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, 2015
Commission File Number: 001-14946

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

Avenida Ricardo Margáin Zozaya #325, Colonia Valle del Campestre
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 5, 2015, announcing fourth quarter and full year 2014 results for CEMEX, S.A.B. de C.V. (NYSE:CX).	
 
2.	Fourth quarter and full year 2014 results for CEMEX, S.A.B. de C.V. (NYSE:CX).	
 
3.	Presentation regarding fourth quarter and full year 2014 results for CEMEX, S.A.B. de C.V. (NYSE:CX).	
 
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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 5, 2015	 	 	 	By:	 	/s/ Rafael Garza	
 	 	 	 	Name:	 	Rafael Garza	
 	 	 	 	Title:	 	Chief Comptroller	
 
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EXHIBIT INDEX

EXHIBIT
NO.	 	DESCRIPTION	
 	 	
1.	 	Press release, dated February 5, 2015, announcing fourth quarter and full year 2014 results for CEMEX, S.A.B. de C.V. (NYSE:CX).	
 	 	
2.	 	Fourth quarter and full year 2014 results for CEMEX, S.A.B. de C.V. (NYSE:CX).	
 	 	
3.	 	Presentation regarding fourth quarter and full year 2014 results for CEMEX, S.A.B. de C.V. (NYSE:CX).	
 
4

Exhibit 1

Media Relations
Jorge Pérez
+52 (81) 8888-4334
mr@cemex.com	 	Investor Relations
Eduardo Rendón
+52 (81) 8888-4256
ir@cemex.com	 	Analyst Relations
Luis Garza
+52 (81) 8888-4136
ir@cemex.com	

CEMEX REPORTS FOURTH-QUARTER AND FULL-YEAR 2014 RESULTS
MONTERREY, MEXICO, FEBRUARY 5, 2015 – CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX), announced today that, on a like-to-like basis for the ongoing operations and adjusting for currency fluctuations, consolidated net sales increased by 5% during the fourth quarter of 2014 to approximately US$3.8 billion and increased 6% for the full year to US$15.7 billion versus the comparable periods in 2013. Operating EBITDA on a like-to-like basis increased by 16% during the fourth quarter of 2014 to US$701 million and increased 6% for the full year to US$2.7 billion versus 2013.
CEMEX’s Consolidated Fourth-Quarter and Full-Year 2014 Financial and Operational Highlights
 
 	•	 	The increase, on a like-to-like basis, in consolidated net sales was due to higher prices of our products, in local currency terms, in most of our operations, as well as higher volumes in Mexico, the U.S., and our Mediterranean, South, Central America and the Caribbean and Asia regions.	
 
 	•	 	On a like-to-like basis, operating earnings before other expenses, net, in the fourth quarter increased by 31%, to U.S.$443 million and increased 13%, to U.S.$1.7 billion, for the full year 2014.	
 
 	•	 	Reporting a narrower controlling interest net loss of U.S.$178 million during the fourth quarter of 2014 versus a loss of U.S.$255 million in the same period last year. For the full year 2014 controlling interest net loss improved to U.S.$507 million from a loss of U.S.$843 million in 2013.	
 
 	•	 	Operating EBITDA on a like-to-like basis increased by 16% during the quarter to U.S.$701. On a like-to-like basis, full-year operating EBITDA increased by 6% to U.S.$2.7 billion.	
 
 	•	 	Operating EBITDA margin grew by 1.7 percentage points on a year-over-year basis reaching 18.3%. For the full year 2014, operating EBITDA margin remained flat at 17.4% versus the comparable period in 2013.	
 
 	•	 	Free cash flow after maintenance capital expenditures for the quarter was U.S.$421 million, compared with U.S.$216 million in the same quarter of 2013.	

Fernando A. Gonzalez, Chief Executive Officer, said: “During 2014, we reported a narrower controlling interest net loss for the third consecutive year and 40% lower than in 2013. Our operating EBITDA on a like-to-like basis grew by 16% during the fourth quarter of 2014 and by 6% for the full year 2014 versus the comparable periods in 2013. We are pleased with the growth in volumes and local-currency prices for our products in most of our regions, reflecting the continued positive outcome of our value-before-volume strategy.
We generated the highest quarterly and annual free cash flow since the second quarter of 2009 and the full year 2010, respectively. We continue to improve our debt maturity profile and interest expense through our debt reduction of close to U.S.$1.2 billion and our refinancing activities of approximately U.S.$5 billion during the year. We are encouraged with the way our credit continues to re-rate.”
Consolidated Corporate Results
During the fourth quarter of 2014, controlling interest net income was a loss of U.S.$178 million, an improvement over a loss of U.S.$255 million in the same period last year.
Total debt plus perpetual notes decreased by U.S.$658 million during the quarter.
Geographical Markets Fourth-Quarter 2014 Highlights
Net sales in our operations in Mexico increased 5% in the fourth quarter of 2014 to U.S.$827 million, compared with U.S.$785 million in the fourth quarter of 2013. Operating EBITDA increased by 3% to U.S.$255 million versus the same period of last year.
CEMEX’s operations in the United States reported net sales of U.S.$923 million in the fourth quarter of 2014, up 13% from the same period in 2013. Operating EBITDA increased 78% to U.S.$138 million in the quarter, versus U.S.$77 million in the same quarter of 2013.
In Northern Europe, net sales for the fourth quarter of 2014 decreased 9% to U.S.$971 million, compared with U.S.$1.1 billion in the fourth quarter of 2013. Operating EBITDA was U.S.$87 million for the quarter, 9% higher than the same period last year.
Fourth-quarter net sales in the Mediterranean region were U.S.$387 million, 2% lower compared with U.S.$394 million during the fourth quarter of 2013. Operating EBITDA decreased 9% to U.S.$71 million for the quarter versus the comparable period in 2013.
CEMEX’s operations in South, Central America and the Caribbean reported net sales of U.S.$514 million during the fourth quarter of 2014, representing a decrease of 11% over the same period of 2013. Operating EBITDA decreased 9% to U.S.$165 million in the fourth quarter of 2014, from U.S.$183 million in the fourth quarter of 2013.
Operations in Asia reported a 16% increase in net sales for the fourth quarter of 2014, to U.S.$155 million, versus the fourth quarter of 2013, and operating EBITDA for the quarter was U.S.$44 million, up 37% from the same period last year.
CEMEX is a global building materials company that provides high-quality products and reliable service to customers and communities in more than 50 countries throughout the world. CEMEX has a rich history of improving the well-being of those it serves through its efforts to pursue innovative industry solutions and efficiency advancements and to promote a sustainable future.
###

This press release contains forward-looking statements and information that are necessarily subject to risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of CEMEX to be materially different from those expressed or implied in this release, including, among others, changes in general economic, political, governmental and business conditions globally and in the countries in which CEMEX does business, changes in interest rates, changes in inflation rates, changes in exchange rates, the level of construction generally, changes in cement demand and prices, changes in raw material and energy prices, changes in business strategy and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. CEMEX assumes no obligation to update or correct the information contained in this press release.
Operating EBITDA is defined as operating income 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). Net debt is defined as total debt minus the fair value of cross-currency swaps associated with debt minus cash and cash equivalents. The Consolidated Funded Debt to Operating EBITDA ratio is calculated by dividing Consolidated Funded Debt at the end of the quarter by Operating EBITDA for the last twelve months. All of the above items are presented under the guidance of 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 CEMEX believes that they are widely accepted as financial indicators of CEMEX’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 CEMEX’s financial performance, as alternatives to cash flow, as measures of liquidity or as being comparable to other similarly titled measures of other companies.

Exhibit 2

FOURTH QUARTER RESULTS Stock Listing Information NYSE (ADS) Ticker: CX Mexican Stock Exchange Ticker: CEMEXCPO Ratio of CEMEXCPO to CX = 10:1 Investor Relations In the United States: + 1 877 7CX NYSE In Mexico: + 52 (81) 8888 4292 E-Mail: ir@cemex.com

 
Operating and financial highlights January—December Fourth Quarter l-t-l l-t-l 2014 2013 % Var. % Var.* 2014 2013 % Var. % Var.* Consolidated cement volume 68,399 65,012 5% 17,195 16,331 5% Consolidated ready-mix volume 55,994 54,902 2% 14,226 13,955 2% Consolidated aggregates volume 167,745 162,182 3% 41,812 41,867 (0%) Net sales 15,708 15,227 3% 6% 3,838 3,872 (1%) 5% Gross profit 5,032 4,738 6% 9% 1,312 1,246 5% 12% as % of net sales 32.0% 31.1% 0.9pp 34.2% 32.2% 2.0pp Operating earnings before other 1,659 1,518 9% 13% 443 359 24% 31% expenses, net as % of net sales 10.6% 10.0% 0.6pp 11.5% 9.3% 2.2pp Controlling interest net income (loss) (507) (843) 40% (178) (255) 30% Operating EBITDA 2,740 2,643 4% 6% 701 642 9% 16% as % of net sales 17.4% 17.4% 0.0pp 18.3% 16.6% 1.7pp Free cash flow after maintenance 401 (89) N/A 421 216 95% capital expenditures Free cash flow 211 (206) N/A 335 171 96% Total debt plus perpetual notes 16,291 17,470 (7%) 16,291 17,470 (7%) Earnings (loss) per ADS (0.39) (0.68) 42% (0.14) (0.21) 34% (1) Fully diluted earnings (loss) per ADS (0.39) (0.68) 42% (0.14) (0.21) 34% Average ADSs outstanding 1,256.4 1,216.5 3% 1,274.5 1,219.6 5% Employees 44,241 43,087 3% 44,241 43,087 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-ADS amounts. Average ADSs outstanding are presented in millions. Please refer to page 8 for end-of quarter CPO-equivalent units outstanding. *Like?to?like (?l?t?l?) percentage variations adjusted for investments/divestments and currency fluctuations. (1) For 2014 and 2013, the effect of the potential dilutive shares generate anti-dilution; therefore, there is no change between the reported basic and diluted loss per share. Consolidated net sales in the fourth quarter of 2014 decreased to Other expenses, net, for the quarter were US$306 million, which were US$3.8 billion, representing a decline of 1%, or an increase of 5% on a mainly due to impairment of assets, a loss in sale of fixed assets, and like-to-like basis for the ongoing operations and for foreign exchange severance payments. fluctuations compared with the fourth quarter of 2013. The increase in Gain (loss) on financial instruments for the quarter was a loss of consolidated net sales was to due higher prices of our products, in US$182 million, resulting mainly from derivatives related to CEMEX local currency terms, in most of our operations, as well as higher shares. volumes in Mexico, the U.S., and our Mediterranean, South, Central America and the Caribbean and Asia regions. Foreign exchange results for the quarter was a gain of US$152 million, resulting mainly from the fluctuation of the Mexican peso versus the Cost of sales as a percentage of net sales decreased by 2.0pp during U.S. dollar. the fourth quarter of 2014 compared with the same period last year, from 67.8% to 65.8%. The decrease was mainly driven by our Controlling interest net income (loss) was a loss of US$178 million in continuous improvement operating efficiencies and product mix. the fourth quarter of 2014 versus a loss of US$255 million in the same quarter of 2013. The lower quarterly loss primarily reflects higher Operating expenses as a percentage of net sales decreased by 0.3pp operating earnings before other expenses, net, lower financial during the fourth quarter of 2014 compared with the same period last expenses, higher foreign exchange gain, lower income tax and lower year, from 22.9% to 22.6%, mainly due to our cost reduction initiatives non-controlling interest net income, partially offset by higher other which were partially offset by higher distribution expenses. expenses, net and higher loss on financial instruments. Operating EBITDA increased by 9% to US$701 million during the fourth Total debt plus perpetual notes decreased by US$658 million during quarter of 2014 compared with the same period last year. The increase the quarter. was mainly due to higher contributions from the U.S., Mexico, as well as from our Northern Europe and Asia regions. On a like-to-like basis, operating EBITDA increased by 16% in the fourth quarter of 2014 compared with the same period last year. Operating EBITDA margin increased by 1.7pp from 16.6% in the fourth quarter of 2013 to 18.3% this quarter. 2014 Fourth Quarter Results Page 2

 
Operating results Mexico January—December Fourth Quarter l-t-l % l-t-l % 2014 2013 % Var. 2014 2013 % Var. Var.* Var.* Net sales 3,185 3,187 (0%) 4% 827 785 5% 13% Operating EBITDA 999 1,009 (1%) 3% 255 247 3% 12% Operating EBITDA margin 31.4% 31.6% (0.2pp) 30.9% 31.4% (0.5pp) In millions of US dollars, except percentages. Domestic gray cement Ready-mix Aggregates Year-over-year percentage January—December Fourth Quarter January—December Fourth Quarter January—December Fourth Quarter variation Volume 2% 6% 3% 1% 10% 7% Price (USD) (2%) (1%) (2%) (3%) (1%) (2%) Price (local currency) 2% 6% 2% 4% 3% 5% Domestic gray cement and ready-mix volumes for our operations in Mexico increased by 6% and 1%, respectively, during the quarter versus the same period last year. For the full year, domestic gray cement and ready-mix volumes increased by 2% and by 3%, respectively, versus the full year 2013. During the quarter, bulk cement sales continued showing a positive performance. Demand for our products continued to be driven by higher activity in the formal residential and the industrial-and-commercial sector. The increase in activity in the infrastructure sector is supported by the continued strong levels of public investment. The informal residential sector is experiencing a recovery on the back of improved macroeconomic indicators such as job creation and remittances. United States January—December Fourth Quarter l-t-l % l-t-l % 2014 2013 % Var. 2014 2013 % Var. Var.* Var.* Net sales 3,678 3,314 11% 13% 923 819 13% 13% Operating EBITDA 421 255 65% 63% 138 77 78% 78% Operating EBITDA margin 11.4% 7.7% 3.7pp 14.9% 9.5% 5.4pp In millions of US dollars, except percentages. Domestic gray cement Ready-mix Aggregates Year-over-year percentage January—December Fourth Quarter January—December Fourth Quarter January—December Fourth Quarter variation Volume 7% 6% 2% 9% (2%) (4%) Price (USD) 6% 10% 8% 8% 11% 10% Price (local currency) 6% 10% 8% 8% 11% 10% In the United States, domestic gray cement and ready-mix volumes increased by 6% and 9%, respectively, during the fourth quarter of 2014 versus the same period last year, while aggregates volumes decreased by 4% during the same period. On a pro-forma basis, adjusting for the transfer of our ready-mix assets in the Carolinas into the newly established joint venture with Concrete Supply, ready-mix volumes grew by 10%. For the full year, both domestic gray cement and adjusted ready-mix volumes increased by 7%, while aggregates volumes declined by 2% versus the full year 2013. The increase in our cement volumes during the quarter reflects an improved demand in most of our markets, despite unfavorable weather conditions in some of our states. The industrial-and-commercial sector and the residential sector were the main drivers for volume growth during the quarter. Office, hotels and manufacturing construction activity contributed favorably to the performance of the industrial-and-commercial sector. Activity in the residential sector was driven mainly by the multi-family segment supported by positive fundamentals such as large pent-up demand, relatively high affordability, and low levels of inventories. The infrastructure sector also contributed to volume growth during the quarter. 2014 Fourth Quarter Results Page 3

 
Operating results Northern Europe January—December Fourth Quarter l-t-l % l-t-l % 2014 2013 % Var. 2014 2013 % Var. Var.* Var.* Net sales 4,153 4,077 2% 2% 971 1,067 (9%) 0% Operating EBITDA 367 331 11% 10% 87 79 9% 19% Operating EBITDA margin 8.8% 8.1% 0.7pp 8.9% 7.4% 1.5pp In millions of US dollars, except percentages. Domestic gray cement Ready-mix Aggregates Year-over-year percentage January—December Fourth Quarter January—December Fourth Quarter January—December Fourth Quarter variation Volume 5% 5% (2%) (5%) 5% 1% Price (USD) (0%) (9%) 1% (9%) 2% (5%) Price (local currency) (0%) (1%) 0% (0%) 1% 2% Our domestic gray cement volumes in the Northern Europe region increased by 5% during the fourth quarter of 2014 and increased by 5% for the full year versus the full year 2013. In Germany, our domestic gray cement volumes decreased by 2% during the fourth quarter and remained flat for the full year versus the same period last year. The decrease in our volumes during the quarter reflects the general change in the economic outlook, as well as some construction-workforce constraints. The residential sector continued to benefit from low levels of unemployment and mortgage rates despite the land availability and the regulatory caps in rental increases which dampened its performance. A growth in wages and net immigration also contributed to housing demand. In the industrial-and-commercial sector, there have been postponements and cancellations of projects. Domestic gray cement volumes of our operations in Poland increased by 10% during the quarter and increased by 6% for the full year versus the comparable periods in 2013. Construction activity during the quarter benefited from favorable weather conditions. Coming from a low base, the infrastructure sector continues to be the main driver of demand supported by power plants and railway projects. The industrial-and-commercial sector continues to be driven by industrial and warehousing constructions as well as offices and hotels. After a favorable first half of 2014, activity in the residential sector slowed down. In our operations in France, domestic ready-mix volumes decreased by 13% and our aggregates volumes increased by 2% during the fourth quarter of 2014 versus the comparable period last year. For the full year, ready?mix volumes decreased by6% and our aggregates volumes increased by 4%, versus the same period last year. During the quarter there was increased activity in traded aggregates volumes. Volumes during the quarter were affected by the deterioration of the economy. In the infrastructure sector, activity has slowed down due to financing constraints, the cancellation or postponement of some projects, and the government?s target to reduce deficit; however, the sector continues to be supported by a number of ongoing highway and high-speed-railway projects that started during 2012. The performance of the residential sector continues to be affected by high level of unemployment, loss of buying power and a less attractive buy-to-let program. In the United Kingdom, domestic gray cement, and aggregates volumes increased, on a year-over-year basis, by 4% and 11%, respectively, while ready-mix volumes declined by 1% during the fourth quarter of 2014. For the full year our domestic gray cement, ready-mix, and aggregates volumes increased by 2%, 1% and 13%, respectively, versus the comparable period in the previous year. During the quarter, the residential sector continued driving demand for our products. Activity in this sector continued to grow, nevertheless at a more moderate rate and continues to be supported by a rise in consumer confidence and government incentives to promote home ownership. The industrial and commercial sector performed favorably during the quarter driven by office construction in large cities. 2014 Fourth Quarter Results Page 4

 
results Mediterranean January—December Fourth Quarter l-t-l % l-t-l % 2014 2013 % Var. 2014 2013 % Var. Var.* Var.* Net sales 1,644 1,516 9% 10% 387 394 (2%) 5% Operating EBITDA 333 325 3% 5% 71 78 (9%) (4%) Operating EBITDA margin 20.3% 21.4% (1.1pp) 18.4% 19.9% (1.5pp) In millions of US dollars, except percentages. Domestic gray cement Ready-mix Aggregates Year-over-year percentage January—December Fourth Quarter January—December Fourth Quarter January—December Fourth Quarter variation Volume (2%) (6%) 8% 8% (4%) (9%) Price (USD) 8% 7% 0% (11%) 19% 7% Price (local currency) 10% 12% 0% (3%) 19% 17% Our domestic gray cement volumes in the Mediterranean region decreased by 6% during the fourth quarter and decreased by 2% for the full year versus the same periods in 2013. Domestic gray cement and ready-mix volumes for our operations in Spain increased by 1% and 15%, respectively, on a year-over-year basis during the quarter. For the full year, domestic gray cement and ready-mix volumes increased by 2%, and 6%, respectively, compared to the previous year. Activity in the residential sector continues to improve supported by the macroeconomic conditions in the country as well as better credit conditions. Regarding infrastructure, the increase in public biddings seen in previous quarters started to reflect in activity in the sector. In Egypt, our domestic gray cement volumes decreased by 11% during the fourth quarter of 2014 and decreased by 6% for the full year versus the same period last year. Volumes during the quarter were affected by electricity shortages and the increased cement-production capacity in the country. The informal sector continues to be the main driver of demand for our products. During the quarter, the formal residential sector continued to see increased activity. South, Central America and the Caribbean January—December Fourth Quarter l-t-l % l-t-l % 2014 2013 % Var. 2014 2013 % Var. Var.* Var.* Net sales 2,195 2,234 (2%) 3% 514 577 (11%) (3%) Operating EBITDA 727 793 (8%) (4%) 165 183 (9%) (1%) Operating EBITDA margin 33.1% 35.5% (2.4pp) 32.2% 31.7% 0.5pp In millions of US dollars, except percentages. Domestic gray cement Ready-mix Aggregates Year-over-year percentage January—December Fourth Quarter January—December Fourth Quarter January—December Fourth Quarter variation Volume 5% 2% 8% 7% 15% 11% Price (USD) (5%) (8%) (4%) (7%) (4%) (4%) Price (local currency) (0%) (0%) 1% 2% 1% 6% Our domestic gray cement volumes in the region increased by 2% during the fourth quarter of 2014 and increased by 5% for the full year versus the comparable periods last year. In Colombia, during the fourth quarter our domestic gray cement, ready-mix and aggregates volumes increased by 10%, 12% and 9%, respectively, compared to the fourth quarter of 2013. For the full year, our domestic gray cement, ready-mix and aggregates volumes increased by 16%, 14% and 20%, respectively, compared to the same period in 2013. Construction activity in the quarter was supported by a positive performance in all demand segments. The residential sector, including self-construction and formal housing, continued its positive trend. Infrastructure remained also an important driver for demand of our products with the execution of several ongoing highway projects. The industrial and commercial sectors continued with a strong performance driven by office and commercial buildings. 2014 Fourth Quarter Results Page 5

 
results Asia January—December Fourth Quarter l-t-l % l-t-l % 2014 2013 % Var. 2014 2013 % Var. Var.* Var.* Net sales 612 577 6% 13% 155 133 16% 20% Operating EBITDA 143 130 9% 11% 44 32 37% 36% Operating EBITDA margin 23.3% 22.6% 0.7pp 28.2% 23.9% 4.3pp In millions of US dollars, except percentages. Domestic gray cement Ready-mix Aggregates Year-over-year percentage January—December Fourth Quarter January—December Fourth Quarter January—December Fourth Quarter variation Volume 9% 21% (13%) (0%) (22%) (53%) Price (USD) (1%) 1% 7% 1% (3%) (8%) Price (local currency) 3% 3% 11% 6% 2% (5%) Our domestic gray cement volumes in the region increased by 21% during the fourth quarter and increased by 9% for the full year versus the same period last year. In the Philippines, our domestic gray cement volumes increased by 26% during the fourth quarter of 2014 and increased by 11% for the full year versus the comparable periods of last year. Volumes during the quarter benefited from strong public and private spending and also reflect the introduction of the new cement-grinding mill at the end of the second quarter of 2014. Favorable economic conditions such as stable levels of inflation and mortgage rates, and healthy remittances inflows continue to support the activity in the residential sector. Increased investor confidence contributed to the positive performance of the industrial-and-commercial sector during the quarter supported by different industries including manufacturing, automotive, business process outsourcing, gaming and hospitality, among others. Investment in the infrastructure sector has increased, although at a moderate pace reflecting a slow implementation of projects. 2014 Fourth Quarter Results Page 6

 
EBITDA, free cash flow and debt-related information Operating EBITDA and free cash flow January—December Fourth Quarter 2014 2013 % Var 2014 2013 % Var Operating earnings before other expenses, net 1,659 1,518 9% 443 359 24% + Depreciation and operating amortization 1,081 1,125 258 283 Operating EBITDA 2,740 2,643 4% 701 642 9% —Net financial expense 1,338 1,423 312 357 —Maintenance capital expenditures 512 489 209 232 —Change in working capital 15 207 (343) (301) —Taxes paid 558 511 79 72 —Other cash items (net) (83) 103 23 67 Free cash flow after maintenance capital expenditures 401 (89) N/A 421 216 95% —Strategic capital expenditures 190 117 86 45 Free cash flow 211 (206) N/A 335 171 96% In millions of US dollars, except percentages. Free cash flow during the quarter, plus the cash balance reduction as well as the unwinding of the zero strike call options initially related to the 2015 convertible notes were mainly used to pay down debt, and general corporate purposes. Our debt during the quarter reflects a positive foreign-exchange conversion effect for US$91 million. Information on debt and perpetual notes Third Fourth Fourth Quarter Quarter Quarter 2014 2013 % Var 2014 2014 2013 Total debt (1) 15,825 16,993 (7%) 16,479 Currency denomination Short-term 8% 2% 6% US dollar 88% 87% Long-term 92% 98% 94% Euro 10% 11% Perpetual notes 466 477 (2%) 470 Mexican peso 1% 2% Cash and cash equivalents 852 1,163 (27%) 1,004 Other 0% 0% Net debt plus perpetual notes 15,440 16,306 (5%) 15,944 Interest rate Consolidated funded debt (2)/EBITDA (3) Fixed 71% 68% 5.19 5.49 5.37 Variable 29% 32% Interest coverage (3) (4) 2.34 2.11 2.21 In millions of US dollars, except percentages and ratios. (1) Includes convertible notes and capital leases, in accordance with International Financial Reporting Standards (IFRS). (2) Consolidated funded debt as of December 31, 2014 was US$14,262 million, in accordance with our contractual obligations under the Facilities Agreement. (3) EBITDA calculated in accordance with IFRS. (4) Interest expense calculated in accordance with our contractual obligations under the Facilities Agreement. 2014 Fourth Quarter Results Page 7

 
and derivative instruments information Equity-related information One CEMEX ADS represents ten CEMEX CPOs. The following amounts are expressed in CPO terms. Beginning-of-quarter CPO-equivalent units outstanding 12,437,902,409 Stock-based compensation 416,228 End-of-quarter CPO-equivalent units outstanding 12,438,318,637 Outstanding units equal total CEMEX CPO-equivalent units less CPOs held in subsidiaries, which as of December 31, 2014 were 18,261,131. CEMEX has outstanding mandatorily convertible securities which, upon conversion, will increase the number of CPOs outstanding by approximately 210 million, subject to antidilution adjustments. Employee long-term compensation plans As of December 31, 2014, executives had outstanding options on a total of 1,410,250 CPOs, with a weighted-average strike price of approximately US$1.91 per CPO (equivalent to US$19.11 per ADS). Starting in 2005, CEMEX began offering executives a restricted stock-ownership program. As of December 31, 2014, our executives held 29,509,762 restricted CPOs, representing 0.2% of our total CPOs outstanding as of such date. Derivative instruments The following table shows the notional amount for each type of derivative instrument and the aggregate fair market value for all of CEMEX?s derivative instruments as of the last day of each quarter presented. Fourth Quarter Third Quarter 2014 2013 2014 Notional amount of equity related derivatives (1) 1,695 2,410 1,800 Estimated aggregate fair market value (1) (2) (3) 266 409 541 In millions of US dollars. The estimated aggregate fair market value represents the approximate settlement result as of the valuation date, based upon quoted market prices and estimated settlement costs, which fluctuate over time. Fair market values and notional amounts do not represent amounts of cash currently exchanged between the parties; cash amounts will be determined upon termination of the contracts considering the notional amounts and quoted market prices as well as other derivative items as of the settlement date. Fair market values should not be viewed in isolation, but rather in relation to the fair market values of the underlying hedge transactions and the overall reduction in CEMEX?s exposure to the risks being hedged. Note: Under IFRS, companies are required to recognize all derivative financial instruments on the balance sheet as assets or liabilities, at their estimated fair market value, with changes in such fair market values recorded in the income statement, except when transactions are entered into for cash-flow-hedging purposes, in which case changes in the fair market value of the related derivative instruments are recognized temporarily in equity and then reclassified into earnings as the inverse effects of the underlying hedged items flow through the income statement. As of December 31, 2014, in connection with the fair market value recognition of its derivatives portfolio, CEMEX recognized increases in its assets and liabilities resulting in a net asset of US$299 million, including a liability of US$28 million corresponding to an embedded derivative related to our mandatorily convertible securities, which according to our debt agreements, is presented net of the assets associated with the derivative instruments. The notional amounts of derivatives substantially match the amounts of underlying assets, liabilities, or equity transactions on which the derivatives are being entered into. (1) Excludes an interest-rate swap related to our long-term energy contracts. As of December 31, 2014, the notional amount of this derivative was US$165 million, with a positive fair market value of approximately US$33 million. (2) Net of cash collateral deposited under open positions. Cash collateral was US$14 million as of December 31, 2014 and US$7 million as of December 31, 2013. (3) As required by IFRS, the estimated aggregate fair market value as of December 31, 2014 and 2013 includes a liability of US$28 million and US$39 million, respectively, relating to an embedded derivative in CEMEX?s mandatorily convertible securities. 2014 Fourth Quarter Results Page 8

 
results Consolidated Income Statement &amp; Balance Sheet CEMEX, S.A.B. de C.V. and Subsidiaries (Thousands of U.S. Dollars, except per ADS amounts) January—December Fourth Quarter like-to-like like-to-like INCOME STATEMENT 2014 2013 % Var. % Var.* 2014 2013 % Var. % Var.* Net sales 15,708,491 15,226,548 3% 6% 3,837,736 3,872,400 (1%) 5% Cost of sales (10,676,569) (10,488,259) (2%) (2,525,400) (2,626,552) 4% Gross profit 5,031,922 4,738,290 6% 9% 1,312,336 1,245,848 5% 12% Operating expenses (3,372,741) (3,220,465) (5%) (869,129) (887,102) 2% Operating earnings before other expenses, net 1,659,181 1,517,825 9% 13% 443,206 358,746 24% 31% Other expenses, net (383,539) (381,550) (1%) (305,862) (147,223) (108%) Operating earnings 1,275,643 1,136,275 12% 137,345 211,523 (35%) Financial expense (1,608,351) (1,551,528) (4%) (345,079) (411,616) 16% Other financial income (expense), net 186,654 132,806 41% (41,565) 33,470 N/A Financial income 24,242 33,025 (27%) 4,417 9,219 (52%) Results from financial instruments, net (65,376) 161,491 N/A (182,261) 47,925 N/A Foreign exchange results 293,228 4,455 6482% 151,639 (994) N/A Effects of net present value on assets and liabilities and others, net (65,439) (66,165) 1% (15,360) (22,680) 32% Equity in gain (loss) of associates 22,099 17,805 24% 7,580 9,819 (23%) Income (loss) before income tax (123,954) (264,642) 53% (241,720) (156,805) (54%) Income tax (300,886) (483,297) 38% 66,920 (77,599) N/A Consolidated net income (loss) (424,840) (747,939) 43% (174,800) (234,404) 25% Non-controlling interest net income (loss) 82,477 95,161 (13%) 2,973 21,011 (86%) Controlling interest net income (loss) (507,317) (843,100) 40% (177,774) (255,415) 30% Operating EBITDA 2,740,489 2,643,035 4% 6% 701,291 642,231 9% 16% Earnings (loss) per ADS (0.39) (0.68) 42% (0.14) (0.21) 34% As of December 31 BALANCE SHEET 2014 2013 % Var. Total assets 34,936,289 38,017,604 (8%) Cash and cash equivalents 854,096 1,162,949 (27%) Trade receivables less allowance for doubtful accounts 1,828,622 1,990,129 (8%) Other accounts receivable 300,909 537,155 (44%) Inventories, net 1,226,187 1,301,565 (6%) Other current assets 604,136 299,264 102% Current assets 4,813,950 5,291,062 (9%) Property, machinery and equipment, net 13,767,183 15,763,752 (13%) Other assets 16,355,156 16,962,789 (4%) Total liabilities 24,883,959 26,652,253 (7%) Current liabilities 5,442,645 4,564,156 19% Long-term liabilities 12,980,122 14,331,077 (9%) Other liabilities 6,461,191 7,757,020 (17%) Total stockholders’ equity 10,052,330 11,365,351 (12%) Non-controlling interest and perpetual instruments 1,157,936 1,144,742 1% Total controlling interest 8,894,394 10,220,609 (13%) 2014 Fourth Quarter Results Page 9

 
results Consolidated Income Statement &amp; Balance Sheet CEMEX, S.A.B. de C.V. and Subsidiaries (Thousands of Mexican Pesos in nominal terms, except per ADS amounts) January—December Fourth Quarter INCOME STATEMENT 2014 2013 % Var. 2014 2013 % Var. Net sales 210,022,521 195,661,148 7% 53,920,191 50,573,543 7% Cost of sales (142,745,725) (134,774,125) (6%) (35,481,874) (34,302,771) (3%) Gross profit 67,276,796 60,887,023 10% 18,438,317 16,270,772 13% Operating expenses (45,093,541) (41,382,975) (9%) (12,211,269) (11,585,548) (5%) Operating earnings before other expenses, net 22,183,255 19,504,048 14% 6,227,048 4,685,224 33% Other expenses, net (5,127,910) (4,902,916) (5%) (4,297,355) (1,922,738) (124%) Operating earnings 17,055,345 14,601,131 17% 1,929,693 2,762,486 (30%) Financial expense (21,503,647) (19,937,134) (8%) (4,848,366) (5,375,706) 10% Other financial income (expense), net 2,495,569 1,706,552 46% (583,994) 437,113 N/A Financial income 324,111 424,365 (24%) 62,053 120,394 (48%) Results from financial instruments, net (874,082) 2,075,162 N/A (2,560,760) 625,904 N/A Foreign exchange results 3,920,462 57,243 6749% 2,130,527 (12,980) N/A Effects of net present value on assets and liabilities and others, net (874,922) (850,218) (3%) (215,813) (296,205) 27% Equity in gain (loss) of associates 295,467 228,798 29% 106,501 128,231 (17%) Income (loss) before income tax (1,657,265) (3,400,652) 51% (3,396,165) (2,047,876) (66%) Income tax (4,022,849) (6,210,366) 35% 940,224 (1,013,438) N/A Consolidated net income (loss) (5,680,114) (9,611,018) 41% (2,455,941) (3,061,314) 20% Non-controlling interest net income (loss) 1,102,718 1,222,817 (10%) 41,777 274,406 (85%) Controlling interest net income (loss) (6,782,832) (10,833,835) 37% (2,497,718) (3,335,720) 25% Operating EBITDA 36,640,341 33,963,003 8% 9,853,135 8,387,533 17% Earnings (loss) per ADS (5.26) (8.75) 40% (1.93) (2.70) 29% As of December 31 BALANCE SHEET 2014 2013 % Var. Total assets 514,960,893 496,129,728 4% Cash and cash equivalents 12,589,375 15,176,489 (17%) Trade receivables less allowance for doubtful accounts 26,953,889 25,971,186 4% Other accounts receivable 4,435,402 7,009,869 (37%) Inventories, net 18,073,998 16,985,421 6% Other current assets 8,904,960 3,905,394 128% Current assets 70,957,624 69,048,360 3% Property, machinery and equipment, net 202,928,272 205,716,970 (1%) Other assets 241,074,998 221,364,399 9% Total liabilities 366,789,550 347,811,897 5% Current liabilities 80,224,594 59,562,242 35% Long-term liabilities 191,327,002 187,020,550 2% Other liabilities 95,237,954 101,229,105 (6%) Total stockholders’ equity 148,171,343 148,317,832 (0%) Non-controlling interest and perpetual instruments 17,067,970 14,938,879 14% Total controlling interest 131,103,374 133,378,953 (2%) 2014 Fourth Quarter Results Page 10

 
results Operating Summary per Country In thousands of U.S. dollars January—December Fourth Quarter like-to-like like-to-like NET SALES 2014 2013 % Var. % Var. * 2014 2013 % Var. % Var. * Mexico 3,184,804 3,186,706 (0%) 4% 827,130 785,078 5% 13% U.S.A. 3,678,449 3,314,359 11% 13% 923,005 818,979 13% 13% Northern Europe 4,152,681 4,076,979 2% 2% 970,840 1,066,653 (9%) 0% Mediterranean 1,644,485 1,515,619 9% 10% 386,833 394,250 (2%) 5% South, Central America and the Caribbean 2,194,797 2,233,978 (2%) 3% 514,300 576,655 (11%) (3%) Asia 611,877 576,527 6% 13% 154,861 133,109 16% 20% Others and intercompany eliminations 241,397 322,381 (25%) (25%) 60,767 97,676 (38%) (38%) TOTAL 15,708,491 15,226,548 3% 6% 3,837,736 3,872,400 (1%) 5% GROSS PROFIT Mexico 1,565,538 1,543,314 1% 6% 414,188 401,547 3% 11% U.S.A. 696,915 473,941 47% 47% 209,057 140,100 49% 49% Northern Europe 1,042,712 1,032,738 1% 0% 264,061 292,097 (10%) (2%) Mediterranean 476,423 497,460 (4%) (3%) 107,038 117,160 (9%) (2%) South, Central America and the Caribbean 963,460 1,021,475 (6%) (1%) 225,731 255,403 (12%) (4%) Asia 219,050 169,194 29% 34% 67,330 41,798 61% 64% Others and intercompany eliminations 67,823 166 40749% 40749% 24,931 (2,257) N/A N/A TOTAL 5,031,922 4,738,290 6% 9% 1,312,336 1,245,848 5% 12% OPERATING EARNINGS BEFORE OTHER EXPENSES, NET Mexico 819,301 815,688 0% 5% 212,631 199,040 7% 16% U.S.A. (8,518) (203,166) 96% 96% 37,437 (34,073) N/A N/A Northern Europe 140,248 103,377 36% 33% 32,447 19,067 70% 82% Mediterranean 234,233 222,049 5% 8% 47,375 55,970 (15%) (11%) South, Central America and the Caribbean 639,375 702,497 (9%) (4%) 142,912 155,957 (8%) (0%) Asia 112,256 99,081 13% 13% 35,742 24,171 48% 44% Others and intercompany eliminations (277,713) (221,702) (25%) (31%) (65,337) (61,386) (6%) (17%) TOTAL 1,659,181 1,517,825 9% 13% 443,206 358,746 24% 31% 2014 Fourth Quarter Results Page 11

 
results Operating Summary per Country EBITDA in thousands of U.S. dollars. EBITDA margin as a percentage of net sales. January—December Fourth Quarter like-to-like like-to-like OPERATING EBITDA 2014 2013 % Var. % Var. * 2014 2013 % Var. % Var. * Mexico 999,142 1,008,527 (1%) 3% 255,439 246,849 3% 12% U.S.A. 420,810 254,961 65% 63% 137,618 77,434 78% 78% Northern Europe 367,050 331,403 11% 10% 86,725 79,380 9% 19% Mediterranean 333,319 324,610 3% 5% 71,058 78,376 (9%) (4%) South, Central America and the Caribbean 727,223 792,584 (8%) (4%) 165,479 182,781 (9%) (1%) Asia 142,719 130,389 9% 11% 43,654 31,813 37% 36% Others and intercompany eliminations (249,774) (199,439) (25%) (32%) (58,682) (54,403) (8%) (20%) TOTAL 2,740,489 2,643,035 4% 6% 701,291 642,231 9% 16% OPERATING EBITDA MARGIN Mexico 31.4% 31.6% 30.9% 31.4% U.S.A. 11.4% 7.7% 14.9% 9.5% Northern Europe 8.8% 8.1% 8.9% 7.4% Mediterranean 20.3% 21.4% 18.4% 19.9% South, Central America and the Caribbean 33.1% 35.5% 32.2% 31.7% Asia 23.3% 22.6% 28.2% 23.9% TOTAL 17.4% 17.4% 18.3% 16.6% 2014 Fourth Quarter Results Page 12

 
results Volume Summary Consolidated volume summary Cement and aggregates: Thousands of metric tons. Ready-mix: Thousands of cubic meters. January—December Fourth Quarter 2014 2013 % Var. 2014 2013 % Var. Consolidated cement volume 1 68,399 65,012 5% 17,195 16,331 5% Consolidated ready-mix volume 55,994 54,902 2% 14,226 13,955 2% Consolidated aggregates volume 167,745 162,182 3% 41,812 41,867 (0%) summary Per-country volume January—December Fourth Quarter Fourth Quarter 2014 Vs. DOMESTIC GRAY CEMENT VOLUME 2014 Vs. 2013 2014 Vs. 2013 Third Quarter 2014 Mexico 2% 6% 6% U.S.A. 7% 6% (9%) Northern Europe 5% 5% (16%) Mediterranean (2%) (6%) (3%) South, Central America and the Caribbean 5% 2% (3%) Asia 9% 21% 6% READY-MIX VOLUME Mexico 3% 1% 3% U.S.A. 2% 9% (6%) Northern Europe (2%) (5%) (7%) Mediterranean 8% 8% 3% South, Central America and the Caribbean 8% 7% (8%) Asia (13%) (0%) 11% AGGREGATES VOLUME Mexico 10% 7% 5% U.S.A. (2%) (4%) (8%) Northern Europe 5% 1% (10%) Mediterranean (4%) (9%) (2%) South, Central America and the Caribbean 15% 11% (5%) Asia (22%) (53%) 4% 1 Consolidated cement volume includes domestic and export volume of gray cement, white cement, special cement, mortar and clinker.2014 Fourth Quarter Results Page 13

 
results Price Summary Variation in U.S. Dollars January—December Fourth Quarter Fourth Quarter 2014 Vs. DOMESTIC GRAY CEMENT PRICE 2014 Vs. 2013 2014 Vs. 2013 Third Quarter 2014 Mexico (2%) (1%) (6%) U.S.A. 6% 10% 3% Northern Europe (*) (0%) (9%) (4%) Mediterranean (*) 8% 7% (2%) South, Central America and the Caribbean (*) (5%) (8%) (6%) Asia (*) (1%) 1% (2%) READY-MIX PRICE Mexico (2%) (3%) (4%) U.S.A. 8% 8% 0% Northern Europe (*) 1% (9%) (4%) Mediterranean (*) 0% (11%) (5%) South, Central America and the Caribbean (*) (4%) (7%) (8%) Asia (*) 7% 1% (6%) AGGREGATES PRICE Mexico (1%) (2%) (6%) U.S.A. 11% 10% 0% Northern Europe (*) 2% (5%) (3%) Mediterranean (*) 19% 7% (6%) South, Central America and the Caribbean (*) (4%) (4%) (8%) Asia (*) (3%) (8%) (1%) Variation in Local Currency January—December Fourth Quarter Fourth Quarter 2014 Vs. DOMESTIC GRAY CEMENT PRICE 2014 Vs. 2013 2014 Vs. 2013 Third Quarter 2014 Mexico 2% 6% (0%) U.S.A. 6% 10% 3% Northern Europe (*) (0%) (1%) 2% Mediterranean (*) 10% 12% (0%) South, Central America and the Caribbean (*) (0%) (0%) (0%) Asia (*) 3% 3% (0%) READY-MIX PRICE Mexico 2% 4% 2% U.S.A. 8% 8% 0% Northern Europe (*) 0% (0%) 1% Mediterranean (*) 0% (3%) 1% South, Central America and the Caribbean (*) 1% 2% (0%) Asia (*) 11% 6% (1%) AGGREGATES PRICE Mexico 3% 5% (0%) U.S.A. 11% 10% 0% Northern Europe (*) 1% 2% 2% Mediterranean (*) 19% 17% 1% South, Central America and the Caribbean (*) 1% 6% 1% Asia (*) 2% (5%) 3% (*) Volume weighted-average price. 2014 Fourth Quarter Results Page 14

 
activities CEMEX and Holcim close series of transactions in Europe On January 6, 2015, CEMEX announced that it has closed the series of transactions with Holcim, originally announced on August 28, 2013 and supplemented on October 30, 2014. CEMEX acquired all of Holcim?s assets in the Czech Republic and divested its assets in the western part of Germany to Holcim. In Spain, CEMEX acquired Holcim?s Gador cement plant (cement capacity of 0.85 million tons) and its Yeles cement grinding station (cement capacity of 0.90 million tons). As part of these transactions, CEMEX paid U.S.$40 million in cash to Holcim. CEMEX expects a recurring improvement in its EBITDA, including synergies, of about US$20 to US$30 million. CEMEX announces CLH capacity expansion project in Costa Rica On December 18, 2014, CEMEX announced that its subsidiary CEMEX Latam Holdings, S.A. (“CLH”) will start a project to increase cement production capacity in its plant located in Colorado, Costa Rica by approximately 25%, reaching an annual capacity of 1.1 million tons per year by 2017. The total investment is expected to be approximately US$35 million in a 3 year period and will include the construction of a new grinding mill, as well as several capacity enhancing projects on its clinker production line. Additionally, the expansion is expected to generate approximately 90 jobs during the construction phase and about 50 jobs once operations begin. CEMEX to resume Tepeaca plant expansion On December 1, 2014, CEMEX announced the restart of the Tepeaca cement plant expansion. By 2017 the total production capacity will reach 7.6 million tons per year. Total investment is estimated to be approximately US$650 million.The additional investment, in order to add 4.4 million tons per year to the current capacity, will be approximately US$200 million, since the company had already invested close to US$450 million by 2008. This investment will allow CEMEX to be fully prepared to better serve our Mexican market in that region. Additionally, the expansion is expected to generate approximately 1,500 jobs during the construction phase and about 100 direct and 240 indirect jobs once operations begin. CEMEX to install 100,000 concrete cookstoves On November 24, 2014, CEMEX announced the start of sales and installation of 100,000 ecological concrete cookstoves to improve the quality of life of approximately half a million people in Mexico and Guatemala by 2017. With an investment of approximately US$2 million, the development of this social business is an action that CEMEX performs as part of the Global Alliance for Clean Cookstoves, an initiative that seeks to foster the adoption of clean cookstoves and fuels in 100 million households globally by 2020. This initiative was launched in 2010 by former U.S. Secretary of State Hillary Rodham Clinton. CEMEX Building Award recognizes the best in architecture and construction in 16 countries On November 6, 2014, CEMEX announced the winners of the XXIII Edition of the CEMEX Building Award, recognizing buildings that stand out for their constructive, conceptual, technical, and aesthetic solutions. On this edition, the CEMEX Building Award registration recorded 500 domestic buildings and 214 constructed in Bosnia, Brazil, Colombia, Costa Rica, Croatia, Guatemala, Mexico, Montenegro, Nicaragua, Panama, Poland, Puerto Rico, Dominican Republic, Czech Republic, Thailand and United Kingdom. The jury that evaluated all works consisted of 17 specialists from six different countries. Winning entries of the contest were selected by the new conceptual, technical, and aesthetic solutions applied in their design, construction or use. CEMEX increases new bank loan to U.S.$1.87 billion and successfully concludes amendment to facilities agreement On November 3, 2014, CEMEX announced that it received U.S.$515 million of commitments from banks that have agreed to join the credit agreement entered into on September 30, 2014 (the ?Credit Agreement?). The banks that provided the new commitments acceded the Credit Agreement as additional lenders, increasing the total amount of the Credit Agreement from U.S.$1.35 billion to U.S.$1.87 billion. The incremental amount raised was applied to partially prepay the Facilities Agreement dated September 17, 2012 (as amended from time to time, the “Facilities Agreement”) and to pay other debt. After the prepayment of the Facilities Agreement, the remaining outstanding amount under this facility was reduced to approximately U.S.$2.05 billion, scheduled to mature in 2017. Additionally, CEMEX announced it has obtained the required consents to amend the Facilities Agreement so the covenants and undertakings under this facility are conformed to those of the Credit Agreement. The main amendments include: The amounts allowed for capital expenditures are increased from U.S.$800 million to U.S.$1 billion per year; The amounts allowed for permitted acquisitions and investments in joint ventures are increased from U.S.$250 million to U.S.$400 million per year; The restrictions on asset swaps are eliminated; and A new mandatory prepayment regime that eliminates the cash sweep covenant and provides CEMEX with more discretion to use its cash is introduced. 2014 Fourth Quarter Results Page 15

 
information Mexican Tax Reform 2010 and 2014 In November 2009, Mexico approved amendments to the income tax law, which became effective on January 1, 2010. Such amendments modified the tax consolidation regime by requiring entities to determine income taxes as if the tax consolidation provisions did not exist from 1999 onward, specifically turning into taxable items: a) the difference between the sum of the equity of the controlled entities for tax purposes and the equity of the consolidated entity for tax purposes; b) dividends from the controlled entities for tax purposes to CEMEX, S.A.B. de C.V.; and c) other transactions that represented the transfer of resources between the companies included in the tax consolidation. In December 2010, pursuant to miscellaneous rules, the tax authority in Mexico granted the option to defer the calculation and payment of the income tax over the difference in equity explained above, until the subsidiary is disposed of or CEMEX eliminates the tax consolidation. Tax liabilities associated with the tax loss carryforwards used in the tax consolidation of the Mexican subsidiaries are not offset with deferred tax assets in the balance sheet. The realization of these tax assets is subject to the generation of future tax earnings in the controlled subsidiaries that generated the tax loss carryforwards in the past. In addition, in connection with new amendments to the income tax law in Mexico approved in December 2013 and effective beginning January 1, 2014, the tax consolidation regime in effect until December 31, 2013, was replaced prospectively by a new integration regime, to which CEMEX will not apply, resulting in that beginning in 2014, each Mexican entity will determine its income taxes based solely in its individual results, and a period of up to 10 years has been established for the settlement of the liability for income taxes related to the tax consolidation regime accrued until December 31, 2013, amount which considering the new rules issued for the disconnection of the tax consolidation regime amounted to approximately US$1,901 million, based on an exchange rate of Ps13.05 to U.S.$1.00 as of December 31, 2013. Changes in the Parent Company?s tax payable associated with the tax consolidation in Mexico in 2014 were as follows (approximate US$ Millions): 2014 Balance at the beginning of the period $1,683* Restatement for the period $65 Payments during the period ($294) Balance at the end of the period $1,454 *Based on an exchange rate of Ps14.74 to U.S.$1.00 as of December 31,2014 As of December 31, 2014, the estimated payment schedule of taxes payable resulting from these changes in the tax consolidation regime in Mexico were as follows (approximate amounts in millions of US dollars): 2015 $350 2016 $293 2017 $291 2018 $215 2019 and thereafter $305 1,454 Antitrust Cartel Litigation in Germany Regarding this matter, a date for issuing a decision on the appeal filed by Cartel Damages Claims, SA (?CDC?) on January 15, 2014 has been set for February 18, 2015. Antitrust Investigation in Colombia Regarding this matter, it is expected that in early 2015 the Superintendent Delegate for Competition Protection will issue a non-binding report of the investigation which could provide a recommendation to impose sanctions or to close the investigation, and a decision by the Colombian Superintendency of Industry and Commerce (the ?SIC?) on this matter would be expected during the second or third quarter of 2015. If the SIC decides to impose a sanction against CEMEX Colombia, S.A. we have the possibility of filing several recourses that are available to us that would take a considerable amount of time to get resolved. Environmental Matters ? United States On December 19, 2014, the United States Environmental Protection Agency issued a final rule on the regulation of Coal Combustion Products (the ?Final Rule?). As of December 30, 2014, we are analyzing the effects of the Final Rule; however, based on current information, we believe that the effects of the Final Rule should not have a material impact on us. Tax Matters ? Egypt This case has been adjourned until February 28, 2015. Furthermore, Assiut Cement Company has filed a request before the Ministerial Committee for Investments? Dispute Resolutions claiming non-entitlement of the Egyptian tax authority to the development levy on clay used in the production of cement from the date of enforceability of Law No. 114/2008 up until issuance of Law No. 73/2010, and from cement produced using imported clinker. 2014 Fourth Quarter Results Page 16

 
of terms and disclosures Methodology for translation, consolidation, and presentation of results Under IFRS, beginning January 1, 2008, CEMEX translates the financial statements of foreign subsidiaries using exchange rates at the reporting date for the balance sheet and the exchange rates at the end of each month for the income statement. CEMEX reports its consolidated results in Mexican pesos. For the reader?s convenience, beginning June 30, 2008, US dollar amounts for the consolidated entity are calculated by converting the nominal Mexican peso amounts at the end of each quarter using the average MXN/US$ exchange rate for each quarter. The exchange rates used to convert results for the fourth quarter of 2014 and the fourth quarter of 2013 are 14.05 and 13.06 Mexican pesos per US dollar, respectively. Per-country/region figures are presented in US dollars for the reader?s convenience. Figures presented in US dollars for Mexico, as of December 31, 2014, and December 31, 2013, can be converted into their original local currency amount by multiplying the US-dollar figure by the corresponding average exchange rates for 2014 and 2013, provided below. Breakdown of regions Northern Europe includes operations in Austria, the Czech Republic, France, Germany, Hungary, Ireland, Latvia, Poland, and the United Kingdom, as well as trading operations in several Nordic countries. The Mediterranean region includes operations in Croatia, Egypt, Israel, Spain, and the United Arab Emirates. The South, Central America and the Caribbean region includes CEMEX?s operations in Argentina, Bahamas, Brazil, Colombia, CostaRica, the Dominican Republic, El Salvador, Guatemala, Haiti, Jamaica, Nicaragua, Panama, Peru, and Puerto Rico, as well as trading operations in the Caribbean region. The Asia region includes operations in Bangladesh, China, Malaysia, the Philippines, Taiwan, and Thailand. 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 and coupon payments on our perpetual notes). Maintenance capital expenditures investments incurred for the purpose of ensuring the company?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 company policies. Net debt equals total debt (debt plus convertible bonds and financial leases) minus cash and cash equivalents. Operating EBITDA equals operating earnings before other expenses, net, plus depreciation and operating amortization. pp equals percentage points Prices all references to pricing initiatives, price increases or decreases, refer to our prices for our products Strategic capital expenditures investments incurred with the purpose of increasing the company?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. Earnings per ADS The number of average ADSs outstanding used for the calculation of earnings per ADS was 1,274.5 million for the fourth quarter of 2014; 1,256.4 million for year?to?date 2014; 1,219.6 million for the fourth quarter of 2013; and 1,216.5 million for year?to?date 2013. According to the IAS 33 Earnings per share, the weighted-average number of common shares outstanding is determined considering the number of days during the accounting period in which the shares have been outstanding, including shares derived from corporate events that have modified the stockholder’s equity structure during the period, such as increases in the number of shares by a public offering and the distribution of shares from stock dividends or recapitalizations of retained earnings and the potential diluted shares (Stock options, Restricted Stock Options and Mandatory Convertible Shares). The shares issued as a result of share dividends, recapitalizations and potential diluted shares are considered as issued at the beginning of the period. Exchange rates January—December Fourth Quarter Fourth Quarter 2014 2013 2014 2013 2014 2013 Average Average Average Average End of period End of period Mexican peso 13.37 12.85 14.05 13.06 14.74 13.05 Euro 0.7583 0.7511 0.8071 0.73 0.8263 0.7268 British pound 0.6079 0.639 0.634 0.6131 0.6416 0.6037 Amounts provided in units of local currency per US dollar. 2014 Fourth Quarter Results Page 17

Exhibit 3

 	
 
2014
Fourth Quarter Results

 	

Forward looking information
This presentation contains certain forward-looking statements and information relating to CEMEX, S.A.B. de C.V. and its subsidiaries (collectively, “CEMEX”) that are based on its knowledge of present facts, expectations and projections, circumstances and assumptions about future events. Many factors could cause the actual results, performance or achievements of CEMEX to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic, political, governmental, and business conditions globally and in the countries in which CEMEX operates, CEMEX’s ability to comply with the terms and obligations of its debt agreements and other debt instruments, CEMEX’s ability to achieve anticipated cost savings, changes in interest rates, changes in inflation rates, changes in exchange rates, the cyclical activity of the construction sector generally, changes in cement demand and prices, CEMEX’s ability to benefit from government economic stimulus plans, changes in raw material and energy prices, changes in business strategy, changes in the prevailing regulatory framework, natural disasters and other unforeseen events and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or targeted. Forward-looking statements are made as of the date hereof, and CEMEX does not intend, nor is it obligated, to update these forward-looking statements, whether as a result of new information, future events or otherwise.
UNLESS OTHERWISE NOTED, ALL FIGURES ARE PRESENTED IN DOLLARS,
BASED ON INTERNATIONAL FINANCIAL REPORTING STANDARDS
Copyright CEMEX, S.A.B. de C.V. and its subsidiaries.
2

 	

4Q14 results highlights
January – December Fourth Quarter 
l-t-l % l-t-l % 
Millions of US dollars 2014 2013% var 2014 2013% var 
var var 
Net sales 15,708 15,227 3% 6% 3,838 3,872(1%) 5%
Gross profit 5,032 4,738 6% 9% 1,312 1,246 5% 12%
Operating earnings before
1,659 1,518 9% 13% 443 359 24% 31%
other expenses, net
Operating EBITDA 2,740 2,643 4% 6% 701 642 9% 16%
Free cash flow after
401 (89) N/A 421 216 95%
maintenance capex
Fourth consecutive year of operating EBITDA growth
Operating EBITDA increased during 2014 by 6%, on a like-to-like  basis, mainly due to improvement in volumes in most of our regions, better pricing in the U.S. and the Mediterranean region, favorable operating leverage in the U.S., and continued initiatives to improve our operating efficiency
3

 	

Consolidated volumes and prices
2014 vs. 2013 4Q14 vs. 4Q13 4Q14 vs. 3Q14
Volume (l-t-l1) 4% 5%(3%)
Domestic gray
Price (USD) 0%(1%)(3%)
cement
Price (l-t-l1) 3% 5% 1%
Volume (l-t-l1) 3% 3%(3%)
Ready mix Price (USD) 2%(3%)(4%)
Price (l-t-l1) 3% 2%(0%)
Volume (l-t-l1) 4% 1%(6%)
Aggregates Price (USD) 5% 0%(4%)
Price (l-t-l1) 5% 6%(0%)
Increase in quarterly domestic gray cement and ready-mix volumes in  all of our regions except the Mediterranean in cement and the Northern Europe and Asia regions in ready mix Sequential increase in consolidated cement local-currency prices, on a like-to-like basis, mainly driven by increases in the U.S. and the Northern Europe region For the full year, volumes and consolidated prices in local-currency terms of our three core products increased on a year-over-year basis
1 Like-to-like volumes adjusted for investments/divestments and, in the case of prices, foreign-exchange fluctuations
4

 	

4Q14 and 2014 achievements
Increase in like-to-like consolidated volumes and local-currency prices for  our three core products during 2014 Highest 4Q and full year operating EBITDA generation since 2008, despite adverse currency fluctuations Positive free cash flow generation during 4Q14 and full year, achieving record-low level of working capital days During 2014, on the financing side:
Reduction of total debt of close to US$1.2 billion
Issuance of US$3.2 billion in senior secured notes at an average  cost of 5.6%, improving our debt maturity profile, reducing our interest expense and strengthening our capital structure New syndicated-bank loan facility for US$1.865 billion with improved terms which reflect our better credit profile Concluded efforts to address the contingent maturity of our 2015 convertible Subordinated notes
Closed three transactions with Holcim in the Czech Republic, Germany and Spain during January 2015 Sold assets for about US$250 million during 2014
5

 	

Fourth Quarter 2014
Regional Highlights

 	

Mexico
Millions of
2014 2013% var l-t-l % var 4Q14 4Q13% var l-t-l % var 
US dollars
Net Sales 3,185 3,187(0%) 4% 827 785 5% 13%
Op. EBITDA 999 1,009(1%) 3% 255 247 3% 12%
as % net sales 31.4% 31.6%(0.2pp) 30.9% 31.4%(0.5pp)
2014 vs. 4Q14 vs. 4Q14 vs. 
Volume
2013 4Q13 3Q14
Cement 2% 6% 6%
Ready mix 3% 1% 3%
Aggregates 10% 7% 5%
2014 vs. 4Q14 vs. 4Q14 vs. 
Price (LC)
2013 4Q13 3Q14
Cement 2% 6%(0%)
Ready mix 2% 4% 2%
Aggregates 3% 5%(0%)
Quarterly and full-year increases in volumes and local-currency prices  for our three core products, on a year-over-year basis The formal residential sector was the main driver for our volumes during 2014; housing starts and permits accelerated during 4Q14 The infrastructure sector increased activity during the second half of 2014 supported by strong investment in the sector
7

 	

United States
Millions of
2014 2013% var l-t-l % var 4Q14 4Q13% var l-t-l % var 
US dollars
Net Sales 3,678 3,314 11% 13% 923 819 13% 13%
Op. EBITDA 421 255 65% 63% 138 77 78% 78%
as % net sales 11.4% 7.7% 3.7pp 14.9% 9.5% 5.4pp
2014 vs. 4Q14 vs. 4Q14 vs. 
Volume
2013 4Q13 3Q14
Cement 7% 6%(9%)
Ready mix 2% 9%(6%)
Aggregates (2%)(4%)(8%)
2014 vs. 4Q14 vs. 4Q14 vs. 
Price (LC)
2013 4Q13 3Q14
Cement 6% 10% 3%
Ready mix 8% 8% 0%
Aggregates 11% 10% 0%
Cement and ready-mix volumes grew on a year-over-year basis during  2014 and during the quarter Ready-mix volumes increased by 10% during the quarter, adjusting for the transfer of our ready-mix assets to the joint venture in the  Carolinas Full-year volume growth primarily driven by the industrial-and-commercial and residential sectors During 4Q14 and 2014, year-over-year price growth for our three core products; increase in sequential cement prices during the quarter
8

 	

Northern Europe
Millions of
2014 2013% var l-t-l % var 4Q14 4Q13% var l-t-l % var 
US dollars
Net Sales 4,153 4,077 2% 2% 971 1,067(9%) 0%
Op. EBITDA 367 331 11% 10% 87 79 9% 19%
as % net sales 8.8% 8.1% 0.7pp 8.9% 7.4% 1.5pp
2014 vs. 4Q14 vs. 4Q14 vs. 
Volume
2013 4Q13 3Q14
Cement 5% 5%(16%)
Ready mix (2%)(5%)(7%)
Aggregates 5% 1%(10%)
1 2014 vs. 4Q14 vs. 4Q14 vs.
Price (LC) 2013 4Q13 3Q14
Cement (0%)(1%) 2%
Ready mix 0%(0%) 1%
Aggregates 1% 2% 2%
Regional cement volumes increased for the quarter and full year  2014 mainly due to improved performance in Poland, the UK, the Czech Republic, and Scandinavia Regional sequential price increases for our three core products during the quarter in local-currency terms The residential sector was the main driver of demand in the United Kingdom and Germany during 2014, supported by low mortgage rates and low unemployment In Poland, the infrastructure sector was the main driver of demand during 2014, coming from a very low base; volumes during the quarter benefited from favorable weather conditions
1 Volume-weighted, local-currency average prices
9

 	

Mediterranean
Millions of
2014 2013% var l-t-l % var 4Q14 4Q13% var l-t-l % var 
US dollars
Net Sales 1,644 1,516 9% 10% 387 394(2%) 5%
Op. EBITDA 333 325 3% 5% 71 78 (9%)(4%)
as % net sales 20.3% 21.4%(1.1pp) 18.4% 19.9%(1.5pp)
2014 vs. 4Q14 vs. 4Q14 vs. 
Volume
2013 4Q13 3Q14
Cement (2%)(6%)(3%)
Ready mix 8% 8% 3%
Aggregates (4%)(9%)(2%)
1 2014 vs. 4Q14 vs. 4Q14 vs.
Price (LC)
2013 4Q13 3Q14
Cement 10% 12%(0%)
Ready mix 0%(3%) 1%
Aggregates 19% 17% 1%
Cement volume increases in Spain, Croatia and the UAE during both  the quarter and full year 2014 Ready-mix volume growth during the quarter and full year 2014 in all countries in the region Double-digit, year-over-year growth in regional prices for cement and aggregates during the quarter and full year, in local-currency terms In  Spain, cement and ready-mix volume growth during 2014 for the first time since 2006 and 2005, respectively; improved economic conditions led to an increase in activity in the residential and infrastructure sectors In Egypt, cement demand continued to be mainly driven by the informal sector
1 Volume-weighted, local-currency average prices
10

 	

South, Central America and the Caribbean
Millions of
2014 2013% var l-t-l % var 4Q14 4Q13% var l-t-l % var 
US dollars
Net Sales 2,195 2,234(2%) 3% 514 577(11%)(3%)
Op. EBITDA 727 793 (8%)(4%) 165 183 (9%)(1%)
as % net sales 33.1% 35.5%(2.4pp) 32.2% 31.7% 0.5pp
2014 vs. 4Q14 vs. 4Q14 vs. 
Volume
2013 4Q13 3Q14
Cement 5% 2%(3%)
Ready mix 8% 7%(8%)
Aggregates 15% 11%(5%)
1 2014 vs. 4Q14 vs. 4Q14 vs.
Price (LC)
2013 4Q13 3Q14
Cement (0%)(0%)(0%)
Ready mix 1% 2%(0%)
Aggregates 1% 6% 1%
Full-year increase in regional cement and ready-mix volumes, on a  year-over-year basis, mainly driven by growth in Colombia, the Dominican Republic, Nicaragua, and Guatemala In Colombia, double-digit growth in 2014 volumes for our three core products driven by positive performance in all demand segments In Panama, the residential sector was the main driver of demand during 2014, supported by middle-income housing activity
1 Volume-weighted, local-currency average prices
11

 	

Asia
Millions of
2014 2013% var l-t-l % var 4Q14 4Q13% var l-t-l % var 
US dollars
Net Sales 612 577 6% 13% 155 133 16% 20%
Op. EBITDA 143 130 9% 11% 44 32 37% 36%
as % net sales 23.3% 22.6% 0.7pp 28.2% 23.9% 4.3pp
2014 vs. 4Q14 vs. 4Q14 vs. 
Volume
2013 4Q13 3Q14
Cement 9% 21% 6%
Ready mix (13%)(0%) 11%
Aggregates (22%)(53%) 4%
1 2014 vs. 4Q14 vs. 4Q14 vs.
Price (LC) 2013 4Q13 3Q14
Cement 3% 3%(0%)
Ready mix 11% 6%(1%)
Aggregates 2%(5%) 3%
Year-over-year increases in regional cement volumes during the quarter and full year 2014 reflect positive  performance from our Philippines and Bangladesh operations During the quarter and for the full year 2014, year-over-year growth in regional cement and ready-mix  prices, in local-currency terms The Philippines registered a double-digit, year-over-year cement volume increase during the quarter and full year  mainly driven by the residential and industrial-and-commercial sectors, and also reflecting the introduction of the new grinding mill at the end  of 2Q14
1 Volume-weighted, local-currency average prices
12

 	

4Q14 Results

 	

Operating EBITDA, cost of sales and operating expenses
January – December Fourth Quarter 
l-t-l l-t-l
Millions of US dollars 2014 2013% var 2014 2013% var 
% var % var
Net sales 15,708 15,227 3% 6% 3,838 3,872(1%) 5%
Operating EBITDA 2,740 2,643 4% 6% 701 642 9% 16%
as % net sales 17.4% 17.4% 0.0pp 18.3% 16.6% 1.7pp
Cost of sales 10,677 10,488(2%) 2,525 2,627 4%
as % net sales 68.0% 68.9% 0.9pp 65.8% 67.8% 2.0pp
Operating expenses 3,373 3,220(5%) 869 887 2%
as % net sales 21.5% 21.2%(0.3pp) 22.6% 22.9% 0.3pp
Operating EBITDA during 2014 increased by 6% on a like-to-like  basis and adjusting for foreign-exchange fluctuations Cost of sales, as a percentage of net sales, decreased by 2.0pp during the quarter mainly driven by continuous operating efficiencies and product mix Operating expenses, as a percentage of net sales, decreased by 0.3pp during the quarter mainly reflecting our cost reduction initiatives partially offset by higher distribution expenses
14

 	

Free cash flow
January – December Fourth Quarter 
Millions of US dollars 2014 2013% var 2014 2013% var 
Operating EBITDA 2,740 2,643 4% 701 642 9%
- Net Financial Expense 1,338 1,423 312 357
- Maintenance Capex 512 489 209 232
- Change in Working Cap 15 207 (343)(301)
- Taxes Paid 558 511 79 72
- Other Cash Items (net)(83) 103 23 67
Free Cash Flow after Maint. Capex 401 (89) N/A 421 216 95%
- Strategic Capex 190 117 86 45
Free Cash Flow 211 (206) N/A 335 171 96%
Working capital days during 2014 declined to 26, from 28 days  during 2013
15

 	

Other income statement items
Other expenses, net, during the quarter resulted in an expense of  US$306 million mainly due to impairment of assets, a loss in sale of fixed assets and severance payments
Foreign-exchange gain of US$152 million resulting primarily from the  fluctuation of the Mexican peso versus the U.S. dollar
Loss on financial instruments of US$182 million related mainly to  CEMEX shares
Controlling interest net loss of US$178 million, versus a loss of  US$255 in 4Q13, mainly reflects higher operating earnings before other expenses, lower financial expenses, higher foreign-exchange gain, and lower income tax, partially offset by higher other  expenses, and a loss on financial instruments
16

 	

Fourth Quarter 2014
Debt Information

 	

Debt-related information
Obtained new syndicated-bank loan facility for US$1.865 billion with  improved terms over the existing Facilities Agreement; main terms include:
Average 4-year term with equal semi-annual payments of principal of  20% each, beginning on the third anniversary of the Credit Agreement and with the last payment on September 2019
A spread over LIBOR of between 250 and 375 basis points,  depending on the level of leverage A revolving credit tranche of 40% of the total principal amount with the same maturity Improvements in certain covenants and undertakings that will provide more flexibility
Obtained required consents to amend the Facilities Agreement so the  covenants and undertakings under this facility are conformed to those of the syndicated-bank loan facility
During the quarter, there was a non-cash, positive conversion effect in our debt of US$91 million
We unwound the zero strike call options initially related to the  2015 convertible notes, resulting in an inflow of US$105 million
18

 	

Consolidated debt maturity profile
Total debt excluding perpetual notes1 as of December 31, 2014 US$ 15,825 million
Facilities Agreement
6,000 New Syndicated-Bank Loan Facility Avg. life of debt: 4.9 years Other bank / WC debt / Certificados
Millions of
US dollars Bursátiles 5,000 Fixed Income
Convertible Subordinated Notes2
4,000
3,017 3,000 2,471
2,259 1,993 2,000 1,488
1,203 1,254 957 964 1,000
220 0
20153 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
1 CEMEX has perpetual debentures totaling US$466 million
2 Convertible Subordinated Notes include only the debt component of  US$1,731 million; total notional amount is about US$1,871 million 3 As per IFRS, 2015 includes US$227 million of debt due in 2018 (9.000% senior secured notes) re-classified as short term debt due  to the exercise from CEMEX of a redemption option (effective January 15, 2015) prior to the end of 2014
19

 	

2015 Outlook

 	

2015 guidance
We expect mid-single-digit increases in consolidated volumes for cement  and ready mix, and a low to mid-single digit increase for aggregates
No major change expected in cost of energy, on a per ton of cement produced basis, from last  year’s level
Total capital expenditures expected to be about US$800 million, US$500  million in maintenance capex and US$300 million in strategic capex
We expect working capital investment during the year to be about  US$150 million
We expect cash taxes to reach about US$650 million
We expect a reduction in our cost of debt of US$100 million,  including our perpetual and convertible securities
21

 	

2015 plan to bolster our road to investment grade
We expect to generate US$300 million dollars from:
Cost-and-expense reductions
Free-cash-flow improvement initiatives including the reduction in financial  expenses from the liability management done last year and others
As part of our ongoing efforts to optimize our portfolio, we  expect to sell assets for US$1 to 1.5 billion in the next 12 to 18 months
We expect to pay at least US$500 million of debt this year
22

 	

Appendix

 	

Additional information on debt and perpetual notes
Currency denomination Mexican peso 1% Euro 10%
U.S. dollar 88%
Interest rate
Variable 29%
Fixed 71%
Fourth Quarter Third Quarter
Millions of US dollars 2014 2013% Var. 2014
Total debt1 15,825 16,993(7%) 16,479
Short-term 8% 2% 6%
Long-term 92% 98% 94%
Perpetual notes 466 477(2%) 470
Cash and cash equivalents 852 1,163(27%) 1,004
Net debt plus perpetual notes 15,440 16,306(5%) 15,944
Consolidated Funded Debt2 / EBITDA3 5.19 5.49 5.37
Interest coverage3 4 2.34 2.11 2.21
1 Includes convertible notes and capital leases, in accordance with IFRS
2 Consolidated Funded Debt as of December 31, 2014 was US$14,262  million, in accordance with our contractual obligations under the Facilities Agreement
3 EBITDA calculated in accordance with IFRS
4 Interest expense in accordance with our contractual obligations under the Facilities Agreement
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2014-volume-and-price-summary:-Selected-countries
Domestic gray cement Ready mix Aggregates
2014 vs. 2013 2014 vs. 2013 2014 vs. 2013
Prices Prices Prices Prices Prices Prices 
Volumes Volumes Volumes
(USD)(LC)(USD)(LC)(USD)(LC)
Mexico 2%(2%) 2% 3%(2%) 2% 10%(1%) 3%
U.S. 7% 6% 6% 2% 8% 8%(2%) 11% 11%
Germany (0%) 0% 1%(1%) 1% 2%(3%)(0%) 1%
Poland 6%(5%)(5%) 1%(10%)(9%) 3% 6% 7%
France N/A N/A N/A (6%)(1%)(1%) 4%(2%)(2%)
UK 2% 6% 1% 1% 11% 5% 13% 8% 2%
Spain 2%(6%)(5%) 6% 5% 6%(12%) 5% 5%
Egypt (6%) 15% 19% 12% 14% 18% 36%(25%)(23%)
Colombia 16%(10%)(4%) 14%(5%) 1% 20%(5%) 1%
Panama(15%) 12% 12%(1%) 0% 0% 4%(1%)(1%)
Costa Rica(2%)(2%) 6%(22%)(5%) 3% 5%(11%)(4%)
Philippines 11%(2%) 3% N/A N/A N/A N/A N/A N/A
25

 	

4Q14 volume and price summary: Selected countries
Domestic gray cement Ready mix Aggregates
4Q14 vs. 4Q13 4Q14 vs. 4Q13 4Q14 vs. 4Q13
Prices Prices Prices Prices Prices Prices 
Volumes Volumes Volumes
(USD)(LC)(USD)(LC)(USD)(LC)
Mexico 6%(1%) 6% 1%(3%) 4% 7%(2%) 5%
U.S. 6% 10% 10% 9% 8% 8%(4%) 10% 10%
Germany (2%)(8%) 1%(4%)(9%)(0%)(8%)(6%) 3%
Poland 10%(17%)(8%) 16%(18%)(9%)(3%)(2%) 8%
France N/A N/A N/A (13%)(9%) 0% 2%(12%)(3%)
UK 4%(1%) 2%(1%) 4% 7% 11% 0% 3%
Spain 1%(6%) 3% 15%(4%) 6% 7%(0%) 10%
Egypt (11%) 15% 19% 18% 20% 24% 34%(8%)(5%)
Colombia 10%(18%)(6%) 12%(13%) 1% 9%(7%) 7%
Panama(16%) 11% 11% 6% 1% 1% 21% 1% 1%
Costa Rica(12%) 3% 11%(14%)(10%)(3%) 24%(10%)(4%)
Philippines 26%(0%) 2% N/A N/A N/A N/A N/A N/A
26

 	

2015 expected outlook: Selected countries
Domestic gray cement Ready mix Aggregates
Volumes Volumes Volumes
mid-single-digit mid-single-digit low to mid-single-
Consolidated
growth growth digit growth
mid-single-digit mid to high-single- mid-single-digit
Mexico
growth digit growth growth
mid-single-digit high-single-digit mid-single-digit
United States
growth growth growth
Germany 2% 2% 2%
Poland 5% 5% 5%
France N/A(2%)(5%)
UK 3% 3% 4%
Spain 4%(21%)(14%)
Egypt(9%) 20% 4%
Colombia 6% 13% 13%
Panama(8%) 3% 3%
Costa Rica(1%) 5% 7%
Philippines 14% N/A N/A
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Definitions
2014 / 2013: Results for the twelve months of the years 2014  and 2013, respectively.
Cement: When providing cement volume variations, refers to domestic gray  cement operations (starting in 2Q10, the base for reported cement volumes changed from total domestic cement including clinker to domestic gray cement) LC: Local currency
Like-to-like percentage variation (l-t-l % var): Percentage variations  adjusted for investments/divestments and currency fluctuations
Maintenance capital expenditures: Investments incurred for the purpose of  ensuring the company’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 company policies Operating EBITDA: Operating earnings before other expenses, net plus depreciation and operating amortization pp: Percentage points Prices: All references to pricing initiatives, price increases or decreases, refer to our prices for our products Strategic capital expenditures: Investments incurred with the purpose of increasing the company’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
28

 	

Contact information
Investor Relations Stock Information
In the United States NYSE (ADS): CX
+1 877 7CX NYSE Mexican Stock Exchange: CEMEXCPO
In Mexico
+52 81 8888 4292 Ratio of CEMEXCPO to ir@cemex.com CX:10 to 1
Calendar of Events
March 26, 2015 Ordinary and Extraordinary General Shareholders Meetings
April 23, 2015 First quarter 2015 financial results conference call
July 17, 2015 Second quarter 2015 financial results conference call
October 22, 2015 Third quarter 2015 financial results conference call
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