15 18 (18%) Operating EBITDA margin 41.3% 45.4% (4.1pp) 41.5% 46.9% (5.4pp) In millions of US dollars, except percentages. Domestic gray cement Ready-Mix Aggregates January—January—January— December Fourth Quarter December Fourth Quarter December Fourth Quarter Volume 7% (9%) 14% 13% 16% 4% Price (USD) 3% (1%) (1%) 4% (3%) (11%) Price (local currency) 1% (2%) (3%) 4% (4%) (12%) Price (local currency) 1% (2%) (3%) 4% (4%) (12%) Year-over-year percentage variation. In Costa Rica, during the fourth quarter our domestic gray cement volumes declined by 9%, while our ready-mix, and aggregates volumes increased by 13% and 4%, respectively, compared to the fourth quarter of 2014. For the full year our domestic gray cement, ready-mix and aggregates volumes increased by 7%, 14% and 16%, respectively, compared to 2014. Our cement volumes for the full year 2015 were positive affected by construction of roads, as well as hydroelectric projects like “Chucás”. However, the negative performance in cement volumes during the fourth quarter versus the same quarter in 2014 reflects a decline in dispatches for this sector. Rest of CLH January—December Fourth Quarter 2015 2014 % var 2015 2014 % var Net sales 269 277 (3%) 60 67 (10%) Operating EBITDA 73 78 (7%) 16 18 (15%) Operating EBITDA margin 27.1% 28.3% (1.2pp) 25.9% 27.5% (1.6pp) In millions of US dollars, except percentages. Domestic gray cement Ready-Mix Aggregates January—January—January— December Fourth Quarter December Fourth Quarter December Fourth Quarter Volume (2%) 2% 13% (8%) 13% 29% Price (USD) (6%) (9%) 0% 1% 8% (1%) Price (local currency) 1% (1%) 2% 3% 11% 3% Year-over-year percentage variation. In the Rest of CLH region, which includes our operations in Nicaragua, Guatemala, El Salvador and Brazil, during the fourth quarter of 2015 our domestic gray cement and aggregates volumes increased by 2% and 29%, respectively, while our ready-mix volumes declined by 8%, compared to the fourth quarter of 2014. During 2015, our domestic gray volumes decreased by 2%, while our ready-mix and aggregates volumes increased by 13% and 13% respectively, compared to 2014. The positive performance in our cement volumes in Nicaragua and ready-mix in Guatemala was offset by weak demand conditions in the other markets, especially by the results in our operations in Brazil. Housing and infrastructure in Nicaragua, along with industrial-and-commercial activity in Guatemala, remained the main drivers of demand for our products.

 
OPERATING EBITDA, FREE CASH FLOW AND DEBT RELATED INFORMATION Operating EBITDA and free cash flow January—December Fourth Quarter 2015 2014 % var 2015 2014 % var Operating earnings before other expenses, net 365 481 (24%) 84 109 (23%) + Depreciation and operating amortization 85 96 20 25 Operating EBITDA 450 577 (22%) 104 134 (22%)—Net financial expense 74 90 16 15—Capital expenditures for maintenance 52 63 26 25 —Change in working Capital (44) 64 (20) 67 —Taxes paid 107110 20 29—Other cash items (Net) 12 (2) 1 (2) Free cash flow after maintenance capital exp 249 252 (1%) 61 —n/a—Strategic Capital expenditures 144 80 34 40 Free cash flow 105 172 (39%) 27 (40) n/a In millions of US dollars, except percentages. Information on Debt Third Fourth Quarter Quarter Fourth Quarter 2015 2014 % var 2015 2015 2014 Total debt 1, 2 1,088 1,191 (9%) 1,118 Currency denomination Short term 24% 12% 13% U.S. dollar 99% 99% Long term 76% 88% 87% Colombian peso 1% 1% Cash and cash equivalents (54) 52 n/a 58 Interest rate Net debt 1,034 1,140 (9%) 1,060 Fixed 77% 79% Variable 23% 21% 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 Fourth 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—December Fourth Quarter INCOME STATEMENT 2015 2014 % var 2015 2014 % var Net sales 1,427,058 1,724,710 (17%) 324,978 400,412 (19%) Cost of sales (749,646) (869,388) 14% (168,881) (201,094) 16% Gross profit 677,412 855,322 (21%) 156,097 199,318 (22%) Operating expenses (312,594) (374,191) 16% (72,745) (90,103) 19% Operating earnings before other expenses, net 364,818 481,131 (24%) 83,352 109,215 (24%) Other expenses, net (83,360) (2,758) (2922%) (70,453) 1,105 N/A Operating earnings 281,458 478,373 (41%) 12,899 110,320 (88%) Financial expenses (73,748) (90,449) 18% (15,476) (15,229) (2%) Other income (expenses), net (19,189) 31,153 N/A (1,267) 25,589 N/A Net income before income taxes 188,521 419,077 (55%) (3,844) 120,680 N/A Income tax (92,469) (144,706) 36% (17,643) (56,113) 69% Consolidated net income 96,052 274,371 (65%) (21,487) 64,567 N/A Non-controlling Interest Net Income (561) (973) 42% (146) (122) (20%) Controlling Interest Net Income 95,491 273,398 (65%) (21,633) 64,445 N/A 0 0 Operating EBITDA 449,772 576,940 (22%) 103,489 134,101 (23%) Earnings per share 0.17 0.46 (62%) (0.04) 0.12 N/A as of December 31 BALANCE SHEET 2015 2014 % var Total Assets 3,196,930 3,483,940 (8%) Cash and Temporary Investments 53,635 51,772 4% Trade Accounts Receivables 91,568 122,003 (25%) Other Receivables 41,611 33,752 23% Inventories 86,134 102,821 (16%) Other Current Assets 14,421 18,347 (21%) Current Assets 287,369 328,695 (13%) Fixed Assets 1,093,359 1,114,921 (2%) Other Assets 1,816,202 2,040,324 (11%) Total Liabilities 1,880,115 2,083,007 (10%) Current Liabilities 524,245 406,913 29% Long-Term Liabilities 1,347,340 1,664,719 (19%) Other Liabilities 8,530 11,375 (25%) Consolidated Stockholders’ Equity 1,316,815 1,400,933 (6%) Non-controlling Interest 5,329 5,762 (8%) Stockholders’ Equity Attributable to Controlling Interest 1,311,486 1,395,171 (6%) 2015 Fourth 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—December Fourth Quarter INCOME STATEMENT 2015 2014 % var 2015 2014 % var Net sales 3,955,161 3,480,196 14% 991,012 887,470 12% Cost of sales (2,077,681) (1,754,289) (18%) (514,996) (445,697) (16%) Gross profit 1,877,480 1,725,907 9% 476,016 441,773 8% Operating expenses (866,371) (755,058) (15%) (221,829) (199,717) (11%) Operating earnings before other expenses, net 1,011,109 970,849 4% 254,187 242,056 5% Other expenses, net (231,036) (5,565) (4051%) (214,844) 2,448 N/A Operating earnings 780,073 965,284 (19%) 39,343 244,504 (84%) Financial expenses (204,397) (182,510) (12%) (47,195) (33,746) (40%) Other income (expenses), net (53,183) 62,859 N/A (3,860) 56,710 N/A Net income before income taxes 522,493 845,633 (38%) (11,712) 267,468 N/A Income tax (256,281) (291,995) 12% (53,801) (124,372) 57% Consolidated net income 266,212 553,638 (52%) (65,516) 143,096 N/A Non-controlling Interest Net Income (1,555) (1,966) 21% (446) (275) (62%) Controlling Interest Net Income 264,657 551,672 (52%) (65,959) 142,821 N/A Operating EBITDA 1,246,566 1,164,178 7% 315,587 297,219 6% Earnings per share 478.65 995.51 (52%) (117.80) 257.34 N/A as of December 31 BALANCE SHEET 2015 2014 % var Total Assets 10,068,638 8,352,754 21% Cash and Temporary Investments 168,921 123,862 36% Trade Accounts Receivables 288,391 291,887 (1%) Other Receivables 131,054 80,752 62% Inventories 271,276 245,996 10% Other Current Assets 45,420 43,893 3% Current Assets 905,062 786,390 15% Fixed Assets 3,443,503 2,667,404 29% Other Assets 5,720,073 4,898,960 17% Total Liabilities 5,921,365 5,001,075 18% Current Liabilities 1,651,092 973,524 70% Long-Term Liabilities 4,243,408 4,000,337 6% Other Liabilities 26,865 27,214 (1%) Consolidated Stockholders’ Equity 4,147,273 3,351,679 24% Non-controlling Interest 16,785 13,786 22% Stockholders’ Equity Attributable to Controlling Interest 4,130,488 3,337,893 24% 2015 Fourth 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—December Fourth Quarter 2015 2014 % var 2015 2014 % var NET SALES Colombia 724,709 993,322 (27%) 173,386 224,693 (23%) Panama 284,527 315,244 (10%) 60,611 73,983 (18%) Costa Rica 166,931 152,503 9% 35,972 38,773 (7%) Rest of CLH 268,542 276,729 (3%) 59,993 66,572 (10%) Others and intercompany eliminations (17,651) (13,088) (35%) (4,984) (3,608) (38%) TOTAL 1,427,058 1,724,710 (17%) 324,978 400,412 (19%) GROSS PROFIT Colombia 345,343 499,268 (31%) 82,240 113,278 (27%) Panama 131,677 153,431 (14%) 28,974 35,078 (17%) Costa Rica 87,483 83,587 5% 18,716 22,026 (15%) Rest of CLH 96,552 99,990 (3%) 21,278 24,221 (12%) Others and intercompany eliminations 16,357 19,046 (14%) 4,889 4,715 4% TOTAL 677,412 855,322 (21%) 156,097 199,318 (22%) OPERATING EARNINGS BEFORE OTHER EXPENSES, NET Colombia 222,069 327,049 (32%) 53,513 73,184 (27%) Panama 98,763 122,196 (19%) 21,214 26,724 (21%) Costa Rica 62,652 62,345 0% 13,392 16,488 (19%) Rest of CLH 67,653 73,354 (8%) 14,084 17,148 (18%) Others and intercompany eliminations (86,319) (103,813) 17% (18,851) (24,329) 23% TOTAL 364,818 481,131 (24%) 83,352 109,215 (24%) OPERATING EBITDA Colombia 248,153 362,922 (32%) 59,651 82,244 (27%) Panama 117,241 139,785 (16%) 25,715 31,442 (18%) Costa Rica 68,983 69,297 (0%) 14,917 18,176 (18%) Rest of CLH 72,777 78,328 (7%) 15,530 18,319 (15%) Others and intercompany eliminations (57,382) (73,392) 22% (12,324) (16,080) 23% TOTAL 449,772 576,940 (22%) 103,489 134,101 (23%) OPERATING EBITDA MARGIN Colombia 34.2% 36.5% 34.4% 36.6% Panama 41.2% 44.3% 42.4% 42.5% Costa Rica 41.3% 45.4% 41.5% 46.9% Rest of CLH 27.1% 28.3% 25.9% 27.5% TOTAL 31.5% 33.5% 31.8% 33.5% 2015 Fourth 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—December Fourth Quarter 2015 2014 % var 2015 2014 % var Total cement volume 1 7,315 7,910 (8%) 1,818 1,924 (6%) Total domestic gray cement volume 6,636 7,074 (6%) 1,601 1,747 (8%) Total ready-mix volume 3,395 3,497 (3%) 767 872 (12%) Total aggregates volume 8,447 8,671 (3%) 1,899 2,172 (13%) 1 Consolidated cement volume includes domestic and export volume of gray cement, white cement, special cement, mortar and clinker. Per-country volume summary January—December Fourth Quarter Fourth Quarter 2015 2015 vs. 2014 2015 vs. 2014 vs. Third Quarter 2015 DOMESTIC GRAY CEMENT Colombia (9%) (8%) (3%) Panama (9%) (22%) (21%) Costa Rica 7% (9%) (19%) Rest of CLH (2%) 2% (4%) READY-MIX Colombia (3%) (11%) (11%) Panama (12%) (24%) (19%) Costa Rica 14% 13% (3%) Rest of CLH 13% (8%) (21%) AGGREGATES Colombia (6%) (16%) (11%) Panama (0%) (19%) (21%) Costa Rica 16% 4% 7% Rest of CLH 13% 29% (23%) 2015 Fourth Quarter Results Page 9

 
OPERATING RESULTS Price Summary Variation in U.S. dollars January—December Fourth Quarter Fourth Quarter 2015 2015 vs. 2014 2015 vs. 2014 vs. Third Quarter 2015 DOMESTIC GRAY CEMENT Colombia (22%) (15%) 4% Panama 4% 5% (1%) Costa Rica 3% (1%) 0% Rest of CLH (6%) (9%) (2%) READY-MIX Colombia (23%) (23%) (1%) Panama (4%) (6%) (2%) Costa Rica (1%) 4% 6% Rest of CLH 0% 1% 1% AGGREGATES Colombia (23%) (21%) 1% Panama 3% 2% 2% Costa Rica (3%) (11%) (11%) Rest of CLH 8% (1%) 7% For Rest of CLH, volume-weighted average prices. Variation in local currency January—December Fourth Quarter Fourth Quarter 2015 2015 vs. 2014 2015 vs. 2014 vs. Third Quarter 2015 DOMESTIC GRAY CEMENT Colombia 8% 18% 5% Panama 4% 5% (1%) Costa Rica 1% (2%) 0% Rest of CLH 1% (1%) (2%) READY-MIX Colombia 6% 7% 0% Panama (4%) (6%) (2%) Costa Rica (3%) 4% 6% Rest of CLH 2% 3% 1% AGGREGATES Colombia 4% 9% 2% Panama 3% 2% 2% Costa Rica (4%) (12%) (11%) Rest of CLH 11% 3% 8% For Rest of CLH, volume-weighted average prices. 2015 Fourth Quarter Results Page 10

 
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 December 31, 2015 and December 31, 2014 was $3,149.47 and $2,392.46 Colombian pesos per US dollar, respectively, and (ii) the consolidated results for the fourth quarter of 2015 and for the fourth quarter of 2014 were $3,049.47 and $2,216.39 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—December January—December Fourth Quarter 2015 closing 2014 closing 2015 average 2014 average 2015 average 2014 average Colombian peso 3,149.47 2,392.46 2,771.55 2,017.84 3,049.47 2,216.39 Panama balboa 1.00 1.00 1.00 1.00 1.00 1.00 Costa Rica colon 544.87 545.53 540.97 546.48 541.34 543.81 Euro 1.0864 0.8263 1.1016 0.7583 1.0864 0.8071 Amounts provided in units of local currency per US dollar. 2015 Fourth Quarter Results Page 11

 
OTHER ACTIVITIES AND INFORMATION Employee stock-ownership plan To better align our executives’ interests with those of our stockholders, on January 16, 2013, the CEMEX Latam Holdings’ Board of Directors, considering the positive report of the Board’s Nominating and Compensation Commission, approved, effective January 1, 2013, a long-term incentives plan to certain executives of CEMEX Latam Holdings, which consists of an annual compensation plan based on the CEMEX Latam Holdings’ shares. The underlying shares in this long-term incentives plan, which are held in the company’s treasury, are delivered fully vested under each annual program over a service period of four years. During 2015, the company delivered 242,618 shares to eligible executives under this long-term incentives plan. CLH announced Board of Directors Decisions CLH announced that at the meeting of the Board of Directors of the Company held on December 15, 2015 at 15:00 hours in Madrid (time in Madrid, Spain) in the corporate domicile of the Company, the relevant decisions indicated below were made, presenting and approving: 1. The appointment, prior favorable report of the Nominating and Compensation Committee, of the director Jaime Muguiro Domínguez as the President of the Board of Directors and of the director Jaime Elizondo Chapa as Vice-president of the Board of Directors. Such appointments have been agreed as a consequence of the resignation presented by Jaime Elizondo Chapa as the President of the Board of Directors and by Juan Pablo San Agustín Rubio as Vice-president of the Board of Directors, both resignations derived from the organizational changes produced inside the Cemex Group and in order to continue guaranteeing the correct operation of the Board of Directors. 2. The appointment, prior favorable report of the Nominating and Compensation Committee, of Jaime Muguiro Domínguez as Managing Director of the Company as a consequence of the resignation made by Jaime Elizondo Chapa of his delegated functions. The mentioned resignation is motivated by the new appointment of positions inside the Board of Directors mentioned in the first point above. 3. The appointment of the director Jaime Elizondo Chapa as member and Secretary of the Nominating and Compensation Committee, as a consequence of the resignation made by the director Ignacio Madridejos Fernández in such positions. The mentioned resignations are as a consequence of the organization changes produced inside the CEMEX Group and in order to continue guaranteeing the correct operation of the Nominating and Compensation Committee. 4. The appointment of Juan Fernando Enríquez Martell substituting Edgar Claudio Ángeles as Vice-president of Operations of the Company, prior favorable report of the Nominating and Compensation Committee. The mentioned appointment will be effective as of January 1, 2016. 2015 Fourth 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 Fourth Quarter Results Page 13

Exhibit 3

 	
 
RESULTS 4Q15
F e b r u a r y 4 , 2 0 1 6

 	

Forward looking information
This presentation contains forward-looking statements. In some cases, these statements can be identified by the use of forward-looking words such as
“may,” “should,” “could,” “anticipate,” “estimate,” “expect,” “plan,” “believe,” “predict,” “potential” and “intend” or other similar words. These forward-looking statements reflect CEMEX Latam Holdings, S.A.’s (“CLH”) current expectations and projections about future events based on CLH’s knowledge of present facts and circumstances and assumptions about future events. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from CLH’s expectations. Some of the risks, uncertainties and other important factors that could cause results to differ, or that otherwise could have an impact on CLH or its subsidiaries, include, but are not limited to, the cyclical activity of the construction sector; CLH’s exposure to other sectors that impact CLH’s business, such as the energy sector; competition; general political, economic and business conditions in the markets in which CLH operates; the regulatory environment, including environmental, tax, antitrust and acquisition-related rules and regulations; CLH’s ability to satisfy its debt obligations and CEMEX, S.A.B. de C.V.’s (“CEMEX”) ability to satisfy CEMEX’s obligations under its material debt agreements, the indentures that govern CEMEX’s senior secured notes and CEMEX’s other debt instruments; expected refinancing of CEMEX’s existing indebtedness; the impact of CEMEX’s below investment grade debt rating on CLH’s and CEMEX’s cost of capital; CEMEX’s ability to consummate asset sales and fully integrate newly acquired businesses; achieve cost-savings from CLH’s cost-reduction initiatives and implement
CLH’s pricing initiatives for CLH’s products; the increasing reliance on information technology infrastructure for CLH’s invoicing, procurement, financial statements and other processes that can adversely affect operations in the event that the infrastructure does not work as intended, experiences technical difficulties or is subjected to cyber-attacks; weather conditions; natural disasters and other unforeseen events; and the other risks and uncertainties described in CLH’s public filings. Readers are urged to read these presentations and carefully consider the risks, uncertainties and other factors that affect CLH’s business. The information contained in these presentations is subject to change without notice, and CLH is not obligated to publicly update or revise forward-looking statements. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to CLH’s prices for CLH’s products.
UNLESS OTHERWISE NOTED, ALL CONSOLIDATED FIGURES ARE PRESENTED IN DOLLARS AND ARE BASED ON THE FINANCIAL STATEMENTS OF EACH COUNTRY PREPARED UNDER INTERNATIONAL FINANCIAL REPORTING STANDARDS.
Copyright CEMEX Latam Holdings, S.A. and its subsidiaries.
2	 	 	

 	

Financial Results Summary
Net Sales Operating EBITDA (US$M) (US$M)
-17% -19% -22% -23%
400 577 134 1,725 1,427
325 450 103
2014 2015 4Q14 4Q15 2014 2015 4Q14 4Q15
Significant achievements despite of external factors
New operational records, significant improvements in prices1and Working Cap
Our results continued to be affected by FX
U.S dollar appreciated 37% v.s.COP during 2015 on a year-over-year basis
Consolidated net sales declined by 1%
on a like-to-like basis2 in 2015 and 4Q15 compared with same periods last year
Consolidated EBITDA declined by 6%
on an like-to-like basis2 in 2015 and 4Q15 compared with same periods last year
(1)	 	In Local currency terms	
(2)	 	Adjusting for FX fluctuations	
3	 	 	

 	

Financial Results Summary
Operating EBITDA Margin (%)
-2.0pp -1.7pp
5% 5% .
. 8%
33 5% 33 31 . 31 .
2014 2015 4Q14 4Q15
Consolidated EBITDA margin was impacted
by currency fluctuations and lower volumes in Colombia and Panama
Consolidated EBITDA margin declined
by 2.0pp during 2015 and by 1.7pp during 4Q15 compared with 2014
4	 	 	

 	

Consolidated Volumes and Prices
2015 vs. 4Q15 vs. 4Q15 vs. 2014 4Q14 3Q15
Domestic Volume (6%) (8%) (7%) gray Price (USD) (13%) (10%) 1% cement
Price (LtL1) 5% 10% 1%
Volume (3%) (12%) (12%)
Ready-mix concrete Price (USD) (17%) (17%) (1%) Price (LtL1) 3% 3% (1%)
Volume (3%) (13%) (13%) Aggregates Price (USD) (17%) (16%) 0% Price (LtL1) 4% 5% 1%
(1)	 	Like-to-like prices adjusted for foreign-exchange fluctuations	
Historic volume records2
Cement: Nicaragua Ready-mix: Guatemala Aggregates: Costa Rica
Higher prices in 4Q15 and for the full year
in local-currency terms in our three main products on a year-over-year basis
Decline in our consolidated cement volumes
reflects our lower volumes in Colombia and Panama
(2)	 	Full year volume records	
5	 	 	

 	

We continue to align our organization to a true customer centric culture
1. Customer Segmentation
Understand our clients better
WHAT ARE OUR Reinforce our differentiated value proposition & competitive advantages
OBJECTIVES WHERE TO
2. Value Propositions
PARTICIPATE
Focus our commercial efforts Share knowledge
3. Value Before Volume
WHAT TO
HOW TO Capture value
DO
WIN
4. Sales Management
Ensure that our commercial choices are properly EXECUTED by our Sales Teams Change management (Behaviors and habits)
6	 	 	

 	

REGIONAL HIGHLIGHTS
R e s u l t s 4 Q 1 5

 	

Results Highlights Colombia

 	

Colombia – Results Highlights
Net Sales grew by 7% and
2015 2014 % var 4Q15 4Q14 % var EBITDA remained flat Net Sales 725 993 (27%) 173 225 (23%) in 4Q15 on a like-to-like basis1
Financial compared with the same period of last
Summary Op. EBITDA 248 363 (32%) 60 82 (27%) year
US$ Million as % net sales 34.2% 36.5% (2.3pp) 34.4% 36.6% (2.2pp)
U.S. dollar appreciated 37%
2015 vs. 2014 4Q15 vs. 4Q14 4Q15 vs. 3Q15 versus COP
for the full year compared with 2014
Cement (9%) (8%) (3%)
Volume Ready-mix (3%) (11%) (11%) Higher prices in our three Aggregates (6%) (16%) (11%) core products
in local currency terms, during 4Q15 and full year compared with 2014
2015 vs. 2014 4Q15 vs. 4Q14 4Q15 vs. 3Q15
Cement 8% 18% 5% Cement volumes declined Price by 9% and 8%
(Local Currency) Ready-mix 6% 7% 0%
in 2015 and 4Q15, respectively,
Aggregates 4% 9% 2%
compared with 2014
(1)	 	Adjusting for FX fluctuations	
9

 	

Colombia – Macroeconomic environment
Challenges
Deterioration of oil prices ( US$ 35 / barrel in Central Budget) Current account deficit above 6% of GDP in 2015 Expected fiscal deficit of 3.6% of GDP in 2016 Further possible hikes in interest rates Fluctuations of COP vs USD
Structural Tax Reform required
Economic Outlook 2016
Expected Opportunities
Possible peace agreement
ISAGEN sale to help fund FDN (infrastructure funding) Construction activities through stimulus package (PIPE 2.0)
Source: Ministry of Finance

 	

Colombia – Key drivers and risks for 2016 GDP
4G Projects +
Housing Public programs Infrastructure
+ 0.4pp
+ 0.4pp
Positive Drivers
Cartagena More competitive Refinery industry
+ 0.6pp + 0.2pp
Slowdown Slowdown in Public in non-Investment residential
- 0.5pp—0.1pp
Downside Risks El Niño
Mining: oil Interest effects on and coal rate hike Agriculture
- 0.2pp—0.3pp
- 0.1pp
Government expectations of
3.2% GDP growth in 2016, mainly explained by contribution of construction and manufacturing
11

 	

Colombia – Residential Sector
Government housing initiatives Government forecasts potential
GDP impact of 0.4pp for 2016
with the execution of its housing 33,500 social housing subsidies on mortgage rate initiatives
37,500 units under “Mi casa ya” subsidy program Housing initiatives now cover a wider social spectrum
51,500 units under “Casa Ahorro” 1 subsidy program increasing the multiplying factor in the economy and making execution easier 50,000 units under subsidy on middle-income housing on mortgage rate
We estimate to participate
Source: Housing Ministry
developing ~10K houses in 2016
under our housing solutions initiatives, including the 4K we started in 2015
We expect a ~3.5% growth
for residential sector for 2016
(1)	 	Social Housing for Savers	
12

 	

Colombia – Infrastructure Sector
Infrastructure sector grew by 5.7% during 2015
in terms of cement demand compared with 2014
Positive effect is expected from PIPE 2.0 and 4G projects
*	 	—57 local and regional roads	
- First wave of 4G
Financial closure for the projects included in 2nd wave
should be obtained by 2H16,
7	 	Projects Current Concessions according to infrastructure authorities	
New Concessions
of the first wave of 4G have Awarded Concessions
CLH’s Cement Plants We expect a ~ 4% growth
reached financial closure
& Grinding Mills for infrastructure sector for 2016
13

 	

Colombia – Bogota market could represent significant opportunities
EXTENSION OF CARRERA TRANSMILENIO AUTOPISTA NORTE SÉPTIMA 8 NEW
TRUNK-ROAD TRUNK-LINES
EXTENSION OF
CARACAS WEST AVENUE
LONGITUDINAL AVENUE
(ALO)
TRANSMILENIO AND
EXTENSION OF
DEVELOPMENT
BOYACÁ AVENUE OF 1,500 ha*
OF LINEAL PARKS
*	 	Hectares	
CONSTRUCTION OF
80.000 HOUSES HOUSING SUBWAY /
DEVELOPMENT
WITH GOVERNMENT AROUND ELEVATED TRAIN SUPPORT
BOGOTA RIVER CONSTRUCTION
14

 	

Results Highlights Panama

 	

Panama – Results Highlights
Cement prices increased by
2015 2014 % var 4Q15 4Q14 % var 4% and 5%
during 2015 and 4Q15, respectively, Net Sales 284 315 (10%) 61 74 (18%) reflecting a product mix effect from
Financial
Op. EBITDA lower sales to the Canal expansion
Summary 117 140 (16%) 26 31 (18%)
US$ Million project as % net sales 41.2% 44.3% (3.1pp) 42.4% 42.5% (0.1pp)
Our aggregates volumes grew
2015 vs. 2014 4Q15 vs. 4Q14 4Q15 vs. 3Q15 by 19% during 4Q15
Cement (9%) (22%) (21%) compared with 4Q14, and remained flat during the full year versus 2014
Volume Ready-mix (12%) (24%) (19%) Cement andready-mix volumes
Aggregates 0% 19% (21%)
decline mainly explained by
lower volumes to the Canal expansion
2015 vs. 2014 4Q15 vs. 4Q14 4Q15 vs. 3Q15 project, slowdown of approval for
construction licenses, and slow execution
Cement 4% 5% (1%)
of new infrastructure projects
Price
(Local Currency) Ready-mix (4%) (6%) (2%)
EBITDA margins declined
Aggregates 3% 2% 2% 3.1pp during the year and remained flat in 4Q15 compared with 2014
16

 	

Panama – Sector Highlights
2nd line of Panama City Subway & Urban renovation in Colon started construction works during 2015
Positive impact from industrial-and-commercial sector
in our results during the year, mostly the first half of 2015
We expect the slowdown in construction to be temporary
especially regarding construction licenses and new infrastructure projects
We expect the residential sector to remain as the main driver
of cement consumption during 2016
17

 	

Panama – Challenging environment but with a positive possible outlook
Healthy Public Infrastructure Projects 2016-2018
Finances 2016 2017-2018
US Million US Million 2nd Line of Subway 3rd and 4th Line of $ 357 Subway $ 4,000 Government Roads Maintenance $ 258 Hydroelectric Dams $ 1,300
expectations of Darien Highway Expansions
$ 155
GDP growth in 4th bridge over the $ 1,000 Ciudad Esperanza $ 137 Canal and Monorail
2015 and 2016 are
Gonzalillo-Pedregal
$ 89 Mass-transit system
5.9% and 6%, Road $ 400
Urban Renov. of West Panama
respectively $ 69
Colon Rural Roads
4th Bridge over the $ 350 $ 100 Program 200km Canal Extension of Public Health $ 113 $ 250 Tocumen Airport
Total Investment $ 1,278 Total Investment $ 7,300
Source: Ministry of Finance
18

 	

Results Highlights Costa Rica

 	

Costa Rica – Results Highlights
2015 2014 % var 4Q15 4Q14 % var
Net Sales 167 152 9% 36 39 (7%)
Financial
Summary Op. EBITDA 69 69 0% 15 18 (18%)
US$ Million as % net
sales 41.3% 45.4% (4.1pp) 41.5% 46.9% (5.4pp)
2015 vs. 2014 4Q15 vs. 4Q14 4Q15 vs. 3Q15
Cement 7% (9%) (19%)
Volume Ready-mix 14% 13% (3%)
Aggregates 16% 4% 7%
2015 vs. 2014 4Q15 vs. 4Q14 4Q15 vs. 3Q15
Cement 1% (2%) 0%
Price
(Local Currency) Ready-mix (3%) 4% 6%
Aggregates (4%) (12%) (11%)
Records in net sales and aggregates volumes in 2015
Higher volumes for our three core products in 2015
on a year-over-year basis were mainly driven by infrastructure projects
Operating EBITDA remained flat
during 2015 compared with 2014
EBITDA margin during 4Q15 grew sequentially by 5.7pp
mainly explained by costs related to maintenance works in 3Q15
20

 	

Costa Rica– Sector Highlights
APM port terminal and Capulín dam should contribute
for demand of our products in 2016
Positive impact from industrial-and-commercial sector
is expected in our results in 2016, mainly driven by construction of new Hotels
Infrastructure sector could be negatively affected in 2016
by economic and political environment
21

 	

Results Highlights Rest of CLH

 	

Rest of CLH – Results Highlights
Historic records in Nicaragua
2015 2014 % var 4Q15 4Q14 % var —EBITDA generation
—Net Sales
Net Sales 269 277 (3%) 60 67 (10%)
Financial—Cement volumes
Summary Op. EBITDA 73 78 (7%) 15 18 (15%)
US$ Million as % net sales 27.1% 28.3% (1.2pp) 25.9% 27.5% (1.6pp) Ready-mix volume record in 2015 vs. 2014 4Q15 vs. 4Q14 4Q15 vs. 3Q15 Guatemala
related to private sector investments
Cement (2%) 2% (4%) Volume Ready-mix 13% (8%) (21%)
Higher prices for our three
Aggregates 13% 29% (23%) main products
during 2015, compared with 2014
2015 vs. 2014 4Q15 vs. 4Q14 4Q15 vs. 3Q15
Cement 1% (1%) (2%) EBITDA and EBITDA Margin
Price
(Local Currency) Ready-mix 2% 3% 1% decline in 2015 and 4Q15
manly explained by the results in our
Aggregates 11% 3% 8%
operations in Brazil
23

 	

Rest of CLH – Sector Highlights
In Guatemala, the industrial-and-commercial sector remained as the main driver during 2015
Positive volume performance in Nicaragua in 2015
driven mainly by infrastructure and industrial-and-commercial projects
Private investment supported Construction in Guatemala
during 2015, mostly in residential, and industrial-and-commercial sectors
Main drivers of cement demand in 2016 expected to remain
Infrastructure in Nicaragua
Industrial-and-commercial in Guatemala
24

 	

FREE CASH FLOW
4	 	Q 1 5 R e s u l t s	

 	

Free Cash Flow
US$ Million 2015 2014 % var 4Q15 4Q14 % var
Operating . EBITD EBITDA 450 577 (22%) 104 134 (22%)
- Net Financial Expense 74 90 16 15
- Maintenance Capex 52 63 26 25
- Change in Working Cap (44) 64 (20) 67
- Taxes Paid 107 110 20 29
- Other Cash Items (net) 12 (2) 1 (2)
Free Cash Flow
Free Cash Flow 249 252 (1%) 61 — N/A
After Maintenance Capex
- Strategic Capex 144 80 34 40
Free Free Cash Cash Flow Flow 105 172 (39%) 27 (40) N/A
Working capital had a positive contribution
of US$44MM during 2015 and of US$20MM in 4Q15
FCF before strategic Capex relatively flat in 2015
compared with 2014. Lower EBITDA offset by positive contribution of WC, lower financial expenses and lower maintenance capex
Net debt was reduced
by US$105 million during 2015 to US$1,034 million
26

 	

GUIDANCE
4	 	Q 1 5 R e s u l t s	

 	

2016 Guidance
Volume YoY%
Cement Ready—Mix Aggregates
Colombia
Low to Mid-single- High-single-digit High-single-digit digit growth growth growth
Cement Ready—Mix Aggregates
Panama
High-single-digit Low-teens Flat decline growth
Cement Ready—Mix Aggregates Costa Rica Low-single-digit Low-single-digit Low-single-digit decline decline growth
Consolidated volumes expected to increase in 2016
+ Low-single-digit rate in cement
+ Mid to high-single digit rate in Ready- mix
+ High-single digit rate in Aggregates
Maintenance capex
is expected to be about US $57 MM in 2016
Strategic capex
is expected to reach about US $136 MM in 2016
Consolidated Cash taxes
are expected to range between US $95 MM and US $105 MM
28

 	

APPENDIX
4	 	Q 1 5 R e s u l t s	

 	

Consolidated debt maturity profile
US$ Million
2016 258
2017 141
2018 685
2025 3
US $1,088 Million
Total debt as of December 31, 2015
30

 	

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.
31

 	

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

 	

RESULTS 4Q15
F e b r u a r y 4 , 2 0 1 6