This summary is based on the first quarter fiscal 2007 earnings call conducted by Cemex SAB de CV (CX) on in the sun and have no 24th April, 2007.

Chairman of the Board and Chief Executive Officer: Lorenzo H. Zambrano
Executive Vice President of Planning and Finance: Héctor Medina
Chief Financial Officer: Rodrigo Treviño
Executive Vice President of Development: Armando J. García
Executive Vice President of Administration: Víctor M. Romo

Key Investor Issues

- Net income decreased by 21% to $400 million from $505 million in the first quarter of 2006.
- EBITDA grew 6% to $868 million compared to the same period in 2006.
- Operating income in the first quarter remained flat compared to the same period in 2006.
- Net sales were $4.3 billion, up 9% from a year earlier.

First Quarter 2007 Highlights

The company’s reported consolidated EBITDA of $868 million, up 6% from a year earlier despite input cost inflation in energy and transportation. The management projects an EBITDA of about $4.3 billion for 2007.

Majority net income dropped 21% to $400 million from $505 million a year ago.

- Adjusted majority net income for the quarter after eliminating the effects of the recognition of the antidumping settlement last year grew by 12% over the same period in 2006.
- Net debt at the end of the first quarter was $5.1 billion, representing reductions of $697 million during the quarter and $3.3 billion since the end of the first quarter of 2006.
- The net-debt-to-EBITDA ratio decreased to 1.2 times from 1.4 times at the end of the fourth quarter of 2006.
- Interest coverage reached 8.8 times during the quarter, up from 6.9 times a year ago.

Net sales in the company’s operations in Mexico increased 11% in the first quarter to $901 million, compared to $814 million in the same period of 2006.

- EBITDA increased 4% to $336 million versus the same period of last year.
- The cement volumes increased by 6%, is due to the introduction of different projects, especially new housing projects towards the end of the quarter.
- Readymix volumes grew by 12% reflecting the continued strength in the info structure and formal structure sectors.
- Aggregates grew by 91% compared to a year earlier.

The company’s operations in the United States reported net sales of $835 million in the first quarter of 2007, down 20% from the same period in 2006.

- EBITDA decreased 34% to US$179 million, from US$271 million in the first quarter of 2006.
- Cement, ready-mix, and aggregates volumes decreased 18%, 25%, and 18%, respectively, during the quarter versus the same period last year.

In Spain, net sales were US$510 million, up 24% from the first quarter of 2006.

- EBITDA increased 18% to $153 million.
- Domestic cement volume rose 2% during the first quarter of 2007 versus a year ago.
- Ready-mix volumes increased 1% during the quarter versus the same period last year.

The United Kingdom operations experienced a 4% increase in net sales, to $471 million, against the same quarter of 2006.

- EBITDA decreased 30% to US$22 million in the first quarter from US$32 million in the comparable period in 2006.
- Net sales in the Rest of Europe region rose by 34% from a year ago, reaching $773 million.
- EBITDA was $29 million for the region in the first quarter of 2007.

The company’s South/Central America and the Caribbean reported net sales of US$462 million in the quarter of 2007, up 33% over the same period of 2006.

- EBITDA increased 75% for the quarter to US$152 million versus the same period in 2006.
- First-quarter net sales in Africa and the Middle East were US$172 million, up 7% from the same quarter of 2006.
- EBITDA increased 8% to US$42 million for the quarter versus the comparable period in 2006.

Operations in Asia reported a 21% gain in net sales, to US$98 million, vs. a year ago.

EBITDA was US$29 million, up 92% from the same period in the previous year.