CEMEX, S.A. de C.V. (NYSE: CX) announced today that consolidated net revenues in the second quarter of 2005 grew 125% to $4.4 billion compared to the same quarter of 2004. This increase is primarily a result of the effect of the incorporation of RMC into CEMEX's consolidated results, reflected for the first time in CEMEX's quarterly earnings results.

CEMEX Second Quarter Financial and Operational Highlights

-- Sales improved in the majority of CEMEX's markets due to higher cement and ready-mix volumes in the Company's core markets and a stronger Mexican peso.

-- CEMEX's consolidated cement volume increased 30% to 22 million metric tons while consolidated ready-mix volume grew 243% to 21 million cubic meters. The Company's consolidated aggregates volume increased to 50 million metric tons, 329% higher over the second quarter of 2004.

-- Operating income for the period rose 60% over the same period of 2004 to US$751 million.

-- Free cash flow grew 56% versus the same quarter a year ago, reaching US$693 million.

-- EBITDA (operating income plus depreciation and amortization) was US$989 million, up 56% over the second quarter of 2004. This increase is due to effect of EBITDA contribution from RMC and higher domestic cement and ready-mix volumes, which offset higher energy and transportation costs.

-- EBITDA margin decreased to 22.6% from 32.6% in second quarter 2004. Margins were positively affected by strong demand in CEMEX's core markets, but were offset significantly by the consolidation of RMC and higher energy costs.

Hector Medina, Executive Vice President of Planning and Finance, said: "We are very pleased with our results for the quarter, which reflect strong contributions from RMC and good underlying growth in our core markets. We continue to experience strong demand in all our markets, particularly residential, which continues to be the strongest driver of cement and ready-mix consumption in our markets."

Consolidated Corporate Results, Including the Effect of RMC from March 1, 2005

Cost of goods sold and selling, general, and administrative expenses (SG&A) increased 140% and 158%, respectively, versus the second quarter of last year due mainly to the effect of RMC. CEMEX is in the preliminary stages of incorporating its standardized financial and operational practices into the newly acquired operations, designed to reduce costs and expenses and improve efficiencies. In most of the Company's markets, energy and transportation costs have risen due to the widespread increase of these costs.

Majority net income for the second quarter of 2005 rose 197%, to US$733 million. This increase is due to strong consolidated operating performance and gains resulting from CEMEX's derivative positions.

Net debt at the end of the second quarter 2005 was US$9.62 billion, a reduction of US$811 million during the quarter. The net-debt-to-EBITDA ratio improved to 2.9 times from 3.2 times at the end of first quarter 2005. Interest coverage decreased from 6.8 times and the end of first quarter 2005 to 6.5 times and the end of the second quarter, but increased from 6.2 times a year ago.

During the quarter, all of the Company's free cash flow was used to pay down debt and pay cash dividends. CEMEX's net debt - in US dollar terms - was further reduced by favorable exchange rate movements during the quarter, despite other investments and expenses related to the acquisition of RMC, partially funded with divestitures such as the Company's minority stake in Cementos Bio Bio.

The following summarizes results in CEMEX's major markets:

CEMEX's Mexican operations reported net sales of US$793 million, 15% higher than in the second quarter 2004, and EBITDA of US$329 million, an increase of 4% over the prior year period. Cement volumes grew 5% during the quarter, while ready mix volumes increased 17%. On a quarter-over-quarter basis, adjusting for the difference in business days during second quarter 2004, cement volumes remained flat. Cement demand was sustained mainly by government infrastructure spending and, to a lesser extent, by low- and middle-income housing, both of which partially offset a weak self-construction sector. Cement demand from this sector is expected to remain flat or to slightly decline for the year, primarily due to continued volatility in the price of building materials, although the trend is downwards.

In the United States, net sales for the quarter were US$1.2 billion, 131% higher, while EBITDA reached US$284 million, an increase of 161%. US operations reported a 9% increase of cement volume. On a quarter-over-quarter basis for the ongoing operations, cement volumes increased 12% for the quarter over 2004. Ready-mix volumes rose 227% during the quarter. On a quarter-over-quarter basis for the ongoing operations, ready-mix volumes increased 6%. Cement demand remains strong as all segments have increased their cement consumption during the year; construction activity continues to rely heavily on robust growth from the residential sector, supported by a favorable interest-rate environment while the infrastructure – particularly streets and highways - and industrial sectors remain strong and growing.

CEMEX's operations in Spain reported net sales of US$431 million in the second quarter of 2005, up 34%. EBITDA reached US$122 million, representing an increase of 22%. Domestic cement volume increased 13% while ready-mix volume grew 83% in the quarter. The residential sector continues to be one of the main drivers of demand, with housing starts up 7% for the first 4 months of the year. Public-works spending is also growing, but at a slower rate during this quarter as the government updates its infrastructure plan for the coming years. The sector's primary growth catalyst continues to be Spain's infrastructure modernization.

Net sales and EBITDA of the Company's operations in the United Kingdom was US$504 and US$58 million, respectively. Cement volumes were up 5% during the second quarter versus the comparable period in 2004. Ready-mix volumes increased 3% during the quarter. Cement demand during the quarter was mainly driven by infrastructure projects and residential construction. Second quarter volumes also benefited from delayed construction during the first quarter of the year due to adverse weather. Commercial building has benefited from low inflation and a lower unemployment rate.

Rest of Europe

During the second quarter of 2005, net sales of the Rest of Europe were US$886 million and EBITDA was US$138 million.

In France, ready-mix volumes increased 11% in second quarter 2005 and aggregates volumes were up 6% in the second quarter. These increases are due mainly to a strong housing sector supported by low interest rates, tax incentives to promote housing construction and the launch of a new social housing program.

The German economy remains weak with high unemployment, slow disposable income growth and political uncertainty, which in turn has dampened construction activity. Cement sales volumes for the quarter declined 12% versus the same period of 2004

South/Central America and Caribbean

Net sales of South/Central America and Caribbean grew 18% during the second quarter of 2005 versus same period a year ago to US$339 million, while EBITDA decreased 30% to US$88 million. Domestic cement volumes in the region increased 19% in the quarter, while ready-mix volumes were 20% higher.

The Venezuelan economy continues to recover, with higher oil revenues driving public spending and increased activity from the private sector. Unemployment continues to decline, while bank financing for the first five months of the year increased 84% versus last year's level. While all sectors of the economy show increased spending, the self-construction sector has been the main driver of cement demand during the quarter. Cement volumes in Venezuela increased 34% versus second quarter 2004.

In Colombia, cement volumes continue to grow due mainly to demand from the self-construction sector, as unemployment has declined and wages have increased. The housing and public works sectors have increased their cement and ready- mix consumption versus last year's levels. The increase in cement volumes has offset the decrease in prices, resulting in flat net sales for the first six months of the year versus the same period last year. Cement volumes grew 50%.

Africa and Middle East

Second quarter net sales of Africa and Middle East were US$143 million, up 204% as compared to the same quarter of 2004. EBITDA increased 45% to US$33 million. Construction activity in the Middle East is currently running at a high level, with increased housing requirements and oil revenues driving public and private investments.

Asia

Asia region reported 57% increase in net sales to US$76 million, while EBITDA decreased to US$14 million, down 6%.

CEMEX is a growing global building solutions company that provides products of consistently high quality and reliable service to customers and communities in more than 50 countries throughout the world. The company improves the well-being of those it serves through its relentless focus on continuous improvement and efforts to promote a sustainable future. For more information, visit www.CEMEX.com.

CEMEX（变动资本）股份有限公司（CEMEX, S.A. de C.V.）（纽约证券交易所：CX）今天宣布，2005年第二季度综合净收益达$44亿美元，与2004年同期相比增长了125％。这主要是由于RMC的加入对CEMEX公司的综合业绩产生了积极影响，这也是第一次在CEMEX的季度收益业绩中反映出来。

CEMEX第二季度财务和经营方面的成绩

——由于公司核心市场的水泥和预拌混凝土（ready-mix）销量增大，再加上墨西哥货币比索更加坚挺，在CEMEX的绝大部分市场，销售额都有提高。

——CEMEX的水泥综合销量扩大了30％，达到2200万公吨；预拌混凝土综合销量扩大到2100万立方米，增长了243％。公司总的综合销量扩大为5000万公吨，与2004年第二季度相比增长了329％。

——相比2004年同期，本季度经营收入增长了60％，达到$7.51亿美元。

——自由现金流与去年同期相比增长了56％，达到$6.93亿美元。

——未计利息、税项、折旧及摊销前盈利（EBITDA）（经营收入加折旧和摊销）为$9.89亿美元，相比2004年第二季度扩大了56％。EBITDA的增长得益于RMC公司的贡献，此外，国内水泥和预拌混凝土的供应量也扩大了，这抵消了能源和运输成本的增加，也促进了EBITDA的增长。

——除税、利息、折旧及摊销前盈利率(EBITDA Margin)从2004年第二季度的32.6%降低到22.6%。CEMEX核心市场的旺盛需求对盈利率产生了积极影响，但并购RMC公司和能源成本的上涨这两方面也大大削弱了盈利率的增长。

负责规划和财务的执行副总裁Hector Medina说，“本季度的业绩我们非常满意。其中有RMC的巨大贡献，也反映了我们核心市场潜在的良好增长势头。我们各个市场都会保持旺盛的需求，特别是住宅市场，作为市场最强的动力，将继续促进水泥和预拌混凝土的消耗。”

公司综合业绩（自2005年3月1日开始的季度，已考虑RMC对业绩的影响）

相比去年第二季度，已销售商品成本，销售费用、一般费用和管理费用（SG&A）分别增长了140％和158％，这主要是RMC合并之后引起的。CEMEX公司正将标准化的财务和经营方式引入新并购的业务部门，这一过程目前还处于起步阶段，完成之后，有望降低成本、费用，提高效率。在公司的大多数市场，由于此类成本的全面提高，能源和运输成本也增加了。

2005年第二季度，主营业务净收入增长了197％，达$7.33亿美元。主要得益于优良的综合经营业绩，同时，CEMEX的衍生地位（derivative positions）也带来不少收益。

2005年第二季度末，净负债为$96.2亿美元，本季度负债减少了$8.11亿美元。净负债相对EBITDA的比率（net-debt-to-EBITDA ratio）有所改善，由2005年第二季度末的3.2倍降低到2.9倍。利息偿付率（Interest coverage）由2005年第一季度末的6.8倍降低到第二季度的6.5倍，但相比去年同期的6.2倍，本季度有所增加。

本季度，公司全部自由现金流用于现款偿还债务，支付现金股息。尽管收购RMC投入部分资金，产生了一些费用（公司撤出在Cementos Bio Bio的少数股份，为收购提供了部分资金），但由于本季度汇率变动的有利影响，CEMEX的净负债（以美元计）进一步降低。

下文总结了CEMEX在主要市场的业绩：

根据报告，CEMEX公司在墨西哥净销售额为$7.93亿美元，相比2004年第二季度增长了15％；EBITDA为$3.29亿美元，相比去年同期增长了4％。本季度，水泥销量增长了5%，预拌混凝土销量增长了17％。参考经营业绩的季度变化情况，考虑到2004年第二季度营业天数的差别，水泥销量与去年同期持平。水泥需求主要靠政府基础设施投入带动，此外还有低、中收入型住房对水泥的需求，但所占比重较小；两者一定程度上弥补了个人施工（self-construction）市场的疲软需求。预计该领域的水泥需求年内仍保持平稳，或有小幅下降，这主要是因为建筑材料价格的波动造成的。不过从长远来看，价格呈下降趋势。

在美国，本季度净销售额为$12亿美元，增长了131%，EBITDA达$2.84亿美元，增长了161％。根据报告，在美国水泥销量增加了9%。参考经营业绩的季度变化情况，相比2004年同期，水泥销量增长了12％。预拌混凝土销量本季度扩大了227％。参考经营业绩的季度变化情况，预拌混凝土销量增长了6％。今年，所有领域的水泥消耗量都增加了，因而水泥需求继续保持旺盛势头；住房市场的增长强劲，仍然是建筑行业的主要支柱，此外，基础设施（特别是道路和高速公路）以及工业市场保持强势，并且不断扩大，再加上有利的利率环境，这些都促进了建筑经营的发展。

根据报告，2005年第二季度，CEMEX公司在西班牙的净销售额为$4.31亿美元，增长了34％。EBITDA达$1.22亿美元，增长了22％。本季度，西班牙国内水泥销量增长了13％，预拌混凝土销量扩大了83％。住房市场继续成为拉动需求的主要因素之一，2005年前四个月住宅兴建量增长了7％。市政工程消费也在增长，但由于政府调整了未来年份的基础设施计划，本季度增长较慢。西班牙基础设施的升级换代仍是该领域最主要的增长因素。

在英国，公司的净销售额和EBITDA分别为$5.04亿美元和$5800万美元。与2004年同期相比，第二季度，水泥销量提高了5％。预拌混凝土销量本季度增加了3％。本季度水泥需求主要来自基础设施项目以及住房施工。本年第一季度由于恶劣天气推后的施工也扩大了第二季度的销量。低通货膨胀、较低的失业率有利于商业建筑的开发。

欧洲其它地区

2005年第二季度，在欧洲其它地区的净销售额为$8.86亿美元，EBITDA为$1.38亿美元。

2005年第二季度，预拌混凝土在法国的销量增加了11％，总销量第二季度提高了6％。为促进住房建设推出的低利率、税收鼓励政策，以及新的社会住房计划的启动都有利于住房市场的发展，市场兴旺了，产品销量就扩大了。

在德国，由于失业率较高、可支配收入增长缓慢、政局不稳，经济仍较为萧条，建筑市场也受到影响。相比2004年同期，本季度水泥销售量下降了12％。

南美洲/中美洲和加勒比海地区

与去年同期相比，2005年第二季度，南美洲/中美洲和加勒比海地区的净销售额增长了18％，达到$3.39亿美元，而EBITDA为$8800万美元，下降了30％。本季度，该地区国内水泥销量增长了19%，预拌混凝土销量增长了20％。

委内瑞拉经济逐步恢复，石油收入的提高带动了公共建设投入，私人企业的经营也扩大了。失业率持续下降，2005年前五个月，银行投资相比去年同期增长了84%。尽管经济各领域投入均有所增长，本季度水泥需求主要还是来自于个人施工（self-construction）领域。与2004年第二季度相比，委内瑞拉水泥销量增长了34％。

在哥伦比亚，由于失业率下降，工资提高了，水泥销量持续增长，主要满足个人施工（self-construction）领域的需求。与去年水平相比，住房和市政工程领域扩大了水泥和预拌混凝土的需求量。水泥销量的增加抵消了价格的下调，今年前六个月净销售额与去年同期持平。水泥销量增长了50％。

非洲和中东地区

第二季度，非洲和中东地区净销售额为$1.43亿美元，与2004年同期相比增长了204％。EBITDA增长了45％，达$3300万美元。目前，在中东地区，人们的住房要求更高了，此外，石油收入带动了公共投资和私人投资，该地区建筑经营势头较猛。

亚洲

根据报告，亚洲地区净销售额增长了57％，达$7600万美元，EBITDA为$1400万美元，下降了6％。

CEMEX公司是一家不断发展的全球化企业，为全世界50多个国家的客户和团体提供建筑解决方案，产品质量优异、性能稳定，服务值得信赖。公司通过持续改进和不断的努力，使客户的生活更加康乐，促进未来的可持续发展。欲知更多信息，请访问： www.CEMEX.com 。

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