EX-3 4 dex3.htm PRESENTATION REGARDING SECOND QUARTER 2011 RESULTS FOR CEMEX, S.A.B. DE C.V. Presentation regarding second quarter 2011 results for CEMEX, S.A.B. de C.V.
Exhibit 3

2
2Q11 results highlights
January
–
June
Second Quarter
Millions of US dollars
2011
2010
% var
l-t-l  
% var 
2011
2010
% var
l-t-l
% var
Net sales
7,462
6,804
10%
4%
4,091
3,762
9%
0%
Gross profit
2,112
1,948
8%
2%
1,153
1,128
2%
(7%)
Operating income
429
443
(3%)
(12%)
258
295
(12%)
(23%)
Operating EBITDA
1,132
1,179
(4%)
(9%)
615
664
(7%)
(15%)
Free cash flow after
maintenance capex
(305)
16
N/A
18
187
(90%)
Third consecutive quarter of year-over-year growth in sales
Infrastructure and housing were the main drivers of demand for our products

3
Consolidated volumes and prices
Decline in domestic gray cement volumes mainly the result of decrease in volumes in the U.S.,
Spain, and the Philippines
Consolidated ready-mix volumes showed year-over-year growth for the third consecutive quarter
1
Like-to-like volumes adjusted for investments/divestments and, in the case of prices, foreign-exchange fluctuations
6M11 vs. 6M10
2Q11 vs. 2Q10
2Q11 vs. 1Q11
Domestic gray
cement
Volume (l-t-l¹
)
1%
(1%)
16%
Price (USD)
6%
8%
1%
Price (l-t-l¹
)
1%
1%
(1%)
Ready mix
Volume (l-t-l¹
)
9%
5%
15%
Price (USD)
9%
13%
3%
Price (l-t-l¹
)
2%
3%
0%
Aggregates
Volume (l-t-l¹
)
4%
0%
21%
Price (USD)
11%
15%
3%
Price (l-t-l¹
)
5%
5%
0%

4
Third consecutive quarter of year-over-year growth in sales
Favorable volume dynamics in Northern Europe, the South, Central
America and Caribbean region, and Mexico
Have practically eliminated our refinancing risk until December 2013
Have achieved half of  the savings so far under our US$250 million
EBITDA-enhancing program
Continue with our transformation process
•
Expected to reach run rate of recurring improvement in our EBITDA
generation of US$400 million by the end of 2012
Continue to achieve higher alternative fuel utilization rates
•
Achieved record 24.4% substitution rate during 2Q11
2Q11 achievements

July 2011
Regional Highlights

6
Mexico
Millions of
US dollars
6M11
6M10
% var
l-t-l % var 
2Q11
2Q10
% var
l-t-l % var
Net Sales
1,808
1,665
9%
1%
968
923
5%
(4%)
Op. EBITDA
601
579
4%
(4%)
309
321
(4%)
(12%)
as % net sales
33.2%
34.8%
(1.6pp)
31.9%
34.8%
(2.9pp)
Volume
6M11 vs.
6M10
2Q11 vs.
2Q10
2Q11 vs.
1Q11
Cement
2%
3%
16%
Ready mix
14%
13%
8%
Aggregates
5%
3%
9%
Price (LC)
6M11 vs.
6M10
2Q11 vs.
2Q10
2Q11 vs.
1Q11
Cement
3%
1%
(3%)
Ready mix
6%
5%
2%
Aggregates
13%
14%
3%
Infrastructure and industrial-and-
commercial sectors were the main
drivers 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

7
United States
Millions of
US dollars
6M11
6M10
% var
l-t-l % var 
2Q11
2Q10
% var
l-t-l % var
Net Sales
1,126
1,236
(9%)
(9%)
619
684
(9%)
(9%)
Op. EBITDA
(70)
(7)
(931%)
(931%)
(22)
17
N/A
N/A
as % net sales
(6.2%)
(0.6%)
(5.6pp)
(3.6%)
2.4%
N/A
Volume
6M11 vs.
6M10
2Q11 vs.
2Q10
2Q11 vs.
1Q11
Cement
(7%)
(10%)
23%
Ready mix
(12%)
(14%)
12%
Aggregates
(12%)
(12%)
17%
Price (LC)
6M11 vs.
6M10
2Q11 vs.
2Q10
2Q11 vs.
1Q11
Cement
(1%)
(0%)
1%
Ready mix
2%
3%
2%
Aggregates
7%
9%
4%
Volumes reflect difficult comparison
versus 2Q10, when residential tax
subsidy expired; slowdown in economic
recovery; and adverse weather in the
Midwest and California
Residential sector affected by weak
employment numbers, tight credit,
foreclosure inventory and more erosion
in home prices
Highway spending continues to be
hampered by the uncertainty
surrounding the Federal Highway
Program
Decline of industrial-and-commercial
spending moderating

8
Northern Europe
Millions of
US dollars
6M11
6M10
% var
l-t-l % var 
2Q11
2Q10
% var
l-t-l % var
Net Sales
2,329
1,876
24%
15%
1,354
1,096
24%
7%
Op. EBITDA
162
71
127%
110%
152
100
52%
32%
as % net sales
6.9%
3.8%
3.1pp
11.2%
9.1%
2.1pp
Volume
6M11 vs.
6M10
2Q11 vs.
2Q10
2Q11 vs.
1Q11
Cement
18%
7%
50%
Ready mix
17%
8%
29%
Aggregates
11%
3%
35%
Price (LC)
6M11 vs.
6M10
2Q11 vs.
2Q10
2Q11 vs.
1Q11
Cement
1%
1%
(1%)
Ready mix
2%
1%
(5%)
Aggregates
2%
2%
(7%)
Positive volume momentum continued
during the second quarter in the region
The residential sector was main driver
of demand in Germany and France,
while the infrastructure sector drove
volumes in the UK and Poland
1
1
Volume-weighted, local-currency average prices

9
Mediterranean
Millions of
US dollars
6M11
6M10
% var
l-t-l % var 
2Q11
2Q10
% var
l-t-l % var
Net Sales
913
923
(1%)
(4%)
477
477
(0%)
(6%)
Op. EBITDA
241
264
(9%)
(9%)
125
147
(15%)
(18%)
as % net sales
26.4%
28.6%
(2.2pp)
26.2%
30.8%
(4.6pp)
Volume
6M11 vs.
6M10
2Q11 vs.
2Q10
2Q11 vs.
1Q11
Cement
(3%)
(5%)
8%
Ready mix
6%
3%
(1%)
Aggregates
(4%)
(8%)
1%
Price (LC)¹
6M11 vs.
6M10
2Q11 vs.
2Q10
2Q11 vs.
1Q11
Cement
(3%)
(4%)
(2%)
Ready mix
(2%)
(1%)
(1%)
Aggregates
5%
5%
1%
Cement volume decline in the region
driven by Spain and the UAE
In Egypt, cement volumes were flat in
the quarter with construction activity
driven by the informal residential sector
Ready-mix volumes driven by our Israeli
operations
1
Volume-weighted, local-currency average prices

10
South/Central America and the Caribbean
Millions of
US dollars
6M11
6M10
% var
l-t-l % var 
2Q11
2Q10
% var
l-t-l % var
Net Sales
845
712
19%
16%
442
360
23%
19%
Op. EBITDA
241
254
(5%)
(8%)
125
128
(3%)
(6%)
as % net sales
28.6%
35.7%
(7.1pp)
28.3%
35.6%
(7.3pp)
Volume
6M11 vs.
6M10
2Q11 vs.
2Q10
2Q11 vs.
1Q11
Cement
4%
3%
0%
Ready mix
16%
23%
15%
Aggregates
29%
25%
11%
Price
(LC)
6M11 vs.
6M10
2Q11 vs.
2Q10
2Q11 vs.
1Q11
Cement
3%
5%
4%
Ready mix
4%
5%
2%
Aggregates
(5%)
(5%)
3%
Increased domestic gray cement
consumption in Colombia, Panama,
Guatemala, Nicaragua, and El Salvador
Demand for building materials in
Colombia driven by the residential
sector, especially from low-
and middle-
income housing development,
supported by favorable macroeconomic
conditions, low unemployment, and
increased confidence
Significant infrastructure rebuilding
investment still expected in Colombia
and other countries
1
Volume-weighted,
local-currency
average
prices
1

11
Asia
Millions of
US dollars
6M11
6M10
% var
l-t-l % var 
2Q11
2Q10
% var
l-t-l % var
Net Sales
251
266
(6%)
(11%)
129
142
(9%)
(13%)
Op. EBITDA
43
73
(41%)
(43%)
22
40
(45%)
(47%)
as % net sales
17.2%
27.4%
(10.2pp)
17.0%
28.3%
(11.3pp)
Volume
6M11 vs.
6M10
2Q11 vs.
2Q10
2Q11 vs.
1Q11
Cement
(9%)
(12%)
(1%)
Ready mix
(5%)
(11%)
5%
Aggregates
(2%)
(8%)
1%
Price (LC)
6M11 vs.
6M10
2Q11 vs.
2Q10
2Q11 vs.
1Q11
Cement
(6%)
(8%)
(1%)
Ready mix
7%
7%
1%
Aggregates
4%
6%
1%
Decrease in cement volumes driven
mainly by decline in the Philippines
Demand for building materials in the
Philippines was negatively affected due
to the government’s suspension of key
infrastructure projects, as well as by the
delay in the implementation of public-
private partnerships projects
Unfavorable weather conditions in the
Philippines hampered construction
activity during the quarter
1
Volume-weighted, local-currency average prices
1

July 2011
2Q11 Results

13
Operating EBITDA, cost of sales and SG&A
January –
June
Second Quarter
Millions of US dollars
2011
2010
% var
l-t-l  
% var 
2011
2010
% var
l-t-l
% var
Net sales
7,462
6,804
10%
4%
4,091
3,762
9%
0%
Operating EBITDA
1,132
1,179
(4%)
(9%)
615
664
(7%)
(15%)
as % net sales
15.2%
17.3%
(2.2pp)
15.0%
17.7%
(2.6pp)
Cost of sales
5,350
4,856
(10%)
2,938
2,634
(12%)
as % net sales
71.7%
71.4%
0.3pp
71.8%
70.0%
1.8pp
SG&A
1,684
1,505
(12%)
895
834
(7%)
as % net sales
22.6%
22.1%
0.4pp
21.9%
22.2%
(0.3pp)
Operating EBITDA margin negatively affected by: a change in product mix resulting from higher
volume growth in ready-mix, a change in geography mix, and input cost inflation exceeding
price increases in our cement business

14
Free cash flow
January –
June
Second Quarter
Millions of US dollars
2011
2010
% var
2011
2010
% var
Operating EBITDA
1,132
1,179
(4%)
615
664
(7%)
Net Financial Expense
619
542
315
267
Maintenance Capex
86
92
64
64
Change in Working Cap
509
376
70
48
Taxes Paid
152
146
86
97
Other Cash Items (net)
70
7
63
1
Free Cash Flow after Maint.Capex
(305)
16
N/A
18
187
(90%)
Strategic Capex
46
54
34
26
Free Cash Flow
(351)
(38)
(827%)
(16)
161
N/A
Quarterly increase in financial expenses due mainly to the exchange of perpetual debentures
for new senior secured notes, as well as the refunding of bank debt with long-term, fixed-rate
bonds
Other cash items during the quarter include severance payments related to our transformation
process

15
Other expenses, net, of US$202 million during the quarter due mainly to 
severance payments related to our transformation process, impairment of
fixed assets, amortization of fees related to early redemption of debt and
a one-time tax provision in Colombia
Loss on financial instruments for the quarter of US$22 million resulted
mainly from the equity derivatives related to CEMEX shares
Other income statement items

July 2011
Debt information

17
Our 2011 financial strategy continues to be underpinned by three
main
pillars:
Continue to reduce our refinancing risk
Avoid incremental costs in our financial expense line
Increase margin of compliance under our financial covenants
Have paid about US$7.5 billion under the Financing Agreement since
August 2009, or about 50% of the original balance outstanding
With the recent US$650M reopening of our 9% Senior Secured Notes
due
2018, we will continue to address our debt maturities and meet the final
prepayment milestone under the Financing Agreement
Debt-related information

18
Consolidated debt maturity profile
Total debt excluding perpetual notes as of June 30, 2011
US$ 17,251 million
Millions of
US dollars
Fixed Income
Financing Agreement
Other bank / WC debt
Convertible Subordinated Notes
Certificados Bursátiles

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.
19
Forward looking information

July 2011
Appendix

21
Additional information on debt and perpetual notes
Second Quarter
First Quarter
2011
2010
% Var.
2011
Millions of US dollars
Total debt
17,251
16,587
4%
17,059
Short-term
2%
3%
0%
Long-term
98%
97%
100%
Perpetual notes
1,177
1,290
(9%)
1,172
Cash and cash equivalents
675
748
(10%)
656
Net debt plus perpetual notes
17,753
17,129
4%
17,575
Consolidated Funded Debt / EBITDA²
7.16
7.19
6.93
Interest Coverage²
1.87
2.00
1.96
1
Excluding perpetual notes
2
Starting in the second quarter of 2010, calculated in accordance with our contractual obligations under our Financing Agreement
Interest rate¹
Currency denomination¹
U.S.
dollar
74%
Euro
22%
Mexican
peso
3%
Fixed
55%
Variable
45%

22
6M11 volume and price summary:
Selected countries
1
On a like-to-like basis for the ongoing operations
Domestic
gray
cement 
6M11
vs.
6M10
Ready
mix                                         
6M11
vs.
6M10
Aggregates                               
6M11
vs.
6M10
Volumes
Prices
(USD)
Prices
(LC)
Volumes
Prices
(USD)
Prices
(LC)
Volumes
Prices
(USD)
Prices
(LC)
Mexico
2%
11%
3%
14%
14%
6%
5%
22%
13%
U.S.
(7%)
(1%)
(1%)
(12%)
2%
2%
(7%)
1
7%
7%
Spain
(4%)
5%
(3%)
(1%)
1%
(7%)
(13%)
13%
4%
UK
10%
9%
2%
20%
8%
1%
8%
8%
1%
France
N/A
N/A
N/A
18%
10%
1%
14%
13%
3%
Germany
21%
9%
(2%)
11%
10%
0%
16%
9%
(1%)
Poland
26%
16%
3%
54%
26%
14%
15%
49%
31%
Colombia
0%
10%
3%
23%
11%
4%
8%
(4%)
(10%)
Egypt
(3%)
(10%)
(4%)
(20%)
(9%)
(3%)
(23%)
(23%)
(18%)
Philippines
(16%)
(1%)
(6%)
N/A
N/A
N/A
N/A
N/A
N/A

23
2Q11 volume and price summary:
Selected countries
1
On a like-to-like basis for the ongoing operations
Domestic gray cement 
2Q11 vs. 2Q10
Ready mix                                        
2Q11 vs. 2Q10
Aggregates                               
2Q11 vs. 2Q10
Volumes
Prices
(USD)
Prices
(LC)
Volumes
Prices
(USD)
Prices
(LC)
Volumes
Prices
(USD)
Prices
(LC)
Mexico
3%
11%
1%
13%
16%
5%
3%
25%
14%
U.S.
(10%)
0%
0%
(14%)
3%
3%
(7%)
1
9%
9%
Spain
(11%)
14%
(2%)
(15%)
8%
(6%)
(22%)
19%
3%
UK
1%
12%
2%
11%
11%
1%
1%
12%
2%
France
N/A
N/A
N/A
10%
17%
1%
6%
20%
4%
Germany
4%
14%
(1%)
(2%)
15%
0%
1%
14%
(1%)
Poland
16%
24%
5%
44%
38%
17%
10%
56%
32%
Colombia
2%
14%
5%
31%
14%
5%
13%
(1%)
(9%)
Egypt
0%
(11%)
(5%)
(14%)
(10%)
(4%)
(18%)
(24%)
(20%)
Philippines
(20%)
(2%)
(8%)
N/A
N/A
N/A
N/A
N/A
N/A

24
6M11
/
6M10:
results
for
the
six
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).
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
completed
with
the
purpose
of
ensuring the company's operational continuity. These includes replacement capital
expenditures, which are projects required to change 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
income
plus
depreciation
and
operating
amortization.
pp:
percentage points.
Strategic
capital
expenditures:
Investments
completed
with
the
purpose
of
increasing
the company's profitability.  These includes growth capital expenditures, which are
designed to increase profitability by expanding capacity, and margin improvement
capital expenditures, which are designed to increase profitability by reducing costs.
Definitions

25
Contact information