EX-2 3 d340852dex2.htm FIRST QUARTER 2012 RESULTS FOR CEMEX, S.A.B. DE C.V.

Exhibit 2

Exhibit 2

2012

FIRST QUARTER RESULTS

Stock Listing Information

NYSE (ADS) Ticker: CX

MEXICAN STOCK EXCHANGE Ticker: CEMEXCPO Ratio of CEMEXCPO TO CX = 10:1

Investor Relations

In the United States:

+ 1 877 7CX NYSE

In Mexico:

+ 52 (81) 8888 4292 E-Mail: ir@cemex.com

OPERATING AND FINANCIAL HIGHLIGHTS

Consolidated cement volume (thousand metric tons) Consolidated ready-mix volume (thousand cubic meters) Consolidated aggregates volume (thousand metric tons) Net sales Gross profit Gross profit margin Operating income Operating Income margin Consolidated net income (loss) Controlling interest net income (loss) Operating EBITDA Operating EBITDA margin Free cash flow after maintenance capital expenditures Free cash flow Net debt plus perpetual notes Total debt Total debt plus perpetual notes Earnings (loss) per ADS Fully diluted earnings per ADS Average ADSs outstanding Employees

January – March First quarter

l-t-l l-t-l

2012 2011 % Var. 2012 2011 % Var.

% Var.* % Var.*

15,621 15,265 2% 15,621 15,265 2%

12,457 12,281 1% 12,457 12,281 1%

33,550 35,171 (5%) 33,550 35,171 (5%)

3,503 3,384 4% 4% 3,503 3,384 4% 4%

941 959 (2%) (2%) 941 959 (2%) (2%)

26.9% 28.3% (1.5pp) 26.9% 28.3% (1.5pp)

240 180 34% 62% 240 180 34% 62%

6.9% 5.3% 1.6pp 6.9% 5.3% 1.6pp

(26) (231) 89% (26) (231) 89%

(26) (229) 89% (26) (229) 89%

567 533 7% 10% 567 533 7% 10%

16.2% 15.7% 0.5pp 16.2% 15.7% 0.5pp

(287) (300) 4% (287) (300) 4%

(302) (313) 4% (302) (313) 4%

17,158 17,503 (2%) 17,158 17,503 (2%)

17,676 17,057 4% 17,676 17,057 4%

18,166 18,229 0% 18,166 18,229 0%

(0.02) (0.21) 89% (0.02) (0.21) 89%

(0.02) (0.21) 89% (0.02) (0.21) 89%

1,112.5 1,106.8 1% 1,112.5 1,106.8 1%

44,684 46,200 (3%) 44,684 46,200 (3%)

In millions of US dollars, except percentages, employees, and per-ADS amounts. Average ADSs outstanding are presented in millions. Please refer to page 8 for end-of quarter CPO-equivalent units outstanding.

* Like-to-like (“l-t-l”) percentage variations adjusted for investments/divestments and currency fluctuations.

(1) For 2012 and 2011, the effects on the denominator and numerator of potential dilutive shares generate anti-dilution; therefore, there is no change between the reported basic and diluted loss per share

Consolidated net sales in the first quarter of 2012 increased to US$3,503 million, representing an increase of 4% compared with the first quarter of 2011, or an increase of 4% on a like-to-like basis for the ongoing operations. The increase in consolidated net sales was due to higher volumes in our U.S. operations as well as higher volumes and prices, in local currency terms, in our South, Central America and the Caribbean operations which more than offset lower sales in our Northern Europe and Mediterranean operations. The infrastructure and residential sectors were the main drivers of demand in most of our markets.

Cost of sales as a percentage of net sales increased by 1.5% during the first quarter of 2012 compared to the same period last year. However, adjusting for the sale of emission allowances realized in the first quarter 2011, cost of sales as a percentage of net sales decreased by 1.0%. The decrease in cost of sales as a percentage of net sales was mainly the result of higher prices in Mexico, the U.S. and South, Central America and the Caribbean operations, and the result of our cost reduction initiatives, which more than offset higher fuel, raw materials costs and maintenance expenses. Selling, general and administrative (SG&A) expenses as a percentage of net sales decreased 3.0% during the first quarter of 2012 compared with the same period last year, from 23.0% to 20.0%. Adjusting for an extraordinary favorable effect resulting from the change of a pension plan in our Northern European region from a defined benefit to a defined contribution plan that reduced our liability by US$69 million, SG&A as a percentage of net sales was reduced by 1.0%. The decrease in SG&A expenses during the quarter was the result of savings from our cost reduction initiatives and higher sales, which offset higher distribution expenses.

Operating EBITDA increased 7% to US$567 million during the first quarter of 2012 compared with the same period last year. The increase was due mainly to higher contributions from our South, Central America and the Caribbean, Northern Europe, and U.S. operations, and our cost reduction initiatives. On a like-to-like basis for the ongoing operations and adjusting for currency fluctuations and one-time effects, operating EBITDA increased 14% in the first quarter of 2012 compared with the same period last year. Operating EBITDA margin increased 0.5%, from 15.7% in the first quarter of 2011 to 16.2% this quarter, due to higher sales and our cost reduction initiatives. On a like-to-like basis for the ongoing operations and adjusting for currency fluctuations and one-time effects, operating EBITDA margin increased 1.2% in the first quarter of 2012 compared with the same period last year.

Exchange gain (loss), net, for the quarter was a gain of US$150 million, resulting mainly from the appreciation of the euro and the Mexican peso against the US dollar.

Gain (loss) on financial instruments for the quarter was a gain of US$29 million, resulting mainly from our equity derivatives related to CEMEX shares.

Controlling interest net income (loss) was a loss of US$26 million in the first quarter of 2012, versus a loss of US$229 million in the first quarter of 2011. The first quarter 2012 loss reflects higher operating income, a gain on financial instruments, and a larger exchange gain, which more than offset higher financial expense.

Total debt plus perpetual notes increased by US$180 million during the quarter compared to fourth quarter 2011.

2012 First Quarter Results Page 2

OPERATING RESULTS

Mexico

January – March First quarter

l-t-l % l-t-l %

2012 2011 % Var. 2012 2011 % Var.

Var.* Var.*

Net sales 838 842 (1%) 7% 838 842 (1%) 7%

Operating EBITDA 297 295 1% 8% 297 295 1% 8%

Operating EBITDA margin 35.4% 35.0 % 0.4pp 35.4% 35.0 % 0.4pp

In millions of US dollars, except percentages.

Domestic gray cement Ready-mix Aggregates

Year-over-year percentage January – March First Quarter January – March First Quarter January – March First Quarter

variation

Volume 4% 4% (3%) (3%) (6%) (6%)

Price (USD) (5%) (5%) (1%) (1%) (2%) (2%)

Price (local currency) 2% 2% 6% 6% 5% 5%

Our Mexican operations’ domestic gray cement volumes increased 4% during the quarter versus the same period last year, while ready-mix volumes decreased 3% over the same period. Demand for building materials during the quarter was driven by the industrial-and-commercial sector, which benefited from the initiation of new construction projects. Activity from the infrastructure sector continued with its positive trend, supported by pre-election spending. Performance from the residential sector remained stable.

United States

January – March First quarter

l-t-l % l?t?l %

2012 2011 % Var. 2012 2011 % Var.

Var.* Var.*

Net sales 684 507 35% 19% 684 507 35% 19%

Operating EBITDA (24) (45) 47% 55% (24) (45) 47% 55%

Operating EBITDA margin (3.5%) (8.9%) 5.4pp (3.5%) (8.9%) 5.4pp

In millions of US dollars, except percentages.

Domestic gray cement Ready-mix Aggregates

Year-over-year percentage January – March First Quarter January -March First Quarter January -March First Quarter

variation

Volume 22% 22% 53% 53% 14% 14%

Price (USD) (0%) (0%) 4% 4% 4% 4%

Price (local currency) (0%) (0%) 4% 4% 4% 4%

Domestic gray cement, ready-mix, and aggregates volumes for CEMEX’s operations in the United States increased 22%, 53%, and 14%, respectively, during the first quarter of 2012 versus the same period last year. On a like-to-like basis for the ongoing operations, ready-mix and aggregates volumes increased 21% and 11%, respectively, during the quarter versus the same period in 2011. Sales volumes for the quarter reflect the consolidation of the Ready Mix USA joint venture in the second half of 2011, resulting in higher ready-mix and aggregates volumes, as well as strong demand in many of our markets and regions. Activity from the residential sector continues with its positive trend, supported by low mortgage rates and strong job creation. Recovery in the industrial-and-commercial sector was characterized by increased spending in the manufacturing, oil exploration, and retail segments. Construction spending in the infrastructure sector continues to be relatively subdued due to the winding down of the infrastructure stimulus program and uncertainty over federal funding. Favorable weather conditions had a positive effect on volumes for the quarter.

2012 First Quarter Results Page 3

OPERATING RESULTS

Northern Europe

January – March First quarter

l-t-l % l-t-l %

2012 2011 % Var. 2012 2011 % Var.

Var.* Var.*

Net sales 873 984 (11%) (8%) 873 984 (11%) (8%)

Operating EBITDA 55 11 421% 420% 55 11 421% 420%

Operating EBITDA margin 6.3% 1.1% 5.2pp 6.3% 1.1% 5.2pp

In millions of US dollars, except percentages.

Domestic gray cement Ready-mix Aggregates

Year-over-year percentage January – March First Quarter January – March First Quarter January – March First Quarter

variation

Volume (14%) (14%) (11%) (11%) (13%) (13%)

Price (USD) (1%) (1%) (2%) (2%) 0% 0%

Price (local currency) 3% 3% 2% 2% 3% 3%

Our United Kingdom operations’ domestic gray cement, ready-mix, and aggregates volumes decreased 13%, 20%, and 16%, respectively, during the first quarter of 2012 versus the same period in 2011. Demand for building materials during the quarter was driven by the infrastructure sector. Investment from the industrial-and-commercial sector has moderated in recent months given the weak economic environment and lack of new projects. Activity from the residential sector was constrained by poor market fundamentals and static mortgage lending. In addition, adverse weather conditions affected volumes during the quarter.

In CEMEX’s operations in France, our domestic ready-mix and aggregates volumes decreased 4% and 10%, respectively, during the first quarter of 2012 versus the comparable period of last year. Construction activity for the quarter was affected by harsh weather conditions, especially during the month of February. Spending in the residential sector moderated due to a decrease in the tax benefit for residential purchases. Performance from the infrastructure sector remained stable supported by the initiation of large public works projects. In addition, unfavorable macroeconomic conditions impacted construction activity in the industrial-and-commercial sector.

In Germany, our domestic gray cement volumes decreased 19% during the first quarter versus the comparable period of 2011. The decrease in demand for building products during the quarter reflects unfavorable weather conditions in the first few months of 2012. Residential construction continued to drive volumes during the quarter, supported by historically low mortgage rates, stable construction prices, shrinking unemployment, and higher salaries. Activity from the industrial-and-commercial sector was driven by the strength in the manufacturing and export sector. A reduction in the federal budget affected construction projects in the infrastructure sector.

Domestic gray cement volumes for our operations in Poland decreased 9% during the quarter versus the comparable period last year. During the quarter, volumes were negatively affected by adverse weather conditions, especially during the month of February. Performance from the infrastructure sector benefited from the construction of highways, express roads, and railways supported by the committed financing from the EU structural funds. Construction activity from the industrial-and-commercial and residential sectors remained stable.

Our domestic gray cement volumes in the Northern Europe region decreased 14% during the first quarter of 2012 versus the same period in 2011, reflecting adverse weather conditions, especially in February.

2012 First Quarter Results Page 4

OPERATING RESULTS

Mediterranean

January – March First quarter

l-t-l % l-t-l %

2012 2011 % Var. 2012 2011 % Var.

Var.* Var.*

Net sales 377 436 (14%) (11%) 377 436 (14%) (11%)

Operating EBITDA 97 116 (16%) (14%) 97 116 (16%) (14%)

Operating EBITDA margin 25.8% 26.6% (0.8pp) 25.8% 26.6% (0.8pp)

In millions of US dollars, except percentages.

Domestic gray cement Ready-mix Aggregates

Year-over-year percentage January – March First Quarter January -March First Quarter January -March First Quarter

variation

Volume (16%) (16%) (11%) (11%) (19%) (19%)

Price (USD) (9%) (9%) (0%) (0%) (2%) (2%)

Price (local currency) (6%) (6%) 3% 3% 2% 2%

Domestic gray cement and ready-mix volumes for our operations in Spain decreased 42% and 48%, respectively, during the first quarter of 2012 compared with the same period last year. The decrease in volumes for building materials during the quarter reflects the weak demand in all our markets, especially in Aragon and Levante. Severe budget cuts continue to affect investments in the infrastructure sector. Weak market fundamentals, evidenced by economic uncertainty, high unemployment, lack of financing, and high inventories continue to affect the performance of the residential sector. The industrial-and-commercial sector was negatively affected by weak domestic demand and tight credit.

In Egypt, our domestic gray cement volumes decreased 1% during the first quarter of 2012 versus the comparable period of last year. During the quarter, volumes were driven by the positive performance of the residential sector, especially the informal sector. Activity from the industrial-and-commercial sector remained stagnant, with no significant projects in the pipeline. Investment on infrastructure projects continued to decrease due to the challenging macroeconomic and political environment.

Our domestic gray cement volumes in the Mediterranean region decreased 16% during the first quarter of 2012 versus the same period in 2011.

South, Central America and the Caribbean

January – March First quarter

l-t-l % l-t-l %

2012 2011 % Var. 2012 2011 % Var.

Var.* Var.*

Net sales 524 403 30% 38% 524 403 30% 38%

Operating EBITDA 178 114 56% 45% 178 114 56% 45%

Operating EBITDA margin 33.9% 28.3% 5.6pp 33.9% 28.3% 5.6pp

In millions of US dollars, except percentages.

Domestic gray cement Ready-mix Aggregates

Year-over-year percentage January – March First Quarter January -March First Quarter January -March First Quarter

variation

Volume 7% 7% 14% 14% 16% 16%

Price (USD) 15% 15% 22% 22% 15% 15%

Price (local currency) 14% 14% 20% 20% 12% 12%

CEMEX’s domestic gray cement volumes for our operations in Colombia increased 9% during the first quarter of 2012 versus the comparable period of last year. Construction activity for the quarter was driven by the infrastructure sector, supported by a higher budget from the government, and improved weather conditions. Activity from the residential sector benefited from growth in low and middle income housing, fueled by interest rate subsidies on housing loans, low unemployment, and the initiation of several large residential projects. Meanwhile, the industrial-and-commercial sector continued with its positive trend benefiting from the favorable economic environment and new commercial agreements with several countries.

Our domestic gray cement volumes in the South, Central America and the Caribbean region increased 7% during the first quarter of 2012 versus the comparable period of last year.

2012 First Quarter Results Page 5

OPERATING RESULTS

Asia

January – March First quarter

ltl % ltl %

2012 2011 % Var. 2012 2011 % Var.

Var.* Var.*

Net sales 128 122 5% 5% 128 122 5% 5%

Operating EBITDA 12 22 (43%) (41%) 12 22 (43%) (41%)

Operating EBITDA margin 9.7% 17.7% (8.0pp) 9.7% 17.7% (8.0pp)

In millions of US dollars, except percentages.

Domestic gray cement Ready-mix Aggregates

Year-over-year percentage January – March First Quarter January - March First Quarter January - March First Quarter

variation

Volume 10% 10% (16%) (16%) (64%) (64%)

Price (USD) 0% 0% 3% 3% (7%) (7%)

Price (local currency) 1% 1% 2% 2% (7%) (7%)

In the Philippines, our domestic gray cement volumes increased 12% during the first quarter of 2012 versus the comparable period of last year. Sale volumes for the quarter benefited from the government’s reactivation of public spending for infrastructure, especially in the maintenance of roads and highways. Residential construction especially from low and middle income housing increased, supported by strong remittances. In addition, the industrial-and-commercial sector was stable, aided by the positive investment sentiment.

Our domestic gray cement volumes in the Asia region increased 10% during the first quarter of 2012 versus the comparable period of last year.

2012 First Quarter Results Page 6

OPERATING EBITDA, FREE CASH FLOW AND DEBT-RELATED INFORMATION

Operating EBITDA and Free Cash Flow

January-March First quarter

2012 2011 % Var. 2012 2011 % Var.

Operating income 240 180 34% 240 180 34%

+ Depreciation and operating amortization 327 353 327 353

Operating EBITDA 567 533 7% 567 533 7%

-Net financial expense 334 318 334 318

-Maintenance capital expenditures 49 23 49 23

-Change in working capital 301 417 301 417

-Taxes paid 177 67 177 67

-Other cash items (net) (6) 8 (6) 8

Free cash flow after maintenance capital expenditures (287) (300) 4% (287) (300) 4%

-Strategic capital expenditures 14 13 14 13

Free cash flow (302) (313) 4% (302) (313) 4%

In millions of US dollars, except percentages.

The negative free cash flow during the quarter was met with previously posted as collateral in connection with our equity derivative a decrease positions, in cash balance, and other sources. a recovery of cash

Information on debt and Perpetual Notes

First quarter Fourth quarter First quarter

2012 2011 % Var. 2011 2012 2011

Total debt (1) 17,676 17,057 4% 17,048 Currency denomination

Short-term 2% 0% 2% US dollar 79% 73%

Long-term 98% 100% 98% Euro 17% 23%

Perpetual notes 490 1,172 (58%) 938 Mexican peso 4% 4%

Cash and cash equivalents 1,008 727 39% 1,155 Other 0% 0%

Net debt plus perpetual notes 17,158 17,503 (2%) 16,830

Interest rate

Consolidated funded debt (2)/EBITDA (3) 6.40 Fixed 55% 51%

(3) (4) Variable 45% 49%

Interest coverage 1.93

In millions of US dollars, except percentages and ratios.

(1) Includes convertible notes and capital leases, in accordance with IFRS

(2) Consolidated Funded Debt as of March 31, 2012 was US$15,399 million, in accordance with our contractual obligations under the Financing Agreement (3) EBITDA calculated in accordance with IFRS (4) Interest expense calculated in accordance with our contractual obligations under the Financing Agreement

2012 First Quarter Results Page 7

EQUITYRELATED AND DERIVATIVE INSTRUMENTS INFORMATION

Equity-related information

One CEMEX ADS represents ten CEMEX CPOs. The following amounts are expressed in CPO terms.

Beginning of quarter CPO-equivalent units outstanding 10,452,528,882

CPOs issued due to recapitalization of retained earnings 418,794,551

Less increase (decrease) in the number of CPOs held in subsidiaries 693,395

Stock-based compensation 367,804

End of quarter CPO equivalent units outstanding 10,870,997,842

Outstanding units equal total CPOs issued by CEMEX less CPOs held in subsidiaries.

CEMEX has outstanding mandatory convertible notes which, upon conversion, will increase the number of CPOs outstanding by approximately 172.5

million, subject to antidilution adjustments.

Employee long-term compensation plans

As of March 31, 2012, executives had outstanding options on a total of 91,427,015 CPOs, with a weighted-average strike price of approximately US$1.97 per CPO (equivalent to US$19.65 per ADS). Starting in 2005, CEMEX began offering executives a restricted stock-ownership program. As of March 31, 2012, our executives held 30,900,364 restricted CPOs, representing 0.3% of our total CPOs outstanding.

Derivative instruments

The following table shows the notional amount for each type of derivative instrument and the aggregate fair market value

for all of CEMEX’s derivative instruments as of the last day of each quarter presented.

First quarter Fourth quarter

2012 2011 2011

Notional amounts of equity related

derivatives (1)(2) 2,787 3,142 2,794

Estimated aggregate fair market value (1) (3) (4) (38) (212) 12

In millions of US dollars.

The based estimated upon quoted aggregate market fair prices market andvalue estimated represents settlement the approximate costs, which settlement fluctuate over result time. Fair of the market valuation values date, and determined notional amounts upon termination do not represent of theamounts contracts ofconsidering cash currently the exchanged notional amounts between and the quoted parties; market cash prices amounts as well will be as relation to the fair market values of the underlying hedge transactions and the overall reduction other derivative items as of the settlement date. Fair market values should not be viewed in isolation, but in CEMEX’s rather in exposure to the risks being hedged.

Note: Under International Financial Reporting Standards (“IFRS”), companies are required to recognize all derivative financial instruments on the balance sheet as assets or liabilities, at their estimated fair market value, with changes in such fair market values recorded in the income statement, except when transactions are entered into for cash-flow-hedging purposes, in which case changes in the fair market value of the related derivative instruments are recognized temporarily in equity and then reclassified into earnings as the inverse effects of the underlying hedged items flow through the income statement. As of March 31, 2012, in connection with the fair market value recognition of its derivatives portfolio, CEMEX recognized increases in assets and liabilities resulting in a net asset of US$8 million, including a liability of US$179 million corresponding to an equity embedded derivative related to our convertible notes, which according to our debt agreements, is presented net of the assets associated with the derivative instruments. The notional amounts of derivatives substantially match the amounts of underlying assets, liabilities, or equity transactions on which the derivatives are being entered into.

(1) Excludes an interest-rate swap related to our long-term energy contracts. As of March 31, 2012, the notional amount of this derivative was US$189 million, with a positive fair market value of approximately US$46 million.

(2) Includes a notional amount of US$360 million in connection with a guarantee by CEMEX of a financial transaction entered into by its employees’ pension fund trust. As of March 31, 2012, the fair value of this financial guarantee represented a liability of US$37 million, which is net of a collateral deposit of US$140 million.

(3) Net of a cash collateral deposited under open positions. Cash collateral was US$148 million as of March 31, 2012.

(4) Includes, as required by IFRS, changes in fair value of conversion call options embedded in CEMEX’s convertible notes, representing as of March 31, 2012 and 2011 US$179 million and US$416 million, respectively.

2012 First Quarter Results Page 8

OPERATING RESULTS

Consolidated Income Statement & Balance Sheet

CEMEX, S.A.B. de C.V. and Subsidiaries

(Thousands of U.S. Dollars, except per ADS amounts)

January—March First Quarter

INCOME STATEMENT like-to-like like-to-like

2012 2011 % Var. 2012 2011 % Var.

% Var. * % Var. *

Net Sales 3,502,550 3,383,816 4% 4% 3,502,550 3,383,816 4% 4%

Cost of Sales (2,561,251) (2,424,903) (6%) (2,561,251) (2,424,903) (6%)

Gross Profit 941,300 958,913 (2%) (2%) 941,300 958,913 (2%) (2%)

Selling, General and Administrative Expenses (700,861) (779,397) 10% (700,861) (779,397) 10%

Operating Income 240,439 179,516 34% 62% 240,439 179,516 34% 62%

Other Expenses, Net (17,325) (40,999) 58% (17,325) (40,999) 58%

Operating Income After Other Expenses, Net 223,113 138,517 61% 223,113 138,517 61%

Financial Expenses (352,786) (323,905) (9%) (352,786) (323,905) (9%)

Financial Income 14,305 10,298 39% 14,305 10,298 39%

Exchange Gain (loss), Net 149,576 113,947 31% 149,576 113,947 31%

Gain (loss) on Financial Instruments 29,174 (41,878) N/A 29,174 (41,878) N/A

Total Comprehensive Financing (cost) Income (159,731) (241,537) 34% (159,731) (241,537) 34%

Net Income Before Income Taxes 63,382 (103,020) N/A 63,382 (103,020) N/A

Income Tax (88,631) (110,049) 19% (88,631) (110,049) 19%

Net Income Before Participation

of Uncons. Subs. (25,249) (213,070) 88% (25,249) (213,070) 88%

Participation in Unconsolidated Subsidiaries (1,150) (17,718) 94% (1,150) (17,718) 94%

Consolidated Net Income (loss) (26,399) (230,788) 89% (26,399) (230,788) 89%

Non-controlling interest Net Income (loss) (228) (1,691) 87% (228) (1,691) 87%

CONTROLLING INTEREST NET INCOME (LOSS) (26,171) (229,097) 89% (26,171) (229,097) 89%

Operating EBITDA 567,300 532,607 7% 10% 567,300 532,607 7% 10%

Earnings (loss) per ADS (0.02) (0.21) 89% (0.02) (0.21) 89%

As of March 31

BALANCE SHEET 2012 2011 % Var.

Total Assets 39,612,339 42,187,754 (6%)

Cash and Temporary Investments 1,008,067 726,541 39%

Trade Accounts Receivables 2,061,938 2,187,150 (6%)

Other Receivables 470,794 777,770 (39%)

Inventories 1,317,767 1,402,036 (6%)

Other Current Assets 400,955 368,123 9%

Current Assets 5,259,522 5,461,620 (4%)

Fixed Assets 17,153,366 18,500,703 (7%)

Other Assets 17,199,452 18,225,431 (6%)

Total Liabilities 27,384,170 27,630,975 (1%)

Current Liabilities 4,530,850 4,848,766 (7%)

Long-Term Liabilities 15,027,900 15,055,968 (0%)

Other Liabilities 7,825,420 7,726,241 1%

Consolidated Stockholders’ Equity 12,228,170 14,556,779 (16%)

Non-controlling Interest and Perpetual Instruments 725,615 1,471,831 (51%)

Stockholders’ Equity Attributable to Controlling Interest 11,502,555 13,084,948 (12%)

2012 First Quarter Results Page 9

OPERATING RESULTS

Consolidated Income Statement & Balance Sheet

CEMEX, S.A.B. de C.V. and Subsidiaries

(Thousands of Mexican Pesos in nominal terms)

January—March First Quarter

INCOME STATEMENT 2012 2011 % Var. 2012 2011 % Var.

Net Sales 45,217,926 40,741,147 11% 45,217,926 40,741,147 11%

Cost of Sales (33,065,744) (29,195,836) (13%) (33,065,744) (29,195,836) (13%)

Gross Profit 12,152,182 11,545,310 5% 12,152,182 11,545,310 5%

Selling, General and Administrative Expenses (9,048,119) (9,383,940) 4% (9,048,119) (9,383,940) 4%

Operating Income 3,104,063 2,161,370 44% 3,104,063 2,161,370 44%

Other Expenses, Net (223,671) (493,626) 55% (223,671) (493,626) 55%

Operating Income After Other Expenses, Net 2,880,392 1,667,745 73% 2,880,392 1,667,745 73%

Financial Expenses (4,554,467) (3,899,812) (17%) (4,554,467) (3,899,812) (17%)

Financial Income 184,672 123,991 49% 184,672 123,991 49%

Exchange Gain (loss), Net 1,931,023 1,371,922 41% 1,931,023 1,371,922 41%

Gain (loss) on Financial Instruments 376,641 (504,211) N/A 376,641 (504,211) N/A

Total Comprehensive Financing (cost) Income (2,062,130) (2,908,111) 29% (2,062,130) (2,908,111) 29%

Net Income Before Income Taxes 818,262 (1,240,366) N/A 818,262 (1,240,366) N/A

Income Tax (1,144,224) (1,324,994) 14% (1,144,224) (1,324,994) 14%

Net Income Before Participation

of Uncons. Subs. (325,962) (2,565,360) 87% (325,962) (2,565,360) 87%

Participation in Unconsolidated Subsidiaries (14,845) (213,326) 93% (14,845) (213,326) 93%

Consolidated Net Income (loss) (340,807) (2,778,686) 88% (340,807) (2,778,686) 88%

Non-controlling interest Net Income (loss) (2,938) (20,361) 86% (2,938) (20,361) 86%

CONTROLLING INTEREST NET INCOME (LOSS) (337,869) (2,758,325) 88% (337,869) (2,758,325) 88%

Operating EBITDA 7,323,839 6,412,584 14% 7,323,839 6,412,584 14%

Earnings (loss) per ADS (0.30) (2.49) 88% (0.30) (2.49) 88%

As of March 31

BALANCE SHEET 2012 2011 % Var.

Total Assets 507,830,192 502,034,277 1%

Cash and Temporary Investments 12,923,423 8,645,841 49%

Trade Accounts Receivables 26,434,050 26,027,084 2%

Other Receivables 6,035,583 9,255,463 (35%)

Inventories 16,893,767 16,684,230 1%

Other Current Assets 5,140,247 4,380,660 17%

Current Assets 67,427,070 64,993,277 4%

Fixed Assets 219,906,149 220,158,368 (0%)

Other Assets 220,496,972 216,882,631 2%

Total Liabilities 351,065,059 328,808,605 7%

Current Liabilities 58,085,499 57,700,316 1%

Long-Term Liabilities 192,657,682 179,166,020 8%

Other Liabilities 100,321,878 91,942,268 9%

Consolidated Stockholders’ Equity 156,765,134 173,225,671 (10%)

Non-controlling Interest and Perpetual Instruments 9,302,379 17,514,795 (47%)

Stockholders’ Equity Attributable to Controlling Interest 147,462,756 155,710,876 (5%)

2012 First Quarter Results Page 10

OPERATING RESULTS

Operating Summary per Country

In thousands of U.S. dollars

January—March First Quarter

like-to-like like-to-like

2012 2011 % Var. 2012 2011 % Var.

NET SALES % Var. * % Var. *

Mexico 837,695 842,205 (1%) 7% 837,695 842,205 (1%) 7%

USA 684,310 506,580 35% 19% 684,310 506,580 35% 19%

Northern Europe 872,866 983,926 (11%) (8%) 872,866 983,926 (11%) (8%)

Mediterranean 377,242 436,465 (14%) (11%) 377,242 436,465 (14%) (11%)

South, Central America and the Caribbean 524,499 403,012 30% 38% 524,499 403,012 30% 38%

Asia 128,264 121,744 5% 5% 128,264 121,744 5% 5%

Others and intercompany eliminations 77,674 89,884 (14%) (34%) 77,674 89,884 (14%) (34%)

TOTAL 3,502,550 3,383,816 4% 4% 3,502,550 3,383,816 4% 4%

GROSS PROFIT

Mexico 407,998 411,205 (1%) 6% 407,998 411,205 (1%) 6%

USA 22,828 (42,934) N/A N/A 22,828 (42,934) N/A N/A

Northern Europe 137,305 173,677 (21%) (19%) 137,305 173,677 (21%) (19%)

Mediterranean 123,228 156,376 (21%) (19%) 123,228 156,376 (21%) (19%)

South, Central America and the Caribbean 256,975 155,505 65% 63% 256,975 155,505 65% 63%

Asia 21,171 33,906 (38%) (37%) 21,171 33,906 (38%) (37%)

Others and intercompany eliminations (28,206) 71,179 N/A N/A (28,206) 71,179 N/A N/A

TOTAL 941,300 958,913 (2%) (2%) 941,300 958,913 (2%) (2%)

OPERATING INCOME

Mexico 243,758 244,866 (0%) 7% 243,758 244,866 (0%) 7%

USA (147,956) (182,437) 19% 28% (147,956) (182,437) 19% 28%

Northern Europe (7,198) (63,439) 89% 85% (7,198) (63,439) 89% 85%

Mediterranean 67,848 86,653 (22%) (20%) 67,848 86,653 (22%) (20%)

South, Central America and the Caribbean 157,396 88,155 79% 72% 157,396 88,155 79% 72%

Asia 5,231 14,358 (64%) (61%) 5,231 14,358 (64%) (61%)

Others and intercompany eliminations (78,641) (8,639) (810%) (608%) (78,641) (8,639) (810%) (608%)

TOTAL 240,439 179,516 34% 62% 240,439 179,516 34% 62%

2012 First Quarter Results Page 11

OPERATING RESULTS

Operating Summary per Country

EBITDA in thousands of U.S. dollars. EBITDA margin as a percentage of net sales

January—March First Quarter

like-to-like like-to-like

2012 2011 % Var. 2012 2011 % Var.

OPERATING EBITDA % Var. * % Var. *

Mexico 296,712 295,179 1% 8% 296,712 295,179 1% 8%

USA (24,049) (45,249) 47% 55% (24,049) (45,249) 47% 55%

Northern Europe 55,166 10,585 421% 420% 55,166 10,585 421% 420%

Mediterranean 97,483 116,169 (16%) (14%) 97,483 116,169 (16%) (14%)

South, Central America and the Caribbean 177,977 113,898 56% 45% 177,977 113,898 56% 45%

Asia 12,411 21,600 (43%) (41%) 12,411 21,600 (43%) (41%)

Others and intercompany eliminations (48,399) 20,424 N/A N/A (48,399) 20,424 N/A N/A

TOTAL 567,300 532,607 7% 10% 567,300 532,607 7% 10%

OPERATING EBITDA MARGIN

Mexico 35.4% 35.0% 35.4% 35.0%

USA (3.5%) (8.9%) (3.5%) (8.9%)

Northern Europe 6.3% 1.1% 6.3% 1.1%

Mediterranean 25.8% 26.6% 25.8% 26.6%

South, Central America and the Caribbean 33.9% 28.3% 33.9% 28.3%

Asia 9.7% 17.7% 9.7% 17.7%

TOTAL 16.2% 15.7% 16.2% 15.7%

2012 First Quarter Results Page 12

OPERATING RESULTS

Volume Summary

Consolidated volume summary

Cement and aggregates: Thousands of metric tons.

Ready-mix: Thousands of cubic meters.

January—March First quarter

2012 2011 % Var. 2012 2011 % Var.

Consolidated cement volume * 15,621 15,265 2% 15,621 15,265 2%

Consolidated ready-mix volume 12,457 12,281 1% 12,457 12,281 1%

Consolidated aggregates volume 33,550 35,171 (5%) 33,550 35,171 (5%)

Per-country volume summary

January—March First quarter First quarter 2012 Vs.

DOMESTIC GRAY CEMENT VOLUME 2012 Vs. 2011 2012 Vs. 2011 Fourth quarter 2011

Mexico 4% 4% (2%)

U.S.A. 22% 22% 0%

Northern Europe (14%) (14%) (33%)

Mediterranean (16%) (16%) (4%)

South, Central America and the Caribbean 7% 7% 9%

Asia 10% 10% 12%

READY-MIX VOLUME

Mexico (3%) (3%) (7%)

U.S.A. 53% 53% (3%)

Northern Europe (11%) (11%) (23%)

Mediterranean (11%) (11%) (1%)

South, Central America and the Caribbean 14% 14% 5%

Asia (16%) (16%) (20%)

AGGREGATES VOLUME

Mexico (6%) (6%) (10%)

U.S.A. 14% 14% 4%

Northern Europe (13%) (13%) (26%)

Mediterranean (19%) (19%) (7%)

South, Central America and the Caribbean 16% 16% 5%

Asia (64%) (64%) (65%)

* Consolidated cement volume includes domestic and export volume of gray cement, white cement, special cement, mortar and clinker.

2012 First Quarter Results Page 13

OPERATING RESULTS

Price Summary

Variation in U.S. Dollars

January—March First quarter First quarter 2012 Vs.

DOMESTIC GRAY CEMENT PRICE 2012 Vs. 2011 2012 Vs. 2011 Fourth quarter 2011

Mexico (5%) (5%) 8%

U.S.A. (0%) (0%) (0%)

Northern Europe (*) (1%) (1%) 5%

Mediterranean (*) (9%) (9%) 2%

South, Central America and the Caribbean (*) 15% 15% 6%

Asia (*) 0% 0% 5%

READY-MIX PRICE

Mexico (1%) (1%) 7%

U.S.A. 4% 4% 0%

Northern Europe (*) (2%) (2%) 6%

Mediterranean (*) (0%) (0%) 2%

South, Central America and the Caribbean (*) 22% 22% 12%

Asia (*) 3% 3% 3%

AGGREGATES PRICE

Mexico (2%) (2%) 11%

U.S.A. 4% 4% 0%

Northern Europe (*) 0% 0% 9%

Mediterranean (*) (2%) (2%) 1%

South, Central America and the Caribbean (*) 15% 15% 11%

Asia (*) (7%) (7%) (6%)

(*) Volume weighted-average price.

2012 First Quarter Results Page 14

OPERATING RESULTS

Price Summary

Variation in Local Currency

January—March First quarter First quarter 2012 Vs.

DOMESTIC GRAY CEMENT PRICE 2012 Vs. 2011 2012 Vs. 2011 Fourth quarter 2011

Mexico 2% 2% 2%

U.S.A. (0%) (0%) (0%)

Northern Europe (*) 3% 3% 4%

Mediterranean (*) (6%) (6%) 2%

South, Central America and the Caribbean (*) 14% 14% 3%

Asia (*) 1% 1% 4%

READY-MIX PRICE

Mexico 6% 6% 1%

U.S.A. 4% 4% 0%

Northern Europe (*) 2% 2% 6%

Mediterranean (*) 3% 3% 2%

South, Central America and the Caribbean (*) 20% 20% 8%

Asia (*) 2% 2% 0%

AGGREGATES PRICE

Mexico 5% 5% 5%

U.S.A. 4% 4% 0%

Northern Europe (*) 3% 3% 9%

Mediterranean (*) 2% 2% 1%

South, Central America and the Caribbean (*) 12% 12% 6%

Asia (*) (7%) (7%) (8%)

(*) Volume weighted-average price.

2012 First Quarter Results Page 15

OTHER ACTIVITIES

CEMEX announces results of exchange offers for its 2014 Eurobonds and Perpetual Notes

Approximately 53% of outstanding 2014 Eurobonds exchanged into new senior secured notes maturing in 2019, and Approximately 48% of outstanding Perpetual Debentures exchanged into new senior secured notes maturing in 2019, resulting in a reduction of CEMEX’s overall indebtedness (including Perpetual Debentures) of approximately U.S.$131 million.

On March 26, 2012, CEMEX announced the results of its five separate exchange offers (the “Exchange Offers”) made on a private placement basis to exchange currently outstanding Euro-denominated 4.75% Notes due 2014 (the “Eurobonds”) and outstanding series of Perpetual Debentures for new senior secured notes to be denominated in Dollars or in Euros.

Results as of 11:59 p.m., New York City Time, on March 23, 2012.

Security Approximate Approximate %

Tendered Aggregate of Outstanding

Principal Amounts, by

Amount Series

Tendered (excluding those

owned by

CEMEX, if any)

Eurobonds €469,619,000 53%

C5 6.196% U.S.$42,750,000 38%

Perpetual

Debentures

C8 6.640% U.S.$147,897,000 51%

Perpetual

Debentures

C10 6.722% U.S.$159,809,000 46%

Perpetual

Debentures

C10 EUR 6.277% €76,874,000 52%

Perpetual

Debentures

Total of all U.S.$451,860,493 48%

Perpetual

Debentures

(calculated at an

exchange ratio

of 1.3191 U.S.

Dollars per Euro)

As a result of the Exchange Offers, CEMEX’s overall indebtedness (including the Perpetual Debentures) was reduced by approximately U.S.$131 million (calculated at an exchange rate of 1.3191 U.S. Dollars per Euro).

The tendered securities were accepted for exchange into (1) €179,219,000 aggregate principal amount of 9.875% Euro-denominated Senior Secured Notes due 2019 and (2) U.S.$703,861,000 aggregate principal amount of 9.875% U.S. Dollar-denominated Senior Secured Notes due 2019 (collectively, the “New Notes”). The issuer of New Notes was CEMEX España, S.A., acting through its Luxembourg branch (the “Issuer”).

The New Notes (i) represent senior obligations of the Issuer, (ii) are unconditionally guaranteed by the same guarantors of the dual currency notes issued in connection with the Perpetual Debentures: CEMEX, CEMEX México and New Sunward, and (iii) share the same collateral that secures the obligations under the Financing Agreement, dated August 14, 2009, as amended, and other senior secured debt having the benefit of such collateral.

CEMEX announces subscription issue price of new CPOs

On March 29, 2012, CEMEX announced that as a result of the application of retained earnings for a capital increase approved by CEMEX’s shareholders at the general ordinary shareholders meeting held on February 23, 2012, current CEMEX shareholders received new shares as follows: 1 new CEMEX CPO per 25 CEMEX CPOs held, or, if applicable, 3 new shares per 75 shares currently outstanding.

Holders of CEMEX American Depositary Shares (“ADS”) will receive 1 newly issued ADS per 25 ADSs held. No cash will be distributed by CEMEX, including fractions from which no shares are issued.

The delivery of the new CPOs or shares, as applicable, was made on March 30, 2012. Only holders of record of CEMEX CPOs or ADSs as of March 29, 2012 (the record date) received new shares as a result of the increase in the capital stock. The new ADSs that were issued were distributed around April 3, 2012. Each ADS represents 10 CPOs. As a result of all of the above, the conversion rate of CEMEX’s convertible subordinated notes due 2015 (the “2015 Convertible Notes”), 2016 and 2018 (the “2016 and 2018 Convertible Notes”), as well as CEMEX’s mandatory convertible obligations due 2019 (the “2019 Convertible Notes”) was adjusted accordingly. The new conversion rate for the 2015

Convertible Notes is 82.7227 ADSs per U.S.$1,000 principal amount of 2015 Convertible Notes, equivalent to a conversion price of approximately U.S.$12.09 per ADS. The new conversion rate for the 2016 and 2018 Convertible Notes is be 95.8525 ADSs per U.S.$1,000 principal amount of 2016 and 2018 Convertible Notes, equivalent to a conversion price of approximately U.S.$10.43 per ADS. The new conversion rate for the 2019

Convertible Notes is 418.4494 CPOs per each obligation, equivalent to a conversion price of approximately MXN$21.27 per CPO. The subscription price is MXN$9.8792 per new CEMEX CPO. The shares were subscribed for at a price of MXN$3.2931 per share, of which MXN$0.00277661 went to our capital stock and the remaining amount as premium for the subscription of capital, and were deemed fully paid by a capitalization of retained earnings. No payment by shareholders in connection with the issuance of the shares is required.

2012 First Quarter Results Page 16

OTHER INFORMATION

Mexican Tax Reform 2010

In November 2009, the Mexican Congress approved amendments to the income tax law that became effective on January 1, 2010. The new law included changes to the tax consolidation regime that require CEMEX to, among other things, determine income taxes as if the tax consolidation provisions in Mexico did not exist from 1999 onward. These changes also required the payment of taxes on dividends between entities of the consolidated tax group (specifically, dividends paid from profits that were not taxed in the past), certain special items in the tax consolidation, as well as tax loss carryforwards generated by entities within the consolidated tax group that should have been recovered by such individual entities over the succeeding 10 years. These amendments increased the statutory income tax rate from 28% to 30% for the years 2010 to 2012, 29% for 2013, and decreased it to 28% for 2014 and future years. Pursuant to these amendments, the parent company was required to pay in 2010 (at the 30% tax rate) 25% of the tax resulting from eliminating the tax consolidation effects from 1999 to 2004, and to pay an additional 25% in 2011. The remaining 50% is required to be paid as follows: 20% in 2012*, 15% in 2013, and 15% in 2014. With respect to the consolidation effects originated after 2004, these should be considered during the sixth fiscal year following their origination and are be payable over the succeeding five years in the same proportions (25%, 25%, 20%, 15%, and 15%), and, in relation to this, the consolidation effect for 2005 has already been notified to CEMEX and considered. Applicable taxes payable as a result of the changes to the tax consolidation regime will be increased by inflation, as required by the Mexican income tax law. As of December 31, 2009, based on Interpretation 18, the parent company recognized the nominal value of estimated taxes payable in connection with these amendments of approximately US$799 million. This amount was recognized by the parent company as a tax payable on its balance sheet against “Other non-current assets” for approximately US$628 million, in connection with the net liability recognized before the new tax law and that the parent company expects to realize in connection with the payment of this tax liability; and approximately US$171 million against “Retained earnings” for the portion, according to the new law, related to: a) the difference between the sum of the equity of the controlled entities for tax purposes and the equity for tax purposes of the consolidated entity; b) dividends from the controlled entities for tax purposes to CEMEX, S.A.B. de C.V.; and c) other transactions between the companies included in the tax consolidation that represented the transfer of resources within the group. In December 2010, pursuant to additional rules, the tax authorities eliminated certain aspects of the law related to the taxable amount for the difference between the sum of the equity of the controlled entities for tax purposes and the equity for tax purposes of the consolidated entity. As a result, the parent company reduced its estimated tax payable by approximately US$235 million against a credit to “Retained earnings.” In 2011, changes in the parent company’s tax payable associated with the tax consolidation in Mexico are as follows (approximate US$ Millions):

2011

Balance at the beginning of the period $727

Income tax received from subsidiaries $168

Restatement for the period $35

Payments during the period ($36)

Other ($5)

Balance at the end of the period $889

As of December 31, 2011, the balance of tax loss carryforwards that

have not been considered in the tax consolidation was approximately US$1,038 million.

As of December 31, 2011, the estimated payment schedule of taxes payable resulting from these changes in the tax consolidation regime in Mexico were as follows (approximate amounts in millions of US dollars):

2012 $50*

2013 $50

2014 $143

2015 $151

2016 $127

2017 and thereafter $368

$889

* |  | This payment was done in March 2012.

Nationalization of CEMEX Venezuela

On August 18, 2008, the Government of Venezuela expropriated all business, assets and shares of CEMEX Venezuela and took control of its facilities. CEMEX controlled and operated CEMEX Venezuela until August 17, 2008. In October 2008, CEMEX submitted a request to the International Centre for Settlement of Investment Disputes (“ICSID”), seeking international arbitration claiming that the nationalization and seizure of the facilities located in Venezuela and owned by CEMEX Venezuela did not comply with the terms of the treaty for the protection of investments signed by the Government of Venezuela and the Netherlands and with international law, because CEMEX had not receive any compensation and no public purpose was proven. On November 30, 2011, following negotiations with the Government of Venezuela and its affiliate Corporación Socialista de Cemento, S.A., a settlement agreement was reached between CEMEX and the Government of Venezuela that closed on December 13, 2011. Under this settlement agreement, CEMEX received compensation for the expropriation of CEMEX Venezuela and administrative services provided after the expropriation in the form of: (i) a cash payment of US$240 million; and (ii) notes issued by Petróleos de Venezuela, S.A. (“PDVSA”), with nominal value and interest income to maturity totaling approximately US$360 million. Additionally, as part of the settlement, claims among all parties and their affiliates were released and all intercompany payments due from or to CEMEX Venezuela to and from CEMEX were cancelled, resulting in the cancellation for CEMEX of accounts payable net of approximately US$154 million. Pursuant to this settlement agreement, CEMEX and the government of Venezuela agreed to withdraw the ICSID arbitration. As a result of this settlement, CEMEX cancelled the book value of its net assets in Venezuela of approximately US$503 million and recognized a settlement gain in the statement of operations of approximately US$25 million, which includes the write-off of estimated currency translation effects accrued in equity.

Settlement of Legal Matters

During the quarter, we reached settlement agreements regarding our antitrust cases in Florida and the Texas General Land Office Litigation, the amounts paid and to be paid are not material.

2012 First Quarter Results Page 17

OTHER INFORMATION

Most significant reconciliation items of MFRS to IFRS

Considering the disclosure requirements of IFRS 1, the following tables present the reconciliation from MFRS to IFRS of the main accounts of the consolidated balance sheet and the statements of operations as of and for the period ending March 31, 2011.

Reconciliation of statements of operations for the period ended March 31, 2011

Notes to Adjus. IFRS

Millions of US dollars reconcili MFRS (unaudit

ation ed) (unaudited)

Net sales (d, e, i) 3,384 3,384

Cost of sales (2,421) (4) (2,425)

Gross profit 963 (4) 959

SG&A expenses (e, f, i) (791) 12 (779)

Operating Income 172 8 180

Other Expenses, Net (e, g, n) (75) 34 (41)

Operating Income

After Other 97 42 139

Expenses, Net

Comprehensive

Financing Income (b, i, h, j) (269) 27 (242)

(Cost), net

Equity in Income (18) (18)

(Loss) of Associates

Loss Before Income

Taxes (172) 69 (103)

Income Tax (k, l) (88) (22) (110)

Consolidated Net (278) 47 (231)

Income (Loss)

Non Controlling

Interest Net Income (2) (2)

(Loss)

CONTROLLING

INTEREST NET (276) 47 (229)

INCOME (LOSS)

Reconciliation of balance sheets as of March 31, 2011

Notes to Adjus.

Millions of US dollars reconcili MFRS (unaudit IFRS

ation ed) (unaudited)

Total Assets 42,550 (362) 42,188

Cash and

Temporary (n) 656 71 727

Investments

Trade Accounts

Receivables (a, n) 1,087 1,100 2,187

Other

Receivables and (n) 1,567 (421) 1,146

Other Current

Assets

Inventories (d, e, n) 1,414 (12) 1,402

Current Assets 4,724 738 5,462

Fixed Assets (c, e, n) 18,981 (480) 18,501

(c, f, g,

Other Assets n) 18,845 (620) 18,225

Total Liabilities 25,159 2,472 27,631

Current Liabilities (b, n) 4,091 758 4,849

Long Term (c, h, ,n) 15,090 (34) 15,056

Liabilities

(a, i , j,k,

Other Liabilities l, n) 5,978 1,748 7,726

Consolidated (m)

Stockholders’ 17,391 (2,834) 14,557

Equity

Non controlling

Interest and 1,439 33 1,472

Perpetual

Instruments

Notes to the reconciliations from MFRS to IFRS

a) Derecognition of financial assets and liabilities

In connection with CEMEX’s programs for the sale of trade receivables, in accordance with IFRS, due to certain continued involvement of CEMEX that causes it to retain some of the risks and rewards related to the transferred assets CEMEX´s securitization programs of accounts receivable at the IFRS transition date did not qualify for derecognition. Under MFRS, considering the surrender of control associated with the trade receivables sold and that there is no guarantee or obligation to reacquire the assets, the funded amount of the trade receivables was removed from the balance sheet at the moment of the sale. Under IFRS, except for non recourse factoring transactions, funds received under CEMEX´s securitization programs of accounts receivable are treated as secured debt, resulting in an increase of approximately US$566 million in trade accounts receivable against other financial obligations as of March 31, 2011.

b) Fair value of derivative financial instruments

Under IFRS, the fair value of derivative financial instruments includes the credit risk of the parties, i.e. an exit price. Under MFRS this is not considered. The effect of including the credit risk within CEMEX´s derivative financial instruments represented a net increase of US19 million in the net current liability under IFRS as of March 31, 2011. The corresponding effect for the period ended March 31, 2011 represented a gain of approximately US$29 million. In addition, under IFRS, due to the functional currency of the issuer, the conversion options embedded in CEMEX’s convertible notes should be recognized at fair value through the statements of operations. For the period ended March 31, 2011, CEMEX recognized a gain under IFRS of approximately US$32 million from changes in fair value. Under MFRS such conversion options represented equity instruments.

c) Reclassifications

In order to comply with IFRS presentation requirements, there are certain reclassifications between line items in the balance sheet as of March 31, 2011, the most significant are as follows: a) US$227 million of extraction rights and rights for using rented quarries were reclassified from fixed assets under MFRS to intangible assets under IFRS; and b) deferred financing costs of US$93 million under MFRS were reclassified to debt under IFRS.

d) Inventory

Under IFRS, storage costs during the production process should be expensed as incurred. Under MFRS, these costs were recognized within inventories and were reclassified under IFRS, representing a

2012 First Quarter Results Page 18

OTHER INFORMATION

reduction in inventory of US$1 million against retained earnings in the opening balance sheet. For the period ending March 2011, there was a decrease in cost of sales of approximately US$1 million against inventory.

e) Property, machinery and equipment

As permitted by IFRS 1, upon transition to IFRS as of January 1, 2010, CEMEX elected to determine the fair value of mineral reserves, as well as certain buildings and major machinery and equipment located in several countries. As a result as of March 31, 2011, property, machinery and equipment under IFRS decrease approximately US$140 million. In addition, due to the difference in the threshold to consider whether an economy is hyperinflationary from 26% over the last three years under MFRS to 100% under IFRS during the same period, upon transition to IFRS, CEMEX eliminated inflation restatement effects of property, machinery and equipment and intangible assets recognized under MFRS, which as of March 31, 2011 amounted to approximately US$126 million. The revaluation of certain assets under IFRS as of January 1, 2010, mainly quarries, and the review of certain useful lives, led to an increase in the depreciation and amortization expense under IFRS. As a result, for the period ended March 31, depreciation and amortization increased approximately US$13 million in reference to the amount recognized under MFRS.

f) Intangible assets

Upon transition to IFRS, CEMEX performed the identification and separation of certain, significant intangible assets that were recognized within goodwill. As a result, extraction permits in the cement and ready mix sectors were reclassified, net of deferred taxes, from goodwill under MFRS to intangible assets under IFRS for approximately US$508 million. Additionally, certain extraction permits were measured at fair value, resulting in a decrease of intangible assets for approximately US$1,023 million.

g) Deferred financing costs

Upon transition to IFRS, approximately US$514 million of deferred financing costs under MFRS, did not meet all the requirements for capitalization and deferral under IFRS, decreasing the balance of intangible assets and other deferred charges under IFRS as of March 31, 2011. Accordingly, amortization of these costs recognized under MFRS for the period ended March 31, 2011 for approximately US$49 million, was removed in the statements of operations under IFRS.

h) Fair value of the Financing Agreement

CEMEX entered into a Financing Agreement with its major creditors, by means of which, among other things, CEMEX extended the maturities of its syndicated and bilateral loans, private placements and other obligations. Under both MFRS and IFRS, the Financing Agreement qualified as the emission of new debt and the extinguishment of the old facilities. Nonetheless, based on IAS 39, the new debt should be initially measured at fair value represented by its amortized cost; resulting in a decrease of debt in the opening balance sheet under IFRS of US$11 million, recognized against opening retained earnings. The interest expense of this debt associated with the actualization of its amortized as of March 2011 was approximately US$1 million.

i) Pensions and other postretirement benefits

Upon transition to IFRS, cumulative net actuarial losses pending for amortization under MFRS as of January 1, 2010 for approximately US$438 million were immediately recognized under IFRS, increasing

the employee benefits’ liability. In addition, upon transition to IFRS, CEMEX has also eliminated the provision for termination benefits accrued under MFRS for approximately US$26 million, as termination benefits are generally expensed as incurred.

j) Asset retirement obligations

Changes in the method for accrual of the obligation under IFRS as compared to MFRS, led to an increase in the liability, recognized against the related assets in the opening balance sheet under IFRS. The effect as of March 31, 2011 was approximately US$27 million.

k) Deferred income taxes

As of March 31, 2011, changes in the carrying amount of assets and liabilities under IFRS resulted in an increase of deferred tax assets for approximately US$201 million, and a reduction of deferred tax liabilities for approximately US$72 million, as compared to the amounts previously recorded under MFRS.

l) Uncertain tax positions

The method for accrual of unrecognized tax benefits under IFRS differs from that applied under MFRS. As a result, as of March 31, 2011, CEMEX increased the provision for uncertain tax positions recorded under MFRS for approximately US$ 1,013 million.

m) Stockholders’ equity

The adjustments to assets and liabilities upon transition to IFRS described above as of January 1, 2010 were recognized, unless otherwise indicated, against the balance of retained earnings.

n) Ready-mix consolidation

Under the IFRS guideline the consolidated financial statements of CEMEX as of March 31, 2011 had to include the balance sheet of Ready Mix USA, LLC, based on the best estimate of its net asset´s fair value.

2012 First Quarter Results Page 19

DEFINITIONS OF TERMS AND DISCLOSURES

Methodology for translation, consolidation, and presentation of results

Under MFRS, beginning January 1, 2008, CEMEX translates the financial statements of those foreign subsidiaries operating in low-inflation environments using exchange rates at the reporting date for the balance sheet and the exchange rates at the end of each month for the income statement, while for foreign subsidiaries operating in high-inflation environments, CEMEX uses the exchange rates at the reporting date for the balance sheet and income statement. CEMEX reports its consolidated results in Mexican pesos.

For the reader’s convenience, beginning June 30, 2008, US dollar amounts for the consolidated entity are calculated by converting the nominal Mexican peso amounts at the end of each quarter using the average MXN/US$ exchange rate for each quarter. The exchange rates used to convert results for the first quarter of 2012 and the first quarter of 2011 are 12.91 and 12.04 Mexican pesos per US dollar, respectively.

Per-country/region figures are presented in US dollars for the reader’s convenience. Figures presented in US dollars for Mexico, as of March 31, 2012, and March 31, 2011, can be converted into their original local currency amount by multiplying the US-dollar figure by the corresponding average exchange rates for 2012 and 2011, provided below.

Breakdown of regions

Northern Europe includes operations in Austria, the Czech Republic, France, Germany, Hungary, Ireland, Latvia, Poland, and the United Kingdom, as well as trading operations in several Nordic countries. The Mediterranean region includes operations in Croatia, Egypt, Israel, Spain, and the United Arab Emirates.

The South, Central America and Caribbean region includes CEMEX’s operations in Argentina, Bahamas, Brazil, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Haiti, Jamaica, Nicaragua, Panama, Peru, and Puerto Rico, as well as trading operations in the Caribbean region.

The Asia region includes operations in Bangladesh, China, Malaysia, the Philippines, Taiwan, and Thailand.

Disclosure on cement volumes

As of the second quarter 2010, we changed our reporting base for our cement volumes from total domestic cement including gray and white cement, mortar, and clinker to domestic gray cement, except where indicated.

Definition of terms

Free cash flow equals operating EBITDA minus net interest expense, maintenance and strategic capital expenditures, change in working capital, taxes paid, and other cash items (net other expenses less proceeds from the disposal of obsolete and/or substantially depleted operating fixed assets that are no longer in operation and coupon payments on our perpetual notes).

Maintenance capital expenditures investments incurred for the purpose of ensuring the company’s operational continuity. These include capital expenditures on projects required to replace obsolete assets or maintain current operational levels, and mandatory capital expenditures, which are projects required to comply with governmental regulations or company policies.

Net debt equals total debt minus cash and cash equivalents, and does not include our obligations in respect of our perpetual notes and loans, which are treated as equity obligations under Mexican financial reporting standards.

Operating EBITDA equals operating income plus depreciation and operating amortization. pp equals percentage points Strategic capital expenditures investments incurred with the purpose of increasing the company’s profitability. These include capital expenditures on projects designed to increase profitability by expanding capacity, and margin improvement capital expenditures, which are projects designed to increase profitability by reducing costs.

Working capital equals operating accounts receivable (including other current assets received as payment in kind) plus historical inventories minus operating payables.

Earnings per ADS

The number of average ADSs outstanding used for the calculation of earnings per ADS was 1,112.5 million for the first quarter of 2012 and 1,106.8 million for the first quarter of 2011.

According to the Mexican NIF B-14 Earnings per share, the weighted-average number of common shares outstanding is determined considering the number of days during the accounting period in which the shares have been outstanding, including shares derived from corporate events that have modified the stockholder’s equity structure during the period, such as increases in the number of shares by a public offering and the distribution of shares from stock dividends or recapitalizations of retained earnings. The shares issued as a result of share dividends and recapitalizations are considered as issued at the beginning of the period.

Exchange rates January March First quarter

2012 2011 2012 2011

Average Average Average Average

Mexican peso 12.91 12.04 12.91 12.04

Euro 0.7511 0.7227 0.7511 0.7227

British pound 0.6299 0.6248 0.6299 0.6248

Amounts provided in units of local currency per US dollar.

2012 First Quarter Results Page 20