EX-3 4 ex3.htm PRESENTATION REGARDING SECOND QUARTER 2010 RESULTS FOR CEMEX
Exhibit 3

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, the global financial crisis, 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 the financing agreement entered into with major
creditors, changes in interest rates, changes in inflation rates, changes in exchange rates, the cyclical activity of
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 OUR MEXICAN FRS FINANCIAL STATEMENTS
Copyright CEMEX, S.A.B. de C.V. and its subsidiaries.
2

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2Q10 RESULTS
2Q10 RESULTS
July 2010
July 2010

2Q10 messages
§ Deleveraging continues to be the focus of our financial strategy
§ Despite the impact of the current debt crisis in Europe, we still believe
that economic conditions in most of our markets have stabilized and /
or bottomed out; despite this, visibility is still not where we would like
it to be
§ We expect to be in compliance with our financial covenants
4

2Q10 results highlights

|  | January - June |  | Second Quarter |
2010 | 2009 | % var | l-t-l % var |  | 2010 | 2009 | % var | l-t-l % var |
| Net sales | 6,804 | 7,243 | (6%) | (9%) |  | 3,762 | 3,877 | (3%) | (2%) |
| Gross profit | 1,948 | 2,156 | (10%) | (14%) |  | 1,128 | 1,196 | (6%) | (6%) |
| Operating income | 443 | 678 | (35%) | (42%) |  | 295 | 383 | (23%) | (27%) |
| Operating EBITDA | 1,179 | 1,425 | (17%) | (22%) |  | 664 | 762 | (13%) | (14%) |
| Free cash flow after maintenance capex | 16 | 560 | (97%) |  |  | 187 | 456 | (59%) |  |

Millions of US dollars
5
§ Infrastructure and housing were the main drivers of demand for our products in the
quarter
§ We believe that the second half of the year will continue to show operating EBITDA
growth and recovery, though potentially at a slower pace than originally expected

| Ready mix | Volume (l-t-l1) |  | (10%) | (5%) | 26%
Price (USD) |  | (4%) | (6%) | (4%)
Price (l-t-l1) |  | (5%) | (4%) | 0%

| Aggregates | Volume (l-t-l1) |  | (6%) | (2%) | 33%
Price (USD) |  | 0% | (2%) | (4%)
Price (l-t-l1) |  | 0% | 1% | 0%

|  |  |  | 6M10 vs. 6M09 | 2Q10 vs. 2Q09 | 2Q10 vs. 1Q10
| Domestic gray cement | Volume (l-t-l1) |  | (4%) | (1%) | 21%
Price (USD) |  | 1% | (2%) | (3%)
Price (l-t-l1) |  | (1%) | (3%) | (1%)

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Consolidated volumes and prices
1 Like-to-like prices adjusted for investments/divestments and, in the case of prices, foreign-exchange fluctuations

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REGIONAL
HIGHLIGHTS
REGIONAL
HIGHLIGHTS
July 2010
July 2010

Mexico

|  | 6M10 | 6M09 | % var | l-t-l % var |  | 2Q10 | 2Q09 | % var | l-t-l % var |
| Net Sales | 1,665 | 1,624 | 3% | (6%) |  | 923 | 853 | 8% | 3% |
| Op. EBITDA | 579 | 613 | (5%) | (14%) |  | 321 | 326 | (2%) | (6%) |
| % sales | 34.8% | 37.7% | (2.9pp) |  |  | 34.8% | 38.3% | (3.5pp) |  |

| Volume | 6M10 vs. 6M09 | 2Q10 vs. 2Q09 | 2Q10 vs. 1Q10
| Cement | (8%) | (5%) | 13%
| Ready mix | (16%) | (10%) | 11%
| Aggregates | (13%) | (12%) | 14%

| Price (LC) | 6M10 vs. 6M09 | 2Q10 vs. 2Q09 | 2Q10 vs. 1Q10
| Cement | (1%) | 0% | 1%
| Ready mix | 1% | 3% | 3%
| Aggregates | 12% | 14% | 3%

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§ Construction during the first half of
2009 was strong, driven by special
government programs, making a
difficult comparison this year
§ Even though total investment in
infrastructure is expected to drop by
about 1%, we expect investment in
cement-intensive projects will drop by
about 17%, from a high level last year
§ Investment in the residential sector
expected to decrease slightly during the
year
§ Industrial and commercial sector
expected to show mid-single-digit
growth in 2010
Millions of
US dollars

United States

|  | 6M10 | 6M09 | % var | l-t-l % var |  | 2Q10 | 2Q09 | % var | l-t-l % var |
| Net Sales | 1,236 | 1,472 | (16%) | (16%) |  | 684 | 746 | (8%) | (8%) |
| Op. EBITDA | (7) | 102 | N/A | N/A |  | 17 | 70 | (76%) | (76%) |
| % sales | (0.6%) | 6.9% | N/A |  |  | 2.4% | 9.4% | (7.0pp) |  |

| Volume | 6M10 vs. 6M09 | 2Q10 vs. 2Q09 | 2Q10 vs. 1Q10
| Cement | (1%) | 8% | 31%
| Ready mix | (6%) | 3% | 16%
| Aggregates | (6%) | (2%) | 17%

| Price (LC) | 6M10 vs. 6M09 | 2Q10 vs. 2Q09 | 2Q10 vs. 1Q10
| Cement | (8%) | (7%) | (2%)
| Ready mix | (14%) | (13%) | (2%)
| Aggregates | (4%) | (1%) | 0%

9
§ Volumes in the second quarter showed
the first year-over-year increase since
1Q06; aggregates volumes on a like-to-
like basis for the ongoing operations
increased by 3% for the quarter and
decreased by 2% year to date
§ Weak housing data following the
expiration of the homebuyer tax credit;
housing starts expected to increase
from last year’s level
§ Contract awards for streets and
highways up 3% year over year in real
terms through June driven in part by
ARRA funds; as of May, SAFETEA-LU
funds pending obligation before
September 30 totaled about US$24B
Millions of
US dollars

Europe

|  | 6M10 | 6M09 | % var | l-t-l % var |  | 2Q10 | 2Q09 | % var | l-t-l % var |
| Net Sales | 2,274 | 2,522 | (10%) | (10%) |  | 1,311 | 1,464 | (10%) | (4%) |
| Op. EBITDA | 163 | 241 | (32%) | (32%) |  | 158 | 204 | (22%) | (16%) |
| % sales | 7.2% | 9.5% | (2.3pp) |  |  | 12.0% | 13.9% | (1.9pp) |  |

| Volume | 6M10 vs. 6M09 | 2Q10 vs. 2Q09 | 2Q10 vs. 1Q10
| Cement | (13%) | (6%) | 64%
| Ready mix | (10%) | (4%) | 51%
| Aggregates | (9%) | (4%) | 58%

10

| Price (LC)1 | 6M10 vs. 6M09 | 2Q10 vs. 2Q09 | 2Q10 vs. 1Q10
| Cement | (5%) | (5%) | (4%)
| Ready mix | (2%) | (2%) | (4%)
| Aggregates | 2% | 1% | (6%)

1 Volume-weighted, local-currency average prices
§ Positive volume growth in the region
partially offset by continued weak
volumes in Spain and heavy rains and
floods in Poland during the quarter
§ In most countries in the region,
infrastructure continues to be the main
driver for volume demand
§ Some leading indicators have
weakened in response to the debt crisis
in the region
§ Impact of debt crisis on individual
countries will depend on their
underlying conditions; Germany, UK,
France, and Poland expected to have
positive volume growth in the year
Millions of
US dollars

South/Central America and the Caribbean

|  | 6M10 | 6M09 | % var | l-t-l % var |  | 2Q10 | 2Q09 | % var | l-t-l % var |
| Net Sales | 712 | 728 | (2%) | (9%) |  | 360 | 375 | (4%) | (8%) |
| Op. EBITDA | 254 | 261 | (3%) | (10%) |  | 128 | 128 | (0%) | (5%) |
| % sales | 35.7% | 35.9% | (0.2pp) |  |  | 35.6% | 34.2% | 1.4pp |  |

| Volume | 6M10 vs. 6M09 | 2Q10 vs. 2Q09 | 2Q10 vs. 1Q10
| Cement | (1%) | (2%) | 1%
| Ready mix | (8%) | (6%) | 1%
| Aggregates | 3% | 20% | 20%

11

| Price (LC)1 | 6M10 vs. 6M09 | 2Q10 vs. 2Q09 | 2Q10 vs. 1Q10
| Cement | (3%) | (3%) | (0%)
| Ready mix | (9%) | (8%) | (1%)
| Aggregates | (10%) | (5%) | 3%

1 Volume-weighted, local-currency average prices
§ Cement volume during the quarter
mainly driven by operations in Colombia
§ In Colombia, the expectations after the
recent presidential election are positive;
the recently elected government has
been very vocal in its support of the
housing sector to face the current
housing deficit in the country
§ Domestic gray cement volume for the
region is expected to remain flat during
the year
Millions of
US dollars

Africa and Middle East

|  | 6M10 | 6M09 | % var | l-t-l % var |  | 2Q10 | 2Q09 | % var | l-t-l % var |
| Net Sales | 525 | 532 | (1%) | (4%) |  | 262 | 267 | (2%) | (4%) |
| Op. EBITDA | 172 | 178 | (3%) | (5%) |  | 88 | 90 | (2%) | (2%) |
| % sales | 32.7% | 33.4% | (0.7pp) |  |  | 33.8% | 33.6% | 0.2pp |  |

| Volume | 6M10 vs. 6M09 | 2Q10 vs. 2Q09 | 2Q10 vs. 1Q10
| Cement | 0% | (1%) | 1%
| Ready mix | (8%) | (6%) | 4%
| Aggregates | 12% | 10% | 2%

12

| Price (LC)1 | 6M10 vs. 6M09 | 2Q10 vs. 2Q09 | 2Q10 vs. 1Q10
| Cement | 5% | 4% | 1%
| Ready mix | (15%) | (13%) | (2%)
| Aggregates | 2% | 2% | (1%)

1 Volume-weighted, local-currency average prices
§ In the region, year-over-year growth in
cement volume in Egypt was offset by a
volume decline in the UAE
§ In Egypt, infrastructure and informal
housing will continue to be the main
drivers of cement consumption.
§ Egyptian government focusing on public
-private partnerships to speed up
infrastructure in areas such as roads,
railways, ports, hospitals, and
wastewater treatment
Millions of
US dollars

Asia

|  | 6M10 | 6M09 | % var | l-t-l % var |  | 2Q10 | 2Q09 | % var | l-t-l % var |
| Net Sales | 266 | 238 | 12% | 7% |  | 142 | 121 | 17% | 12% |
| Op. EBITDA | 73 | 61 | 19% | 14% |  | 40 | 33 | 21% | 16% |
| % sales | 27.4% | 25.8% | 1.6pp |  |  | 28.3% | 27.4% | 0.9pp |  |

| Volume | 6M10 vs. 6M09 | 2Q10 vs. 2Q09 | 2Q10 vs. 1Q10
| Cement | 22% | 23% | 6%
| Ready mix | (10%) | (15%) | 21%
| Aggregates | 1% | (5%) | 16%

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| Price (LC)1 | 6M10 vs. 6M09 | 2Q10 vs. 2Q09 | 2Q10 vs. 1Q10
| Cement | 0% | 2% | 2%
| Ready mix | (0%) | 2% | 1%
| Aggregates | 8% | 8% | (3%)

1 Volume-weighted, local-currency average prices
§ Quarterly increase in cement volumes
in the region, driven mainly by growth in
the Philippines
§ In the Philippines, construction
spending is expected to continue to be
strong following a new wave of
optimism after the elections
§ The housing sector in the Philippines is
expected to continue to be supported
by increased remittances
Millions of
US dollars

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2Q10 RESULTS
2Q10 RESULTS
July 2010
July 2010

Operating EBITDA, cost of sales and SG&A

|  | January - June |  | Second Quarter |
2010 | 2009 | % var | l-t-l % var |  | 2010 | 2009 | % var | l-t-l % var |
| Net sales | 6,804 | 7,243 | (6%) | (9%) |  | 3,762 | 3,877 | (3%) | (2%) |
| Operating EBITDA | 1,179 | 1,425 | (17%) | (22%) |  | 664 | 762 | (13%) | (14%) |
| % sales | 17.3% | 19.7% | (2.4pp) |  |  | 17.7% | 19.6% | (1.9pp) |  |
| Cost of sales | 4,856 | 5,088 | (5%) |  |  | 2,634 | 2,681 | (2%) |  |
| % sales | 71.4% | 70.2% | 1.2pp |  |  | 70.0% | 69.2% | 0.8pp |  |
| SG&A | 1,505 | 1,477 | 2% |  |  | 834 | 813 | 3% |  |
| % sales | 22.1% | 20.4% | 1.7pp |  |  | 22.2% | 21.0% | 1.2pp |  |

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§ Performance during the quarter was affected by declining volumes in some of our
markets and weaker prices, especially in the United States and Spain
§ Increase in SG&A as a percentage of sales resulting from lesser economies of scale
due to lower volumes and higher transportation costs, partially offset by savings from
cost-reduction initiatives
Millions of US dollars

Free Cash Flow

|  | January - June |  | Second Quarter |
2010 | 2009 | % var |  | 2010 | 2009 | % var |
| Operating EBITDA | 1,179 | 1,425 | (17%) |  | 664 | 762 | (13%) |
| - Net Financial Expense | 542 | 401 |  |  | 267 | 203 |  |
| - Maintenance Capex | 92 | 87 |  |  | 64 | 46 |  |
| - Change in Working Cap | 376 | 445 |  |  | 48 | 126 |  |
| - Taxes Paid | 146 | 117 |  |  | 97 | 51 |  |
| - Other Cash Items (net) | 7 | (69) |  |  | 1 | (49) |  |
| - Free cash flow D.O. | 0 | (116) |  |  | 0 | (72) |  |
| FCF after Maint Capex | 16 | 560 | (97%) |  | 187 | 456 | (59%) |
| - Expansion Capex | 54 | 281 |  |  | 26 | 131 |  |
| - Expansion Capex D.O. | 0 | 6 |  |  | 0 | 2 |  |
| Free Cash Flow | (38) | 274 | N/A |  | 161 | 323 | (50%) |

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D.O. = Discontinued Operations
Millions of US dollars

Other income statement items
§ Increase in financial expenses during the quarter reflects the terms of
Financing Agreement , as well as the substitution of bank debt with
bonds issued in December and January
§ Foreign-exchange loss for the quarter of US$101 million, due mainly
to the depreciation of the euro against the US dollar
§ Loss on financial instruments of US$43 million resulting mainly from
the equity derivatives related to CEMEX and Axtel shares
§ Other expenses, net, of US$96 million during the quarter resulting
mainly from a loss in sale of assets, severance payments, and the
amortization of fees related to early redemption of debt
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DEBT
INFORMATION
DEBT
INFORMATION
July 2010
July 2010

Debt-related activity in the quarter
§ In May, we completed the exchange of a substantial portion of our
perpetual debentures for new senior secured notes resulting in a
reduction in net debt of US$437 million
§ Prepayment of about US$330 million under the Financing Agreement
during the quarter
§ Early payment of about US$317 million in Certificados Bursátiles
§ After the quarter ended, we announced an agreement to sell some
non-core assets in the US to Bluegrass Materials Company for
US$90 million
19

US$ million
Consolidated debt maturity profile
Total debt excluding perpetual debentures as of 2Q10
US$ 16,587
Fixed Income
Financing Agreement Amortizations
Other bank / WC debt
485
358
2,367
7,853
613
20
1,296
1,234
622
1,759

APPENDIX
APPENDIX

Additional information on debt
and perpetual notes

2010 | 2009 | % Var. | 2010
| Total debt | 16,587 | 19,098 | (13%) | 16,472
| Short-term | 3% | 30% |  | 5%
| Long-term | 97% | 70% |  | 95%
| Perpetual notes | 1,290 | 3,024 | (57%) | 2,986
| Cash and cash equivalents | 748 | 921 | (19%) | 1,467
| Net debt plus perpetual notes | 17,129 | 21,201 | (19%) | 17,991
| Consolidated Funded Debt / EBITDA2 | 7.19 | N/A |  | N/A
| Interest Coverage2 | 2.00 | N/A |  | N/A

22
U.S.
dollar
67%
Euro
23%
Mexican
peso
9%
Variable
63%
Fixed
37%
Millions of US dollars
Other
1%
1 Excluding perpetual notes.
2 Starting in the second quarter of 2010, calculated in accordance with our contractual obligations under our Financing Agreement.
Currency denomination1
Interest rate1

6M10 volume and price summary:
Selected countries

|  | Domestic gray cement 6M10 vs. 6M09 |  | Ready mix 6M10 vs. 6M09 |  | Aggregates 6M10 vs. 6M09
Volumes | Prices (USD) | Prices (LC) |  | Volumes | Prices (USD) | Prices (LC) |  | Volumes | Prices (USD) | Prices (LC)
| Mexico | (8%) | 9% | (1%) |  | (16%) | 11% | 1% |  | (13%) | 22% | 12%
| U.S. | (1%) | (8%) | (8%) |  | (6%) | (14%) | (14%) |  | (6%) | (4%) | (4%)
| Spain | (27%) | (8%) | (6%) |  | (25%) | (10%) | (8%) |  | (11%) | (2%) | 0%
| UK | (1%) | (5%) | (5%) |  | (8%) | (5%) | (6%) |  | (2%) | (5%) | (6%)
| France | N/A | N/A | N/A |  | (6%) | (4%) | (1%) |  | (8%) | 1% | 3%
| Germany | (5%) | (3%) | 2% |  | (11%) | (5%) | (1%) |  | (10%) | 2% | 7%
| Poland | (7%) | 0% | (6%) |  | 10% | (8%) | (14%) |  | 4% | (3%) | (8%)
| Colombia | 12% | 10% | (9%) |  | (2%) | 6% | (10%) |  | 4% | 13% | (8%)
| Egypt | 4% | 8% | 7% |  | 13% | (3%) | (4%) |  | 1% | 1% | 0%
| Philippines | 21% | 7% | 2% |  | N/A | N/A | N/A |  | N/A | N/A | N/A

23

2Q10 volume and price summary:
Selected countries

|  | Domestic gray cement 2Q10 vs. 2Q09 |  | Ready mix 2Q10 vs. 2Q09 |  | Aggregates 2Q10 vs. 2Q09
Volumes | Prices (USD) | Prices (LC) |  | Volumes | Prices (USD) | Prices (LC) |  | Volumes | Prices (USD) | Prices (LC)
| Mexico | (5%) | 5% | 0% |  | (10%) | 8% | 3% |  | (12%) | 19% | 14%
| U.S. | 8% | (7%) | (7%) |  | 3% | (13%) | (13%) |  | (2%) | (1%) | (1%)
| Spain | (23%) | (14%) | (6%) |  | (21%) | (15%) | (7%) |  | (5%) | (6%) | 3%
| UK | 4% | (10%) | (5%) |  | (5%) | (9%) | (4%) |  | 1% | (10%) | (4%)
| France | N/A | N/A | N/A |  | 2% | (10%) | (2%) |  | (4%) | (5%) | 3%
| Germany | 5% | (10%) | (2%) |  | (2%) | (10%) | (2%) |  | 0% | (5%) | 3%
| Poland | (6%) | (6%) | (6%) |  | 15% | (14%) | (14%) |  | 14% | (6%) | (6%)
| Colombia | 6% | 3% | (8%) |  | (4%) | 2% | (10%) |  | 39% | 9% | (4%)
| Egypt | 3% | 6% | 6% |  | 14% | (6%) | (5%) |  | 14% | 2% | 2%
| Philippines | 23% | 8% | 3% |  | N/A | N/A | N/A |  | N/A | N/A | N/A

24

Definitions
6M10 / 6M09: results for the first six months of the years 2010 and 2009,
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)
Operating EBITDA: Operating income plus depreciation and operating
amortization
Expansion capital expenditures: consist of expansion spending on our
cement, ready-mix, and other core businesses in existing markets
LC: Local currency
Like-to-like percentage variation (l-t-l % var): Percentage variations adjusted
for investments/divestments and currency fluctuations
Maintenance capital expenditures: consist of maintenance spending on our
cement, ready-mix, and other businesses in existing markets
pp: percentage points
26

Contact information

Investor Relations
§ In the United States +1 877 7CX NYSE § In Mexico +52 81 8888 4292 § ir@cemex.com

Calendar of Events
| October 26, 2010 | Third quarter 2010 financial results and conference call

Stock Information
§ NYSE (ADS): CX § Mexican Stock Exchange: CEMEXCPO § Ratio of CEMEXCPO to CX:10 to 1

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