EX-3 4 dex3.htm PRESENTATION REGARDING FIRST QUARTER 2011 RESULTS FOR CEMEX, S.A.B. DE C.V.

Exhibit 3

2 We have embarked in an extensive reshaping of our organization • Increasing accountability and responsibility at the operating level • Shifting important functions from corporate headquarters to operations The organizational changes announced two weeks ago are the initial elements of what we intend to be a far reaching transformation The new members of our Executive Committee and newly assigned country managers will improve our ability to create value in our key markets Transformation process expected to result in a recurring improvement of US$400 million in our steady state EBITDA generation, to be fully realized by the end of next year Transformation process

3 1Q11 results highlights January – March First Quarter Millions of US dollars 2011 2010 % var l-t-l % var 2011 2010 % var l-t-l % var Net sales 3,384 3,043 11% 9% 3,384 3,043 11% 9% Gross profit 963 820 17% 14% 963 820 17% 14% Operating income 172 148 16% 11% 172 148 16% 11% Operating EBITDA 519 515 1% (2%) 519 515 1% (2%) Free cash flow after maintenance capex (317) (171) (85%) (317) (171) (85%) Seventh consecutive quarter of consistent top-line recovery Infrastructure and housing were the main drivers of demand for our products

4 Consolidated volumes and prices Consolidated domestic gray cement and aggregates volumes showed growth for the first time since 1Q07 Consolidated volumes positively affected by favorable weather conditions in Europe Positive pricing dynamics during the quarter 1 Like-to-like prices adjusted for investments/divestments and, in the case of prices, foreign-exchange fluctuations

5 Seventh consecutive quarter of consistent top-line recovery Positive pricing and volume dynamics during the quarter • Consolidated domestic gray cement and aggregates volumes showed growth for the first time since 1Q07 Elimination of refinancing risk until December 2013 Achieved one fourth of the savings under our US$250 million EBITDA- enhancing program Continue to achieve higher alternative fuel utilization rates • New more ambitious target of 35% substitution rate by 2015 On track to achieve a 25% reduction in specific CO 2 emissions by 2015 from 1990 levels 1Q11 achievements

April 2011 Regional Highlights

7 Mexico Millions of US dollars 3M11 3M10 % var l-t-l % var 1Q11 1Q10 % var l-t-l % var Net Sales 842 742 14% 7% 842 742 14% 7% Op. EBITDA 292 258 13% 7% 292 258 13% 7% as % sales 34.6% 34.8% (0.2pp) 34.6% 34.8% (0.2pp) Volume 3M11 vs. 3M10 1Q11 vs. 1Q10 1Q11 vs. 4Q10 Cement 1% 1% (5%) Ready mix 16% 16% (14%) Aggregates 8% 8% (27%) Price (LC) 3M11 vs. 3M10 1Q11 vs. 1Q10 1Q11 vs. 4Q10 Cement 5% 5% 4% Ready mix 6% 6% 2% Aggregates 12% 12% 9% Infrastructure was main driver of consumption for our products Investment in formal residential sector to be driven by increased commercial lending Self-construction sector to benefit from increased employment and remittances Industrial-and-commercial sector expected to grow in line with the economy

8 United States Millions of US dollars 3M11 3M10 % var l-t-l % var 1Q11 1Q10 % var l-t-l % var Net Sales 507 552 (8%) (8%) 507 552 (8%) (8%) Op. EBITDA (48) (23) (105%) (105%) (48) (23) (105%) (105%) as % sales (9.5%) (4.2%) (5.3pp) (9.5%) (4.2%) (5.3pp) Volume 3M11 vs. 3M10 1Q11 vs. 1Q10 1Q11 vs. 4Q10 Cement (4%) (4%) (13%) Ready mix (10%) (10%) (5%) Aggregates (11%) (11%) (9%) Price (LC) 1 3M11 vs. 3M10 1Q11 vs. 1Q10 1Q11 vs. 4Q10 Cement (3%) (3%) 1% Ready mix (0%) (0%) 0% Aggregates 5% 5% 2% Volumes reflect continued delay in residential recovery and bad weather conditions Streets and highways spending up 9% during the first two months of 2011 Decline of industrial-and-commercial spending moderating

9 Europe Millions of US dollars 3M11 3M10 % var l-t-l % var 1Q11 1Q10 % var l-t-l % var Net Sales 1,171 947 24% 21% 1,171 947 24% 21% Op. EBITDA 50 (1) N/A N/A 50 (1) N/A N/A as % sales 4.2% (0.1%) N/A 4.2% (0.1%) N/A Volume 3M11 vs. 3M10 1Q11 vs. 1Q10 1Q11 vs. 4Q10 Cement 25% 25% (6%) Ready mix 29% 29% 1% Aggregates 21% 21% (5%) Price (LC) ¹ 3M11 vs. 3M10 1Q11 vs. 1Q10 1Q11 vs. 4Q10 Cement (3%) (3%) 3% Ready mix 0% 0% 5% Aggregates 2% 2% 9% Favorable weather conditions drove quarterly volumes for all our products The residential sector was main driver of demand in the region Recovery in the region to be driven by ongoing projects in Western Europe and increase in permits from the residential and industrial-and- commercial sectors 1 Volume-weighted, local-currency average prices

10 South/Central America and the Caribbean Millions of US dollars 3M11 3M10 % var l-t-l % var 1Q11 1Q10 % var l-t-l % var Net Sales 396 367 8% 7% 396 367 8% 7% Op. EBITDA 117 126 (8%) (9%) 117 126 (8%) (9%) as % sales 29.4% 34.4% (5.0pp) 29.4% 34.4% (5.0pp) Volume 3M11 vs. 3M10 1Q11 vs. 1Q10 1Q11 vs. 4Q10 Cement 4% 4% 7% Ready mix 8% 8% 2% Aggregates 35% 35% 43% Price (LC) ¹ 3M11 vs. 3M10 1Q11 vs. 1Q10 1Q11 vs. 4Q10 Cement 1% 1% 2% Ready mix 2% 2% 1% Aggregates (5%) (5%) 8% Increased cement consumption in Panama, Guatemala, Nicaragua, and the Caribbean Colombian volumes affected by adverse weather conditions and transportation strike during February Significant infrastructure rebuilding investment expected in Colombia, Costa Rica, and Guatemala after devastation by torrential rainfall in late 2010 1 Volume-weighted, local-currency average prices

11 Africa and Middle East Millions of US dollars 3M11 3M10 % var l-t-l % var 1Q11 1Q10 % var l-t-l % var Net Sales 248 264 (6%) (3%) 248 264 (6%) (3%) Op. EBITDA 80 83 (4%) 1% 80 83 (4%) 1% as % sales 32.2% 31.7% 0.5pp 32.2% 31.7% 0.5pp Volume 3M11 vs. 3M10 1Q11 vs. 1Q10 1Q11 vs. 4Q10 Cement (7%) (7%) (1%) Ready mix 9% 9% (7%) Aggregates 1% 1% (8%) Price (LC) ¹ 3M11 vs. 3M10 1Q11 vs. 1Q10 1Q11 vs. 4Q10 Cement (2%) (2%) (1%) Ready mix (1%) (1%) 1% Aggregates 4% 4% 6% Political unrest in Egypt affected our cement volumes Ready-mix volumes driven by our Israeli operations Construction in Egypt will depend on the success of the political transition and the configuration of the new political structure 1 Volume-weighted, local-currency average prices

12 Asia Millions of US dollars 3M11 3M10 % var l-t-l % var 1Q11 1Q10 % var l-t-l % var Net Sales 122 125 (2%) (7%) 122 125 (2%) (7%) Op. EBITDA 21 33 (36%) (38%) 21 33 (36%) (38%) as % sales 17.4% 26.5% (9.1pp) 17.4% 26.5% (9.1pp) Volume 3M11 vs. 3M10 1Q11 vs. 1Q10 1Q11 vs. 4Q10 Cement (5%) (5%) 12% Ready mix 2% 2% (27%) Aggregates 5% 5% (14%) Price (LC) ¹ 3M11 vs. 3M10 1Q11 vs. 1Q10 1Q11 vs. 4Q10 Cement (4%) (4%) (1%) Ready mix 7% 7% 6% Aggregates 2% 2% 6% Decrease in cement volumes driven mainly by decline in the Philippines Performance in the Philippines affected delay in release of government budget funds, postponement in the approval of PPP projects, and adverse weather 1 Volume-weighted, local-currency average prices

April 2011 1Q11 Results

14 Operating EBITDA, cost of sales and SG&A January – March First Quarter Millions of US dollars 2011 2010 % var l-t-l % var 2011 2010 % var l-t-l % var Net sales 3,384 3,043 11% 9% 3,384 3,043 11% 9% Operating EBITDA 519 515 1% (2%) 519 515 1% (2%) as % sales 15.3% 16.9% (1.6pp) 15.3% 16.9% (1.6pp) Cost of sales 2,421 2,223 9% 2,421 2,223 9% as % sales 71.5% 73.1% (1.5pp) 71.5% 73.1% (1.5pp) SG&A 791 671 18% 791 671 18% as % sales 23.4% 22.1% 1.3pp 23.4% 22.1% 1.3pp Operating EBITDA margin affected by product mix and higher distribution costs Kiln fuels and electricity cost, on a per-ton-of-cement-produced basis, increased by 17% during 1Q11

15 Free cash flow January – March First Quarter Millions of US dollars 2011 2010 % var 2011 2010 % var Operating EBITDA 519 515 1% 519 515 1% Net Financial Expense 304 275 304 275 Maintenance Capex 23 28 23 28 Change in Working Cap 433 328 433 328 Taxes Paid 67 50 67 50 Other Cash Items (net) 8 6 8 6 Free Cash Flow after Maint.Capex (317) (171) (85%) (317) (171) (85%) Expansion Capex 13 27 13 27 Free Cash Flow (329) (198) (66%) (329) (198) (66%) Higher investment in working capital in the quarter mainly a result of increase in receivables due to higher sales

16 Other expenses, net, of US$76 million during the quarter due mainly to amortization of fees related to early redemption of debt and severance payments Exchange gain for the quarter of US$109 million resulting mainly from the appreciation of the euro and the Mexican peso versus the U.S. dollar Gain on financial instruments for the quarter was a loss of US$44 million resulting mainly from the equity derivatives related to CEMEX shares Other income statement items

April 2011 Debt information

18 Continue to reduce our refinancing risk • Refinanced close to US$3.5 billion dollars year to date, addressing all maturities under Financing Agreement until December 2013 • Have paid about US$7.5 billion under the Financing Agreement since August 2009, or about 50% of the original balance outstanding Avoid incremental costs in our financial expense line • With prepayments and issuance of convertibles done year to date, avoided an increase of 150bps in the Financing Agreement’s annual interest rate Increase margin of compliance under our financial covenants Three pillars of our 2011 financial strategy

19 Consolidated debt maturity profile proforma¹ Fixed Income Financing Agreement Other bank / WC debt Convertible Subordinated Notes Certificados Bursátiles Total debt excluding perpetual debentures as of March 31, 2011 proforma¹ US$ 17,061 million 66 390 8,262 1,432 709 762 1,356 2,558 1,527 1 Includes Floating Rate Notes due 2015 issued in April 2011 and prepayment to the Financing Agreement with its proceeds Millions of US dollars

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. 20 Forward looking information

April 2011 Appendix

22 Additional information on debt and perpetual notes First Quarter Fourth Quarter 2011 2010 % Var. 2010 Millions of US dollars Total debt 17,059 16,472 4% 16,409 Short-term 0% 5% 3% Long-term 100% 95% 97% Perpetual notes 1,172 2,986 (61%) 1,320 Cash and cash equivalents 656 1,467 (55%) 676 Net debt plus perpetual notes 17,575 17,991 (2%) 17,053 Consolidated Funded Debt / EBITDA 2 6.93 N/A 7.43 Interest Coverage 2 1.96 N/A 1.95 1 Excluding perpetual notes. 2 Starting in the second quarter of 2010, calculated in accordance with our contractual obligations under our Financing Agreement. Interest rate 1 Fixed 51% Variabl e 49% Currency denomination 1 U.S. dollar 73% Euro 23% Mexican peso 4%

23 1Q11 volume and price summary: Selected countries 1 On a like-to-like basis for the ongoing operations

24 3M11 / 3M10: results for the three months of the years 2011 and 2010, 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 Definitions

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