CEMEX Presentation July 2012
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1 CEMEX Presentation July 2012
2 Who is CEMEX? Leading global construction materials player with $15 Billion in sales in 2011 Current market capitalization of approximately $6 billion with $8 billion in bonds outstanding Consolidated home market in Mexico and then began international diversification Multinational player with operations in more than 50 countries Major markets include Mexico, U.S., Europe and South and Central America 2
3 Global leader in building materials SALES 2011 (US$15.1 Billion) EBITDA 2011 (US$2.3 Billion) Mexico 24% 12% 12% South/Central America 19% South/Central America 32% Northern Europe Mexico 45% 16% Northern Europe U.S. 17% 3% Asia 12% Mediterranean 3% Asia 17% Mediterranean 3
4 IR challenges and strategies
5 What were the challenges? Lagging share price despite strong performance Capital intensive industry and capital constrained home market Perceived as a Mexican/Latam or Emerging Market company Valuation driven by Mexican or Latam flows Difficulties with Mexican GAAP Limited disclosure 5
6 IR plan - actions taken SEC registration and listing on the NYSE Increased commitment to the IR function Crafted a compelling and differentiated story Initiated investor targeting and contact management strategies Enhanced disclosure and transparency Financial branding Initiated retail effort 6
7 Pro-active targeting effort leading IR to Plan- orderly Actions rotation taken Our goal has been to target global funds, anticipating the rotation of our shareholder base, diversifying away from dedicated EM money -Investment driven by geography - Highly sensitive to region- specific macro events / outlook CEMEX (- 1999) MEXICO CEMEX ( ) LATAM / GEMS / BANKS (20%) CEMEX ( ) GEMS / GLOBAL -Investment driven by fundamentals - Low sensitivity to region- specific macro events - CEMEX (2006 +) Money available for investing + GLOBAL 7
8 Investor Relations activities Institutional Investor Relations Annual Shareholders Meeting Analyst Relations CEMEX Day Retail Investor Relations Internal Communication Effort Quarterly Reporting Process Financial Press Releases Investor Relations Activities Other Investor and Analyst Events Other Activities Institutional Investor Surveillance Investor Targeting Effort 8
9 Investor mapping and development
10 Know your investors Target key investors Build investor profiles Assess possible reactions Anticipate stock / bond price changes It is essential to know what drives investors into your stock/bonds and how their behavior affect their value 10
11 Investor concentration A small number of investors are responsible for most of the price change of a stock 11
12 Key investor targets Investors who own comparable names Industry peers and companies in related businesses Investment style and turnover Similar valuation metrics, leverage, geography Current investors willing to buy more Past shareholders / bondholders Investors that buy on the basis of technical or strategy change Investors who are short the stock / bonds 12
13 Building investor profiles Key questions Drivers Time horizon Portfolio composition Knowing what drives an investor helps us tailor the message to that investor 13
14 Managing investor contacts Develop robust contact management and surveillance system Allows for seamless account coverage among IR team members Evaluate effectiveness of strategy What can t be measured can t be managed 14
15 Investor base: results of IR strategy
16 CX investor snapshot CEMEX Investor Breakdown (percentage of total shares outstanding*) Banks 20% 20% 12% 9% 7% 7% 3% 5% 5% 7% 9% 11% 14% 14% 7% 6% 7% 10% 7% 7% 7% 5% 3% 4% 12% 16% 12% 4% 6% 8% 9% 10% 11% 7% 12% U.S. Retail Unidentified Inst. Institutional (Rest of World) 25% 34% 35% 41% 42% 37% 41% 47% 48% 47% 52% Institutional (U.S. + Canada) 43% 30% 27% 22% 28% 28% 33% 33% 32% 34% 27% Mexico *Total shares issued and paid less shares in subsidiaries as of December 31,
17 Top 50 ownership Percentage of shares held by our top 50 Institutional Investors 57% 37% 38% 42% 42% 40% 44% 49% 46% 51% 28%
18 Institutional shareholders by investment style Based on top 100 Institutional Investors Value 57% Income 1% Specialty 4% Index 16% Growth 13% Momentum 6% GARP 3% As of May
19 Implications of increased institutional ownership Deepens natural demand and liquidity Most educated investor base better valuation Lower turnover institutional investor profile Greater likelihood of shareholder activism Higher demand for predictability Greater disclosure and transparency Senior management participation 19
20 Success of cross-border retail strategy Ownership of U.S. Retail Investors (millions of ADSs)
21 Importance of retail ownership Long-term, low-turnover holders Provide stock price stability Complement commercial PR campaign Fragmented decision making Important for financial branding Increased administrative cost in managing retail ownership 21
22 Investor Relations team and coverage Top 50 investors ownership (million ADSs) 255 (38%) 570 (57%) Retail ownership (million ADSs) Outstanding ADSs (million) 648 1,008 Average daily volume traded (US$ million) Notes outstanding (US$ million) 0 7,250 Convertible notes outstanding (US$ million) 0 2,700 Roadshows / conferences North Am and Mexico Roadshows / conferences Europe and South Am 6 10 Total investors met Number of analysts covering CEMEX People in IR team 9 7 IR team split between New York and Monterrey IR developed a Fixed Income coverage initiative in 2011 with Fixed Income representing 45% of CEMEX s total enterprise value Excluding index and passive investors 22
23 Market perception
24 Relative valuation PEERS EV/EBITDA CEMEX 9.1x Lafarge 6.7x Holcim 7.1x Heidelberg 6.2x Vulcan Materials 14.1x Based on sell-side 2012 EBITDA and Net Debt consensus As of June
25 CEMEX Presentation July 2012
26
27 Institutional Investor Relations Investor contact efforts include: Participation in conferences, roadshows, and investor meetings in our offices CEMEX events including CEMEX Day and others Anticipate reactions from investors to different news and events Prioritize calling effort on current and potential investors based on targeting More frequent contact with higher-ranked investors The area has increased the number of shareholders and attracted several billion dollars of new shareholders, diversifying shareholder base by geography and type IR activities 27
28 Analyst Relations Link between CEMEX and all research analysts that cover CEMEX and influence buying decisions through written research Discuss main issues surrounding CEMEX Provide feedback on their models and assumptions in their reports Circulate research reports to management Manage information flow to and from analysts IR activities
29 Retail Investor Relations Effort to raise retail awareness started in 2001 Now considered a leader among ADS issuers in developing retail ownership U.S. retail holds about 7% of CX shares, up from 3% in 2001 Relatively high percentage for ADS issuers Participation was about 10% in 2008, prior to crisis and dilution from equity raise Marketing done via Presentations to certified financial analysts ( CFA ) and brokers in U.S. and Canada, reaching brokers One-on-one meetings with brokers and high net worth asset managers in the U.K. Directed advertising campaign to approximately 2,000 brokers in the U.S. Effort requires ongoing commitment to communication with retail investors IR activities
30 Internal communication effort Regular feedback from analysts and investor community to Senior Management At least once a month to Chief Financial Officer during monthly meetings Additional feedback s and calls to Senior Management Periodic presentations to Board of Directors and Executive Committee Internal distribution of analyst reports on CEMEX and other industry-related reports IR activities
31 Quarterly reporting process Preparation of public documents and filings with SEC and BMV Quarterly Report with financial results, operating results and other activities in the quarter Presentation developed to support script during video webcast Additional set of documents to support quarterly results and post-results investor conferences and meetings IR activities 31
32 Financial press releases Preparation of financial press releases and participation in other press releases in coordination with other areas Anticipation of market reaction to press releases Develop Q&A and message tracks IR activities
33 Annual Shareholders Meeting Responsible for proxy voting process for ADS holders Activities Review and approval in coordination with Legal of proxy voting information Answer investor questions on items to be voted on Website information including Convocatoria, dividends, increase in stock, etc. Related press releases and filings IR activities 33
34 CEMEX Day Annual event where senior management present business outlook and strategy to the financial community Held in accessible location to maximize attendance (eg. NY area) Invitees include top equity and fixed income investors, other target investors, analysts, banks and rating agencies IR activities
35 Other investor and analyst events Facilitate analysts understanding of CEMEX through various events, plant visits and interaction with senior management Previous events include: Aggregates presentations and FEC quarry visit after Rinker acquisition (Miami) Energy roundtables Victorville plant visit and presentation by ARTBA (Los Angeles) Visits to various facilities, typically with analysts and their investors IR activities
36 Other activities Annual report 20F Provide IR-related information Support with reviewing and commenting on the document Printing of the document Provide support in marketing efforts and documentation of M&A and capital markets transactions Maintenance of IR section on website IR activities
37 Institutional investor surveillance Objective: to monitor changes in our shareholding base External provider tracks investor holdings U.S. investors primarily through SEC required quarterly holding disclosure In other countries through direct requests (disclosure is voluntary so information is incomplete) Daily settlement information of CEMEX stock among principal custodian banks is also followed IR activities 37
38 Investor targeting effort Effort to identify our target institutional investor market and provide a quantitative means to assess our investor relations efforts Investor targets current and potential investors based on relevant metrics, investment profiles and other criteria IR team s success in meeting with target list priority 1,2,and 3 names are criteria in annual performance appraisal IR activities
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