Cemex Sab De CV 6-K/A, filed Feb 11, 2022

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K/A

REPORT OFFOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 or15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2022

Commission File Number: 001-14946

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

(Translation of Registrant’s name into English)

AvenidaRicardo Margáin Zozaya #325, Colonia Valle del Campestre

San Pedro Garza García, Nuevo León, 66265México

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  ☒                Form 40-F   ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Explanatory Note

CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX) is furnishing this Amendment on Form 6-K/A (this “Amendment”) to CEMEX’s fourth quarter 2021 results included in its Report on Form 6-K, furnished on February 10, 2022 (the “Original 6-K”), solely to correct certain information contained in the Original 6-K. On the “Statement of Operations” table in page 7 of Exhibit 2 in the Original 6-K (Page 13 of the Original 6-K), the following changes should be made:

(i)	Under line “Income Tax”, section “January – December”, column “2021”, the<br>value should read “(143,226)” and not “(144,743)”;
(ii)	Under line “Income Tax”, section “January – December”, column “2020”, the<br>value should read “(44,548)” and not “(44,659)”;
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(iii)	Under line “Income Tax”, section “January – December”, column “% var”, the<br>value should read “(222%)” and not “(224%)”;
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(iv)	Under line “Income Tax”, section “Fourth Quarter”, column “2021”, the value<br>should read “82,925” and not “81,408”;
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(v)	Under line “Income Tax”, section “Fourth Quarter”, column “2020”, the value<br>should read “20,418” and not “20,307”; and
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(vi)	Under line “Income Tax”, section “Fourth Quarter”, column “% var”, the value<br>should read “306%” and not “301%”.
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Except as specifically described in this explanatory note, this Amendment does not amend, modify or update any disclosures contained in the Original 6-K, including with respect to any events occurring after the furnishing of the Original 6-K.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, CEMEX, S.A.B. de C.V. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		CEMEX, S.A.B. de C.V.
		(Registrant)
Date:February 11, 2022	By:	/s/ Rafael Garza
		Name: Rafael Garza
		Title: Chief Comptroller

EXHIBIT INDEX

EXHIBIT
NO.		DESCRIPTION
1.		Fourth quarter 2021 results for CEMEX, S.A.B. de C.V. (NYSE: CX) (Corrected).

Exhibit 1 - 4th Quarter Results 2021

Exhibit 1

Operating and financial highlights	<br><br><br><br>
		January - December												Fourth Quarter
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		2021			2020			% var			l-t-l% var			2021			2020			% var			l-t-l% var
Consolidated cement volume			66,970			63,153			6	%					16,500			17,403			(5	%)
Consolidated ready-mix volume			49,239			46,656			6	%					12,542			12,412			1	%
Consolidated aggregates volume			136,995			132,063			4	%					34,769			34,910			(0	%)
Net sales			14,548			12,814			14	%		11	%		3,618			3,497			3	%		5	%
Gross profit			4,673			4,122			13	%		17	%		1,090			1,090			(0	%)		(1	%)
as % of net sales			32.1	%		32.2	%		(0.1pp	)					30.1	%		31.2	%		(1.1pp	)
SG&A expenses as % of net sales			7.64	%		9.39	%		(1.8pp	)					7.87	%		9.20	%		(1.3pp	)
Operating earnings before other income and expenses, net			1,734			1,311			32	%		29	%		366			342			7	%		8	%
as % of net sales			11.9	%		10.2	%		1.7pp						10.1	%		9.8	%		0.3pp
Controlling interest net income (loss)			753			-1,467			N/A						195			70			179	%
Operating EBITDA			2,861			2,421			18	%		15	%		651			633			3	%		4	%
as % of net sales			19.7	%		18.9	%		0.8pp						18.0	%		18.1	%		(0.1pp	)
Free cash flow after maintenance capital expenditures			1,101			958			15	%					332			574			(42	%)
Free cash flow			722			734			(2	%)					227			496			(54	%)
Total debt			8,555			10,598			(19	%)					8,555			10,598			(19	%)
Earnings (loss) of continuing operations per ADS			0.51			(0.91	)		N/A						0.15			0.05			189	%
Fully diluted earnings (loss) of continuing operations per ADS			0.51			(0.91	)		N/A						0.15			0.05			189	%
Average ADSs outstanding			1,495			1,498			(0	%)					1,495			1,496			(0	%)
Employees			45,870			41,667			10	%					45,870			41,667			10	%

This information does not include discontinued operations. Please see page 13 on this report for additional information.

Cement and aggregates volumes in thousands of metric tons. Ready-mix volumes in thousands of cubic meters.

In millions of U.S. dollars, except volumes, percentages, employees, and per-ADS amounts. Average ADSs outstanding are presented in millions.

Please refer to page 13 for end-of quarter CPO-equivalent units outstanding.

Consolidated net sales in the fourth quarter of 2021 reached US$3.6 billion, an increase of 5% on a like-to-like basis for the ongoing operations and for foreign exchange fluctuations, compared to the fourth quarter of 2020. Higher local currency prices in all regions contributed to top line growth.

Cost of sales, as a percentage of net sales, increased by 1.1pp during the fourth quarter of 2021 compared with the same period last year, from 68.8% to 69.9%. The increase was mainly driven by higher energy costs, as well as higher costs of raw materials and purchased cement.

Operating expenses, as a percentage of net sales decreased by 1.4pp during the fourth quarter of 2021 compared with the same period last year, from 21.4% to 20.0% mainly due to lower administrative, sales, distribution, and corporate expenses.

Operating EBITDA in the fourth quarter of 2021 reached US$651 million, increasing 4% on a like-to-like basis for the ongoing operations and for foreign exchange fluctuations. During the quarter, our EMEA and SCAC regions contributed favorably to EBITDA.

Operating EBITDA margin decreased by 0.1pp from 18.1% in the fourth quarter of 2020 to 18.0% this quarter.

Other expenses, net for the quarter were US$80 million, which mainly include impairment of assets and severance payments.

Controlling interest net income (loss) resulted in an income of US$195 million in the fourth quarter of 2021 versus an income of US$70 million in the same quarter of 2020. The improvement in net income primarily reflects lower financial expenses, a positive variation from financial instruments and foreign exchange results, and lower income tax.

2021 Fourth Quarter Results		Page 2
Operating results	<br><br><br><br>
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Mexico

		January - December												Fourth Quarter
		2021			2020			% var			l-t-l% var			2021			2020			% var			l-t-l% var
Net sales			3,466			2,812			23	%		17	%		841			836			1	%		3	%
Operating EBITDA			1,163			931			25	%		18	%		243			268			(9	%)		(8	%)
Operating EBITDA margin			33.6	%		33.1	%		0.5pp						28.9	%		32.1	%		(3.2pp	)

In millions of U.S. dollars, except percentages.

		Domestic gray cement						Ready-mix						Aggregates
Year-over-year percentagevariation		January -  December			Fourth Quarter			January -  December			Fourth Quarter			January -  December			Fourth Quarter
Volume			8	%		(4	%)		8	%		2	%		12	%		4	%
Price (USD)			13	%		7	%		8	%		5	%		9	%		3	%
Price (local currency)			7	%		9	%		3	%		7	%		4	%		5	%

In Mexico, sales rose 17% in 2021, to a record level in peso terms. Top-line growth was driven by high single digit volume and pricing growth for cement and ready mix. During the year, bagged cement grew double digits supported by government social programs and record level remittances. Bagged volumes slowed in the second half of the year as the comps became more difficult and we moved out beyond the midterm elections.

The country continues to experience a pickup in the formal economy, and bulk cement and ready-mix volumes benefited from higher formal housing and industrial activity. The latter was supported by growth in manufacturing and warehouses, onshoring, as well as the buildout of logistic networks. While cement prices grew 9% during the quarter in local currency terms, the increase was not sufficient to compensate for rapidly escalating cost inflation in the second half of 2021, driven largely by energy.

United States

		January - December															Fourth Quarter
		2021			2020			% var			l-t-l% var			2021			2020			% var			l-t-l% var
Net sales			4,355			3,994			9	%		9	%		1,094			1,011			8	%		8	%
Operating EBITDA			762			747			2	%		2	%		174			186			(7	%)		(7	%)
Operating EBITDA margin			17.5	%		18.7	%		(1.2pp	)					15.9	%		18.4	%		(2.5pp	)

In millions of U.S. dollars, except percentages.

		Domestic gray cement						Ready-mix						Aggregates
Year-over-year percentagevariation		January - December			Fourth Quarter			January -  December			Fourth Quarter			January -  December			Fourth Quarter
Volume			6	%		0	%		8	%		4	%		1	%		(1	%)
Price (USD)			3	%		6	%		2	%		5	%		5	%		9	%
Price (local currency)			3	%		6	%		2	%		5	%		5	%		9	%

In the United States, strong volume performance and improved pricing led to high single-digit growth in sales in 2021. The region continued to enjoy strong demand across all products with most of our markets sold out. Activity continues to be driven mainly by the residential sector. Despite difficult prior year comps and winter weather in California, cement volumes during the quarter were flat, with ready-mix growing 4% and aggregates down 1%.

With the implementation of two rounds of price increases during the year, our cement prices were up 3% for 2021, 6% in the fourth quarter, and 7% point to point (from December to December). EBITDA grew 2% in the year, while our EBITDA margin declined mainly due to cost headwinds from energy and cement and clinker imports in the second half of 2021.

2021 Fourth Quarter Results		Page 3
Operating results	<br><br><br><br>
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Europe, Middle East, Africa and Asia

		January - December												Fourth Quarter
		2021			2020			% var			l-t-l% var			2021			2020			% var			l-t-l% var
Net sales			4,825			4,376			10	%		6	%		1,197			1,181			1	%		2	%
Operating EBITDA			676			625			8	%		4	%		165			158			4	%		5	%
Operating EBITDA margin			14.0	%		14.3	%		(0.3pp	)					13.8	%		13.4	%		0.4pp

In millions of U.S. dollars, except percentages.

	Domestic gray cement						Ready-mix						Aggregates
Year-over-year percentagevariation	January - December			Fourth Quarter			January - December			Fourth Quarter			January - December			Fourth Quarter
Volume		1	%		(5	%)		3	%		(2	%)		3	%		(1	%)
Price (USD)		8	%		10	%		5	%		2	%		8	%		1	%
Price (local currency)(*)		5	%		13	%		1	%		2	%		3	%		1	%

In EMEA, top line annual growth of 6% was driven mainly by higher prices in Europe and Egypt, coupled with better volumes in most markets.

In Europe, we achieved record cement volumes in 2021, led by double-digit growth in the UK, with most markets above pre-COVID levels. Growth was supported by higher infrastructure and residential activity in Poland, France, and Spain. European cement prices in local currency terms rose 4% in 2021, supported by a second round of price increases in the second half of the year.

In the Philippines, cement volumes were up 7% in the year, with all sectors growing. Pricing in the Philippines has been improving gradually, with three consecutive quarters of growth. In fourth quarter, volumes were heavily impacted by a major typhoon in the central part of the country, which caused significant disruptions.

In Israel, construction activity was strong in the year, with average daily sales volumes for ready-mix growing double-digit, and low single digit for aggregates.

EBITDA for the EMEA region rose 4% in 2021 with a slight decline in EBITDA margin.

(*)	Calculated on a volume-weighted-average basis at constant foreign-exchange rates
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2021 Fourth Quarter Results		Page 4
Operating results	<br><br><br><br>
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South, Central America and the Caribbean

		January – December												Fourth Quarter
		2021			2020			% var			l-t-l% var			2021			2020			% var			l-t-l% var
Net sales			1,567			1,349			16	%		18	%		391			383			2	%		6	%
Operating EBITDA			421			338			24	%		25	%		99			97			3	%		3	%
Operating EBITDA margin			26.9	%		25.1	%		1.8pp						25.4	%		25.3	%		0.1pp

In millions of U.S. dollars, except percentages.

	Domestic gray cement						Ready-mix						Aggregates
Year-over-year percentagevariation	January - December			Fourth Quarter			January - December			Fourth Quarter			January - December			Fourth Quarter
Volume		13	%		(1	%)		10	%		6	%		(0	%)		(13	%)
Price (USD)		2	%		3	%		1	%		(3	%)		(0	%)		3	%
Price (local currency)(*)		5	%		8	%		2	%		2	%		1	%		9	%

Our South, Central America and the Caribbean region enjoyed a strong year in 2021. Net sales rose 18% on a like to like basis, the highest annual growth since 2012. While benefiting from an easy prior year comp due to severe lockdowns in the region in 2020, regional cement volumes grew 13% during the year and surpassed pre-pandemic levels. With volume growth and high-capacity utilization, the region experienced strong pricing momentum with cement prices up 8% in the fourth quarter. As a result of solid top line growth coupled with tight cost management, full-year EBITDA grew 25% and EBITDA margin expanded by approximately two percentage points.

In Colombia, full-year cement volumes grew 8% and were supported by housing, self-construction, and infrastructure projects. In the Dominican Republic, we experienced strong demand growth in 2021 with cement volumes up 22% on the back of a dynamic self-construction sector and the reactivation of delayed tourism projects.

(*)	Calculated on a volume-weighted-average basis at constant foreign-exchange rates
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2021 Fourth Quarter Results		Page 5
Operating results	<br><br><br><br>
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Operating EBITDA and free cash flow

		January - December									Fourth Quarter
		2021			2020			% var			2021			2020			% var
Operating earnings before other income and expenses, net			1,734			1,311			32	%		366			342			7	%
+ Depreciation and operating amortization			1,127			1,111						284			291
Operating EBITDA			2,861			2,421			18	%		651			633			3	%
- Net financial expense			574			715						123			173
- Maintenance capital expenditures			714			568						340			249
- Change in working capital			151			(113	)					(268	)		(453	)
- Taxes paid			194			157						40			43
- Other cash items (net)			154			184						90			58
- Free cash flow discontinued operations			(28	)		(48	)					(6	)		(12	)
Free cash flow after maintenance capital expenditures			1,101			958			15	%		332			574			(42	%)
- Strategic capital expenditures			380			225						105			78
Free cash flow			722			734			(2	%)		227			496			(54	%)

In millions of U.S. dollars, except percentages.

During 2021 our operations generated US$1.1 billion dollars in free cash flow after maintenance capex, an increase of US$143 million versus the year before. This growth was driven primarily by higher EBITDA and savings on financial expenses. Our free cash flow was similar to 2020, as we increased the amount of strategic capex.

Free cash flow was primarily used to pay down debt during the year.

Information on debt

		Fourth Quarter									Third Quarter
		2021			2020			% var			2021
Total debt^(1)^			8,555			10,598			(19	%)		8,982
Short-term			4	%		4	%					4	%
Long-term			96	%		96	%					96	%
Cash and cash equivalents			613			950			(36	%)		869
Net debt			7,942			9,648			(18	%)		8,113
Consolidated net debt^(2)^			7,921			10,186						8,092
Consolidated leverage ratio^(2)^			2.73			4.13						2.80
Consolidated coverage ratio^(2)^			5.99			3.82						5.31
		Fourth Quarter
---	---	---	---	---	---	---	---
		2021			2020
Currency denomination
U.S. dollar			83	%		64	%
Euro			8	%		23	%
Mexican peso			4	%		4	%
Other			5	%		9	%
Interest rate^(3)^
Fixed			90	%		83	%
Variable			10	%		17	%

In millions of U.S. dollars, exceptpercentages and ratios.

^(1)^	Includes leases, in accordance with International Financial Reporting Standards (IFRS).
^(2)^	Calculated in accordance with our contractual obligations under the 2021 Credit Agreement.<br>
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^(3)^	Includes the effect of interest-rate swap instruments related to bank loans to fix floating rates with a<br>nominal amount of US$1,005 million.
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We had the largest reduction in our leverage ratio ever, a decline of 1.4x, and we ended the year with a ratio reaching 2.73 times. Net debt was reduced by $1.7 billion during the year.

In November, we closed a $3.25 billion dollars bank debt refinancing, with improved terms and conditions more reflective of an investment grade credit. The new bank debt is aligned with our Sustainability Linked Financing Framework.

As of year-end, 90% of our debt is fixed rate.

2021 Fourth Quarter Results		Page 6
Operating results	<br><br><br><br>
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Consolidated Statement of Operations & Statement of Financial Position

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

(Thousands ofU.S. dollars, except per ADS amounts)

		January - December												Fourth Quarter
STATEMENT OF OPERATIONS		2021			2020			% var			like-to-like<br>% var			2021			2020			% var			like-to-like<br>% var
Net sales			14,547,734			12,813,996			14	%		11	%		3,618,235			3,496,962			3	%		5	%
Cost of sales			(9,874,366	)		(8,691,909	)		(14	%)					(2,528,213	)		(2,406,664	)		(5	%)
Gross profit		****	4,673,368	****	****	4,122,086	****	****	13	%	****	17	%	****	1,090,022	****	****	1,090,299	****	****	(0	%)	****	(1	%)
Operating expenses			(2,939,243	)		(2,811,326	)		(5	%)					(723,794	)		(748,119	)		3	%
Operating earnings before other income and expenses, net		****	1,734,124	****	****	1,310,759	****	****	32	%	****	29	%	****	366,227	****	****	342,179	****	****	7	%	****	8	%
Other expenses, net			(115,639	)		(1,766,661	)		93	%					(80,350	)		(25,763	)		(212	%)
Operating earnings		****	1,618,485	****	****	(455,901	)	****	N/A	****				****	285,878	****	****	316,416	****	****	(10	%)
Financial expense			(662,239	)		(776,952	)		15	%					(135,575	)		(177,867	)		24	%
Other financial income (expense), net			(78,471	)		(119,769	)		34	%					(8,381	)		(93,447	)		91	%
Financial income			22,159			20,239			9	%					10,424			8,341			25	%
Results from financial instruments, net			(5,106	)		(16,059	)		68	%					(2,891	)		263			N/A
Foreign exchange results			(37,218	)		(2,663	)		(1297	%)					(2,604	)		(25,914	)		90	%
Effects of net present value on assets<br>and liabilities and<br>others, net			(58,306	)		(121,286	)		52	%					(13,310	)		(76,137	)		83	%
Equity in gain (loss) of associates			53,923			49,370			9	%					16,153			18,051			(11	%)
Income (loss) before income tax		****	931,699	****	****	(1,303,252	)	****	N/A	****				****	158,075	****	****	63,153	****	****	150	%
Income tax			(143,226	)		(44,548	)		(222	%)					82,925			20,418			306	%
Profit (loss) of continuing operations		****	788,473	****	****	(1,347,800	)	****	N/A	****				****	240,999	****	****	83,571	****	****	188	%
Discontinued operations			(10,011	)		(98,728	)		90	%					(36,746	)		(10,389	)		(254	%)
Consolidated net income (loss)		****	778,462	****	****	(1,446,529	)	****	N/A	****				****	204,253	****	****	73,183	****	****	179	%
Non-controlling interest net income (loss)			25,349			20,703			22	%					9,449			3,459			173	%
Controlling interest net income (loss)		****	753,113	****	****	(1,467,231	)	****	N/A	****				****	194,805	****	****	69,723	****	****	179	%
Operating EBITDA		****	2,860,881	****	****	2,421,364	****	****	18	%	****	15	%	****	650,550	****	****	633,158	****	****	3	%	****	4	%
Earnings (loss) of continued operations per ADS		****	0.51	****	****	(0.91	)	****	N/A	****				****	0.15	****	****	0.05	****	****	189	%
Earnings (loss) of discontinued operations per ADS		****	(0.01	)	****	(0.07	)	****	90	%				****	(0.02	)	****	(0.01	)	****	(254	%)
		As of December 31
---	---	---	---	---	---	---	---	---	---	---
STATEMENT OF FINANCIAL POSITION		2021			2020			% var
Total assets		****	26,650,370	****	****	27,425,481	****	****	(3	%)
Cash and cash equivalents			612,820			950,366			(36	%)
Trade receivables less allowance for doubtful accounts			1,520,974			1,532,832			(1	%)
Other accounts receivable			557,814			477,094			17	%
Inventories, net			1,260,673			970,623			30	%
Assets held for sale			140,639			187,410			(25	%)
Other current assets			132,331			116,293			14	%
Current assets			4,225,251			4,234,618			(0	%)
Property, machinery and equipment, net			11,322,109			11,412,726			(1	%)
Other assets			11,103,010			11,778,137			(6	%)
Total liabilities		****	16,379,252	****	****	18,473,918	****	****	(11	%)
Current liabilities			5,380,321			5,352,891			1	%
Long-term liabilities			7,305,779			9,159,637			(20	%)
Other liabilities			3,693,152			3,961,391			(7	%)
Total stockholder’s equity		****	10,271,118	****	****	8,951,563	****	****	15	%
Common stock and additional paid-in capital			7,810,104			7,893,304			(1	%)
Other equity reserves and subordinated notes			(1,370,266	)		(2,453,028	)		44	%
Retained earnings			3,387,423			2,634,310			29	%
Non-controlling interest and perpetual<br>instruments			443,856			876,977			(49	%)
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2021 Fourth Quarter Results		Page 7
Operating results	<br><br><br><br>
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Operating Summary per Country

In thousands of U.S.dollars

		January - December												Fourth Quarter
NET SALES		2021			2020			% var			like-to-like% var			2021			2020			% var			like-to-like% var
Mexico			3,465,715			2,811,801			23	%		17	%		840,549			835,587			1	%		3	%
U.S.A.			4,355,485			3,993,601			9	%		9	%		1,094,077			1,010,572			8	%		8	%
Europe, Middle East, Asia and Africa			4,825,402			4,375,836			10	%		6	%		1,197,201			1,180,953			1	%		2	%
Europe			3,349,146			2,967,307			13	%		8	%		813,196			795,712			2	%		5	%
Philippines			424,055			398,376			6	%		6	%		90,561			94,451			(4	%)		1	%
Middle East and Africa			1,052,202			1,010,153			4	%		(0	%)		293,444			290,790			1	%		(3	%)
South, Central America and the Caribbean			1,567,470			1,349,428			16	%		18	%		391,408			383,157			2	%		6	%
Others and intercompany eliminations			333,662			283,331			18	%		21	%		95,000			86,694			10	%		13	%
TOTAL			14,547,734			12,813,996			14	%		11	%		3,618,235			3,496,962			3	%		5	%
GROSS PROFIT
Mexico			1,702,899			1,437,590			18	%		12	%		369,716			414,926			(11	%)		(9	%)
U.S.A.			1,100,638			1,081,082			2	%		2	%		272,398			273,038			(0	%)		(0	%)
Europe, Middle East, Asia and Africa			1,224,510			1,133,349			8	%		4	%		298,417			292,821			2	%		3	%
Europe			880,756			776,979			13	%		9	%		217,357			204,819			6	%		8	%
Philippines			161,461			165,863			(3	%)		(4	%)		27,737			36,857			(25	%)		(21	%)
Middle East and Africa			182,293			190,508			(4	%)		(9	%)		53,322			51,144			4	%		(0	%)
South, Central America and the Caribbean			579,974			493,031			18	%		19	%		141,879			138,382			3	%		4	%
Others and intercompany eliminations			65,346			(22,966	)		N/A			N/A			7,612			(28,868	)		N/A			40	%
TOTAL			4,673,368			4,122,086			13	%		17	%		1,090,022			1,090,299			(0	%)		(1	%)
OPERATING EARNINGS BEFORE OTHERINCOME AND EXPENSES,NET
Mexico			1,002,291			782,619			28	%		21	%		200,048			228,394			(12	%)		(11	%)
U.S.A.			312,356			306,999			2	%		2	%		65,881			74,680			(12	%)		(12	%)
Europe, Middle East, Asia and Africa			332,152			287,888			15	%		12	%		71,087			67,743			5	%		4	%
Europe			211,839			151,627			40	%		36	%		51,654			35,888			44	%		45	%
Philippines			73,856			71,742			3	%		2	%		9,164			13,419			(32	%)		(31	%)
Middle East and Africa			46,457			64,519			(28	%)		(34	%)		10,270			18,436			(44	%)		(50	%)
South, Central America and the Caribbean			340,307			252,667			35	%		35	%		79,305			74,472			6	%		6	%
Others and intercompany eliminations			(252,982	)		(319,414	)		21	%		27	%		(50,094	)		(103,111	)		51	%		52	%
TOTAL			1,734,124			1,310,759			32	%		29	%		366,227			342,179			7	%		8	%
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2021 Fourth Quarter Results		Page 8
Operating results	<br><br><br><br>
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Operating Summary per Country

EBITDA in thousands ofU.S. dollars. EBITDA margin as a percentage of Net Sales.

		January - December												Fourth Quarter
											like-to-like												like-to-like
OPERATING EBITDA		2021			2020			% var			% var			2021			2020			% var			% var
Mexico			1,163,444			930,718			25	%		18	%		243,252			268,240			(9	%)		(8	%)
U.S.A.			761,986			746,799			2	%		2	%		174,253			186,381			(7	%)		(7	%)
Europe, Middle East, Asia and Africa			675,653			625,093			8	%		4	%		164,806			157,757			4	%		5	%
Europe			446,024			389,259			15	%		10	%		107,515			99,902			8	%		9	%
Philippines			113,644			117,798			(4	%)		(5	%)		18,116			24,763			(27	%)		(24	%)
Middle East and Africa			115,985			118,036			(2	%)		(7	%)		39,175			33,091			18	%		13	%
South, Central America and the Caribbean			420,870			338,087			24	%		25	%		99,328			96,824			3	%		3	%
Others and intercompany eliminations			(161,072	)		(219,333	)		27	%		35	%		(31,089	)		(76,044	)		59	%		60	%
TOTAL			2,860,881			2,421,364			18	%		15	%		650,550			633,158			3	%		4	%
OPERATING EBITDA MARGIN
Mexico			33.6	%		33.1	%								28.9	%		32.1	%
U.S.A.			17.5	%		18.7	%								15.9	%		18.4	%
Europe, Middle East, Asia and Africa			14.0	%		14.3	%								13.8	%		13.4	%
Europe			13.3	%		13.1	%								13.2	%		12.6	%
Philippines			26.8	%		29.6	%								20.0	%		26.2	%
Middle East and Africa			11.0	%		11.7	%								13.3	%		11.4	%
South, Central America and the Caribbean			26.9	%		25.1	%								25.4	%		25.3	%
TOTAL			19.7	%		18.9	%								18.0	%		18.1	%
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2021 Fourth Quarter Results		Page 9
Operating results	<br><br><br><br>
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Volume Summary

Consolidated volume summary

Cement and aggregates: Thousands of metric tons.

Ready-mix: Thousands of cubic meters.

		January - December									Fourth Quarter
		2021			2020			% var			2021			2020			% var
Consolidated cement volume^(1)^			66,970			63,153			6	%		16,500			17,403			(5	%)
Consolidated ready-mix volume			49,239			46,656			6	%		12,542			12,412			1	%
Consolidated aggregates volume^(2)^			136,995			132,063			4	%		34,769			34,910			(0	%)

Per-country volume summary

		January - December			Fourth Quarter			Fourth Quarter 2021 vs.
DOMESTIC GRAY CEMENT VOLUME		2021 vs. 2020			2021 vs. 2020			Third Quarter 2021
Mexico			8	%		(4	%)		4	%
U.S.A.			6	%		0	%		(2	%)
Europe, Middle East, Asia and Africa			1	%		(5	%)		(10	%)
Europe			5	%		9	%		(9	%)
Philippines			7	%		(2	%)		(16	%)
Middle East and Africa			(16	%)		(36	%)		(3	%)
South, Central America and the Caribbean			13	%		(1	%)		(2	%)
READY-MIX VOLUME
Mexico			8	%		2	%		2	%
U.S.A.			8	%		4	%		(3	%)
Europe, Middle East, Asia and Africa			3	%		(2	%)		1	%
Europe			4	%		(0	%)		(6	%)
Philippines			N/A			N/A			N/A
Middle East and Africa			0	%		(5	%)		14	%
South, Central America and the Caribbean			10	%		6	%		(1	%)
AGGREGATES VOLUME
Mexico			12	%		4	%		2	%
U.S.A.			1	%		(1	%)		(3	%)
Europe, Middle East, Asia and Africa			3	%		(1	%)		(3	%)
Europe			7	%		1	%		(6	%)
Philippines			N/A			N/A			N/A
Middle East and Africa			(9	%)		(6	%)		12	%
South, Central America and the Caribbean			(0	%)		(13	%)		1	%
^(1)^	Consolidated cement volume includes domestic and export volume of gray cement, white cement, special cement,<br>mortar, and clinker.
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^(2)^	Consolidated aggregates volumes include aggregates from our marine business in UK.
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2021 Fourth Quarter Results		Page 10
Operating results	<br><br><br><br>
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Price Summary

Variation in U.S. dollars

		January - December			Fourth Quarter			Fourth Quarter 2021 vs.
DOMESTIC GRAY CEMENT PRICE		2021 vs. 2020			2021 vs. 2020			Third Quarter 2021
Mexico			13	%		7	%		(3	%)
U.S.A.			3	%		6	%		1	%
Europe, Middle East, Asia and Africa(*)			8	%		10	%		(1	%)
Europe(*)			8	%		2	%		(2	%)
Philippines			(2	%)		(1	%)		0	%
Middle East and Africa(*)			12	%		37	%		13	%
South, Central America and the Caribbean(*)			2	%		3	%		1	%
READY-MIX PRICE
Mexico			8	%		5	%		(1	%)
U.S.A.			2	%		5	%		2	%
Europe, Middle East, Asia and Africa(*)			5	%		2	%		(0	%)
Europe(*)			6	%		(2	%)		(1	%)
Philippines			N/A			N/A			N/A
Middle East and Africa(*)			4	%		8	%		3	%
South, Central America and the Caribbean(*)			1	%		(3	%)		(3	%)
AGGREGATES PRICE
Mexico			9	%		3	%		(1	%)
U.S.A.			5	%		9	%		1	%
Europe, Middle East, Asia and Africa(*)			8	%		1	%		(3	%)
Europe(*)			6	%		(2	%)		(3	%)
Philippines			N/A			N/A			N/A
Middle East and Africa(*)			12	%		14	%		(4	%)
South, Central America and the Caribbean(*)			(0	%)		3	%		(5	%)
(*)	Price variation in U.S. dollars calculated on a volume-weighted-average basis; price variation in local<br>currency calculated on a volume-weighted-average basis at constant foreign-exchange rates
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2021 Fourth Quarter Results		Page 11
Operating results	<br><br><br><br>
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Variation in Local Currency

		January - December			Fourth Quarter			Fourth Quarter 2021 vs.
DOMESTIC GRAY CEMENT PRICE		2021 vs. 2020			2021 vs. 2020			Third Quarter 2021
Mexico			7	%		9	%		0	%
U.S.A.			3	%		6	%		1	%
Europe, Middle East, Asia and Africa(*)			5	%		13	%		2	%
Europe(*)			4	%		5	%		1	%
Philippines			(2	%)		3	%		1	%
Middle East and Africa(*)			11	%		37	%		13	%
South, Central America and the Caribbean(*)			5	%		8	%		2	%
READY-MIX PRICE
Mexico			3	%		7	%		2	%
U.S.A.			2	%		5	%		2	%
Europe, Middle East, Asia and Africa(*)			1	%		2	%		0	%
Europe(*)			2	%		1	%		2	%
Philippines			N/A			N/A			N/A
Middle East and Africa(*)			(1	%)		3	%		0	%
South, Central America and the Caribbean(*)			2	%		2	%		(1	%)
AGGREGATES PRICE
Mexico			4	%		5	%		2	%
U.S.A.			5	%		9	%		1	%
Europe, Middle East, Asia and Africa(*)			3	%		1	%		(2	%)
Europe(*)			1	%		(1	%)		(0	%)
Philippines			N/A			N/A			N/A
Middle East and Africa(*)			6	%		8	%		(6	%)
South, Central America and the Caribbean(*)			1	%		9	%		(4	%)
(*)	Price variation in U.S. dollars calculated on a volume-weighted-average basis; price variation in local<br>currency calculated on a volume-weighted-average basis at constant foreign-exchange rates
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2021 Fourth Quarter Results		Page 12
Other information	<br><br><br><br>
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Operating Expenses

The following table shows the breakdown of operating expenses for the period presented.

	January - December						Fourth Quarter
In thousands of US dollars	2021			2020			2021			2020
Administrative expenses		836,790			923,111			212,094			247,310
Selling expenses		274,404			280,029			72,616			74,300
Distribution and logistic expenses		1,636,802			1,412,686			396,927			374,911
Operating expenses before depreciation		2,747,996			2,615,826			681,637			696,521
Depreciation in operating expenses		191,248			195,499			42,158			51,599
Operating expenses		2,939,244			2,811,326			723,794			748,119
As % of Net Sales
Administrative expenses		5.8	%		7.2	%		5.9	%		7.1	%
SG&A expenses		7.6	%		9.4	%		7.9	%		9.2	%

Equity-related information

One CEMEX ADS represents ten CEMEX CPOs. One CEMEX CPO represents two Series A shares and one Series B share. The following amounts are expressed in CPO-equivalent terms.

Beginning-of-quarter outstanding CPO-equivalents			14,708,429,449
End-of-quarteroutstanding CPO-equivalents			14,708,429,449

For purposes of this report, outstanding CPO-equivalents equal the total number of Series A and B shares outstanding as if they were all held in CPO form less CPOs held in subsidiaries, which as of December 31, 2021 were 20,541,277.

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.

	Fourth Quarter										Third Quarter
	2021					2020					2021
In millions of US dollars	Notionalamount		Fairvalue			Notionalamount		Fairvalue			Notionalamount		Fairvalue
Exchange rate derivatives^(1)^		1,761		9			741		(42	)		1,006		5
Equity related derivatives^(2)^		-		-			27		3			-		-
Interest rate swaps^(3)^		1,005		(18	)		1,334		(47	)		1,322		(23	)
Fuel derivatives^(4)^		145		30			128		5			67		40
		2,911		21			2,230		(81	)		2,395		22
(1)	Exchange rate derivatives to manage currency exposures arising from regular operations and forecastedtransactions. As of December 31, 2021, it includes a notional of $1,511 of net investment hedge.
---	---
(2)	Equity derivatives related with forwards, net of cash collateral, over the shares of GCC, S.A.B. de C.V.
---	---
(3)	Interest-rate swap derivatives related to bank loans.
---	---
(4)	Forward contracts negotiated to hedge the price of the fuel consumed in certain operations.
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Under 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, and/or transactions related to net investment hedges, in which case changes in fair value are recorded directly in equity as part of the currency translation effect, and are reclassified to the income statement only upon disposal of the net investment. As of December 31, 2021, in connection with the fair market value recognition of its derivatives portfolio, CEMEX recognized increases in its assets and liabilities resulting in a net asset of US$21 million.

2021 Fourth Quarter Results		Page 13
Other information	<br><br><br><br>
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Assets held for sale and discontinued operations

On December 29, 2021, CEMEX signed an agreement with certain affiliates of Cementos Progreso Holdings, S.L. for the sale of its operations in Costa Rica and El Salvador, for a total consideration of $335 subject to final adjustments. The assets for divestment consist of one cement plant, one grinding station, seven ready-mix plants, one aggregates quarry, as well as one distribution center in Costa Rica and one distribution center in El Salvador. The transaction is subject to satisfaction of closing conditions in Costa Rica and El Salvador, including approvals by competition authorities. CEMEX currently expects to finalize this transaction during the first half of 2022. As of December 31, 2021, the assets and liabilities associated with these operations were presented in the Statement of Financial Position within the line items of “Assets and liabilities directly related to assets held for sale”. CEMEX’s results of operations for these assets for the years ended December 31, 2021 and 2020 are reported in the Statements of Operations, net of income tax, in the single line item “Discontinued operations.”

On July 9, 2021, CEMEX concluded the sale of its white cement business to Çimsa Çimento Sanayi Ve Ticaret A.Ş. agreed in March 2019 for a price of approximately US$155 million. Assets sold include CEMEX’s Buñol cement plant in Spain and its white cement business outside Mexico and the U.S. CEMEX’s Statements of Operations for the years ended December 31, 2021 and 2020 include the operations of these assets in Spain from January 1 to July 9, 2021 and the year 2020, and are reported net of income tax in the single line item “Discontinued operations,” including an allocation of goodwill of US$41 million.”

On March 31, 2021, CEMEX sold 24 concrete plants and one aggregates quarry in France to LafargeHolcim for approximately US$44 million. These assets are located in the Rhone Alpes region in the Southeast of France, east of CEMEX´s Lyon operations, which CEMEX retained. CEMEX’s Statements of Operations for the years ended December 31, 2021 and 2020 include the operations of these assets in France for the three-month period ended March 31, 2021 and the year 2020 and are reported net of income tax in the single line item “Discontinued operations.”

On August 3, 2020, CEMEX closed the sale of certain assets to Breedon Group plc for approximately US$230 million, including approximately US$30 million of debt. The assets included 49 ready-mix plants, 28 aggregate quarries, four depots, one cement terminal, 14 asphalt plants, four concrete products operations, as well as a portion of CEMEX’s paving solutions business in the United Kingdom. After completion of this divestiture, CEMEX maintained a significant footprint in key operating geographies in the United Kingdom related to the production and sale of cement, ready-mix, aggregates, asphalt, and paving solutions, among others. CEMEX’s Statement of Operations for the year ended December 31, 2020, include the operations related to this segment from January 1 to August 3, 2020 and are reported net of income tax in the single line item “Discontinued operations,” including an allocation of goodwill of US$47 million.

On March 6, 2020, CEMEX concluded the sale of its U.S. affiliate Kosmos Cement Company (“Kosmos”), a partnership with a subsidiary of Buzzi Unicem S.p.A. in which CEMEX held a 75% interest, to Eagle Materials Inc. for US$665 million. The share of proceeds to CEMEX from this transaction was US$499 million before transactional and other costs and expenses. The assets divested consisted of Kosmos’ cement plant in Louisville, Kentucky, as well as related assets which include seven distribution terminals and raw material reserves. CEMEX’s Statement of Operations for the year ended December 31, 2020 includes the operations related to this segment from January 1 to March 6, 2020 net of income tax in the single line item “Discontinued operations.”

The following table presents condensed combined information of the Statements of Operations of CEMEX’s discontinued operations, previously mentioned, in: a) Costa Rica and El Salvador for the years ended December 31, 2021 and 2020; b) Spain related to the white cement business for the period from January 1 to July 9, 2021 and the year ended December 31, 2020; c) the southeast of France for the three-month period ended March 31, 2021 and the year ended December 31, 2020; d) the United Kingdom for the period from January 1 to August 3, 2020; and e) the United States related to Kosmos for the period from January 1 to March 6, 2020:

STATEMENT OF OPERATIONS		Jan-Dec						Fourth Quarter
(Millions of U.S. dollars)		2021			2020			2021			2020
Sales			185			346			36			53
Cost of sales, operating expenses, and other expenses			(162	)		(326	)		(31	)		(49	)
Interest expense, net, and others			11			9			7			(3	)
Income before income tax			34			29			12			1
Income tax			(40	)		(83	)		(27	)		-
Income from discontinued operations			(6	)		(54	)		(15	)		1
Net gain on sale			(4	)		(45	)		(22	)		(11	)
Income from discontinued operations			(10	)		(99	)		(37	)		(10	)

Other significant transactions

In connection with CO2 emission allowances (the “Allowances”)in the European Union under the European Union’s Emissions Trading System (“EU ETS”), considering CEMEX’s estimates of being ahead of its then current 35% reduction goals in CO2 emissions by year 2030 versus its 1990 baseline across all of CEMEX’s cement plants in Europe and the expected delivery of net-zero CO2 concrete for all products and geographies by year 2050, as well as the innovative technologies and considerable capital investments that have to be deployed to achieve such goals, during the second half of March 2021, in different transactions, CEMEX sold 12.3 million Allowances for approximately €509 million (approximately US$600 million) that CEMEX had accrued at the end of Phase III of compliance under the EU ETS as of December 31, 2020. This sale was recognized in the year ended December 31, 2021 as part of the line item “Other expenses, net”. As of the date of this report, CEMEX believes it still retains sufficient Allowances to cover the requirements of its operations in Europe until at least the end of 2025 under Phase IV of the EU ETS, which commenced on January 1, 2021 and will last until December 31, 2030. CEMEX considers this transaction will improve its ability to further address the investments required to achieve its reductions goals, which include, but are not limited to, the general process switch from fossil fuels to lower carbon alternatives, becoming more efficient in the use of energy, sourcing alternative raw materials that contribute to reducing overall emissions or clinker factor, developing and actively promoting lower carbon products, and the recent deployment of ground breaking hydrogen technology in all CEMEX’s European kilns. CEMEX is also working closely with alliances to develop industrial scale technologies towards its goal of a net zero carbon future.

2021 Fourth Quarter Results		Page 14
Other information	<br><br><br><br>
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Issuance of Subordinated Notes without Fixed Maturity

On June 8, 2021, CEMEX, S.A.B. de C.V. successfully closed the issuance of US$1.0 billion of its 5.125% Subordinated Notes with no Fixed Maturity (the “Subordinated Notes”). CEMEX used the proceeds from the Subordinated Notes to redeem in full in June 2021 all outstanding series of perpetual debentures previously issued by consolidated special purpose vehicles for an aggregate amount of approximately US$447 million and for other general corporate purposes, including the repayment of other indebtedness. The perpetual debentures were accounted as part of CEMEX’s non-controlling interest in equity.

Considering the overall characteristics of the Subordinated Notes, including that they do not have contractual repayment date and do not meet the definition of a financial liability under IFRS, CEMEX accounts for its Subordinated Notes as equity instruments in the line item “Other equity reserves and subordinated notes without fixed maturity.” As of September 30, 2021, such line item includes the proceeds from the issuance of Subordinated Notes net of issuance costs for a total of US$994 million.

Impairment of property, plant and equipment, goodwill and other intangible assets in 3Q21 and 3Q20

During the third quarter of 2021, rising input cost inflation and higher freight and supply chain disruptions led to a confirmation of impairment indicators in Spain, the United Arab Emirates (“UAE”) and other businesses. As a result, we recognized a non-cash aggregate goodwill impairment charge of approximately US$440 million comprised of , approximately, $317 million related to our business in Spain, $96 million related to our business in UAE, and $27 million related to our IT business segment due to a reorganization. The impairment of goodwill in Spain and the UAE in 2021 resulted from an excess of the net book value of such businesses versus the discounted cash flow projections as of September 30, 2021 related to these reporting segments.

In addition, during the third quarter of 2021 we recognized non-cash impairment charges of intangible assets due to a technological revamp of certain internal use software of $49 million.

As previously disclosed, during the third quarter of 2020, we recognized a non-cash aggregate impairment charge of approximately US$1.5 billion, of which approximately US$1.02 billion related to our business in the U.S. and approximately US$480 million related to several assets, both cases due to the lack of visibility and uncertainty associated with the COVID-19 Pandemic.

These non-cash charges recognized during the third quarter of 2021 and 2020 did not impact our liquidity, Operating EBITDA and cash taxes payable, nevertheless our total assets, net income (loss) and equity were affected in each quarter.

2021 Fourth Quarter Results		Page 15
Definitions of terms and disclosures	<br><br><br><br>
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Methodology for translation, consolidation, and presentation of results

Under IFRS, CEMEX translates the financial statements of foreign subsidiaries 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. Beginning on March 31, 2019 and for each subsequent period CEMEX reports its consolidated results in U.S. dollars.

Breakdown of regions and subregions

The South, Central America and the Caribbean region includes CEMEX’s operations in Bahamas, Colombia, the Dominican Republic, Guatemala, Guyana, Haiti, Jamaica, Trinidad & Tobago, Barbados, Nicaragua, Panama, Peru, and Puerto Rico, as well as trading operations in the Caribbean region.

The EMEA region includes Europe, Middle East, Asia, and Africa. Asia subregion includes our Philippines operations.

Europe subregion includes operations in Spain, Croatia, the Czech Republic, France, Germany, Poland, and the United Kingdom.

Middle East and Africa subregion include the United Arab Emirates, Egypt, and Israel.

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).

l-t-l (like to like) on a like-to-like basis adjusting for currency fluctuations and for investments/divestments when applicable.

Maintenance capital expenditures equal 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 (debt plus convertible bonds and financial leases) minus cash and cash equivalents.

Operating EBITDA equals operating earnings before other income and expenses, net, plus depreciation and operating amortization.

pp equals percentage points

Prices all references to pricing initiatives, price increases or decreases, refer to our prices for our products

SG&A expenses equal selling and administrative expenses

Strategic capital expenditures equal 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.

% var percentage variation

Earnings per ADS

Please refer to page 2 for the number of average ADSs outstanding used for the calculation of earnings per ADS.

According to the IAS 33 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 and the potential diluted shares (Stock options, Restricted Stock Options and Mandatory Convertible Shares). The shares issued because of share dividends, recapitalizations and potential diluted shares are considered as issued at the beginning of the period.

		January - December						Fourth Quarter						Fourth Quarter
		2021			2020			2021			2020			2021			2020
Exchange rates		Average			Average			Average			Average			End of period			End ofperiod
Mexican peso			20.43			21.58			20.83			20.42			20.50			19.89
Euro			0.8467			0.8736			0.8735			0.8370			0.8789			0.8183
British pound			0.7262			0.7758			0.7386			0.7522			0.7395			0.7313

Amounts provided in units of local currency per U.S. dollar.

2021 Fourth Quarter Results		Page 16
Disclaimer	<br><br><br><br>
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Except as the context otherwise may require, references in this report to “CEMEX,” “we,” “us” or “our” refer to CEMEX, S.A.B. de C.V. and its consolidated entities. This report contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements within the meaning of the U.S. federal securities laws. In some cases, these statements can be identified by the use of forward-looking words such as “may,” “assume,” “might,” “should,” “could,” “continue,” “would,” “can,” “consider,” “anticipate,” “estimate,” “expect,” “envision,” “plan,” “believe,” “foresee,” “predict,” “potential,” “target,” “strategy,” “intend,” “aimed” or other similar words. These forward-looking statements reflect, as of the date such forward-looking statements are made, unless otherwise indicated, our current expectations and projections about future events based on our knowledge of present facts and circumstances and assumptions about future events. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from our expectations. Some of the risks, uncertainties and other important factors that could cause results to differ, or that otherwise could have an impact on us or our consolidated entities, include, but are not limited to: the impact of pandemics, epidemics or outbreaks of infectious diseases and the response of governments and other third parties, including with respect to the novel strain of the coronavirus identified in China in late 2019 and its variants (“COVID-19”), which have affected and may continue to adversely affect, among other matters, the ability of our operating facilities to operate at full or any capacity, supply chains, international operations, availability of liquidity, investor confidence and consumer spending, as well as availability of, and demand for, our products and services; the cyclical activity of the construction sector; our exposure to other sectors that impact our and our clients’ businesses, such as, but not limited to, the energy sector; availability of raw materials and related fluctuating prices; competition in the markets in which we offer our products and services; general political, social, health, economic and business conditions in the markets in which we operate or that affect our operations and any significant economic, health, political or social developments in those markets, as well as any inherent risks to international operations; the regulatory environment, including environmental, energy, tax, antitrust, and acquisition-related rules and regulations; our ability to satisfy our obligations under our material debt agreements, the indentures that govern our outstanding notes and our other debt instruments and financial obligations, including our subordinated notes with no fixed maturity; the availability of short-term credit lines or working capital facilities, which can assist us in connection with market cycles; the impact of our below investment grade debt rating on our cost of capital and on the cost of the products and services we purchase; loss of reputation of our brands; our ability to consummate asset sales, fully integrate newly acquired businesses, achieve cost-savings from our cost-reduction initiatives, implement our pricing initiatives for our products and generally meet our “Operation Resilience” strategy’s goals; the increasing reliance on information technology infrastructure for our sales, invoicing, procurement, financial statements and other processes that can adversely affect our sales and operations in the event that the infrastructure does not work as intended, experiences technical difficulties or is subjected to cyber-attacks; changes in the economy that affect demand for consumer goods, consequently affecting demand for our products and services; weather conditions, including but not limited to, excessive rain and snow, and disasters such as earthquakes and floods; trade barriers, including tariffs or import taxes and changes in existing trade policies or changes to, or withdrawals from, free trade agreements, including the United States-Mexico-Canada Agreement; terrorist and organized criminal activities as well as geopolitical events; declarations of insolvency or bankruptcy, or becoming subject to similar proceedings; natural disasters and other unforeseen events (including global health hazards such as COVID-19); and the other risks and uncertainties described in our public filings. Readers are urged to read this report and carefully consider the risks, uncertainties and other factors that affect our business and operations. The information contained in this report is subject to change without notice, and we are not obligated to publicly update or revise forward-looking statements after the date hereof or to reflect the occurrence of anticipated or unanticipated events or circumstances. Readers should review future reports filed by us with the U.S. Securities and Exchange Commission and the Mexican Stock Exchange (Bolsa Mexicana de Valores). This report also includes statistical data regarding the production, distribution, marketing and sale of cement, ready mix concrete, clinker, aggregates and urbanization solutions. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to CEMEX’s prices for CEMEX’s products. We generated some of this data internally, and some was obtained from independent industry publications and reports that we believe to be reliable sources. We have not independently verified this data nor sought the consent of any organizations to refer to their reports in this report.

UNLESS OTHERWISE NOTED, ALL FIGURES ARE PRESENTED IN DOLLARS,

BASED ON INTERNATIONAL FINANCIAL REPORTING STANDARDS, AS APPLICABLE

Copyright CEMEX, S.A.B. de C.V. and its subsidiaries

2021 Fourth Quarter Results		Page 17