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 April, 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 April 21, 2016, announcing first quarter 2016 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX).	
 
2.	First quarter 2016 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX).	
 
3.	Presentation regarding first quarter 2016 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: April 21, 2016	 	By:	 	/s/ Rafael Garza	
 	 	 	 	Name:  Rafael Garza	
 	 	 	 	Title:    Chief Comptroller	

EXHIBIT INDEX

EXHIBIT
NO.	  	DESCRIPTION	
 	 	
1.	  	Press release, dated April 21, 2016, announcing first quarter 2016 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX).	
 	 	
2.	  	First quarter 2016 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE:CX).	
 	 	
3.	  	Presentation regarding first quarter 2016 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
FIRST QUARTER 2016 RESULTS
 
 	•	 	Positive performance in our operations in Colombia and new records achieved in Nicaragua and Guatemala.	
 
 	•	 	Adjusting for foreign-exchange fluctuations, consolidated net sales and EBITDA in the first quarter increased by 3% and 6%, respectively, on a year-over-year basis.	
BOGOTÁ, COLOMBIA. APRIL 21, 2016 – CEMEX Latam Holdings, S.A. (“CLH”) (BVC: CLH), announced today that consolidated net sales reached US$316 million during the first quarter of 2016, a decline of 11% versus the first quarter of 2015. This decline is mainly explained by foreign-exchange fluctuations and lower sales in our operations in Panama and Costa Rica. Adjusting for foreign-exchange fluctuations, consolidated net sales in the first quarter increased by 3%, on a year-over-year basis.
Operating EBITDA, also adjusted for foreign-exchange fluctuations, increased by 6%, during the first quarter of 2016, compared with the same period in 2015.
During the first quarter of 2016, our consolidated cement volumes increased by 1%, while our ready-mix and aggregates volumes declined by 13% and 18%, respectively, compared with the first quarter of last year.
Carlos Jacks, CEO of CLH, said, “In the first quarter, adjusting for foreign-exchange fluctuations, our consolidated net sales and EBITDA increased by 3% and 6%, respectively, versus the comparable period in 2015. We are pleased with these achievements in light of the volume decline related to the tough comparison basis associated to our high level of exposure to infrastructure projects in Panama and Costa Rica last year.”
CLH’s Financial and Operational Highlights
 
 	•	 	Adjusting for the effect of foreign-exchange fluctuations, net sales and EBITDA in Colombia increased by 14% and 18%, respectively, during the first quarter on a year-over-year basis.	
 
 	•	 	During the first three months of the year, cement volumes in Colombia increased by 9%, while ready-mix and aggregates volumes decreased by 12% and 18%, respectively, compared with the same period a year ago.	
 
 	•	 	In Panama, in the first quarter cement and ready-mix volumes increased by 10% and 5%, respectively, while our aggregates volume declined by 2%, compared with the fourth quarter of 2015.	
 
 	•	 	In the January-March period our consolidated EBITDA margin grew by 0.9pp versus the same period in 2015, mainly driven by margin improvements in Colombia and the Rest of CLH.	
 
 	•	 	Free cash flow after total capital expenditures reached US$26 million during the first quarter of 2016 increasing 38% compared with the same period of 2015. Strategic capital expenditures of US$31 million in the quarter are mainly related to our capacity expansion project in Colombia.	

Carlos Jacks added, “This quarter was especially significant for us since we already started to see more clearly the benefits of our value-before-volume strategy in Colombia, in which we spent many efforts during 2015. The good results of our Colombian operation helped us more than offset challenging market dynamics in Central America. We are encouraged by these results and we will continue reinforcing our competitive position, while enhancing our profitability.”
Consolidated Corporate Results
During the first quarter of 2016, controlling interest net income reached US$45 million.
Net debt decreased by US$26 million, to US$1,008 million as of the end of the first quarter 2016.
Geographical Markets First Quarter 2016 Highlights
Operating EBITDA in Colombia decreased by 8% to US$55 million versus US$59 million in the first quarter of 2015, with a decline of 11% in net sales reaching US$157 million.
In Panama, operating EBITDA decreased by 14% to US$25 million during the quarter. Net sales reached US$63 million in the first quarter of 2016, a decrease of 13% compared with the same period in 2015.
In Costa Rica, operating EBITDA reached US$17 million during the quarter, decreasing by 14% compared with the same period a year ago. Net sales declined by 10% to US$39 million, compared with the first quarter of 2015.
In the Rest of CLH region net sales during the quarter reached US$62 million. Operating EBITDA in the quarter declined by 2%, versus the comparable period in 2015, reaching US$19 million.
CLH is a regional leader in the building solutions industry that provides high-quality products and reliable services to customers and communities in Colombia, Panama, Costa Rica, Nicaragua, El Salvador, Guatemala, and Brazil. CLH’s mission is to create sustainable value by providing industry-leading products and solutions to satisfy the construction needs of our customers in the markets where we operate.
###
This press release contains forward-looking statements and information that are necessarily subject to risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of CLH to be materially different from those expressed or implied in this release, including, among others, changes in general economic, political, governmental and business conditions globally and in the countries in which CLH does business, changes in interest rates, changes in inflation rates, changes in exchange rates, the level of construction generally, changes in cement demand and prices, changes in raw material and energy prices, changes in business strategy, changes derived from events affecting CEMEX, S.A.B de C.V. and subsidiaries (“CEMEX”) and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. CLH assumes no obligation to update or correct the information contained in this press release.
Operating EBITDA is defined as operating earnings before other expenses, net plus depreciation and operating amortization. Free Cash Flow is defined as operating EBITDA minus net interest expense, maintenance and expansion capital expenditures, change in working capital, taxes paid, and other cash items (net other expenses 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

2016
FIRST 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 - March First Quarter
2016 2015 % var 2016 2015 % var
Consolidated cement volume 1,829 1,740 5% 1,829 1,740 5%
Consolidated domestic gray cement 1,609 1,593 1% 1,609 1,593 1%
Consolidated ready-mix volume 738 848 (13%) 738 848 (13%)
Consolidated aggregates volume 1,735 2,112 (18%) 1,735 2,112 (18%)
Net sales 316 354 (11%) 316 354 (11%)
Gross profit 153 170 (10%) 153 170 (10%)
as % of net sales 48.3% 48.1% 0.2pp 48.3% 48.1% 0.2pp
Operating earnings before other
83 90 (8%) 83 90 (8%)
expenses, net
as % of net sales 26.1% 25.5% 0.6pp 26.1% 25.5% 0.6pp
Controlling interest net income (loss) 45 44 3% 45 44 3%
Operating EBITDA 103 112 (8%) 103 112 (8%)
as % of net sales 32.7% 31.8% 0.9pp 32.7% 31.8% 0.9pp
Free cash flow after maintenance
57 67 (15%) 57 67 N/A
capital expenditures
Free cash flow 26 19 38% 26 19 38%
Net debt 1,008 1,125 (10%) 1,008 1,125 (10%)
Total debt 1,051 1,188 (12%) 1,051 1,188 (12%)
Earnings per share 0.08 0.08 3% 0.08 0.08 3%
Shares outstanding at end of period 556 556 0% 556 556 0%
Employees 4,813 4,982 (3%) 4,813 4,982 (3%)
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 first quarter of 2016 declined by 11% compared to the first quarter of 2015. This decline is explained mainly as a result of foreign exchange fluctuations and the effect of lower cement volumes from our operations in Panama and Costa Rica.
Cost of sales as a percentage of net sales during the first quarter of 2016 decreased by 0.2pp from 51.9% to 51.7% on a year-over-year basis.
Operating expenses as a percentage of net sales during the first quarter of the year decreased by 0.4pp from 22.6% to 22.2% compared to the same period in 2015.
Operating EBITDA during the first quarter of 2016 declined by 8% compared to the first quarter of 2015. This decline is mainly explained by foreign exchange fluctuations and the effect of lower cement volumes from our operations in Panama and Costa Rica.
Operating EBITDA margin during the first quarter of 2016 increased by 0.9pp, compared to the first quarter of 2015.
Controlling interest net income during the first quarter of 2016 reached US$45 million, increasing 3% compared to the same period in 2015.
Total debt at the first quarter of 2016 was US$1,051 million.
2016 First Quarter Results Page 2

 
OPERATING RESULTS
Colombia
January - March First Quarter
2016 2015 % var 2016 2015 % var
Net sales 157 176 (11%) 157 176 (11%)
Operating EBITDA 55 59 (8%) 55 59 (8%)
Operating EBITDA margin 34.9% 33.7% 1.2pp 34.9% 33.7% 1.2pp
In millions of US dollars, except percentages.
Domestic gray cement Ready-Mix Aggregates
January - March First Quarter January - March First Quarter January - March First Quarter
Volume 9% 9% (12%) (12%) (18%) (18%)
Price (USD) (11%) (11%) (17%) (17%) (9%) (9%)
Price (local currency) 13% 13% 6% 6% 16% 16%
Year-over-year percentage variation.
In Colombia, during the first quarter our domestic gray cement volumes increased by 9%, while our ready-mix and aggregates volumes declined by 12% and 18%, respectively, compared to the first quarter of 2015.
During the quarter, our cement market position improved both versus fourth and first quarter 2015, while sequential and year-over-year local currency prices remained stable and increased 13%, respectively. The residential and infrastructure sectors continued as the main drivers of demand during the quarter. The residential sector growth was supported by the middle-income segment which benefited from government-sponsored programs.
Panama
January - March First Quarter
2016 2015 % var 2016 2015 % var
Net sales 63 72 (13%) 63 72 (13%)
Operating EBITDA 25 29 (14%) 25 29 (14%)
Operating EBITDA margin 39.4% 39.9% (0.5pp) 39.4% 39.9% (0.5pp)
In millions of US dollars, except percentages.
Domestic gray cement Ready-Mix Aggregates
January - March First Quarter January - March First Quarter January - March First Quarter
Volume (21%) (21%) (14%) (14%) (12%) (12%)
Price (USD) 5% 5% (6%) (6%) (1%) (1%)
Price (local currency) 5% 5% (6%) (6%) (1%) (1%)
Year-over-year percentage variation.
In Panama, during the first quarter our domestic gray cement, ready-mix and aggregates volumes decreased 21%, 14% and
12%, respectively, compared to the first quarter of 2015.
Our results were negatively affected during the quarter by lower sales to the Panama Canal expansion project, the
completion of some large infrastructure projects, a slow-down in construction license approval, and low levels of execution
of new infrastructure projects.
OPERATING RESULTS

 
Costa Rica
January - March First Quarter
2016 2015 % var 2016 2015 % var
Net sales 39 43 (10%) 39 43 (10%)
Operating EBITDA 17 20 (14%) 17 20 (14%)
Operating EBITDA margin 43.6% 45.7% (2.1pp) 43.6% 45.7% (2.1pp)
In millions of US dollars, except percentages.
Domestic gray cement Ready-Mix Aggregates
January - March First Quarter January - March First Quarter January - March First Quarter
Volume (16%) (16%) 5% 5% 8% 8%
Price (USD) (4%) (4%) 11% 11% (9%) (9%)
Price (local currency) (4%) (4%) 12% 12% (8%) (8%)
Year-over-year percentage variation.
In Costa Rica, during the first quarter our domestic gray cement volumes declined by 16%, while our ready-mix and
aggregates volumes increased by 5% and 8%, respectively, compared to the first quarter of 2015.
The decline in our cement volumes is mainly explained by the tough comparison base related to a high exposure to
infrastructure projects in 2015, such as the Northern Interamerican Road.
Rest of CLH
January - March First Quarter
2016 2015 % var 2016 2015 % var
Net sales 62 66 (5%) 62 66 (5%)
Operating EBITDA 19 20 (2%) 19 20 (2%)
Operating EBITDA margin 31.3% 30.3% 1.0pp 31.3% 30.3% 1.0pp
In millions of US dollars, except percentages.
Domestic gray cement Ready-Mix Aggregates
January - March First Quarter January - March First Quarter January - March First Quarter
Volume 8% 8% (38%) (38%) (58%) (58%)
Price (USD) (6%) (6%) (0%) (0%) (19%) (19%)
Price (local currency) (1%) (1%) 2% 2% (16%) (16%)
Year-over-year percentage variation. In the Rest of CLH region, which includes our operations in Nicaragua, Guatemala, El Salvador and Brazil, during the first quarter of 2016 our domestic gray cement increased by 8%, while our ready-mix and aggregates volumes decreased by 38% and 58%, respectively, compared to the first quarter of 2015.
Housing and infrastructure in Nicaragua, along with industrial-and-commercial activity in Guatemala, remained the main
drivers of demand for our products. Our domestic gray cement volumes in these two countries increased at double digit
rates against the first and fourth quarters of 2015.
2016 First Quarter Results Page 4
The decline in ready-mix and aggregates relates to the conclusion of projects like the Izapa-Nejapa highway, and Calles para el Pueblo.

 
OPERATING EBITDA, FREE CASH FLOW AND DEBT
RELATED INFORMATION
Operating EBITDA and free cash flow
January - March First Quarter
2016 2015 % var 2016 2015 % var
Operating earnings before other expenses, net 83 90 (8%) 83 90 (8%)
+ Depreciation and operating amortization 20 22 20 22
Operating EBITDA 103 112 (8%) 103 112 (8%)
- Net financial expense 15 21 15 21
- Capital expenditures for maintenance 4 4 4 4
- Change in working Capital 10 5 10 5
- Taxes paid 13 14 13 14
- Other cash items (Net) 4 1 4 1
Free cash flow after maintenance capital exp 57 67 (15%) 57 67 (15%)
- Strategic Capital expenditures 31 48 31 48
Free cash flow 26 19 38% 26 19 38%
In millions of US dollars, except percentages.
Information on Debt
Fourth
First Quarter First Quarter
Quarter
2016 2015 % var 2015 2016 2015
Total debt 1, 2 1,051 1,188 12% 1,088 Currency denomination
Short term 25% 12% 24% U.S. dollar 98% 99%
Long term 75% 88% 76% Colombian peso 2% 1%
Cash and cash equivalents 43 63 (31%) 54 Interest rate
Net debt 1,008 1,125 (10%) 1,034 Fixed 76% 79%
Variable 24% 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.
2016 First 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 - March First Quarter
INCOME STATEMENT 2016 2015 % var 2016 2015 % var
Net sales 315,968 353,838 (11%) 315,968 353,838 (11%)
Cost of sales (163,303) (183,606) 11% (163,303) (183,606) 11%
Gross profit 152,665 170,232 (10%) 152,665 170,232 (10%)
Operating expenses (70,122) (80,045) 12% (70,122) (80,045) 12%
Operating earnings before other expenses, net 82,543 90,187 (8%) 82,543 90,187 (8%)
Other expenses, net 115 (1,980) N/A 115 (1,980) N/A
Operating earnings 82,658 88,207 (6%) 82,658 88,207 (6%)
Financial expenses (14,873) (20,589) 28% (14,873) (20,589) 28%
Other income (expenses), net 6,761 4,703 44% 6,761 4,703 44%
Net income before income taxes 74,546 72,321 3% 74,546 72,321 3%
Income tax (29,080) (28,357) (3%) (29,080) (28,357) (3%)
Consolidated net income 45,466 43,964 3% 45,466 43,964 3%
Non-controlling Interest Net Income (150) (173) 13% (150) (173) 13%
Controlling Interest Net Income 45,316 43,791 3% 45,316 43,791 3%
0 0
Operating EBITDA 103,416 112,426 (8%) 103,416 112,426 (8%)
Earnings per share 0.08 0.08 3% 0.08 0.08 3%
as of March 31
BALANCE SHEET 2016 2015 % var
Total Assets 3,281,586 3,458,651 (5%)
Cash and Temporary Investments 43,279 62,562 (31%)
Trade Accounts Receivables 109,899 134,445 (18%)
Other Receivables 39,753 31,316 27%
Inventories 86,583 105,726 (18%)
Other Current Assets 24,049 26,980 (11%)
Current Assets 303,563 361,029 (16%)
Fixed Assets 1,145,106 1,109,691 3%
Other Assets 1,832,917 1,987,931 (8%)
Total Liabilities 1,890,395 2,076,453 (9%)
Current Liabilities 559,122 435,666 28%
Long-Term Liabilities 1,323,399 1,629,922 (19%)
Other Liabilities 7,874 10,865 (28%)
Consolidated Stockholders’ Equity 1,391,191 1,382,198 1%
Non-controlling Interest 5,536 5,600 (1%)
Stockholders’ Equity Attributable to Controlling Interest 1,385,655 1,376,598 1%
2016 First 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 - March First Quarter
INCOME STATEMENT 2016 2015 % var 2016 2015 % var
Net sales 1,012,746 886,263 14% 1,012,746 886,263 14%
Cost of sales (523,422) (459,882) (14%) (523,422) (459,882) (14%)
Gross profit 489,324 426,381 15% 489,324 426,381 15%
Operating expenses (224,757) (200,489) (12%) (224,757) (200,489) (12%)
Operating earnings before other expenses, net 264,567 225,892 17% 264,567 225,892 17%
Other expenses, net 368 (4,958) N/A 368 (4,958) N/A
Operating earnings 264,935 220,934 20% 264,935 220,934 20%
Financial expenses (47,673) (51,571) 8% (47,673) (51,571) 8%
Other income (expenses), net 21,671 11,780 84% 21,671 11,780 84%
Net income before income taxes 238,933 181,143 32% 238,933 181,143 32%
Income tax (93,209) (71,027) (31%) (93,209) (71,027) (31%)
Consolidated net income 145,724 110,116 32% 145,724 110,116 32%
Non-controlling Interest Net Income (480) (434) (11%) (480) (434) (11%)
Controlling Interest Net Income 145,244 109,682 32% 145,244 109,682 32%
Operating EBITDA 331,471 281,596 18% 331,471 281,596 18%
Earnings per share 262.01 197.99 32% 262.01 197.99 32%
as of March 31
BALANCE SHEET 2016 2015 % var
Total Assets 9,918,102 8,909,656 11%
Cash and Temporary Investments 130,806 161,160 (19%)
Trade Accounts Receivables 332,154 346,338 (4%)
Other Receivables 120,149 80,670 49%
Inventories 261,684 272,355 (4%)
Other Current Assets 72,682 69,502 5%
Current Assets 917,474 930,025 (1%)
Fixed Assets 3,460,912 2,858,621 21%
Other Assets 5,539,716 5,121,010 8%
Total Liabilities 5,713,436 5,349,047 7%
Current Liabilities 1,689,861 1,122,299 51%
Long-Term Liabilities 3,999,776 4,198,759 (5%)
Other Liabilities 23,799 27,989 (15%)
Consolidated Stockholders’ Equity 4,204,666 3,560,609 18%
Non-controlling Interest 16,733 14,425 16%
Stockholders’ Equity Attributable to Controlling Interest 4,187,933 3,546,184 18%
2016 First 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 - March First Quarter
2016 2015 % var 2016 2015 % var
NET SALES
Colombia 156,734 176,246 (11%) 156,734 176,246 (11%)
Panama 62,509 71,915 (13%) 62,509 71,915 (13%)
Costa Rica 38,937 43,043 (10%) 38,937 43,043 (10%)
Rest of CLH 62,346 65,649 (5%) 62,346 65,649 (5%)
Others and intercompany eliminations (4,558) (3,015) (51%) (4,558) (3,015) (51%)
TOTAL 315,968 353,838 (11%) 315,968 353,838 (11%)
GROSS PROFIT
Colombia 76,768 85,493 (10%) 76,768 85,493 (10%)
Panama 27,669 31,635 (13%) 27,669 31,635 (13%)
Costa Rica 20,674 24,442 (15%) 20,674 24,442 (15%)
Rest of CLH 24,517 25,304 (3%) 24,517 25,304 (3%)
Others and intercompany eliminations 3,037 3,358 (10%) 3,037 3,358 (10%)
TOTAL 152,665 170,232 (10%) 152,665 170,232 (10%)
OPERATING EARNINGS BEFORE OTHER EXPENSES, NET
Colombia 48,785 52,629 (7%) 48,785 52,629 (7%)
Panama 20,169 23,856 (15%) 20,169 23,856 (15%)
Costa Rica 15,435 18,009 (14%) 15,435 18,009 (14%)
Rest of CLH 18,095 18,688 (3%) 18,095 18,688 (3%)
Others and intercompany eliminations (19,942) (22,995) 13% (19,942) (22,995) 13%
TOTAL 82,543 90,187 (8%) 82,543 90,187 (8%)
OPERATING EBITDA
Colombia 54,746 59,313 (8%) 54,746 59,313 (8%)
Panama 24,621 28,662 (14%) 24,621 28,662 (14%)
Costa Rica 16,984 19,679 (14%) 16,984 19,679 (14%)
Rest of CLH 19,496 19,924 (2%) 19,496 19,924 (2%)
Others and intercompany eliminations (12,431) (15,152) 18% (12,431) (15,152) 18%
TOTAL 103,416 112,426 (8%) 103,416 112,426 (8%)
OPERATING EBITDA MARGIN
Colombia 34.9% 33.7% 34.9% 33.7%
Panama 39.4% 39.9% 39.4% 39.9%
Costa Rica 43.6% 45.7% 43.6% 45.7%
Rest of CLH 31.3% 30.3% 31.3% 30.3%
TOTAL 32.7% 31.8% 32.7% 31.8%
2016 First 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 - March First Quarter
2016 2015 % var 2016 2015 % var
Total cement volume 1 1,829 1,740 5% 1,829 1,740 5%
Total domestic gray cement volume 1,609 1,593 1% 1,609 1,593 1%
Total ready-mix volume 738 848 (13%) 738 848 (13%)
Total aggregates volume 1,735 2,112 (18%) 1,735 2,112 (18%)
1 Consolidated cement volume includes domestic and export volume of gray cement, white cement, special cement, mortar and clinker.
Per-country volume summary
January - March First Quarter First Quarter 2016
2016 vs. 2015 2016 vs. 2015 vs. Fourth Quarter 2015
DOMESTIC GRAY CEMENT
Colombia 9% 9% (5%)
Panama (21%) (21%) 10%
Costa Rica (16%) (16%) 9%
Rest of CLH 8% 8% 7%
READY-MIX
Colombia (12%) (12%) (4%)
Panama (14%) (14%) 5%
Costa Rica 5% 5% 7%
Rest of CLH (38%) (38%) (28%)
AGGREGATES
Colombia (18%) (18%) (7%)
Panama (12%) (12%) (2%)
Costa Rica 8% 8% 18%
Rest of CLH (58%) (58%) (61%)
2016 First Quarter Results Page 9

 
OPERATING RESULTS
Price Summary
Variation in U.S. dollars
January - March First Quarter First Quarter 2016
2016 vs. 2015 2016 vs. 2015 vs. Fourth Quarter 2015
DOMESTIC GRAY CEMENT
Colombia (11%) (11%) (5%)
Panama 5% 5% 0%
Costa Rica (4%) (4%) (1%)
Rest of CLH (6%) (6%) 0%
READY-MIX
Colombia (17%) (17%) (2%)
Panama (6%) (6%) (1%)
Costa Rica 11% 11% 4%
Rest of CLH (0%) (0%) (0%)
AGGREGATES
Colombia (9%) (9%) 1%
Panama (1%) (1%) (6%)
Costa Rica (9%) (9%) 4%
Rest of CLH (19%) (19%) (10%)
For Rest of CLH, volume-weighted average prices.
Variation in local currency
January - March First Quarter First Quarter 2016
2016 vs. 2015 2016 vs. 2015 vs. Fourth Quarter 2015
DOMESTIC GRAY CEMENT
Colombia 13% 13% (0%)
Panama 5% 5% 0%
Costa Rica (4%) (4%) (1%)
Rest of CLH (1%) (1%) 1%
READY-MIX
Colombia 6% 6% 3%
Panama (6%) (6%) (1%)
Costa Rica 12% 12% 4%
Rest of CLH 2% 2% 1%
AGGREGATES
Colombia 16% 16% 6%
Panama (1%) (1%) (6%)
Costa Rica (8%) (8%) 5%
Rest of CLH (16%) (16%) (9%)
For Rest of CLH, volume-weighted average prices.
2016 First 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 March 31, 2016 and March 31, 2015 was $3,022.35 and $2,576.05 Colombian pesos per US dollar, respectively, and (ii) the consolidated results for the first quarter of 2016 and for the first quarter of 2015 were $3,205.22 and $2,504.71 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 - March January - March First Quarter
2016 closing 2015 closing 2016 average 2015 average 2016 average 2015 average
Colombian peso 3,022.35 2,576.05 3,205.22 2,504.71 3,205.22 2,504.71
Panama balboa 1.00 1.00 1.00 1.00 1.00 1.00
Costa Rica colon 542.23 539.08 543.00 540.91 543.00 543.00
Euro 1.0864 1.0738 1.0900 1.1085 1.0900 1.0900
Amounts provided in units of local currency per US dollar.
2016 First Quarter Results Page 11

 
OTHER ACTIVITIES AND INFORMATION
Information Request in Costa Rica
As a result of a claim made by a third party, in March 2016, the Competition Directorate of Costa Rica notified CEMEX (Costa Rica), S.A.
(“CEMEX Costa Rica”) of a formal information request that has the objective of calculating the cement market share in Costa Rica and the geographical areas in which CEMEX Costa Rica has a presence. CEMEX Costa Rica has delivered the requested information. As of March 31, 2016, we are not able to assess the likelihood of this request for information leading to a formal investigation or any other actions by the Competition Directorate of Costa Rica, but if any formal investigations are commenced or if any actions are taken by the Competition Directorate of Costa Rica or any other governmental authority in Costa Rica we would not expect that any adverse result from any investigation or actions taken by the corresponding authority of the government of Costa Rica would have a material adverse impact on our results of operations, liquidity and financial condition.
2016 First 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.
2016 First Quarter Results Page 13

EXHIBIT 3

 
RESULTS 1Q16
A p r i l 2 1 , 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 Margin EBITDA
(US$M) (US$M) (%)
-11% —8% 0.9pp
354
316 112 103 8% 32 . 7%
.
31
1Q15 1Q16 1Q15 1Q16 1Q15 1Q16
Consolidated net sales increased by 3%
on a like-to-like basis1 in 1Q16 compared with 1Q15
Consolidated EBITDA increased by 6%
in 1Q16 on an like-to-like basis1 against the same period last year
Consolidated EBITDA margin increased by 0.9pp
in 1Q16 vs.1Q15
Our results continued to be affected by FX
U.S dollar appreciated 28% vs.COP during 1Q16 on a year-over-year basis
(1) Adjusting for FX fluctuations 3

 	

|| Consolidated Volumes and Prices
1Q16 vs. 1Q16 vs. 1Q15 4Q15
Domestic Volume 1% 1% gray Price (USD) (8%) (2%) cement
Price (LtL1) 6% 1%
Volume (13%) (4%)
Ready-mix concrete Price (USD) (12%) (1%) Price (LtL1) 3% 2%
Volume (18%) (9%) Aggregates Price (USD) (7%) 0% Price (LtL1) 10% 3%
(1) Like-to-like prices adjusted for foreign-exchange fluctuations
Our cement volumes grew by 1% during 1Q16
mainly driven by Colombia, more than offsetting a decline in Panama and Costa Rica
Higher prices in 1Q16
in our three main products in local-currency terms compared with 1Q15
Decline in our ready-mix and aggregates volumes
reflects lower dispatches in Colombia, Panama and Nicaragua
4

 	

REGIONAL HIGHLIGHTS
R e s u l t s 1 Q 1 6

 	

Results Highlights Colombia

 	

|| Colombia – Results Highlights
1Q16 1Q15 % var
Net Sales 157 176 (11%)
Financial
Summary Op. EBITDA 55 59 (8%)
US$ Million as % net sales 34.9% 33.7% 1.2pp
1Q16 vs. 1Q15 1Q16 vs. 4Q15
Cement 9% (5%) Volume Ready mix (12%) (4%) Aggregates (18%) (7%)
1Q16 vs. 1Q15 1Q16 vs. 4Q15
Cement 13% 0%
Price
(Local Currency) Ready mix 6% 3%
Aggregates 16% 6%
Net Sales and EBITDA grew 14% and 18%, respectively,
in 1Q16 on a like-to-like basis1 compared with 1Q15
Cement volumes grew 9% in 1Q16 vs. 1Q15
Higher prices in our three core products in 1Q16
in local currency terms, compared with same period in 2015
EBITDA margin increased by 1.2pp and 0.5pp in 1Q16
on a year-over-year-basis and sequentially, respectively
7
(1) Adjusting for FX fluctuations

 	

|| Colombia – Infrastructure Sector
Development of the Public-Private Partnerships
~US$ 2 B obtained by the sale of ISAGEN, and US$ 675 M loan expected to boost infrastructure investment, mostly through FDN1
FDN1 should play a pivotal role in light of financial challenges for upcoming public and private initiative PPP’s
FDN1 expects to multiply by 4x to 5x level of capital obtained, given its leverage capabilities
Infrastructure authorities estimate 20 new private initiatives PPP’s could be awarded in 2016
First private initiative PPP reached financial closure. First private initiative PPP for Bogota approved by Council of Ministers
Sources: Finance Ministry, National Infrastructure Agency (ANI)
Expected GDP impact of 0.4pp
in 2016 through execution of infrastructure works
Investment in roads expected to reach US$ 2 B in 2016
and it could reach US$ 2.7 B in 20182
We expect a ~ 4% growth
in the infrastructure sector for 2016
(1) Financiera de Desarrollo Nacional
8
(2) Estimates from ANI

 	

|| Colombia – Infrastructure requirements 2035
Intermodal Transport Fluvial Infrastructure Education Infrastructure
Road network Amazon basin US$ 1.8 B Construction of 51K
US$ 60.7 B US$ 2.4 B
intervention new classrooms
Orinoco basin US$ 0.8 B
Airports construction US$ 5.3 B
Atrato basin US$ 25.5 M
Railway network
rehabilitation US$ 3.3 B Magdalena basin US$ 0.14 B
Pacific basin US$ 0.12 B
Tertiary Roads Urban Infrastructure Public health and justice
Pavement rehab. US$ 9.7 M /Year Bogota US$ 4.6 B New Hospitals US$ 5.8 B
TOTALINVESTMENT New pavement US$ 0.3 B /Year Medellin US$ 10 B New prison capacity US$ 1.5 B
REQUIRED Pavement enhance US$ 0.8 B /Year Mass Transp. System US$ 4.1 B
~ US$ 117.4 B
Maintenance US$ 0.4 B /Year Public Transp. System US$ 0.7 B
Source: National Planning Department

 	

|| Colombia – Residential Sector
~150K subsidies from Housing Ministry expected in 2016
33,500 social housing subsidies on mortgage rate
37,500 units under “Mi casa ya” subsidy program
51,500 units under “Casa Ahorro” 1 subsidy program
25,000 units under subsidy on middle-income housing on mortgage rate
~20K additional subsidies should be executed for rural housing during 2016
Source: Finance Ministry
Expected GDP impact of 0.4pp
in 2016 from housing initiatives
Building permits grew 13.6%
for middle income housing (LTM2)
We expect to develop 5K to 10K houses in 2016
through our housing solutions initiatives
We expect a ~ 3.5% growth
in this sector in 2016
(1) Social Housing for Savers
10
(2) Last twelve months to Jan. 2016

 	

|| Colombia— Capacity expansion project
Maceo Plant – Antioquia, Colombia (April. 2016)
Clinker line expected to be operational in 4Q16
Projected cost benefits:
- Production costs 20% lower than our national average in Colombia
- Energy and electricity costs at least 10% lower than in our other facilities in the country
- Reduction of ~7% in national transportation costs
Tax benefits of “zona franca”
- Nominal income tax fixed at 15% until 2026
- Equipment is exempt of VAT and import tariffs
11

 	

Results Highlights Panama

 	

|| Panama – Results Highlights
1Q16 1Q15 % var
Net Sales 63 72 (13%)
Financial
Summary Op. EBITDA 25 29 (14%)
US$ Million
as % net sales 39.4% 39.9% (0.5pp)
1Q16 vs. 1Q15 1Q16 vs. 4Q15
Cement (21%) 10%
Volume Ready mix (14%) 5%
Aggregates (12%) (2%)
1Q16 vs. 1Q15 1Q16 vs. 4Q15
Cement 5% 0%
Price
(Local Currency) Ready mix (6%) (1%)
Aggregates (1%) (6%)
Tough comparison base during 1Q16 in our three core products
due to Panama Canal expansion project and other heavy infrastructure works
Cement and ready-mix volumes grew sequentially 10% and 5%,
respectively, in 1Q16
Cement prices increased by 5%
during 1Q16 against 1Q15
EBITDA margins declined
0.5pp during 1Q16 compared with 2015 13

 	

|| Panama – Sector Highlights
2nd line of the subway and urban renovation of Colon already started construction works
Residential sector expected to remain as the main driver
of cement consumption during 2016
Housing projects in West Panama started execution
We expect a slowdown in the industrial-and-commercial sector
due to its high level of growth in 2015
14

 	

Results Highlights Costa Rica

 	

|| Costa Rica – Results Highlights
1Q16 1Q15 % var
Net Sales 39 43 (10%)
Financial
Summary Op. EBITDA 17 20 (2%)
US$ Million
as % net sales 43.6% 45.7% (2.1pp)
1Q16 vs. 1Q15 1Q16 vs. 4Q15
Cement (16%) 9%
Volume Ready mix 5% 7%
Aggregates 8% 18%
1Q16 vs. 1Q15 1Q16 vs. 4Q15
Cement (4%) (1%)
Price
(Local Currency) Ready mix 12% 4%
Aggregates (8%) 5%
Higher volumes in our three core products
in 1Q16 on a sequential basis
Ready-mix and aggregates volumes grew by 5% and 8%
respectively, in 1Q16 against 1Q15
Prices increased by 4% and 5%
in ready-mix and aggregates, 1Q16 vs. 4Q15 in local currency terms
EBITDA margin during 1Q16 declined by 2.1pp
mostly explained by lower prices and maintenance works during the quarter 16

 	

|| Costa Rica– Sector Highlights
Port terminal project in the Atlantic contributed
to the demand of our products in 1Q16
Better performance expected in the residential sector
Construction permits increased double digits during the first quarter 2016
Positive impact expected in industrial & commercial sector
in 2016 mostly from construction of hotels
Infrastructure sector is being affected by delays
from Central Government, negatively influencing execution of new works

 	

Results Highlights Rest of CLH

 	

|| Rest of CLH – Results Highlights
1Q16 1Q15 % var
Net Sales 62 66 (5%)
Financial
Summary Op. EBITDA 19 20 (2%)
US$ Million
as % net sales 31.3% 30.3% 1.0pp
1Q16 vs. 1Q15 1Q16 vs. 4Q15
Cement 8% 7%
Volume Ready mix (38%) (28%)
Aggregates (58%) (61%)
1Q16 vs. 1Q15 1Q16 vs. 4Q15
Cement (1%) 1%
Price
(Local Currency) Ready mix 2% 1%
Aggregates (16%) (9%)
Historic 1Q records:
—EBITDA generation in Guatemala
—Cement volumes in Nicaragua
—EBITDA margin in Nicaragua
Cement volumes increased by 8% and 7% in 1Q16
compared with 1Q15 and 4Q15, respectively
Ready-mix and aggregates volumes decreased
mainly by the conclusion of some large infrastructure projects
EBITDA Margin increased by 1pp in 1Q16
explained by higher cement volumes, lower energy costs and the effect of the new grinding mill in Nicaragua 19

 	

|| Rest of CLH – Sector Highlights
In Nicaragua growth is expected across all sectors in 2016,
in the mid to high single-digits range, driven by public and private investments
CLH was selected as sole supplier of Managua’s baseball stadium
Main drivers of cement demand in 2016 expected to remain
infrastructure in Nicaragua and
Industrial-and-commercial in Guatemala

 	

FREE CASH FLOW
1	 	Q 1 6 R e s u l t s	

 	

|| We will continue with disciplined working capital management
Working Capital
(Average Days)
2014 2015 2016
24
22 21 21
17
2	 	2	
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 22

 	

|| Free Cash Flow
US$ Million 1Q16 1Q15 % var
Operating. EBITDEBITDA 103 112 (8%)
- Net Financial Expense 15 21
- Maintenance Capex 4 4
- Change in Working Cap 10 5
- Taxes Paid 13 14
- Other Cash Items (net) 4 1
Free Cash Flow
Free Cash Flow 57 67 (15%)
After Maintenance Capex
- Strategic Capex 31 48
FreeFreeCashCash FlowFlow 26 19 38%
Free cash flow after maintenance capex
reached US$57 million in 1Q16
Strategic capex was US$ 31 M
in the quarter, mainly used for our expansion project in Colombia
Free cash flow after total capex increased 38% in 1Q16
and reached US$26 million
Net debt was reduced
by US$26 million during 1Q16 to US$1,008 million
23

 	

GUIDANCE
1 Q 1 6 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 M in 2016
Strategic capex
is expected to reach about US$112 M in 2016
Consolidated Cash taxes
are expected to range between US$95 MM and US$105 M
25

 	

APPENDIX
1 Q 1 6 R e s u l t s

 	

|| Consolidated debt maturity profile
US$ Million 677
229
142
3 2016 2017 2018 2025
US $1,051 Million
Total debt as of March 31, 2016
2 .3x Net Debt/EBITDA (LTM1)
as of March 31, 2016
27
(1) Last twelve months to March 2016

 	

|| Definitions
Cement:
Operating EBITDA:
Maintenance capital expenditures:
Strategic capital expenditures:
LC: pp: Like-to-like Percentage Variation (l-t-l%var): Rest of CLH:
When providing cement volume variations, refers to our domestic gray cement operations.
Operating earnings before other expenses, net plus depreciation and operating amortization.
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.
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.
Local currency.
Percentage points.
Percentage variations adjusted for investments/divestments and currency fluctuations.
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 1Q16
A p r i l 2 1 , 2 0 1 6