EX-99.3 4 dex993.htm PRESENTATION REGARDING FOURTH QUARTER AND FULL YEAR 2010 RESULTS

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, 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 and other debt agreements, 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

www.cemex.com 4Q10 RESULTS 4Q10 RESULTS February 2011 February 2011

4Q10 and 2010 achievements First quarter with year-over-year growth in operating EBITDA generation since 1Q07, signaling an important inflection point in our trailing-twelve-month EBITDA Achieved US$150 million as part of our 2010 savings program Increased the use of alternative fuels, reaching 20% utilization during the year On track to achieve a 25% reduction in specific CO 2 emissions by 2015 from 1990 levels Reduced our total debt, including perpetual securities, by more than US$1.4 billion during the year 4

4Q10 results highlights January – December Fourth Quarter 2010 2009 % var l-t-l % var 2010 2009 % var l-t-l % var Net sales 14,069 14,544 (3%) (4%) 3,492 3,444 1% 2% Gross profit 3,943 4,274 (8%) (10%) 893 911 (2%) (2%) Operating income 856 1,165 (27%) (32%) 125 98 28% 20% Operating EBITDA 2,314 2,657 (13%) (16%) 482 474 2% 1% Free cash flow after maintenance capex 512 1,215 (58%) 248 401 (38%) Millions of US dollars 5 Infrastructure and housing were the main drivers of demand for our products Adverse weather conditions, especially in Europe, Colombia, and the U.S., affected our volumes

Ready mix Volume (l-t-l 1 ) (5%) 2% (5%) Price (USD) (4%) (4%) 0% Price (l-t-l 1 ) (4%) (2%) (2%) Aggregates Volume (l-t-l 1 ) (4%) (1%) (12%) Price (USD) (2%) (5%) (2%) Price (l-t-l 1 ) (1%) (3%) (4%) 2010 vs. 2009 4Q10 vs. 4Q09 4Q10 vs. 3Q10 Domestic gray cement Volume (l-t-l 1 ) (3%) (2%) (10%) Price (USD) 0% 0% 2% Price (l-t-l 1 ) (2%) (1%) 0% 6 Consolidated volumes and prices 1 Like-to-like prices adjusted for investments/divestments and, in the case of prices, foreign-exchange fluctuations Consolidated ready-mix volumes showed growth for the first time in several years, while the rate of decline in aggregates volumes, on a like-to-like basis, moderated for the sixth consecutive quarter

www.cemex.com REGIONAL HIGHLIGHTS REGIONAL HIGHLIGHTS February 2011 February 2011

Mexico 2010 2009 % var l-t-l % var 4Q10 4Q09 % var l-t-l % var Net Sales 3,435 3,113 10% 3% 902 723 25% 18% Op. EBITDA 1,153 1,160 (1%) (7%) 287 251 14% 8% as % sales 33.6% 37.3% (3.7pp) 31.8% 34.8% (3.0pp) Volume 2010 vs. 2009 4Q10 vs. 4Q09 4Q10 vs. 3Q10 Cement (4%) (0%) (4%) Ready mix (4%) 24% 18% Aggregates (1%) 30% 27% Price (LC) 2010 vs. 2009 4Q10 vs. 4Q09 4Q10 vs. 3Q10 Cement 0% 4% 1% Ready mix 3% 6% 2% Aggregates 11% 10% 4% 8 Federal resources to rebuild public infrastructure due to natural disasters helped moderate the contraction in cement-intensive projects in 2010; infrastructure spending expected to grow by 4% in 2011 Investment in the residential sector had a slight decline of about 1.5% in 2010; expected to show growth in 2011 of more than 1% for both, formal and in the self-construction sectors Industrial-and-commercial investment decreased by 4% in 2010; this drop is expected to reverse in 2011 Millions of US dollars

United States 2010 2009 % var l-t-l % var 4Q10 4Q09 % var l-t-l % var Net Sales 2,491 2,825 (12%) (12%) 572 602 (5%) (5%) Op. EBITDA (45) 143 N/A N/A (36) (5) (700%) (700%) as % sales (1.8%) 5.1% N/A (6.3%) (0.7%) N/A Volume 2010 vs. 2009 4Q10 vs. 4Q09 4Q10 vs. 3Q10 Cement (0%) 3% (13%) Ready mix (7%) (10%) (17%) Aggregates (5%) (7%) (19%) Price (LC) 2010 vs. 2009 4Q10 vs. 4Q09 4Q10 vs. 3Q10 Cement (8%) (8%) (1%) Ready mix (11%) (4%) 0% Aggregates (4%) 1% 4% 9 4Q10 slightly better than most recent guidance despite poor December weather in some of our states Positive 2011 outlook for infrastructure reflecting remaining unspent ARRA 1 funds and the delay in spending of 2010 federal highway monies Gradual recovery expected in the residential sector Millions of US dollars 1 ARRA: American Recovery and Reinvestment Act

Europe 2010 2009 % var l-t-l % var 4Q10 4Q09 % var l-t-l % var Net Sales 4,793 5,360 (11%) (7%) 1,130 1,322 (15%) (8%) Op. EBITDA 434 596 (27%) (24%) 81 109 (26%) (20%) as % sales 9.1% 11.1% (2.0pp) 7.2% 8.2% (1.0pp) Volume 2010 vs. 2009 4Q10 vs. 4Q09 4Q10 vs. 3Q10 Cement (8%) (4%) (24%) Ready mix (7%) (7%) (19%) Aggregates (8%) (11%) (23%) 10 Price (LC) 1 2010 vs. 2009 4Q10 vs. 4Q09 4Q10 vs. 3Q10 Cement (5%) (4%) (1%) Ready mix (1%) 0% 1% Aggregates 1% 1% 1% 1 Volume-weighted, local-currency average prices The main driver of demand for building materials in the region was the residential sector Adverse weather conditions affected volumes for the quarter National budget cuts in several countries have affected public infrastructure spending Record alternative fuel substitution achieved in several countries in the region during 2010 Millions of US dollars

South/Central America and the Caribbean 2010 2009 % var l-t-l % var 4Q10 4Q09 % var l-t-l % var Net Sales 1,444 1,443 0% (5%) 366 341 7% 5% Op. EBITDA 460 511 (10%) (15%) 97 115 (16%) (18%) as % sales 31.9% 35.4% (3.5pp) 26.5% 33.8% (7.3pp) Volume 2010 vs. 2009 4Q10 vs. 4Q09 4Q10 vs. 3Q10 Cement (3%) (3%) (0%) Ready mix (2%) 8% (2%) Aggregates 8% 4% (7%) 11 Price (LC) 1 2010 vs. 2009 4Q10 vs. 4Q09 4Q10 vs. 3Q10 Cement (1%) 1% (1%) Ready mix (6%) (1%) 1% Aggregates (9%) (6%) 0% 1 Volume-weighted, local-currency average prices Volume decline reflecting adverse weather conditions and delayed infrastructure projects In Colombia, high confidence levels, low interest rates, and inflation will continue to drive the residential sector, especially low-income housing In Panama, new projects development was affected by harsh weather conditions Millions of US dollars

Africa and Middle East 2010 2009 % var l-t-l % var 4Q10 4Q09 % var l-t-l % var Net Sales 1,035 1,049 (1%) (2%) 264 261 1% 3% Op. EBITDA 369 333 11% 12% 95 68 40% 47% as % sales 35.7% 31.7% 4.0pp 35.8% 25.9% 9.9pp Volume 2010 vs. 2009 4Q10 vs. 4Q09 4Q10 vs. 3Q10 Cement (1%) (4%) (2%) Ready mix (4%) 7% 22% Aggregates 7% 8% 13% 12 Price (LC) 1 2010 vs. 2009 4Q10 vs. 4Q09 4Q10 vs. 3Q10 Cement 3% 3% (0%) Ready mix (10%) (3%) 0% Aggregates 3% 4% (0%) 1 Volume-weighted, local-currency average prices Year-over-year growth in cement volume in Egypt was offset by volume decline in the UAE The informal residential sector was the main driver of cement demand in Egypt during 2010 Millions of US dollars

Asia 2010 2009 % var l-t-l % var 4Q10 4Q09 % var l-t-l % var Net Sales 515 474 9% 3% 125 122 2% (4%) Op. EBITDA 123 115 7% 2% 20 21 (9%) (11%) as % sales 23.8% 24.2% (0.4pp) 15.7% 17.5% (1.8pp) Volume 2010 vs. 2009 4Q10 vs. 4Q09 4Q10 vs. 3Q10 Cement 9% (8%) (9%) Ready mix (2%) 13% 38% Aggregates 3% 9% 21% 13 Price (LC) 1 2010 vs. 2009 4Q10 vs. 4Q09 4Q10 vs. 3Q10 Cement 1% (0%) (5%) Ready mix 1% 3% (0%) Aggregates 7% 4% (3%) 1 Volume-weighted, local-currency average prices Quarterly decrease in cement volumes in the region, driven mainly by decline in the Philippines Positive activity from the residential sector in the Philippines supported by overseas remittances In the Philippines, infrastructure spending moderated after mid-year elections, and is expected to resume this year Millions of US dollars

www.cemex.com 4Q10 RESULTS 4Q10 RESULTS February 2011 February 2011

Operating EBITDA, cost of sales and SG&A January – December Fourth Quarter 2010 2009 % var l-t-l % var 2010 2009 % var l-t-l % var Net sales 14,069 14,544 (3%) (4%) 3,492 3,444 1% 2% Operating EBITDA 2,314 2,657 (13%) (16%) 482 474 2% 1% as % sales 16.4% 18.3% (1.9pp) 13.8% 13.8% 0.0pp Cost of sales 10,127 10,270 1% 2,599 2,532 (3%) as % sales 72.0% 70.6% 1.4pp 74.4% 73.5% 0.9pp SG&A 3,087 3,109 1% 768 813 6% as % sales 21.9% 21.4% 0.5pp 22.0% 23.6% (1.6pp) 15 Millions of US dollars Operating EBITDA margin affected by lesser economies of scale due to lower volumes, softer prices, and higher transportation costs, offset by our cost-reduction initiatives

Free Cash Flow January – December Fourth Quarter 2010 2009 % var 2010 2009 % var Operating EBITDA 2,314 2,657 (13%) 482 474 2% - Net Financial Expense 1,118 914 284 263 - Maintenance Capex 424 241 248 98 - Change in Working Cap 52 219 (420) (497) - Taxes Paid 335 291 146 147 - Other Cash Items (net) (127) (21) (25) 62 - Free cash flow D.O. 0 (202) 0 0 FCF after Maint Capex 512 1,215 (58%) 248 401 (38%) - Expansion Capex 125 402 49 67 - Expansion Capex D.O. 0 8 0 0 Free Cash Flow 387 805 (52%) 199 334 (40%) 16 D.O. = Discontinued Operations Millions of US dollars

Other items Kiln fuels and electricity cost, on a per-ton-of-cement-produced basis, increased by 4% during 2010 – Consolidated alternative fuel utilization reached 21% during the fourth quarter – Continue pursuing Clean Development Mechanism projects Other expenses, net, of US$220 million during the quarter due mainly to impairment of fixed assets and goodwill, a loss on sale of assets, and severance payments Gain on financial instruments of US$44 million resulting mainly from the equity derivatives related to CEMEX shares 17

www.cemex.com DEBT INFORMATION DEBT INFORMATION February 2011 February 2011

Debt-related activity in the quarter We continued to issue notes under our short-term Certificados Bursátiles Program during the quarter at rates of about 5% In January 2011, we issued US$1 billion in senior secured notes used to prepay or create a reserve to pay Certificados Bursátiles maturing in the next 12 months, prepay the Financing Agreement , pay other debt, and replenish our cash reserves With the issuance of these notes, we have substantially addressed our debt maturities until September 2012 19

US$ million Consolidated debt maturity profile Total debt excluding perpetual debentures as of December 31, 2010 US$ 16,409 million Fixed Income Financing Agreement Other bank / WC debt 456 1,163 8,087 631 668 20 2,414 1,231 1,759 Convertible Subordinated Notes Certificados Bursátiles 2 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 2011 2012 2013 2014 2015 2016 2017 2018 2019

APPENDIX APPENDIX

Additional information on debt and perpetual notes Fourth Quarter Third Quarter 2010 2009 % Var. 2010 Total debt 16,409 16,130 2% 16,775 Short-term 3% 4% 4% Long-term 97% 96% 96% Perpetual notes 1,320 3,045 (57%) 1,328 Cash and cash equivalents 676 1,077 (37%) 838 Net debt plus perpetual notes 17,053 18,098 (6%) 17,265 Consolidated Funded Debt / EBITDA 2 7.43 N/A 7.61 Interest Coverage 2 1.95 N/A 1.96 22 U.S. dollar 67% Euro 24% Mexican peso 9% Variable 62% Fixed 38% Millions of US dollars 1 Excluding perpetual notes. 2 Starting in the second quarter of 2010, calculated in accordance with our contractual obligations under our Financing Agreement. Currency denomination 1 Currency denomination 1 Interest rate 1 Interest rate 1

2010 volume and price summary: Selected countries Domestic gray cement 2010 vs. 2009 Ready mix 2009 Aggregates 2010 vs. 2009 Volumes Prices (USD) Prices (LC) Volumes Prices (USD) Prices (LC) Volumes Prices (USD) Prices (LC) Mexico (4%) 8% 0% (4%) 11% 3% (1%) 19% 11% U.S. (0%) (8%) (8%) (7%) (11%) (11%) (5%) (4%) (4%) Spain (22%) (12%) (7%) (20%) (14%) (9%) (14%) (3%) 2% UK 1% (6%) (4%) (3%) (5%) (3%) (2%) (6%) (4%) France N/A N/A N/A 1% (6%) (1%) (4%) (2%) 3% Germany (2%) (8%) (1%) (10%) (8%) (1%) (7%) (4%) 3% Poland (1%) (4%) (4%) 10% (10%) (10%) 7% 0% 1% Colombia 5% 7% (6%) 1% 5% (8%) (5%) 1% (13%) Egypt 2% 3% 5% 11% (5%) (3%) 2% (4%) (3%) Philippines 8% 8% 2% N/A N/A N/A N/A N/A N/A 23

4Q10 volume and price summary: Selected countries Domestic gray cement 4Q10 vs. 4Q09 Ready mix 4Q10 vs. 4Q09 Aggregates 4Q10 vs. 4Q09 Volumes Prices (USD) Prices (LC) Volumes Prices (USD) Prices (LC) Volumes Prices (USD) Prices (LC) Mexico 0% 9% 4% 24% 12% 6% 30% 16% 10% U.S. 3% (8%) (8%) (10%) (4%) (4%) (7%) 1% 1% Spain (12%) (16%) (8%) (9%) (18%) (10%) (19%) (4%) 5% UK (3%) (6%) (2%) 1% (5%) 0% (6%) (6%) (2%) France N/A N/A N/A 6% (9%) (1%) (2%) (7%) 2% Germany (5%) (11%) (3%) (19%) (10%) (2%) (11%) (9%) (1%) Poland 14% (6%) (2%) 8% (7%) (3%) (10%) 5% 10% Colombia 0% 2% (4%) 4% 6% (1%) (37%) (19%) (24%) Egypt 0% (3%) 2% 9% (8%) (2%) (5%) (16%) (11%) Philippines (11%) 8% 0% N/A N/A N/A N/A N/A N/A 24

Definitions 2010 / 2009: results for the twelve 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) 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 Operating EBITDA: Operating income plus depreciation and operating amortization 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 Stock Information NYSE (ADS): CX Mexican Stock Exchange: CEMEXCPO Ratio of CEMEXCPO to CX:10 to 1 27 Calendar of Events February 24, 2011 Annual Shareholders’ Meeting April 29, 2011 First quarter 2011 financial results and conference call July 22, 2011 Second quarter 2011 financial results and conference call October 26, 2011 Third quarter 2011 financial results and conference call