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CEMEX, S.A.B. De C.V.; (CX) Earnings Report: Q3 2015 Conference Call Transcript

third quarter 2015 conference call and webcast. My name is Sylvia and I will be your operator for today. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. (Operator Instructions)


Our hosts for today are Fernando Gonzalez, Chief Executive Officer; and Maher Al-Haffar, Executive Vice President of Investor Relations, Communications and Public Affairs. And now I will turn the call over to your host, Fernando Gonzalez. Please proceed. Fernando Gonzalez (CEO): Thank you. Good day to everyone. Thank you for joining us for our third quarter 2015 conference call and webcast. We will be happy to take your questions after our initial remarks. Our reported results reflect the unprecedented strength of the US dollar versus most of the currencies in our markets, which intensified during the quarter. Despite this, we had favorable operating results. Our quarterly sales and operating EBITDA increased by 5% on a like-to-like basis. While EBITDA margin was relatively flat during the quarter, year-to-date, EBITDA margin was the highest since 2009. Now, regarding FX, some components of our business strategy have allowed us to mitigate the currency fluctuations in our different businesses. First, our cost structure, in many of the...