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

25
Contact information