UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 or 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of July, 2020
Commission File Number: 001-14946
CEMEX, S.A.B. de C.V. (Translation of Registrant’s name into English)
Avenida Ricardo Margáin Zozaya #325, Colonia Valle del Campestre,
San Pedro Garza García, Nuevo León 66265, México
(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):
Contents
1. Press release, dated July 27, 2020, announcing second quarter 2020 results for CEMEX, S.A.B. de C.V. (NYSE: CX).
2. Second quarter 2020 results for CEMEX, S.A.B. de C.V. (NYSE: CX).
3. Presentation regarding second quarter 2020 results for CEMEX, S.A.B. de C.V. (NYSE: CX).
2
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: July 27, 2020 By: /s/ Rafael Garza Lozano
Name: Rafael Garza Lozano
Title: Chief Comptroller
3
EXHIBIT INDEX
EXHIBIT
NO. DESCRIPTION
1. Press release, dated July 27, 2020, announcing second quarter 2020 results for CEMEX, S.A.B. de C.V. (NYSE: CX).
2. Second quarter 2020 results for CEMEX, S.A.B. de C.V. (NYSE: CX).
3. Presentation regarding second quarter 2020 results for CEMEX, S.A.B. de C.V. (NYSE: CX).
4
Exhibit 1
Media Relations Investor Relations
Jorge Pérez Lucy Rodriguez
+52 (81) 8888-4334 +1 (212) 317-6007
[email protected] [email protected]
CEMEX’S COST CONTAINMENT EFFORTS
TRANSLATE INTO HIGHER MARGINS
MONTERREY, MEXICO, JULY 27, 2020 – CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX), announced today that in a quarter marked by
significant disruption from the COVID-19 pandemic, Sales declined 10%* year over year while EBITDA for the quarter fell by 6%*. These declines
were largely attributable to lockdown measures in much of the company’s footprint. EBITDA margin, however, was higher by 0.7 percentage points due
to the proactive initiatives under “Operation Resilience” where the company undertook significant cost containment efforts across its businesses and
geographies.
CEMEX’s Consolidated Second Quarter 2020 Financial and Operational Highlights
• The decline in quarterly consolidated Net Sales was due to lower volumes for our three core products in almost all regions. The US was
the one exception with cement volumes growing 6%. Impact of volumes was highly correlated to government COVID-19 restrictions.
• Operating Earnings before Other Expenses, net, decreased 17% to US$279 million on a like-to-like basis.
• Controlling Interest Net Income (loss) was a loss of US$44 million, compared with a Net Income of US$155 million in the same quarter of
2019.
• Operating EBITDA on a like-to-like basis decreased 6% during the quarter to US$554 million, as compared to the same period in 2019.
• Operating EBITDA margin increased by 0.7pp, from 18.3% in the second quarter of 2019 to 19.0% this quarter.
• Free Cash Flow after Maintenance Capital Expenditures for the quarter was US$140 million.
• Net debt plus perpetual notes marginally increased sequentially by US$51 million during the quarter.
“Despite the unprecedented conditions in which we are operating due to the pandemic, I am pleased with our second quarter performance and our quick
reaction to implement cost containment measures across all geographies. In the quarter, we saw a rapid V-shaped volume recovery in our core products
from trough levels in April, reaching slightly below pre COVID-19 volumes in June. Importantly, our health initiatives have helped protect our
employees, customers, suppliers and communities, and allowed us and our customers to continue operating in most markets. Our digitalization efforts
have also paid off as usage continues to expand on our digital platforms and our sales force has leveraged new tools to connect with our customers
virtually. We expect that COVID-19 will continue to challenge our operations in new ways over the next few quarters. We will continue to prioritize the
safety of our employees and customers, improve our customer experience, and protect the future of our company,” said Fernando A. González, CEO of
CEMEX.
Geographical Markets Second-Quarter 2020 Highlights
Net Sales in Mexico decreased 10% on a like-to-like basis to US$568 million. Operating EBITDA, on a like-to-like basis, decreased 10% to
US$183 million in the quarter, versus the same period of the previous year.
CEMEX’s operations in the United States reported Net Sales of US$1.0 billion, an increase of 1% from the same period in 2019. Operating EBITDA
increased by 16% to US$198 million versus the same quarter of 2019.
In our Europe, Middle East, Africa and Asia region, Net Sales decreased by 13% on a like-to-like basis, compared with the same period of the
previous year, reaching US$987 million. Operating EBITDA was US$147 million for the quarter, 20% lower than the same period last year on a
like-to-like basis.
CEMEX’s operations in our South, Central America and the Caribbean region, reported Net Sales of US$279 million, a decline of 30% on a
like-to-like basis over the same period of 2019. Operating EBITDA decreased by 25% on a like-to-like basis to US$66 million in the second quarter of
2020, in contrast to the same quarter of 2019.
CEMEX is a global building materials company that provides high-quality products and reliable services. CEMEX has a rich history of improving the
wellbeing of those it serves through innovative building solutions, efficiency advancements, and efforts to promote a sustainable future. For more
information, please visit: www.cemex.com
* Year-over-year changes are calculated on a like-to-like basis, for ongoing operations and adjusting for currency fluctuations.
###
This press release contains forward-looking statements that reflect CEMEX’s current expectations and projections about future events based on
CEMEX’s knowledge of present facts and circumstances and assumptions about future events, as well as CEMEX’s current plans based on such facts
and circumstances. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from CEMEX’s
expectations. CEMEX assumes no obligation to update or correct the information contained in this press release. The information contained in this
press release is subject to change without notice, and CEMEX is not obligated to publicly update or revise any forward-looking statements. Readers
should review future reports filed by CEMEX with the U.S. Securities and Exchange Commission. Unless the context indicates otherwise, all references
to pricing initiatives, price increases or decreases, refer to CEMEX’s prices for CEMEX’s products. Operating EBITDA is defined as operating income
plus depreciation and operating amortization. Free Cash Flow is defined as Operating EBITDA minus net interest expense, maintenance and expansion
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). Net debt is defined as total debt minus the fair value of cross-currency
swaps associated with debt minus cash and cash equivalents. The Consolidated Funded Debt to Operating EBITDA ratio is calculated by dividing
Consolidated Funded Debt at the end of the quarter by Operating EBITDA for the last twelve months. All of the above items are presented under the
guidance of International Financial Reporting Standards as issued by the International Accounting Standards Board. Operating EBITDA and Free
Cash Flow (as defined above) are presented herein because CEMEX believes that they are widely accepted as financial indicators of CEMEX’s ability
to internally fund capital expenditures and service or incur debt. Operating EBITDA and Free Cash Flow should not be considered as indicators of
CEMEX’s financial performance, as alternatives to cash flow, as measures of liquidity or as being comparable to other similarly titled measures of
other companies.
Exhibit 2
S econd Q uarte r Results 2020 Stock Listing Informa tion NY SE (AD S) Ticker: CX Me xic an Stock Exchange Tic ke r: CEMEXCPO Ra tio of CEMEX CP O to CX = 10:1 Investor Re lations In the U nit ed S tates: + 1 877 7CX NY SE In Mexico: + 52 (81) 8888 4292 E-Mail: [email protected]
Operating and financial highlights
January – June Second Quarter
2020 2019 % var
l-t-l
% var 2020 2019 % var
l-t-l
% var
Consolidated cement volume 29,188 30,682 (5%) 14,360 15,970 (10%)
Consolidated ready-mix volume 22,194 24,622 (10%) 10,519 12,856 (18%)
Consolidated aggregates volume 62,263 68,272 (9%) 30,432 35,996 (15%)
Net sales 5,997 6,495 (8%) (4%) 2,912 3,400 (14%) (10%)
Gross profit 1,898 2,113 (10%) (5%) 932 1,141 (18%) (12%)
as % of net sales 31.6% 32.5% (0.9pp) 32.0% 33.6% (1.6pp)
Operating earnings before other expenses, net 539 657 (18%) (13%) 279 366 (24%) (17%)
as % of net sales 9.0% 10.1% (1.1pp) 9.6% 10.8% (1.2pp)
Controlling interest net income (loss) (2) 193 N/A (44) 155 N/A
Operating EBITDA 1,088 1,169 (7%) (3%) 554 623 (11%) (6%)
as % of net sales 18.1% 18.0% 0.1pp 19.0% 18.3% 0.7pp
Free cash flow after maintenance capital expenditures (75) (121) 38% 140 217 (35%)
Free cash flow (190) (205) 7% 86 168 (49%)
Total debt plus perpetual notes 13,638 11,492 19% 13,638 11,492 19%
Earnings (loss) of continuing operations per ADS 0.01 (0.02) N/A 0.01 (0.02) N/A
Fully diluted earnings (loss) of continuing operations per
ADS (1) 0.02 0.05 (67%) 0.01 0.06 (87%)
Average ADSs outstanding 1,502 1,533 (2%) 1,487 1,534 (3%)
Employees 40,150 40,759 (1%) 40,150 40,759 (1%)
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.
(1) For the period of January-June 2020, the effect of the potential dilutive shares generates anti-dilution; therefore, there is no change between the
reported basic and diluted gain per share.
2020 Second Quarter Results Page 2
Consolidated net sales in the second quarter of 2020 reached
US$2.9 billion, representing a decrease of 14%, or 10% on a like-to-like
basis for ongoing operations and adjusting for foreign exchange
fluctuations, compared with the second quarter of 2019. Lower volumes
in all our regions except U.S. were partially offset by higher consolidated
prices of our products.
Cost of sales, as a percentage of net sales, increased by 1.6pp during the
second quarter of 2020 compared with the same period last year, from
66.4% to 68.0%. The increase was mainly driven by higher cost of
purchased cement as well as higher transportation costs in ready-mix,
partially offset by lower fuel costs.
Operating expenses, as a percentage of net sales, decreased by 0.4pp
during the second quarter of 2020 compared with the same period in
2019, from 22.8% to 22.4%, mainly in distribution and corporate
expenses.
Operating EBITDA decreased 11% to US$554 million during the
second quarter of 2020 compared with the same period last year, a
decrease of 6% on a like-to-like basis for ongoing operations and
adjusting for foreign-exchange fluctuations. Lower contributions from
Mexico, our South, Central America and the Caribbean region and our
Europe, Middle East, Africa and Asia regions, were partially offset by
higher contributions in the U.S.
Operating EBITDA margin increased by 0.7pp, from 18.3% in the
second quarter of 2019 to 19.0% this quarter.
Other expenses, net, for the quarter were US$70 million, which includes
severance payments, COVID-19 related expenses and impairment of
assets.
Foreign exchange results for the quarter was a gain of US$6 million,
mainly due to the fluctuation of the Colombian peso and the Euro versus
the U.S. dollar, partially offset by the fluctuation of the Mexican peso
versus the U.S. dollar.
Controlling interest net income (loss) was a loss of US$44 million in the
second quarter of 2020, compared with an income of US$155 million in
the same quarter of 2019. The loss primarily reflects lower operating
earnings, higher financial expenses, and a negative variation in
discontinued operations, partially offset by positive variations in results
from financial instruments and in foreign exchange fluctuations as well as
lower income tax.
Net debt plus perpetual notes increased by US$51 million during the
quarter mainly due to an unfavorable foreign-exchange effect.
Operating results
Mexico
January – June Second Quarter
2020 2019 % var
l-t-l
% var 2020 2019 % var
l-t-l
% var
Net sales 1,253 1,459 (14%) (3%) 568 752 (25%) (10%)
Operating EBITDA 416 500 (17%) (6%) 183 245 (25%) (10%)
Operating EBITDA margin 33.2% 34.3% (1.1pp) 32.3% 32.5% (0.2pp)
In millions of U.S. dollars, except percentages.
Domestic gray cement Ready-mix Aggregates
Year-over-year percentage
variation January –June Second Quarter January –June Second Quarter January –June Second Quarter
Volume (3%) (7%) (23%) (44%) (19%) (35%)
Price (USD) (11%) (16%) (10%) (17%) (7%) (14%)
Price (local currency) 0% 1% 1% (0%) 4% 2%
In Mexico, our cement volumes declined by 7%, while ready mix and aggregates dropped by 44% and 35%, respectively, during the quarter.
Bagged cement was highly resilient during the quarter, growing by 10% on a year-over-year basis. Private sector construction was the most
impacted by COVID-19 lockdown measures. Formal construction activity should gradually improve, albeit at a slow pace, as the economy
reopens.
Sequential prices were stable in our three core products, despite declining volumes.
United States
January – June Second Quarter
2020 2019 % var
l-t-l
% var 2020 2019 % var
l-t-l
% var
Net sales 1,971 1,848 7% 7% 1,006 993 1% 1%
Operating EBITDA 361 294 23% 23% 198 171 16% 16%
Operating EBITDA margin 18.3% 15.9% 2.4pp 19.7% 17.3% 2.4pp
In millions of U.S. dollars, except percentages.
Domestic gray cement Ready-mix Aggregates
Year-over-year percentage
variation January –June Second Quarter January –June Second Quarter January –June Second Quarter
Volume 8% 6% 2% (5%) 3% (3%)
Price (USD) 1% (0%) 3% 2% 1% 0%
Price (local currency) 1% (0%) 3% 2% 1% 0%
The United States continued to enjoy strong demand momentum in the second quarter driven by the infrastructure and residential sectors. Cement
volumes increased 6% while ready-mix and aggregates decreased by 5% and 3%, respectively, due to geographic mix and bad weather in our US
ready-mix footprint.
Pricing for cement, ready-mix and aggregates in the quarter was stable sequentially.
EBITDA margin expanded by 2.4 percentage points during the quarter due to higher ready-mix prices, cost reduction efforts and lower fuel costs.
2020 Second Quarter Results Page 3
Operating results
Europe, Middle East, Africa and Asia
January – June Second Quarter
2020 2019 % var
l-t-l
% var 2020 2019 % var
l-t-l
% var
Net sales 1,989 2,172 (8%) (8%) 987 1,140 (13%) (13%)
Operating EBITDA 251 290 (13%) (13%) 147 187 (21%) (20%)
Operating EBITDA margin 12.6% 13.3% (0.7pp) 14.9% 16.4% (1.5pp)
In millions of U.S. dollars, except percentages.
Domestic gray cement Ready-mix Aggregates
Year-over-year percentage
variation January – June Second Quarter January – June Second Quarter January – June Second Quarter
Volume (5%) (12%) (8%) (12%) (10%) (13%)
Price (USD) (3%) (2%) (1%) (2%) (1%) (2%)
Price (local currency) (*) (2%) (1%) (1%) (1%) 1% (0%)
In the Europe region, our domestic gray cement volumes decreased 2% while both ready-mix and aggregates volumes decreased by 18% during
the second quarter. Solid growth in our Central European markets driven primarily by the infrastructure sector, partially offset declines in the UK,
Spain and France due to much stricter lockdown measures.
Cement and aggregates prices in local currency terms were up sequentially in almost all countries in the Europe region.
In the Philippines, domestic gray cement volumes declined 31% during the quarter due to the stringent lockdown measures implemented by the
government and by the closure of Solid plant in Luzon for two months. In June, as our Solid Cement Plant reopened, we saw a marked recovery in
volumes.
Our ready-mix and aggregates volumes in Israel increased by 10% and by 8%, respectively, during the second quarter of 2020. Volume growth
was driven by continued construction activity in all sectors.
In Egypt, cement volumes decreased by 13% during the second quarter. Construction activity in Egypt slowed due to suspension of private
residential construction permits and fewer working days.
(*) Calculated on a volume-weighted-average basis at constant foreign-exchange rates
2020 Second Quarter Results Page 4
Operating results
South, Central America and the Caribbean
January – June Second Quarter
2020 2019 % var
l-t-l
% var 2020 2019 % var
l-t-l
% var
Net sales 651 850 (23%) (19%) 279 424 (34%) (30%)
Operating EBITDA 156 195 (20%) (16%) 66 93 (29%) (25%)
Operating EBITDA margin 24.0% 23.0% 1.0pp 23.6% 21.9% 1.7pp
In millions of U.S. dollars, except percentages.
Domestic gray cement Ready-mix Aggregates
Year-over-year percentage
variation January –June Second Quarter January –June Second Quarter January –June Second Quarter
Volume (19%) (29%) (42%) (60%) (44%) (61%)
Price (USD) (1%) (1%) (10%) (12%) (0%) (4%)
Price (local currency) (*) 5% 6% (1%) (3%) 9% 5%
In our South, Central America and the Caribbean region, our domestic gray cement volumes declined 29% during the quarter impacted by the
government measures taken to contain the spread of the virus, including industry shutdowns in Colombia, Panama and Trinidad for significant
portions of the quarter. Quarterly cement prices on a sequential basis were higher in practically all markets, in local-currency terms.
In Colombia, our quarterly cement volumes declined by 40%, with a decrease of approximately 75% in April on a year-over year-basis; upon
reopening of the industry, our volumes recovered significantly in June recording a decrease in the high single digits versus the same month of last
year. During June, we observed increased activity particularly in 4G projects and in the self-construction sector. Our quarterly cement prices
improved by 9% year-over-year and by 1% sequentially, in local-currency terms.
(*) Calculated on a volume-weighted-average basis at constant foreign-exchange rates
2020 Second Quarter Results Page 5
Operating results
Operating EBITDA and free cash flow
January - June Second Quarter
2020 2019 % var 2020 2019 % var
Operating earnings before other expenses, net 539 657 (18%) 279 366 (24%)
+ Depreciation and operating amortization 549 513 275 257
Operating EBITDA 1,088 1,169 (7%) 554 623 (11%)
- Net financial expense 355 353 182 174
- Maintenance capital expenditures 217 264 94 144
- Change in working capital 481 570 71 44
- Taxes paid 81 111 40 74
- Other cash items (net) 43 17 29 (5)
- Free cash flow discontinued operations (13) (26) (1) (25)
Free cash flow after maintenance capital expenditures (75) (121) 38% 140 217 (35%)
- Strategic capital expenditures 115 84 54 48
Free cash flow (190) (205) 7% 86 168 (49%)
In millions of U.S. dollars, except percentages.
Due to our proactive working capital management and lower maintenance capex, we generated US$140 million of free cash flow after
maintenance capex and US$86 million of free cash flow during the second quarter.
To further strengthen our liquidity position, during the second quarter, we issued US$1.0 billion of 7.375% Senior Secured Notes due 2027 and
drew down US$$446 million from our revolving credit facility, other credit lines and loans. Our cash and cash equivalents as of the end of the
second quarter was $2.8 billion.
Net debt plus perpetual notes during the quarter, reflects an unfavorable foreign-exchange conversion effect of US$55 million.
Information on debt and perpetual notes
In millions of U.S. dollars, except percentages and ratios.
(1) Includes leases, in accordance with International Financial Reporting Standards (IFRS).
(2) Calculated in accordance with our contractual obligations under the 2017 Facilities Agreement, as amended and restated.
(3) Includes the effect of interest-rate swap instruments related to bank loans to fix floating rates with a nominal amount of US$1,000 million.
2020 Second Quarter Results Page 6
Second Quarter First Quarter
2020 2019 % var 2020
Total debt (1)13,196 11,048 19% 11,701
Short-term 6% 7% 4%
Long-term 94% 93% 96%
Perpetual notes 443 444 (0%) 441
Total debt plus
perpetual notes 13,638 11,492 19% 12,143
Cash and cash
equivalents 2,832 304 831% 1,387
Net debt plus
perpetual notes 10,807 11,187 (3%) 10,756
Consolidated
funded debt (2) 10,790 10,805 10,751
Consolidated
leverage
ratio (2) 4.57 4.00 4.40
Consolidated
coverage
ratio (2) 3.69 4.11 3.87
Second Quarter
2020 2019
Currency denomination
U.S. dollar 71% 66%
Euro 21% 24%
Mexican peso 1% 1%
Other 7% 9%
Interest rate(3)
Fixed 71% 65%
Variable 29% 35%
Operating results
Consolidated Income Statement & Balance Sheet
CEMEX, S.A.B. de C.V. and Subsidiaries
(Thousands of U.S. dollars, except per ADS amounts)
January – June Second Quarter
INCOME STATEMENT 2020 2019 % var
like-to-like
% var 2020 2019 % var
like-to-like
% var
Net sales 5,996,816 6,494,525 (8%) (4%) 2,911,549 3,400,377 (14%) (10%)
Cost of sales (4,099,169) (4,381,773) 6% (1,979,449) (2,259,180) 12%
Gross profit 1,897,646 2,112,752 (10%) (5%) 932,100 1,141,197 (18%) (12%)
Operating expenses (1,358,461) (1,456,095) 7% (653,347) (775,224) 16%
Operating earnings before other
expenses, net 539,185 656,657 (18%) (13%) 278,753 365,973 (24%) (17%)
Other expenses, net (112,522) (86,792) (30%) (69,776) (34,283) (104%)
Operating earnings 426,663 569,865 (25%) 208,977 331,690 (37%)
Financial expense (350,905) (358,748) 2% (180,661) (169,768) (6%)
Other financial income (expense), net 31,330 (26,274) N/A 16,617 (27,599) N/A
Financial income 8,921 9,658 (8%) 3,995 5,409 (26%)
Results from financial instruments,
net (6,817) 5,943 N/A 20,583 (1,707) N/A
Foreign exchange results 57,598 (12,239) N/A 5,877 (16,500) N/A
Effects of net present value on assets
and liabilities and others, net (28,372) (29,636) 4% (13,837) (14,800) 7%
Equity in gain (loss) of associates 13,489 11,230 20% 8,574 10,020 (14%)
Income (loss) before income tax 120,577 196,072 (39%) 53,507 144,343 (63%)
Income tax (89,844) (115,174) 22% (39,816) (53,243) 25%
Profit (loss) of continuing operations 30,733 80,898 (62%) 13,690 91,100 (85%)
Discontinued operations (25,125) 137,124 N/A (55,313) 72,820 N/A
Consolidated net income (loss) 5,608 218,022 (97%) (41,623) 163,920 N/A
Non-controlling interest net income (loss) 7,146 24,633 (71%) 2,082 9,366 (78%)
Controlling interest net income (loss) (1,537) 193,389 N/A (43,705) 154,554 N/A
Operating EBITDA 1,087,787 1,169,238 (7%) (3%) 553,990 623,448 (11%) (6%)
Earnings (loss) of continued operations
per ADS 0.01 (0.02) N/A 0.01 (0.02) N/A
Earnings (loss) of discontinued
operations per ADS 0.02 0.04 (53%) 0.02 0.04 (53%)
As of June 30
BALANCE SHEET 2020 2019 % var
Total assets 29,959,821 28,970,211 3%
Cash and cash equivalents 2,831,766 304,222 831%
Trade receivables less allowance for doubtful accounts 1,550,826 1,718,444 (10%)
Other accounts receivable 313,995 330,797 (5%)
Inventories, net 929,020 1,089,136 (15%)
Assets held for sale 355,788 234,894 51%
Other current assets 143,058 157,124 (9%)
Current assets 6,124,452 3,834,617 60%
Property, machinery and equipment, net 11,105,890 11,958,102 (7%)
Other assets 12,729,479 13,177,492 (3%)
Total liabilities 19,742,516 17,916,592 10%
Current liabilities 4,662,555 5,201,207 (10%)
Long-term liabilities 11,412,602 9,159,619 25%
Other liabilities 3,667,359 3,555,767 3%
Total stockholder’s equity 10,217,305 11,053,619 (8%)
Non-controlling interest and perpetual instruments 1,425,281 1,542,739 (8%)
Total controlling interest 8,792,024 9,510,880 (8%)
2020 Second Quarter Results Page 7
Operating results
Operating Summary per Country
In thousands of U.S. dollars
January - June Second Quarter
like-to-like like-to-like
NET SALES 2020 2019 % var % var 2020 2019 % var % var
Mexico 1,253,191 1,458,897 (14%) (3%) 567,854 752,462 (25%) (10%)
U.S.A. 1,970,635 1,847,895 7% 7% 1,005,641 993,314 1% 1%
Europe, Middle East, Asia and Africa 1,989,384 2,172,258 (8%) (8%) 986,744 1,140,469 (13%) (13%)
Europe 1,335,352 1,487,145 (10%) (7%) 684,609 801,890 (15%) (12%)
Philippines 190,487 238,080 (20%) (22%) 79,691 118,033 (32%) (34%)
Middle East and Africa 463,545 447,033 4% (1%) 222,444 220,547 1% (3%)
South, Central America and the Caribbean 651,448 850,299 (23%) (19%) 278,875 423,660 (34%) (30%)
Others and intercompany eliminations 132,158 165,176 (20%) (17%) 72,434 90,471 (20%) (20%)
TOTAL 5,996,816 6,494,525 (8%) (4%) 2,911,549 3,400,377 (14%) (10%)
GROSS PROFIT
Mexico 648,321 753,716 (14%) (3%) 292,652 380,630 (23%) (8%)
U.S.A. 498,647 464,718 7% 7% 267,217 271,266 (1%) (1%)
Europe, Middle East, Asia and Africa 492,839 570,191 (14%) (13%) 262,739 338,652 (22%) (21%)
Europe 327,220 386,410 (15%) (12%) 189,216 241,804 (22%) (19%)
Philippines 76,191 98,257 (22%) (24%) 29,291 54,184 (46%) (47%)
Middle East and Africa 89,428 85,524 5% 0% 44,232 42,664 4% 0%
South, Central America and the Caribbean 238,627 308,428 (23%) (18%) 98,175 149,915 (35%) (30%)
Others and intercompany eliminations 19,212 15,699 22% 22% 11,317 734 1443% 1443%
TOTAL 1,897,646 2,112,752 (10%) (5%) 932,100 1,141,197 (18%) (12%)
OPERATING EARNINGS BEFORE OTHER
EXPENSES, NET
Mexico 345,127 422,555 (18%) (8%) 149,499 205,726 (27%) (12%)
U.S.A. 142,150 96,869 47% 47% 87,058 72,175 21% 21%
Europe, Middle East, Asia and Africa 91,968 139,279 (34%) (34%) 67,045 110,890 (40%) (39%)
Europe 35,914 71,635 (50%) (47%) 45,609 77,384 (41%) (39%)
Philippines 30,642 44,556 (31%) (32%) 10,667 24,080 (56%) (56%)
Middle East and Africa 25,413 23,088 10% 6% 10,769 9,427 14% 9%
South, Central America and the Caribbean 111,663 147,495 (24%) (21%) 43,832 69,190 (37%) (33%)
Others and intercompany eliminations (151,723) (149,541) (1%) (12%) (68,680) (92,009) 25% 13%
TOTAL 539,185 656,657 (18%) (13%) 278,753 365,973 (24%) (17%)
2020 Second Quarter Results Page 8
Operating results
Operating Summary per Country
EBITDA in thousands of U.S. dollars. EBITDA margin as a percentage of net sales.
January - June Second Quarter
OPERATING EBITDA 2020 2019 % var
like-to-like
% var 2020 2019 % var
like-to-like
% var
Mexico 416,169 499,773 (17%) (6%) 183,181 244,575 (25%) (10%)
U.S.A. 361,351 294,105 23% 23% 198,433 171,494 16% 16%
Europe, Middle East, Asia and Africa 250,963 289,801 (13%) (13%) 147,005 186,774 (21%) (20%)
Europe 147,129 182,342 (19%) (16%) 101,649 132,919 (24%) (21%)
Philippines 53,503 62,547 (14%) (16%) 22,539 33,121 (32%) (33%)
Middle East and Africa 50,330 44,911 12% 7% 22,817 20,733 10% 5%
South, Central America and the Caribbean 156,265 195,242 (20%) (16%) 65,715 92,576 (29%) (25%)
Others and intercompany eliminations (96,961) (109,683) 12% (2%) (40,345) (71,970) 44% 28%
TOTAL 1,087,787 1,169,238 (7%) (3%) 553,990 623,448 (11%) (6%)
OPERATING EBITDA MARGIN
Mexico 33.2% 34.3% 32.3% 32.5%
U.S.A. 18.3% 15.9% 19.7% 17.3%
Europe, Middle East, Asia and Africa 12.6% 13.3% 14.9% 16.4%
Europe 11.0% 12.3% 14.8% 16.6%
Philippines 28.1% 26.3% 28.3% 28.1%
Middle East and Africa 10.9% 10.0% 10.3% 9.4%
South, Central America and the Caribbean 24.0% 23.0% 23.6% 21.9%
TOTAL 18.1% 18.0% 19.0% 18.3%
2020 Second Quarter Results Page 9
Operating results
Volume Summary
Consolidated volume summary
Cement and aggregates: Thousands of metric tons.
Ready-mix: Thousands of cubic meters.
January - June Second Quarter
2020 2019 % var 2020 2019 % var
Consolidated cement volume (1)29,188 30,682 (5%) 14,360 15,970 (10%)
Consolidated ready-mix volume 22,194 24,622 (10%) 10,519 12,856 (18%)
Consolidated aggregates volume (2) 62,263 68,272 (9%) 30,432 35,996 (15%)
Per-country volume summary
January - June Second Quarter Second Quarter 2020 vs.
DOMESTIC GRAY CEMENT VOLUME 2020 vs. 2019 2020 vs. 2019 First Quarter 2020
Mexico (3%) (7%) (2%)
U.S.A. 8% 6% 10%
Europe, Middle East, Asia and Africa (5%) (12%) (5%)
Europe (0%) (2%) 17%
Philippines (17%) (31%) (30%)
Middle East and Africa (2%) (14%) (21%)
South, Central America and the Caribbean (19%) (29%) (20%)
READY-MIX VOLUME
Mexico (23%) (44%) (41%)
U.S.A. 2% (5%) (0%)
Europe, Middle East, Asia and Africa (8%) (12%) 1%
Europe (13%) (18%) 5%
Philippines N/A N/A N/A
Middle East and Africa 2% 1% (6%)
South, Central America and the Caribbean (42%) (60%) (51%)
AGGREGATES VOLUME
Mexico (19%) (35%) (35%)
U.S.A. 3% (3%) 1%
Europe, Middle East, Asia and Africa (10%) (13%) 8%
Europe (14%) (18%) 8%
Philippines N/A N/A N/A
Middle East and Africa 7% 7% 5%
South, Central America and the Caribbean (44%) (61%) (48%)
(1) Consolidated cement volume includes domestic and export volume of gray cement, white cement, special cement, mortar and clinker.
(2) Consolidated aggregates volumes include aggregates from our marine business in UK.
2020 Second Quarter Results Page 10
Operating results
Price Summary
Variation in U.S. dollars
January - June Second Quarter Second Quarter 2020 vs.
DOMESTIC GRAY CEMENT PRICE 2020 vs. 2019 2020 vs. 2019 First Quarter 2020
Mexico (11%) (16%) (10%)
U.S.A. 1% (0%) (0%)
Europe, Middle East, Asia and Africa (*) (3%) (2%) 1%
Europe (*) (2%) (2%) (2%)
Philippines (4%) (3%) 2%
Middle East and Africa (*) (3%) (5%) (5%)
South, Central America and the Caribbean (*) (1%) (1%) 1%
READY-MIX PRICE
Mexico (10%) (17%) (12%)
U.S.A. 3% 2% 0%
Europe, Middle East, Asia and Africa (*) (1%) (2%) (2%)
Europe (*) (3%) (4%) (4%)
Philippines N/A N/A N/A
Middle East and Africa (*) 5% 4% 1%
South, Central America and the Caribbean (*) (10%) (12%) (6%)
AGGREGATES PRICE
Mexico (7%) (14%) (10%)
U.S.A. 1% 0% (0%)
Europe, Middle East, Asia and Africa (*) (1%) (2%) (5%)
Europe (*) (2%) (4%) (7%)
Philippines N/A N/A N/A
Middle East and Africa (*) 10% 9% (0%)
South, Central America and the Caribbean (*) (0%) (4%) (8%)
(*) Price variation in U.S. dollars calculated on a volume-weighted-average basis; price variation in local currency calculated on a volume-weighted-
average basis at constant foreign-exchange rates
2020 Second Quarter Results Page 11
Operating results
Variation in Local Currency
January - June Second Quarter Second Quarter 2020 vs.
DOMESTIC GRAY CEMENT PRICE 2020 vs. 2019 2020 vs. 2019 First Quarter 2020
Mexico 0% 1% 0%
U.S.A. 1% (0%) (0%)
Europe, Middle East, Asia and Africa (*) (2%) (1%) 2%
Europe (*) 2% 1% (1%)
Philippines (6%) (6%) 1%
Middle East and Africa (*) (11%) (11%) (4%)
South, Central America and the Caribbean (*) 5% 6% 3%
READY-MIX PRICE
Mexico 1% (0%) (1%)
U.S.A. 3% 2% 0%
Europe, Middle East, Asia and Africa (*) (1%) (1%) (2%)
Europe (*) (0%) (1%) (3%)
Philippines N/A N/A N/A
Middle East and Africa (*) 1% 1% 0%
South, Central America and the Caribbean (*) (1%) (3%) (6%)
AGGREGATES PRICE
Mexico 4% 2% 0%
U.S.A. 1% 0% (0%)
Europe, Middle East, Asia and Africa (*) 1% (0%) (5%)
Europe (*) 0% (1%) (6%)
Philippines N/A N/A N/A
Middle East and Africa (*) 6% 6% (1%)
South, Central America and the Caribbean (*) 9% 5% (8%)
(*) Price variation in U.S. dollars calculated on a volume-weighted-average basis; price variation in local currency calculated on a volume-weighted-
average basis at constant foreign-exchange rates
2020 Second Quarter Results Page 12
Operating results
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.
Second Quarter First Quarter
2020 2019 2020
In millions of US dollars.
Notional
amount
Fair
value
Notional
amount
Fair
value
Notional
amount
Fair
value
Exchange rate derivatives
(1) 800 84 1,272 (34) 980 130
Equity related derivatives
(2) 72 5 103 6 72 3
Interest rate swaps (3) 1,000 (59) 1,121 (32) 1,000 (64)
Fuel derivatives (4) 170 (14) 105 (2) 185 (27)
2,042 16 2,601 (62) 2,237 42
(1) Exchange rate derivatives are used to manage currency exposures
that arise from the regular operations and from forecasted
transactions.
(2) Equity derivatives related with options on the Parent Company own
shares and forwards, net of cash collateral, over the shares of
Grupo Cementos Chihuahua, S.A.B. de C.V.
(3) Interest-rate swap derivatives related to bank loans. As of June 30,
2019, included an interest-rate swap derivative related to long-term
energy contracts.
(4) Forward contracts negotiated to hedge the price of the fuel
consumed in certain operations.
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 June 30, 2020, 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$16 million.
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-quarter outstanding 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 June 30, 2020 were
20,541,277.
Assets held for sale, discontinued operations and other disposal
groups
Assets held for sale and discontinued operations
Through an affiliate in the United Kingdom, CEMEX maintains a firm
commitment signed on January 8, 2020 with Breedon Group plc for the
sale of certain assets for an amount of £155 million (US$192 million),
including US$22 million of debt. The assets held for sale mainly consist of
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 the potential divestiture, CEMEX will retain
significant operations in the United Kingdom related with the production
and sale of cement, ready-mix, aggregates, asphalt and paving solutions.
As of June 30, 2020, the assets and liabilities associated with this segment
in the United Kingdom are presented in the Statement of Financial
Position within the line items of “assets held for sale,” including a
proportional allocation of goodwill of US$47 million. Moreover, for
purposes of the Income Statements for the six-month periods ended
June 30, 2020 and 2019 the operations related to this segment are
presented net of tax in the single line item “Discontinued operations.”
CEMEX expects to finalize this divestment during the second half of
2020.
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 consist of Kosmos’ cement plant in
Louisville, Kentucky, as well as related assets which include seven
distribution terminals and raw material reserves. CEMEX’s Income
Statements for the six-month periods ended June 30, 2020 and 2019
present the operations related to this segment from January 1 to March 6,
2020 and for the six-month period ended June 30, 2019, respectively, net
of income tax in the single line item “Discontinued operations.”
On June 28, 2019, CEMEX concluded with several counterparties the sale
of its ready-mix and aggregates business in the central region of France
for an aggregate price of €31.8 million (US$36.2 million). CEMEX’s
operations of these disposed assets in France for the period from January 1
to June 28, 2019 are reported in the Income Statement, net of income tax,
in the single line item “Discontinued operations.”
2020 Second Quarter Results Page 13
Other information
On May 31, 2019, CEMEX concluded the sale of its aggregates and ready-mix assets in the North and North-West regions of Germany to GP Günter Papenburg AG for €87 million (US$97 million). The assets divested in Germany consisted of four aggregates quarries and four ready-mix facilities in North Germany, and nine aggregates quarries and 14 ready-mix facilities in North-West Germany. CEMEX’s operations of these disposed assets for the period from January 1 to May 31, 2019 are reported in the Income Statement, net of income tax, in the single line item “Discontinued operations.”
On March 29, 2019, CEMEX closed the sale of assets in the Baltics and Nordics to the German building materials group Schwenk, for a price in euro equivalent of US$387 million. The Baltic assets divested consisted of one cement production plant in Broceni with a production capacity of approximately 1.7 million tons, four aggregates quarries, two cement quarries, six ready-mix plants, one marine terminal and one land distribution terminal in Latvia. The assets divested also included CEMEX’s 37.8% interest in Akmenes Cementas AB, owner of a cement production plant in Akmene in Lithuania with a production capacity of approximately 1.8 million tons, as well as the exports business to Estonia. The Nordic assets divested consisted of three import terminals in Finland, four import terminals in Norway and four import terminals in Sweden. CEMEX’s Income Statement for the six-month period ended June 30, 2019, include the operations of these disposed assets for the period from January 1 to March 29, 2019 net of income tax in the single line item “Discontinued operations,” including a gain on sale of US$66 million.
On March 29, 2019, CEMEX signed a binding agreement with Çimsa Çimento Sanayi Ve Ticaret A.Ş. to divest CEMEX’s white cement business, except for Mexico and the U.S., for a price of US$180 million, including its Buñol cement plant in Spain and its white cement customers list. The transaction is pending for approval from the Spanish authorities. CEMEX currently expects to close this transaction during the second half of 2020. As of June 30, 2020, the assets and liabilities associated with the white cement business were presented in the Statement of Financial Position within the line items of “assets and liabilities held for sale”, as correspond. Moreover, CEMEX’s operations of these assets in Spain for the six-month periods ended June 30, 2020 and 2019 are reported in the Income Statements, net of income tax, in the single line item “Discontinued operations.”
The following table presents condensed combined information of the Income Statements of CEMEX’s discontinued operations previously mentioned in: a) the United Kingdom for the six-month periods ended June 30, 2020 and 2019; b) the United States related to Kosmos for the period from January 1 to March 6, 2020 and the six-month period ended June 30, 2019; c) France for the period from January 1 to June 28, 2019; d) Germany for the period from January 1 to May 31, 2019; e) the Baltics and Nordics for the period from January 1 to March 29, 2019; and f) Spain for the six-month periods ended June 30, 2020 and 2019:
INCOME STATEMENT Jan-Jun Second Quarter(Millions of U.S. dollars) 2020 2019 2020 2019Sales 135 333 48 160Cost of sales and operating expenses (129) (319) (48) (148) Other income (expenses), net 0 1 0 0Interest expense, net and others 6 (1) 0 0Income before income tax 12 14 0 12Income tax (55) (0) (55) 0
Assets held for sale and related liabilities
As of June 30, 2020, CEMEX presents “Assets held for sale” and “Liabilities directly related to assets held for sale,” in connection with the following transactions: a) the sale of assets in the United Kingdom; and b) the sale of the white cement business in Spain, all described above.
As of June 30, 2020, the following table presents condensed combined information of the Statement of Financial Position for the assets held for sale in the United Kingdom and Spain, as mentioned above:
(Millions of U.S. dollars) 2Q20Current assets 15Non-current assets 289Total assets of the disposal group 304Current liabilities 4Non-current liabilities 16Total liabilities directly related to disposal group 20Total net assets of disposal group 284
2020 Second Quarter Results Page 14
Income from discontinued operations (43) 14 (55) 12
Net gain on sale 18 123 0 61
Income from discontinued operations (25) 137 (55) 73
Definitions of terms and disclosures
Exchange rates January - June Second Quarter Second Quarter
2020
Average
2019
Average
2020
Average
2019
Average
2020 End
of period
2019
End of period
Mexican peso 21.90 19.26 23.08 19.25 22.99 19.21
Euro 0.9059 0.8857 0.9041 0.8907 0.8902 0.8797
British pound 0.7944 0.7726 0.8069 0.7846 0.8070 0.7877
Amounts provided in units of local currency per U.S. dollar.
2020 Second Quarter Results Page 15
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 Argentina, Bahamas, Colombia, Costa Rica, the
Dominican Republic, El Salvador, Guatemala, Guyana, Haiti, Jamaica,
Trinidad & Tobago, Barbados, Nicaragua, Panama, Peru, and Puerto
Rico, as well as trading operations in the Caribbean region.
The EMEAA region includes Europe, Middle East, Asia and Africa.
Europe subregion includes operations in Spain, Croatia, the Czech
Republic, France, Germany, Poland, and the United Kingdom.
Middle East, Asia and Africa subregion include the United Arab
Emirates, Egypt, Israel and the Philippines.
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 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
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.
Disclaimer
This report contains, and the reports we will file in the future may contain, forward-looking statements within the meaning of the U.S. federal securities
laws. We intend for 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” or other similar words. These forward-looking statements reflect, as of the date such forward-
looking statements are made, or 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, among other things: 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, 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 senior secured notes and our other debt instruments and financial obligations; 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; 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 global pricing initiatives for our products and generally meet our “A Stronger CEMEX” plan and “Operation
Resilience” plan’s initiatives; 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; the impact of pandemics, epidemics or outbreaks of infectious diseases and the response of governments and other third
parties, including with respect to COVID-19, which have affected and may continue to adversely affect, among other matters, supply chains,
international operations, availability of liquidity, investor confidence and consumer spending, as well as availability of, and 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 USMCA,
if it comes into effect, and NAFTA, while it is in effect, both of which Mexico is a party to; 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 other risks and uncertainties described in CEMEX’s public filings. Readers are urged to read
this report and carefully consider the risks, uncertainties and other factors that affect our business. 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 CEMEX with the United States Securities and
Exchange Commission. CEMEX’s “A Stronger CEMEX” plan and “Operation Resilience” plan is designed based on CEMEX’s current beliefs and
expectations. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to CEMEX’s prices for
CEMEX’s products. This report also includes statistical data regarding the production, distribution, marketing and sale of cement, ready-mix concrete,
clinker and aggregates. 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
2020 Second Quarter Results Page 16
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ause r
esu
lts t
o d
iffer, o
r t
hat o
therw
ise c
ou
ld h
ave a
n im
pact o
n u
s o
r o
ur c
on
solid
ate
d e
nti
ties, in
clu
de, a
mo
ng o
ther th
ing
s: th
e c
yclic
al a
ctiv
ity o
f th
e c
onstru
ctio
n s
ector; o
ur e
xp
osu
re to
oth
er s
ecto
rs th
at im
pact o
ur a
nd
ou
r c
lients’ b
usinesses, s
uch
as, b
ut n
ot li
mite
d to
, the e
nerg
y s
ector; a
vaila
bilit
y o
f r
aw
materia
ls a
nd r
elated f
lu
ctuatin
g p
rices; c
om
petit
ion
in t
he m
ark
ets
in w
hic
h w
e o
ffer o
ur p
ro
du
cts a
nd
serv
ices; g
eneral p
oli
tical, s
ocia
l, health
, eco
no
mic
and
bu
sin
ess c
on
ditio
ns in
the m
arkets i
n w
hich
we o
perate
or t
hat a
ffect o
ur o
peratio
ns a
nd
an
y s
ign
ific
ant e
co
no
mic
, healt
h, p
olit
ical o
r s
ocial
dev
elo
pm
en
ts i
n t
ho
se m
ark
ets
, as w
ell a
s a
ny
inh
eren
t ris
ks to
inte
rn
atio
nal o
peratio
ns; th
e r
egu
latory e
nv
iro
nm
ent, i
nclud
ing
env
iron
men
tal, ta
x, a
ntitr
ust, a
nd
acq
uis
itio
n-rela
ted
ru
les a
nd r
eg
ula
tion
s; o
ur a
bilit
y t
o s
ati
sfy
ou
r o
blig
atio
ns u
nd
er o
ur m
ate
ria
l deb
t agreem
en
ts, th
e in
dentu
res t
hat g
ov
ern
ou
r o
uts
tan
din
g s
en
ior s
ecu
red n
ote
s a
nd o
ur o
ther d
eb
t instr
um
en
ts a
nd
fin
ancial o
blig
atio
ns; th
e a
vail
ability
of s
hort-
term
cred
it lin
es o
r w
orking
cap
ital f
acil
ities, w
hic
h c
an
assist u
s i
n c
on
nectio
n w
ith
mark
et c
ycle
s; t
he i
mpact o
f o
ur b
elow
in
vestm
en
t grad
e d
eb
t ratin
g o
n o
ur c
ost o
f c
ap
ital;
loss o
f r
ep
uta
tion
of o
ur b
ran
ds; o
ur a
bil
ity to
con
su
mm
ate
asset s
ale
s, f
ully
inte
grate
new
ly a
cqu
ired
bu
sin
esses, a
ch
iev
e c
ost-
sav
ing
s f
ro
m o
ur c
ost-
redu
cti
on
init
iativ
es, im
ple
men
t ou
r g
lob
al p
ric
ing
init
iativ
es f
or o
ur p
rod
ucts
an
d g
en
erally
meet o
ur “
A S
tro
ng
er C
EM
EX
” p
lan
an
d “
Op
erati
on
Resilie
nce” p
lan
’s in
itia
tives; t
he in
creasin
g r
elia
nce o
n in
fo
rm
ati
on
tech
nolog
y in
frastr
ucture f
or o
ur s
ale
s in
voicin
g, p
ro
curem
en
t, f
in
an
cia
l s
tate
ments a
nd
oth
er p
rocesses th
at c
an a
dv
ersely
affect o
ur s
ales a
nd
op
erati
on
s in
the e
ven
t that t
he i
nfrastr
uctu
re d
oes n
ot w
ork a
s in
ten
ded
, ex
perie
nces t
ech
nic
al d
iffic
ultie
s o
r is
su
bje
cte
d to
cy
ber-att
ack
s; c
han
ges in
the e
con
om
y th
at a
ffect d
em
an
d f
or c
on
su
mer g
ood
s, c
on
seq
uently
affectin
g d
em
an
d f
or o
ur p
ro
ducts
an
d s
ervices; th
e im
pact o
f p
an
dem
ics, e
pid
em
ics o
r o
utb
reak
s o
f in
fecti
ou
s d
iseases a
nd
the r
espo
nse o
f g
ov
ern
ments a
nd
oth
er th
ird
partie
s, in
clu
din
g w
ith
respect t
o C
OV
ID
-1
9, w
hic
h h
av
e a
ffecte
d a
nd
may c
on
tinu
e to
ad
versely
affect, a
mo
ng
oth
er m
atte
rs, s
up
ply c
hain
s, in
tern
atio
nal o
peratio
ns, a
vaila
bil
ity o
f liq
uid
ity, in
vesto
r c
on
fiden
ce a
nd
co
nsu
mer s
pen
ding
, as w
ell a
s a
vaila
bili
ty o
f, a
nd
dem
an
d f
or, o
ur p
ro
du
cts
an
d
serv
ices; w
eather c
on
ditio
ns, in
clu
din
g b
ut n
ot lim
ite
d t
o, e
xcessiv
e r
ain a
nd
sno
w, a
nd
dis
asters s
uch
as e
arth
qu
ak
es a
nd
flo
od
s; tr
ad
e b
arrie
rs, in
clu
din
g ta
rif
fs o
r im
po
rt ta
xes a
nd
ch
ang
es in
ex
istin
g tr
ad
e p
oli
cie
s o
r c
han
ges t
o, o
r w
ithd
raw
als f
ro
m, f
ree t
rad
e a
greem
en
ts, in
clu
ding
the U
SM
CA
, if it
co
mes in
to e
ffect, a
nd N
AF
TA
, wh
ile it i
s in
effect, b
oth
of w
hic
h M
ex
ico
is a
party
to
; terro
ris
t a
nd
org
anized
crim
inal a
ctiv
ities a
s w
ell
as g
eo
po
litic
al e
ven
ts; d
ecla
ratio
ns o
f in
solven
cy
or b
an
kru
ptcy, o
r b
eco
ming
su
bject to
sim
ilar p
ro
ceed
ings; n
atural d
isasters a
nd
oth
er u
nfo
reseen
even
ts (
includ
ing
glo
bal h
ealt
h h
azard
s s
uch
as C
OV
ID
-19
); a
nd
oth
er r
isk
s a
nd
uncertain
ties d
escrib
ed i
n C
EM
EX
’s p
ub
lic f
ilin
gs. R
ead
ers a
re u
rg
ed
to r
ead
this
presentatio
n a
nd
carefu
lly c
on
sid
er th
e r
isk
s, u
ncertain
ties a
nd o
ther f
acto
rs th
at a
ffect o
ur b
usin
ess. T
he in
fo
rm
atio
n c
on
tain
ed
in
this p
resen
tatio
n i
s s
ub
ject to
ch
ang
e w
itho
ut n
otic
e, a
nd
we a
re n
ot o
bli
gated
to p
ublic
ly u
pd
ate
or r
ev
ise f
orw
ard
-lo
ok
ing s
tatem
ents a
fte
r th
e d
ate h
ereo
f o
r to
refle
ct th
e o
ccu
rren
ce o
f a
ntic
ipate
d o
r u
nantic
ipate
d e
ven
ts o
r c
ircu
msta
nces. R
ead
ers s
ho
uld
rev
iew
future r
ep
orts
file
d b
y C
EM
EX
with
th
e U
nite
d S
tate
s S
ecu
ritie
s a
nd E
xch
an
ge C
om
mis
sio
n. C
EM
EX
’s “
A S
tron
ger C
EM
EX
” p
lan a
nd
“O
peratio
n R
esilie
nce” p
lan is
desig
ned b
ased
on
CE
ME
X’s c
urren
t belie
fs a
nd e
xp
ecta
tion
s. U
nle
ss th
e c
on
tex
t ind
icate
s o
therw
ise, a
ll referen
ces to
pric
ing
in
itiativ
es, p
ric
e in
creases o
r d
ecreases, r
efer to
CE
ME
X’s p
ric
es f
or C
EM
EX
’s p
ro
ducts
. This p
resen
tatio
n a
lso
inclu
des s
tatis
tic
al d
ata r
egard
ing
the p
rod
uctio
n, d
istr
ibu
tion
, mark
etin
g a
nd
sale
of c
em
en
t, read
y-m
ix c
oncrete, c
link
er a
nd a
gg
reg
ates. W
e g
en
erate
d s
om
e o
f t
his d
ata
internally
, an
d s
om
e w
as o
bta
ined
fro
m in
dep
en
den
t ind
ustr
y
pu
blic
ati
on
s a
nd r
ep
orts
that w
e b
eli
ev
e to
be r
elia
ble
so
urces. W
e h
av
e n
ot in
dep
end
en
tly v
erif
ied
this
data
no
r s
ou
gh
t the c
on
sen
t of a
ny
org
anizatio
ns t
o r
efer t
o t
heir r
ep
orts in
this
presen
tatio
n. U
NL
ES
S O
TH
ER
WIS
E N
OT
ED
, AL
L F
IG
UR
ES
AR
E P
RE
SE
NT
ED
IN
DO
LL
AR
S, B
AS
ED
ON
IN
TE
RN
AT
IO
NA
L F
IN
AN
CIA
L R
EP
OR
TIN
G S
TA
ND
AR
DS
, AS
AP
PL
IC
AB
LE
Co
pyrig
ht C
EM
EX
, S.A
.B. d
e C
.V. a
nd
its s
ub
sid
iaries -
2 -
Th
is p
resen
tatio
n c
on
tain
s, a
nd
the r
ep
orts
we w
ill f
ile in
the f
utu
re m
ay
co
nta
in, f
orw
ard
-lo
ok
ing
state
men
ts w
ithin
the m
ean
ing o
f th
e U
.S. f
ed
eral s
ecu
riti
es la
ws. W
e in
ten
d f
or th
ese f
orw
ard-lo
ok
ing
sta
tem
en
ts to
be c
ov
ered
by
the s
afe h
arb
or p
ro
visio
ns f
or f
orw
ard
-lo
oking
sta
tem
en
ts w
ith
in th
e m
ean
ing
of th
e U
.S. f
ed
eral s
ecuritie
s la
ws. I
n s
om
e c
ases, th
ese s
tate
men
ts c
an b
e id
en
tified
by
the u
se o
f f
orw
ard
-lo
ok
ing w
ord
s s
uch a
s “
may
,” “
assu
me,”
“m
igh
t,” “
sh
ou
ld,”
“cou
ld,”
“con
tin
ue,”
“w
ould
,” “
can
,” “
co
nsid
er,”
“an
ticipate
,” “
estim
ate,”
“ex
pect,”
“en
visio
n,”
“p
lan
,” “
belie
ve,”
“foresee,”
“p
redict,”
“p
ote
ntia
l,”
“ta
rg
et,”
“str
ateg
y,”
“in
tend
” o
r o
ther s
imila
r w
ords. T
hese f
orw
ard
-lo
ok
ing
state
men
ts r
efle
ct, a
s o
f th
e d
ate
su
ch
forw
ard
-lo
oking
sta
tem
en
ts a
re m
ad
e, o
r u
nle
ss o
therw
ise in
dic
ate
d, o
ur c
urren
t exp
ecta
tio
ns a
nd
pro
jectio
ns a
bo
ut f
utu
re e
ven
ts b
ased
on
ou
r k
now
led
ge o
f p
resent f
acts a
nd
cir
cu
msta
nces a
nd
assum
ptio
ns a
bo
ut f
utu
re e
ven
ts. T
hese s
tate
men
ts n
ecessarily
invo
lve r
isks a
nd
un
certa
inti
es t
hat c
ou
ld c
ause a
ctu
al r
esu
lts t
o d
iffer m
ate
ria
lly f
rom
ou
r e
xpecta
tio
ns. S
om
e o
f th
e r
isk
s, u
ncertain
ties a
nd o
ther im
po
rta
nt f
acto
rs t
hat c
ou
ld c
ause r
esu
lts t
o d
iffer, o
r t
hat o
therw
ise c
ou
ld h
av
e a
n im
pact o
n u
s o
r o
ur c
onso
lid
ated e
nti
ties, in
clu
de, a
mo
ng o
ther th
ing
s: th
e c
yclic
al a
ctiv
ity o
f th
e c
onstru
ctio
n s
ecto
r;
ou
r e
xpo
su
re to
oth
er s
ectors t
hat im
pact o
ur a
nd
ou
r c
lien
ts’ b
usin
esses, s
uch
as, b
ut n
ot li
mite
d to
, the e
nerg
y s
ector; a
vail
abilit
y o
f r
aw
mate
rials
and
rela
ted
fluctu
ati
ng
pric
es; c
om
petit
ion in
the m
ark
ets
in w
hic
h w
e o
ffer o
ur p
ro
ducts a
nd
serv
ices; g
en
eral p
olit
ical, s
ocial, h
ealt
h, e
co
nom
ic a
nd
business c
on
ditio
ns in
th
e m
ark
ets
in w
hic
h w
e o
perate o
r th
at a
ffect o
ur o
peratio
ns a
nd
any
sig
nif
ican
t e
co
nom
ic, h
ealt
h, p
oliti
cal o
r s
ocia
l d
ev
elo
pm
ents i
n t
ho
se m
ark
ets
, as w
ell a
s a
ny
inh
eren
t ris
ks to
inte
rn
ati
on
al o
peratio
ns; th
e r
egu
latory e
nv
iro
nm
ent, i
nclud
ing
en
viro
nm
en
tal, t
ax
, an
titrust, a
nd
acqu
isitio
n-rela
ted
ru
les a
nd r
eg
ula
tion
s; o
ur a
bilit
y t
o s
ati
sfy
ou
r o
blig
atio
ns u
nd
er o
ur m
ate
ria
l deb
t ag
reem
en
ts, t
he in
den
tures th
at g
ov
ern
ou
r o
uts
tan
din
g s
en
ior s
ecu
red
no
tes a
nd o
ur o
ther d
eb
t instru
men
ts a
nd
fin
an
cial o
blig
atio
ns; th
e a
vail
abilit
y o
f s
ho
rt-
term
cred
it lin
es o
r w
orkin
g c
ap
ital f
aciliti
es, w
hich
can
assist u
s i
n c
on
nectio
n w
ith m
ark
et c
ycle
s; th
e i
mpact o
f o
ur b
elo
w in
vestm
en
t g
rad
e d
eb
t ratin
g o
n o
ur c
ost o
f c
ap
ital;
loss o
f r
ep
uta
tion
of o
ur b
ran
ds; o
ur a
bil
ity to
co
nsu
mm
ate
asset s
ale
s, f
ully
inte
grate
new
ly a
cqu
ired b
usin
esses, a
ch
iev
e c
ost-
sav
ing
s f
ro
m o
ur c
ost-red
ucti
on in
itia
tives, im
ple
men
t ou
r g
lo
bal p
ricin
g in
itia
tives f
or o
ur p
rod
ucts
an
d g
en
erally
meet o
ur “
A S
tro
ng
er C
EM
EX
” p
lan
an
d “
Op
erati
on R
esilie
nce” p
lan
’s in
itia
tives; t
he in
creasin
g r
elia
nce o
n in
fo
rm
ati
on
tech
nolo
gy
infrastructure f
or o
ur s
ale
s in
voicin
g, p
ro
cu
rem
ent, f
inan
cia
l s
tate
men
ts a
nd
oth
er p
rocesses th
at c
an
ad
versely
affect o
ur s
ales a
nd
op
erati
ons in
the e
ven
t t
hat t
he i
nfrastr
uctu
re d
oes n
ot w
ork
as i
nten
ded
, ex
perie
nces t
ech
nic
al d
iffic
ultie
s o
r is
su
bje
cte
d to
cy
ber-att
ack
s; c
han
ges in
the e
con
om
y th
at a
ffect d
em
and
fo
r c
onsu
mer g
ood
s, c
onseq
uently
affectin
g d
em
an
d f
or o
ur
pro
du
cts
and
serv
ices; th
e im
pact o
f p
an
dem
ics, e
pidem
ics o
r o
utb
reak
s o
f i
nfectio
us d
iseases a
nd
the r
esp
onse o
f g
ov
ern
men
ts a
nd
oth
er th
ird
partie
s, in
clu
din
g w
ith r
esp
ect to
CO
VID
-1
9, w
hic
h h
av
e a
ffecte
d a
nd
may
con
tinu
e to
ad
versely a
ffect, a
mo
ng o
ther m
att
ers, s
up
ply
chains, in
tern
ati
on
al o
peratio
ns, a
vail
abilit
y o
f li
qu
idit
y, i
nv
esto
r c
onfid
ence a
nd c
on
sum
er s
pen
din
g, a
s w
ell
as a
vaila
bil
ity o
f, a
nd
dem
an
d f
or, o
ur p
ro
du
cts a
nd
serv
ices; w
eath
er c
on
dit
ions, in
clu
din
g b
ut n
ot li
mite
d to
, ex
cessiv
e r
ain
and
sn
ow
, an
d d
isaste
rs s
uch a
s e
arth
qu
ak
es a
nd f
loo
ds; tr
ade b
arrie
rs, in
clu
din
g ta
rif
fs o
r i
mpo
rt ta
xes a
nd
ch
an
ges i
n e
xis
tin
g t
rade p
olic
ies o
r c
han
ges to
, or w
ithd
raw
als
fro
m, f
ree tr
ad
e a
greem
en
ts, in
clu
din
g th
e U
SM
CA
, if i
t co
mes i
nto
effect, a
nd
NA
FT
A, w
hil
e i
t is in
effect, b
oth
of w
hic
h M
exico i
s a
party
to; te
rroris
t an
d o
rg
an
ized
crim
inal a
ctiv
itie
s a
s w
ell a
s g
eo
po
litic
al e
ven
ts; d
ecla
ratio
ns o
f in
so
lven
cy
or b
ank
ru
ptc
y, o
r b
eco
min
g s
ub
ject to
sim
ila
r p
ro
ceed
ing
s; n
atu
ral d
isaste
rs a
nd
oth
er u
nfo
reseen
ev
ents (
inclu
din
g g
lob
al h
ealth
hazard
s s
uch
as C
OV
ID
-1
9); a
nd o
ther r
isk
s a
nd u
ncerta
inti
es d
escrib
ed
in C
EM
EX
’s p
ub
lic f
iling
s. R
ead
ers a
re u
rg
ed
to r
ead
this
presen
tati
on
an
d c
arefu
lly c
on
sid
er th
e r
isk
s, u
ncerta
inti
es a
nd
oth
er f
acto
rs th
at a
ffect o
ur b
usin
ess. T
he in
fo
rm
atio
n c
on
tained
in th
is p
resen
tatio
n is
su
bject to
ch
an
ge w
itho
ut n
oti
ce, a
nd
we a
re n
ot o
blig
ate
d to
pu
blic
ly u
pdate o
r r
ev
ise f
orw
ard
-loo
kin
g s
tate
men
ts a
fte
r th
e d
ate
hereo
f o
r to
reflect t
he o
ccu
rren
ce o
f a
ntic
ipate
d o
r u
nan
ticipated
ev
ents o
r c
ircum
stances. R
ead
ers s
ho
uld
rev
iew
fu
ture r
ep
orts
fil
ed
by
CE
ME
X w
ith th
e U
nite
d S
tate
s S
ecu
riti
es a
nd
Ex
ch
ang
e C
om
mis
sion
. CE
ME
X’s “
A S
tro
nger C
EM
EX
” p
lan
and
“O
peratio
n R
esil
ience” p
lan
is d
esign
ed
based
on C
EM
EX
’s
cu
rren
t belie
fs a
nd
exp
ecta
tion
s. U
nle
ss th
e c
on
tex
t ind
icate
s o
therw
ise, a
ll r
eferences to
pric
ing
initi
ativ
es, p
ric
e i
ncreases o
r d
ecreases, r
efer to
CE
ME
X’s p
rices f
or C
EM
EX
’s p
ro
du
cts
. Th
is p
resentatio
n a
lso
includ
es s
tati
stic
al d
ata
reg
ard
ing t
he p
ro
ducti
on, d
istr
ibutio
n, m
ark
eti
ng
an
d s
ale
of c
em
en
t, ready
-m
ix c
on
crete
, clin
ker a
nd
agg
reg
ate
s. W
e g
en
erated s
om
e o
f th
is d
ata
inte
rn
ally
, and
so
me w
as o
bta
ined
fro
m in
depen
dent in
du
str
y p
ub
licatio
ns a
nd r
ep
orts
that w
e b
elie
ve to
be r
elia
ble
sou
rces. W
e h
av
e n
ot in
dep
en
den
tly v
erif
ied
this
data
nor s
ou
ght th
e c
on
sen
t of a
ny
org
an
izati
ons to
refer t
o t
heir
repo
rts i
n t
his p
resen
tatio
n. U
NL
ES
S O
TH
ER
WIS
E N
OT
ED
, AL
L F
IG
UR
ES
AR
E P
RE
SE
NT
ED
IN
DO
LL
AR
S, B
AS
ED
ON
IN
TE
RN
AT
IO
NA
L F
IN
AN
CIA
L R
EP
OR
TIN
G S
TA
ND
AR
DS
, AS
AP
PL
IC
AB
LE
Co
pyrig
ht C
EM
EX
, S.A
.B. d
e C
.V. a
nd
its s
ub
sid
iaries -
2 -
Key m
essages for 2nd Quarter 2020 ▪ N
ew C
OV
ID-19 operational protocols allow
ed us to continue operating in most m
arkets ▪ Geographic diversification and distinct m
arket consumption m
odalities paid off ▪ Hard stop on non-essential expenses and capex resulted in higher profitability and FC
F in a declining sales environment ▪ Substantially enhanced our custom
er experience 1 and NPS through proven e-com
merce platform
s and distribution network ▪ R
esilient prices in volatile world ▪ E
nergy tailwinds throughout portfolio ▪ L
iquidity measures taken in 1H
20 mitigated financial risks 1 N
et Promoter Score - 3 -K
ey messages for 2nd Q
uarter 2020 ▪ New
CO
VID
-19 operational protocols allowed us to continue operating in m
ost markets ▪ G
eographic diversification and distinct market consum
ption modalities paid off ▪ H
ard stop on non-essential expenses and capex resulted in higher profitability and FCF in a declining sales environm
ent ▪ Substantially enhanced our customer experience 1 and N
PS through proven e-comm
erce platforms and distribution netw
ork ▪ Resilient prices in volatile w
orld ▪ Energy tailwinds throughout portfolio ▪ Liquidity m
easures taken in 1H20 m
itigated financial risks 1 Net Prom
oter Score - 3 -
Priorities rolled out in February under “Operation R
esilience” assured business continuity and improved custom
er experience Custom
er Financial Health E
xperience Resilience ▪ 52 new
health and safety ▪ 13% increase in visits to C
EMEX
▪ Maxim
ize liquidity protocols to address Go vs. pre-C
OV
ID-19 levels ▪ H
ard stop on non-essential CO
VID
-19 ▪ Fortified supply chain and robust operating expenses, capex distribution network to m
eet ▪ Testing, tracking and deferrals and working capital custom
er demands tim
ely case managem
ent discipline ▪ Sharing CO
VID
-19 safety ▪ Contact tracing to prevent ▪ O
btained important financial protocols w
ith customers and spread of disease covenant flexibilities suppliers ▪ O
utreach to employee ▪ H
ighest ever global Net Prom
oter families to augm
ent health Score (NPS) of 67 in 2Q
20 and safety measures at hom
e 4 - 4 -Priorities rolled out in February under “Operation R
esilience” assured business continuity and improved custom
er experience Custom
er Financial Health E
xperience Resilience ▪ 52 new
health and safety ▪ 13% increase in visits to C
EMEX
▪ Maxim
ize liquidity protocols to address Go vs. pre-C
OV
ID-19 levels ▪ H
ard stop on non-essential CO
VID
-19 ▪ Fortified supply chain and robust operating expenses, capex distribution network to m
eet ▪ Testing, tracking and deferrals and working capital custom
er demands tim
ely case managem
ent discipline ▪ Sharing CO
VID
-19 safety ▪ Contact tracing to prevent ▪ O
btained important financial protocols w
ith customers and spread of disease covenant flexibilities suppliers ▪ O
utreach to employee ▪ H
ighest ever global Net Prom
oter families to augm
ent health Score (NPS) of 67 in 2Q
20 and safety measures at hom
e 4 - 4 -
Su
bsta
ntia
lly s
treng
then
ed o
ur f
inan
cia
l positio
n C
ash
an
d c
ash-eq
uiv
ale
nts
varia
tion
86
44
6 2
,83
2 -
87
1,0
00
1,3
87
Cash
an
d c
ash I
ssu
an
ce o
f D
raw
do
wn
Free c
ash
Oth
er S
ou
rces/U
ses C
ash
an
d c
ash
equ
ivale
nts
as 7
.37
5%
sen
ior U
SD
of r
ev
olv
ing f
lo
w in
2Q
20
of c
ash
, net e
qu
ivale
nts
as o
f 1
Q2
0 n
ote
s d
ue 2
027
cred
it facil
ity, o
ther o
f 2
Q2
0 c
redit lin
es a
nd l
oan
s 5
Millio
ns o
f U
.S. d
olla
rs -
5 -
Sub
sta
nti
ally
str
en
gth
ened
our f
inancia
l p
osit
ion C
ash a
nd
cash
-eq
uiv
alents v
ariatio
n 8
6 4
46 2
,832
-8
7 1
,00
0 1
,38
7 C
ash
an
d c
ash
Issu
ance o
f D
raw
do
wn
Free c
ash O
ther S
ou
rces/U
ses C
ash
an
d c
ash e
qu
ivale
nts
as 7
.37
5%
sen
ior U
SD
of r
evo
lvin
g f
low
in 2
Q2
0 o
f c
ash
, net e
qu
ivale
nts
as o
f 1
Q2
0 n
otes d
ue 2
02
7 c
redit f
acili
ty, o
ther o
f 2
Q2
0 c
red
it l
ines a
nd
loan
s 5
Mill
ion
s o
f U
.S. d
oll
ars -
5 -
Dem
an
d f
or o
ur p
ro
du
cts
was h
igh
ly c
orrela
ted
to g
ov
ern
men
t CO
VID
-1
9 r
egu
latio
ns a
nd
imp
ro
ved
as r
estr
ictio
ns e
ased
Cem
ent v
olu
mes J
un
e 2
Q2
0 N
orm
al o
peratio
ns Y
oY
% v
ar. 2
02
0 I
ndu
str
y c
an
partia
lly o
perate
/Som
e r
estric
tion
s in
pla
ce C
EM
EX
(10
%) 9
% T
ota
l o
r p
artia
l s
hu
tdo
wn
fo
r p
art o
f q
uarte
r U
nite
d S
tate
s 6
% 1
8%
Mexico (
7%
) 8
% E
uro
pe (
2%
) 1
4%
UK
(3
6%
) (
14
%) M
EA
A (
24
%) (
1%
) P
hilip
pin
es (
31
%) 8
% S
CA
C (
29
%) 3
% P
an
am
a (
88
%) (
68%
) D
om
inican
Rep
(3
2%
) 1
0%
Jun
e E
BIT
DA
grew
27
% Y
oY
on a
like-to-lik
e b
asis, h
igh
est m
on
thly
grow
th
in 1
4 m
onths 6
ME
AA
= M
idd
le E
ast, A
fric
a a
nd
Asia
Map c
olo
r r
ela
tes t
o l
ev
el o
f r
estr
ictio
ns d
uring
2Q
20
- 6
-D
em
an
d f
or o
ur p
ro
du
cts w
as h
igh
ly c
orrela
ted
to g
ov
ern
men
t CO
VID
-1
9 r
egu
latio
ns a
nd
imp
ro
ved
as r
estr
ictio
ns e
ased
Cem
ent v
olu
mes J
un
e 2
Q2
0 N
orm
al o
peratio
ns Y
oY
% v
ar. 2
02
0 I
ndu
str
y c
an
partia
lly o
perate
/Som
e r
estric
tion
s in
pla
ce C
EM
EX
(10
%) 9
% T
ota
l or p
artia
l s
hu
tdo
wn
fo
r p
art o
f q
uarte
r U
nit
ed S
tate
s 6
% 1
8%
Mexico
(7
%) 8
% E
uro
pe (
2%
) 1
4%
UK
(3
6%
) (
14
%) M
EA
A (
24
%) (
1%
) P
hil
ipp
ines (
31
%) 8
% S
CA
C (
29%
) 3
% P
an
am
a (
88
%) (
68
%) D
om
inic
an
Rep
(3
2%
) 1
0%
Jun
e E
BIT
DA
grew
27
% Y
oY
on
a lik
e-to-lik
e b
asis, h
igh
est m
on
thly
gro
wth i
n 1
4 m
onths 6
ME
AA
= M
idd
le E
ast, A
frica a
nd
Asia
Map c
olo
r r
ela
tes t
o le
vel o
f r
estr
ictio
ns d
uring
2Q
20
- 6
-
Desp
ite
vo
lum
e d
ro
p, c
ost c
ontain
ment e
ffo
rts
an
d p
ric
ing
led
to im
pro
ved
EB
IT
DA
marg
in N
et s
ale
s O
peratin
g E
BIT
DA
Op
erati
ng
EB
IT
DA
Free c
ash
flo
w a
fte
r m
arg
in m
ain
ten
ance c
ap
ex
-1
0%
l-t-
l -6
% l
-t-
l +
0.7
pp
-1
4%
-11
% -
35
% 3
,40
0 6
23
19
.0%
21
7 1
8.3
% 5
54
2,9
12
14
0 2
Q19
2Q
20 2
Q1
9 2
Q20
2Q
19
2Q
20
2Q
19
2Q
20
7 M
illio
ns o
f U
.S. d
oll
ars -
7 -
Despite
volum
e d
ro
p, c
ost c
on
tain
men
t effo
rts
an
d p
ricin
g le
d to
imp
ro
ved E
BIT
DA
marg
in N
et s
ale
s O
peratin
g E
BIT
DA
Operatin
g E
BIT
DA
Free c
ash
flo
w a
fte
r m
arg
in m
ain
ten
an
ce c
ap
ex -
10
% l-
t-l -
6%
l-t-
l +0
.7p
p -
14
% -
11%
-3
5%
3,4
00
62
3 1
9.0
% 2
17
18.3
% 5
54
2,9
12
14
0 2
Q1
9 2
Q2
0 2
Q1
9 2
Q2
0 2
Q1
9 2
Q20
2Q
19 2
Q2
0 7
Mil
lion
s o
f U
.S. d
olla
rs -
7 -
Achieved ~U
S$140 M of savings under “O
peration Resilience” in 1H
20 1H20 savings under O
peration Resilience ▪ U
S$230 M O
peration Resilience includes 141 U
S$150 M of expected savings from
A Stronger 25 C
EM
EX, plus U
S$80 M C
OV
ID-19 related cost containm
ent initiatives for 2020 20 79 15▪ YTD
savings primarily driven by SG
&A
79 2 ▪ Cost savings contributed 2.4pp to 1H
20 EBITD
A m
argin 72 ▪ Savings on maintenance relate prim
arily to deferrals and will be largely executed in 2H
20 SG&
A O
perations Low-cost E
nergy Maintenance Total suppliers 8 M
illions of U.S. dollars - 8 -A
chieved ~US$140 M
of savings under “Operation R
esilience” in 1H20 1H
20 savings under Operation R
esilience ▪ US$230 M
Operation R
esilience includes 141 US$150 M
of expected savings from A
Stronger 25 CE
MEX
, plus US$80 M
CO
VID
-19 related cost containment initiatives for 2020 20 79 15▪ Y
TD savings prim
arily driven by SG&
A 79 2 ▪ C
ost savings contributed 2.4pp to 1H20 EB
ITDA
margin 72 ▪ Savings on m
aintenance relate primarily to deferrals and w
ill be largely executed in 2H20 SG
&A
Operations L
ow-cost E
nergy Maintenance T
otal suppliers 8 Millions of U
.S. dollars - 8 -
Region
al H
igh
lig
hts C
ON
CR
ET
E H
OU
SE
, UN
IT
ED
KIN
GD
OM
Reg
ional H
ighlig
hts
CO
NC
RE
TE
HO
US
E, U
NIT
ED
KIN
GD
OM
United States: C
ontinued demand m
omentum
and cost savings increased profitability and margin 6M
20 vs. 2Q20 vs. 6M
20 2Q20 6M
19 2Q19 N
et Sales 1,971 1,006 Volum
e 8% 6%
Cem
ent % var (l-t-l) 7%
1% Price (L
C) 1%
(0%) O
perating EBIT
DA
361 198 Volum
e 2% (5%
) Ready m
ix % var (l-t-l) 23%
16% Price (LC
) 3% 2%
Operating E
BIT
DA
margin 18.3%
19.7% V
olume 3%
(3%) A
ggregates pp var 2.4pp 2.4pp Price (LC) 1%
0% ▪ Increase in cem
ent volumes driven by infrastructure and residential activity ▪ R
esidential sector rebounding much faster than expected ▪ Stable prices sequentially in our three core products ▪ E
BIT
DA
margin expansion due prim
arily to higher ready-mix price, cost reduction efforts and low
er fuel costs ▪ Highest quarterly EB
ITD
A in a decade 10 M
illions of U.S. dollars - 10 -U
nited States: Continued dem
and mom
entum and cost savings increased profitability and m
argin 6M20 vs. 2Q
20 vs. 6M20 2Q
20 6M19 2Q
19 Net Sales 1,971 1,006 V
olume 8%
6% C
ement %
var (l-t-l) 7% 1%
Price (LC
) 1% (0%
) Operating E
BIT
DA
361 198 Volum
e 2% (5%
) Ready m
ix % var (l-t-l) 23%
16% Price (LC
) 3% 2%
Operating E
BIT
DA
margin 18.3%
19.7% V
olume 3%
(3%) A
ggregates pp var 2.4pp 2.4pp Price (LC) 1%
0% ▪ Increase in cem
ent volumes driven by infrastructure and residential activity ▪ R
esidential sector rebounding much faster than expected ▪ Stable prices sequentially in our three core products ▪ E
BIT
DA
margin expansion due prim
arily to higher ready-mix price, cost reduction efforts and low
er fuel costs ▪ Highest quarterly E
BIT
DA
in a decade 10 Millions of U
.S. dollars - 10 -
Mexico: B
agged cement dem
and and resilient pricing cushion contraction in formal construction activity 6M
20 vs. 2Q20 vs. 6M
20 2Q20 6M
19 2Q19 N
et Sales 1,253 568 Volum
e (3%) (7%
) Cem
ent % var (l-t-l) (3%
) (10%) Price (LC
) 0% 1%
Operating EB
ITDA
416 183 Volum
e (23%) (44%
) Ready m
ix % var (l-t-l) (6%
) (10%) Price (LC
) 1% (0%
) Operating EB
ITDA
margin 33.2%
32.3% V
olume (19%
) (35%) A
ggregates pp var (1.1pp) (0.2pp) Price (LC) 4%
2% ▪ G
rowth in bagged cem
ent supported by government social program
s and home im
provement activity ▪ B
ulk cement and ready-m
ix impacted by C
OV
ID-19 related restrictions on private sector, form
al construction ▪ Flat sequential prices in local-currency terms despite declining volum
es ▪ Initiatives to contain cost and expenses, a favorable product mix effect and tailw
inds from low
er fuel prices supported EB
ITD
A m
argin during the quarter 11 Millions of U
.S. dollars - 11 -Mexico: B
agged cement dem
and and resilient pricing cushion contraction in formal construction activity 6M
20 vs. 2Q20 vs. 6M
20 2Q20 6M
19 2Q19 N
et Sales 1,253 568 Volum
e (3%) (7%
) Cem
ent % var (l-t-l) (3%
) (10%) Price (L
C) 0%
1% O
perating EBITD
A 416 183 V
olume (23%
) (44%) R
eady mix %
var (l-t-l) (6%) (10%
) Price (LC) 1%
(0%) O
perating EBITD
A m
argin 33.2% 32.3%
Volum
e (19%) (35%
) Aggregates pp var (1.1pp) (0.2pp) Price (LC
) 4% 2%
▪ Grow
th in bagged cement supported by governm
ent social programs and hom
e improvem
ent activity ▪ Bulk cem
ent and ready-mix im
pacted by CO
VID
-19 related restrictions on private sector, formal construction ▪ Flat sequential prices in local-currency term
s despite declining volumes ▪ Initiatives to contain cost and expenses, a favorable product m
ix effect and tailw
inds from low
er fuel prices supported EB
ITD
A m
argin during the quarter 11 Millions of U
.S. dollars - 11 -
EM
EAA
: Grow
th in Central E
urope and Israel offset by stringent lockdown m
easures in rest of markets 6M
20 vs. 2Q20 vs. 6M
20 2Q20 6M
19 2Q19 N
et Sales 1,989 987 Volum
e (5%) (12%
) Cem
ent % var (l-t-l) (8%
) (13%) Price (l-t-l) (2%
) (1%) O
perating EBITD
A 251 147 V
olume (8%
) (12%) R
eady mix %
var (l-t-l) (13%) (20%
) Price (l-t-l) (1%) (1%
) Operating EB
ITDA
margin 12.6%
14.9% V
olume (10%
) (13%) A
ggregates pp var (0.7pp) (1.5pp) Price (l-t-l) 1% (0%
) ▪ Strong cement volum
e growth and pricing perform
ance in Central Europe ▪ Significant deceleration in construction activity in France, U
K, and Spain due to strict C
OV
ID-19 restrictions; m
arked recovery seen in June as economies opened ▪ Philippines volum
es adversely impacted by lockdow
n and resulting closure of Solid plant for two m
onths ▪ Strong performance in Israel driven by continued construction activity in all sectors ▪ C
onstruction activity in Egypt slow
ed due to suspension of private residential construction permits, few
er working days and m
obility restrictions related to CO
VID
-19 Millions of U
.S. dollars EM
EAA
: Europe, Middle East, A
frica and Asia region 12 Price (l-t-l) calculated on a volum
e-weighted average basis at constant foreign-exchange rates - 12 -E
ME
AA
: Grow
th in Central Europe and Israel offset by stringent lockdow
n measures in rest of m
arkets 6M20 vs. 2Q
20 vs. 6M20 2Q
20 6M19 2Q
19 Net Sales 1,989 987 V
olume (5%
) (12%) C
ement %
var (l-t-l) (8%) (13%
) Price (l-t-l) (2%) (1%
) Operating EB
ITDA
251 147 Volum
e (8%) (12%
) Ready m
ix % var (l-t-l) (13%
) (20%) Price (l-t-l) (1%
) (1%) O
perating EB
ITD
A m
argin 12.6% 14.9%
Volum
e (10%) (13%
) Aggregates pp var (0.7pp) (1.5pp) Price (l-t-l) 1%
(0%) ▪ Strong cem
ent volume grow
th and pricing perform
ance in Central Europe ▪ Significant deceleration in construction activity in France, U
K, and Spain due to strict C
OV
ID-19 restrictions; m
arked recovery seen in June as economies opened ▪ Philippines volum
es adversely impacted by lockdow
n and resulting closure of Solid plant for two m
onths ▪ Strong performance in Israel driven by continued construction activity in all sectors ▪ C
onstruction activity in Egypt slow
ed due to suspension of private residential construction permits, few
er working days and m
obility restrictions related to CO
VID
-19 Millions of U
.S. dollars EMEA
A: Europe, M
iddle East, Africa and A
sia region 12 Price (l-t-l) calculated on a volume-w
eighted average basis at constant foreign-exchange rates - 12 -
SCA
C: Favorable pricing and cost containm
ent despite industry lockdowns 6M
20 vs. 2Q20 vs. 6M
20 2Q20 6M
19 2Q19 N
et Sales 651 279 Volum
e (19%) (29%
) Cem
ent % var (l-t-l) (19%
) (30%) Price (l-t-l) 5%
6% O
perating EB
ITD
A 156 66 V
olume (42%
) (60%) R
eady mix %
var (l-t-l) (16%) (25%
) Price (l-t-l) (1%) (3%
) Operating EB
ITDA
margin 24.0%
23.6% V
olume (44%
) (61%) A
ggregates pp var 1.0pp 1.7pp Price (l-t-l) 9% 5%
▪ Restrictions to construction activity significantly im
pacted our volume perform
ance; however, im
provement in back half of quarter as restrictions eased ▪ Im
proved sequential pricing in the region in practically all countries ▪ EB
ITD
A m
argin increased 1.7pp mainly due cost reduction initiatives and higher prices, despite significant volum
e declines Millions of U
.S. dollars SCA
C: South, C
entral Am
erica and the Caribbean region 13 Price (l-t-l) calculated on a volum
e-weighted average basis at constant foreign-exchange rates - 13 -SC
AC
: Favorable pricing and cost containment despite industry lockdow
ns 6M20 vs. 2Q
20 vs. 6M20 2Q
20 6M19 2Q
19 Net Sales 651 279 V
olume (19%
) (29%) C
ement %
var (l-t-l) (19%) (30%
) Price (l-t-l) 5% 6%
Operating E
BIT
DA
156 66 Volum
e (42%) (60%
) Ready m
ix % var (l-t-l) (16%
) (25%) Price (l-t-l) (1%
) (3%) O
perating EBITD
A m
argin 24.0% 23.6%
Volum
e (44%) (61%
) Aggregates pp var 1.0pp 1.7pp Price (l-t-l) 9%
5% ▪ R
estrictions to construction activity significantly impacted our volum
e performance; how
ever, improvem
ent in back half of quarter as restrictions eased ▪ Improved sequential pricing in the region in practically all countries ▪ E
BIT
DA
margin increased 1.7pp m
ainly due cost reduction initiatives and higher prices, despite significant volume declines M
illions of U
.S. dollars SCA
C: South, C
entral Am
erica and the Caribbean region 13 Price (l-t-l) calculated on a volum
e-weighted average basis at constant foreign-exchange rates - 13 -
2Q
20
Resu
lts S
OL
AZ
LO
S C
AB
OS
, ME
XIC
O2
Q2
0 R
esu
lts S
OL
AZ
LO
S C
AB
OS
, ME
XIC
O
Cost im
pro
vem
en
ts, h
igh
er p
ric
es a
nd
energ
y ta
ilw
ind
s p
artia
lly o
ffset im
pact o
f lo
wer v
olu
mes o
n E
BIT
DA
EB
IT
DA
varia
tio
n -
6%
-1
1%
62
3 8
5 5
86 -
10
554
80
-32
-3
1 -
161
2Q
19 V
olum
e P
ric
e V
aria
ble
co
sts
Fixed
co
sts
Oth
ers 2
Q2
0 F
X 2
Q2
0 l
-t-
l 15
Milli
on
s o
f U
.S. d
olla
rs -
15
-C
ost i
mprov
em
en
ts, h
ig
her p
ric
es a
nd
en
erg
y ta
ilwind
s p
arti
ally
offset im
pact o
f lo
wer v
olum
es o
n E
BIT
DA
EB
IT
DA
varia
tion
-6
% -
11%
62
3 8
5 5
86
-1
0 5
54
80
-3
2 -
31 -
16
1 2
Q1
9 V
olu
me P
rice V
aria
ble
co
sts F
ixed
co
sts O
thers 2
Q2
0 F
X 2
Q2
0 l-
t-l 1
5 M
illio
ns o
f U
.S. d
olla
rs -
15
-
Pro
activ
e w
ork
ing
cap
ital m
an
ag
em
ent a
nd
low
er c
ap
ex s
treng
then
ed F
CF
gen
erati
on
Jan
uary
- J
un
e S
eco
nd
Qu
arte
r 2
020
20
19
% v
ar 2
02
0 2
01
9 %
var A
verage w
ork
ing
capita
l days O
perati
ng
EB
IT
DA
1,0
88
1,1
69
(7%
) 5
54
62
3 (
11%
) -
Net F
inan
cia
l Exp
en
se 3
55
35
3 1
82
17
4 -
Main
ten
an
ce C
ap
ex
21
7 2
64
94
14
4 -
Ch
ang
e in
Wo
rk
ing
Cap
ital 4
81
57
0 7
1 4
4 -
Tax
es P
aid
81 1
11
40
74 -
Oth
er C
ash I
tem
s (
net) 4
3 1
7 2
9 (
5) -
6 -
Free C
ash
Flo
w (
13) (
26
) (
1) (
25
) D
isco
nti
nu
ed
Op
eratio
ns F
ree C
ash
Flow
after (
75) (
12
1) 3
8%
14
0 2
17
(3
5%
) M
ain
ten
ance C
ap
ex
-1
1 -
Str
ate
gic
Cap
ex
11
5 8
4 5
4 4
8 2
Q2
0 2
Q1
9 F
ree C
ash
Flo
w (
190
) (
20
5) 7
% 8
6 1
68
(4
9%
) 1
6 M
illio
ns o
f U
.S. d
oll
ars -
16
-P
ro
activ
e w
orking
cap
ital m
an
ag
em
en
t an
d lo
wer c
apex
str
en
gth
ened
FC
F g
en
eratio
n J
anu
ary
- J
une S
eco
nd
Qu
arte
r 2
02
0 2
01
9 %
var 2
020
20
19
% v
ar A
verag
e w
ork
ing
cap
ital d
ay
s O
peratin
g E
BIT
DA
1,0
88 1
,169
(7
%) 5
54
62
3 (
11
%) -
Net F
inan
cial E
xp
ense 3
55 3
53
18
2 1
74
- M
ain
ten
an
ce C
ap
ex 2
17
26
4 9
4 1
44 -
Chan
ge in
Wo
rk
ing
Capita
l 48
1 5
70 7
1 4
4 -
Taxes P
aid
81
111
40
74
- O
ther C
ash
Ite
ms (
net)
43
17 2
9 (
5) -
6 -
Free C
ash
Flow
(13
) (
26
) (
1) (
25
) D
isco
ntin
ued O
perati
on
s F
ree C
ash F
low
afte
r (
75
) (
12
1) 3
8%
140
21
7 (
35
%) M
ain
ten
an
ce C
ap
ex -
11
- S
trate
gic
Cap
ex 1
15
84
54 4
8 2
Q20
2Q
19
Free C
ash
Flo
w (
19
0) (
20
5) 7
% 8
6 1
68
(49
%) 1
6 M
illio
ns o
f U
.S. d
olla
rs -
16
-
Sta
ble
Net D
eb
t un
der “
Op
erati
on R
esilie
nce” N
et D
ebt p
lus p
erp
etu
als
varia
tion
0%
81
10,8
07
10
,756
55
86
Net D
eb
t plu
s p
erpetu
al F
ree c
ash
flow
in 2
Q2
0 D
ebt F
X e
ffect O
ther N
et D
eb
t plu
s p
erp
etu
al n
ote
s a
s o
f 1
Q2
0 n
ote
s a
s o
f 2
Q20
17
Millio
ns o
f U
.S. d
olla
rs -
17
-S
table N
et D
ebt u
nd
er “
Op
eratio
n R
esili
en
ce” N
et D
eb
t plu
s p
erp
etu
als
varia
tio
n 0
% 8
1 1
0,8
07
10,7
56 5
5 8
6 N
et D
eb
t p
lus p
erp
etu
al F
ree c
ash
flo
w in
2Q
20
Deb
t FX
effect O
ther N
et D
eb
t plu
s p
erpetual n
ote
s a
s o
f 1
Q20
no
tes a
s o
f 2
Q2
0 1
7 M
illio
ns o
f U
.S. d
oll
ars -
17
-
Health
y d
eb
t matu
rit
y p
ro
file
with
man
ageab
le r
efin
an
cin
g r
isk
To
tal d
eb
t exclu
din
g p
erpetu
al n
ote
s a
s o
f J
un
e 3
0, 2
020
: US
$1
3,1
96
milli
on
20
17
Faciliti
es A
greem
en
t Other b
an
k d
eb
t Av
erag
e l
ife o
f d
eb
t: F
ixed
In
com
e 4
.2 y
ears L
eases 2
,561
2,4
53
Rev
olv
ing 2
,055
Cred
it 1
,13
5 T
ran
che 1
,497
1,2
05
1,0
61
99
9 8
09
52
8 2
8 2
02
0 2
02
1 2
02
2 2
02
3 2
02
4 2
02
5 2
02
6 2
027
20
28
20
29
18
Mil
lion
s o
f U
.S. d
olla
rs -
18
-H
ealth
y d
eb
t matu
rity
profile
wit
h m
an
ag
eab
le r
efinan
cin
g r
isk
To
tal d
eb
t ex
clud
ing
perp
etual n
ote
s a
s o
f J
un
e 3
0, 2
02
0: U
S$
13
,19
6 m
illio
n 2
01
7 F
acilit
ies A
greem
ent O
ther b
an
k d
eb
t Av
erag
e lif
e o
f d
ebt: F
ixed
In
co
me 4
.2 y
ears L
eases 2
,56
1 2
,453
Rev
olv
ing
2,0
55 C
redit 1
,13
5 T
ran
ch
e 1
,49
7 1
,205
1,0
61
999
80
9 5
28
28
202
0 2
02
1 2
02
2 2
02
3 2
02
4 2
02
5 2
02
6 2
02
7 2
02
8 2
02
9 1
8 M
illi
on
s o
f U
.S. d
olla
rs -
18
-
Proactive de-risking through amendm
ent of financial covenants ▪ Am
endment w
as proactive response to impact of C
OV
ID-19 on the global econom
y and our business ▪ Obtained 100%
of responding banks consent to amend our Facilities A
greement ▪ M
odified leverage and coverage covenants ▪ Interest rate margin grid adjusted to accom
modate the changes to the leverage covenant ▪ Tem
porarily limits certain flexibilities related to capex, acquisitions, share buybacks, am
ong others • Restrictions aligned to previously announced m
easures to contain the impact of C
OV
ID-19 7.00x 7.00x 7.00x 6.75x A
pplicable 6.00x Leverage 5.75x 5.75x 5.75x m
argin (bps) 5.25x 5.25x New
leverage covenant 4.75x 4.75x Above 6.00x 475 4.50x 5.50x to 5.99x 425 2.75x 2.75x 2.75x 2.50x 2.50x 2.50x 2.50x 5.00x to 5.49x 375 2.25x 2.25x 1.75x 1.75x 1.75x 1.75x B
elow 5.00x, m
argin grid remained N
ew coverage covenant unchanged Jun20 Sep20 D
ec20 Mar21 Jun21 Sep21 D
ec21 Mar22 Jun22 Sep22 D
ec22 Mar23 Jun23 &
thereafter 19 - 19 -Proactive de-risking through amendm
ent of financial covenants ▪ Am
endment w
as proactive response to impact of C
OV
ID-19 on the global econom
y and our business ▪ Obtained 100%
of responding banks consent to amend our Facilities A
greement ▪ M
odified leverage and coverage covenants ▪ Interest rate margin grid adjusted to accom
modate the changes to the leverage covenant ▪ T
emporarily lim
its certain flexibilities related to capex, acquisitions, share buybacks, among others • R
estrictions aligned to previously announced measures to contain the im
pact of CO
VID
-19 7.00x 7.00x 7.00x 6.75x Applicable 6.00x Leverage 5.75x 5.75x 5.75x m
argin (bps) 5.25x 5.25x New
leverage covenant 4.75x 4.75x Above 6.00x 475 4.50x
5.50x to 5.99x 425 2.75x 2.75x 2.75x 2.50x 2.50x 2.50x 2.50x 5.00x to 5.49x 375 2.25x 2.25x 1.75x 1.75x 1.75x 1.75x Below
5.00x, margin grid rem
ained New
coverage covenant unchanged Jun20 Sep20 Dec20 M
ar21 Jun21 Sep21 Dec21 M
ar22 Jun22 Sep22 Dec22 M
ar23 Jun23 & thereafter 19 - 19 -
20
20 O
utlo
ok
I.E
. LE
TIC
IA
AR
AN
GO
, CO
LO
MB
IA
202
0 O
utlo
ok
I.E
. LE
TIC
IA
AR
AN
GO
, CO
LO
MB
IA
1 2
020
FC
F g
uid
an
ce s
lig
htly
imp
ro
ved
fo
r e
nergy
En
erg
y c
ost p
er t
on
(7
%) to
(5
%) o
f c
em
en
t pro
duced
Cap
ital ~
US
$7
00 m
illi
on
in to
tal e
xp
end
itu
res C
ash t
ax
es ~
US
$2
00
mil
lion
2 C
ost o
f d
eb
t In
crease o
f U
S$
25 to
US
$50
mil
lion
1 R
efle
cts
CE
ME
X’s c
urren
t ex
pecta
tio
ns 2
1 2
Inclu
din
g p
erpetu
al a
nd
co
nv
ertib
le s
ecu
riti
es -
21
-1
202
0 F
CF
gu
idance s
ligh
tly i
mprov
ed
fo
r e
nerg
y E
nerg
y c
ost p
er to
n (
7%
) to
(5%
) o
f c
em
en
t pro
du
ced
Capita
l ~U
S$
700
mil
lion
in to
tal e
xpen
ditu
res C
ash
tax
es ~
US
$20
0 m
illio
n 2
Co
st o
f d
ebt I
ncrease o
f U
S$
25
to U
S$5
0 m
illio
n 1
Reflects C
EM
EX
’s c
urrent e
xp
ecta
tion
s 2
1 2
In
clu
din
g p
erp
etu
al a
nd c
on
vertib
le s
ecuritie
s -
21
-
What to expect ▪ Pleased w
ith 2Q20 results and the resiliency of our m
arkets under unprecedented industry lockdowns ▪ C
hallenges remain as m
arket visibility and pace of economic recovery is still quite low
▪ Key m
acro factors to watch include duration of existing fiscal and m
onetary stimulus m
easures, pace of economic recovery, additional lockdow
n measures as w
ell as infrastructure stimulus ▪ C
ontinue to prioritize the health and safety of our employees and their fam
ilies as well as our custom
ers in all that we do ▪ A
djust our strategy as necessary to deal with the next phase of C
OV
ID-19: the result of declining econom
ic activity on demand in each m
arket and the subsequent recovery ▪ Expect our C
OV
ID-19 cost initiatives, excluding m
aintenance, to remain in place for rest of 2020 ▪ A
s we becom
e more com
fortable on outlook, we w
ill redeploy cash to pay down debt 22 - 22 -W
hat to expect ▪ Pleased with 2Q
20 results and the resiliency of our markets under unprecedented industry lockdow
ns ▪ Challenges rem
ain as market visibility and pace of econom
ic recovery is still quite low ▪ K
ey macro factors to w
atch include duration of existing fiscal and monetary stim
ulus measures, pace of econom
ic recovery, additional lockdown m
easures as well as infrastructure stim
ulus ▪ Continue to prioritize the health and safety of our em
ployees and their families as w
ell as our customers in all that w
e do ▪ Adjust our strategy as necessary to deal w
ith the next phase of CO
VID
-19: the result of declining economic activity on dem
and in each market and the subsequent recovery ▪ E
xpect our CO
VID
-19 cost initiatives, excluding maintenance, to rem
ain in place for rest of 2020 ▪ As w
e become m
ore comfortable on outlook, w
e will redeploy cash to pay dow
n debt 22 - 22 -
App
en
dix
DU
BA
I I
NT
ER
NA
TIO
NA
L A
IR
PO
RT
, TE
RM
IN
AL
D, U
NIT
ED
AR
AB
EM
IR
AT
ES
Ap
pend
ix D
UB
AI I
NT
ER
NA
TIO
NA
L A
IR
PO
RT
, TE
RM
IN
AL
D, U
NIT
ED
A
RA
B E
MIR
AT
ES
Con
so
lidated
vo
lum
es a
nd
pric
es 6
M2
0 v
s. 6
M19
2Q
20 v
s. 2
Q1
9 2
Q2
0 v
s. 1
Q2
0 V
olum
e (
l-t-
l) (
5%
) (
10%
) (
4%
) D
om
esti
c g
ray
Pric
e (
US
D) (
4%
) (
5%
) (
2%
) c
em
en
t Pric
e (
l-t-l)
1%
1%
1%
Vo
lum
e (
l-t-
l) (
10
%) (
18
%) (
10
%) R
ead
y m
ix P
ric
e (
US
D) 1
% 1
% 1
% P
rice (
l-t-
l) 3
% 3
% 2
% V
olum
e (
l-t-
l) (
9%
) (
15%
) (
4%
) A
gg
reg
ates P
rice (
US
D) 2
% 2
% 0
% P
ric
e (
l-t-l)
4%
4%
1%
24
Pric
e (
l-t-l)
calc
ula
ted
on a
vo
lum
e-w
eig
hte
d a
verag
e b
asis a
t c
on
sta
nt f
oreig
n-ex
ch
an
ge r
ates -
24
-C
on
so
lidate
d v
olum
es a
nd
prices 6
M2
0 v
s. 6
M1
9 2
Q20
vs. 2
Q19
2Q
20 v
s. 1
Q2
0 V
olu
me (
l-t-
l) (
5%
) (
10
%) (
4%
) D
om
estic
gray
Price (
US
D) (
4%
) (
5%
) (
2%
) c
em
ent P
rice (
l-t-
l) 1
% 1
% 1
% V
olum
e (
l-t-
l) (
10%
) (
18
%) (
10
%) R
eady
mix
Pric
e (
US
D) 1
% 1
% 1
% P
ric
e (
l-t-
l) 3
% 3
% 2
% V
olu
me (
l-t-
l) (
9%
) (
15
%) (
4%
) A
gg
regates P
ric
e (
US
D) 2
% 2
% 0
% P
rice (
l-t-
l) 4
% 4
% 1
% 2
4 P
ric
e (
l-t-
l) c
alc
ula
ted
on
a v
olum
e-w
eig
hted a
verag
e b
asis
at c
on
sta
nt f
oreig
n-exch
an
ge r
ates -
24
-
Add
itio
nal in
fo
rm
atio
n o
n d
eb
t and
perp
etu
al n
ote
s O
ther S
econ
d Q
uarte
r F
irst Q
uarter 7
% 2
020
201
9 %
var 2
02
0 1
Eu
ro
13
,19
6 1
1,0
48 1
9%
11
,701
Total d
eb
t 21
% C
urren
cy
Sho
rt-te
rm
6%
7%
4%
U.S
. den
om
inatio
n d
olla
r L
ong
-term
94
% 9
3%
96
% 7
1%
Perp
etu
al n
ote
s 4
43
444
(0
%) 4
41
Total d
eb
t plu
s p
erp
etual n
ote
s 1
3,6
38
11
,49
2 1
9%
12
,143
Cash
an
d c
ash
equ
ivale
nts
2,8
32
304
83
1%
1,3
87
Net d
eb
t plu
s p
erp
etu
al n
ote
s 1
0,8
07 1
1,1
87
(3
%) 1
0,7
56 V
aria
ble 2
10
,79
0 1
0,8
05 (
0%
) 1
0,7
51
Co
nsolid
ate
d f
un
ded
deb
t 29
% 2
4.5
7 4
.00
4.4
0 3
Co
nsolid
ate
d l
everag
e r
atio
In
terest r
ate 2
3.6
9 4
.11 3
.87 C
on
so
lidate
d c
overag
e r
atio
Fix
ed 7
1%
Millio
ns o
f U
.S. d
olla
rs 1
In
clu
des c
on
vertib
le n
otes a
nd
leases, i
n a
cco
rd
ance w
ith I
nternatio
nal F
inan
cia
l Rep
ortin
g S
tand
ard
(IF
RS
) 2
Calc
ulate
d i
n a
cco
rd
ance w
ith
ou
r c
ontractu
al o
blig
atio
ns u
nd
er th
e 2
01
7 F
acili
ties A
greem
en
t, as a
men
ded a
nd
resta
ted
25
3 I
nclu
des th
e e
ffect o
f in
terest-
rate
sw
ap
in
str
um
ents r
ela
ted
to b
an
k lo
ans t
o f
ix f
lo
atin
g r
ates w
ith a
no
minal a
mo
un
t of U
S$
1,0
00
mil
lion
- 2
5 -
Ad
dit
ional i
nform
atio
n o
n d
ebt a
nd
perpetual n
ote
s O
ther S
eco
nd
Qu
arte
r F
irst Q
uarte
r 7
% 2
02
0 2
01
9 %
var 2
020
1 E
uro
13,1
96
11
,048
19
% 1
1,7
01
To
tal d
eb
t 21
% C
urrency
Sh
ort-
term
6%
7%
4%
U.S
. deno
min
ati
on
do
llar L
on
g-te
rm
94
% 9
3%
96%
71
% P
erp
etu
al n
otes 4
43
44
4 (
0%
) 4
41
To
tal d
eb
t plu
s p
erpetu
al n
ote
s 1
3,6
38
11
,492
19
% 1
2,1
43
Cash
and
cash
eq
uiv
ale
nts
2,8
32
30
4 8
31
% 1
,38
7 N
et d
ebt p
lus p
erp
etu
al n
otes 1
0,8
07
11
,18
7 (
3%
) 1
0,7
56
Variab
le 2
10,7
90
10
,805
(0
%) 1
0,7
51
Co
nso
lid
ated f
un
ded d
eb
t 29%
2 4
.57
4.0
0 4
.40
3 C
onso
lidated le
verag
e r
atio
In
terest r
ate 2
3.6
9 4
.11
3.8
7 C
on
so
lidate
d c
ov
erag
e r
atio
Fix
ed
71
% M
illio
ns o
f U
.S. d
olla
rs 1
In
clud
es c
onv
ertib
le n
ote
s a
nd
leases, in
acco
rdan
ce w
ith
Internatio
nal F
inan
cia
l Rep
ortin
g S
tand
ard
(IF
RS
) 2
Calc
ula
ted
in
acco
rd
ance w
ith
ou
r c
ontractu
al o
blig
atio
ns u
nd
er th
e 2
01
7 F
acili
ties A
greem
en
t, as a
men
ded a
nd
resta
ted
25
3 I
nclu
des th
e e
ffect o
f in
terest-rate
sw
ap
instr
um
ents r
ela
ted
to b
an
k lo
ans t
o f
ix f
loatin
g r
ate
s w
ith a
no
minal a
mo
un
t of U
S$
1,0
00
mil
lion
- 2
5 -
Add
itio
nal in
fo
rm
atio
n o
n d
eb
t 1 T
ota
l debt b
y in
str
um
en
t Seco
nd
Qu
arte
r F
irst Q
uarte
r 2
02
0 %
of to
tal 2
020
% o
f to
tal 1
5%
Fix
ed
Inco
me 7
,20
5 5
5%
6,1
77
53%
20
17
Facilit
ies A
greem
en
t 3
,98
4 3
0%
3,8
32 3
3%
Oth
ers 2
,00
7 1
5%
1,6
92
14%
30
% 5
5%
1 1
3,1
96
11,7
01
To
tal D
eb
t Mill
ions o
f U
.S. d
oll
ars 2
6 1
In
clu
des le
ases, in
acco
rd
an
ce w
ith
IF
RS
- 2
6 -
Ad
ditio
nal in
fo
rm
ati
on o
n d
eb
t 1 T
ota
l deb
t by i
nstru
ment S
eco
nd
Qu
arte
r F
irst Q
uarter 2
02
0 %
of t
otal 2
02
0 %
of to
tal 1
5%
Fixed
In
co
me 7
,20
5 5
5%
6,1
77 5
3%
20
17
Facil
ities A
greem
en
t 3,9
84
30
% 3
,83
2 3
3%
Others 2
,007
15
% 1
,69
2 1
4%
30
% 5
5%
1 1
3,1
96 1
1,7
01
To
tal D
ebt M
illio
ns o
f U
.S. d
olla
rs 2
6 1
In
clu
des le
ases, i
n a
cco
rd
an
ce w
ith I
FR
S -
26 -
2Q
20
volum
e a
nd
price s
um
mary
: sele
cte
d c
oun
trie
s/r
eg
ion
Do
mestic
gray c
em
en
t Read
y m
ix A
gg
reg
ate
s 2
Q2
0 v
s. 2
Q19
2Q
20 v
s. 2
Q1
9 2
Q2
0 v
s. 2
Q1
9 V
olum
e P
ric
e (
US
D) P
ric
e (
LC
) V
olu
me P
rice (
US
D) P
rice (
LC
) V
olu
me P
ric
e (
US
D) P
ric
e (
LC
) M
ex
ico
(7
%) (
16%
) 1
% (
44%
) (
17
%) (
0%
) (
35
%) (
14%
) 2
% U
.S. 6
% (
0%
) (
0%
) (
5%
) 2
% 2
% (
3%
) 0
% 0
% E
urop
e (
2%
) (
2%
) 1
% (
18
%) (
4%
) (
1%
) (
18%
) (
4%
) (
1%
) P
hili
pp
ines (
31
%) (
3%
) (
6%
) N
/A N
/A N
/A N
/A N
/A N
/A C
olo
mb
ia (
40
%) (
6%
) 9
% (
57
%) (
10%
) 3
% (
62
%) (
10
%) 4
% P
an
am
a (
88%
) (
5%
) (
5%
) (
99
%) 2
2%
22%
(9
6%
) (
6%
) (
6%
) C
osta
Ric
a (
15
%) (
4%
) (
7%
) (
35
%) (
9%
) (
11
%) (
60
%) 3
9%
35
% 2
7 P
ric
e (
LC
) f
or E
uro
pe c
alc
ula
ted
on
a v
olu
me-w
eig
hte
d-av
erage b
asis
at c
onstant f
oreig
n-ex
ch
ang
e r
ate
s -
27
-2Q
20
vo
lum
e a
nd
pric
e s
um
mary: s
elected c
ou
ntrie
s/r
eg
ion
Do
mestic
gray
cem
en
t Read
y m
ix A
ggreg
ate
s 2
Q2
0 v
s. 2
Q1
9 2
Q2
0 v
s. 2
Q1
9 2
Q2
0 v
s. 2
Q1
9 V
olu
me P
rice (
US
D) P
ric
e (
LC
) V
olu
me P
ric
e (
US
D) P
rice (
LC
) V
olum
e P
ric
e (
US
D) P
ric
e (
LC
) M
ex
ico
(7
%) (
16
%) 1
% (
44
%) (
17%
) (
0%
) (
35
%) (
14
%) 2
% U
.S. 6
% (
0%
) (
0%
) (
5%
) 2
% 2
% (
3%
) 0
% 0
% E
uro
pe (
2%
) (
2%
) 1
% (
18
%) (
4%
) (
1%
) (
18
%) (
4%
) (
1%
) P
hilip
pin
es (
31
%) (
3%
) (
6%
) N
/A
N/A
N/A
N/A
N/A
N/A
Colom
bia (
40
%) (
6%
) 9
% (
57
%) (
10
%) 3
% (
62
%) (
10%
) 4
% P
an
am
a (
88
%) (
5%
) (
5%
) (
99
%) 2
2%
22
% (
96
%) (
6%
) (
6%
) C
osta
Rica (
15
%) (
4%
) (
7%
) (
35
%) (
9%
) (
11
%) (
60%
) 3
9%
35
% 2
7 P
ric
e (
LC
) f
or E
uro
pe c
alculate
d o
n a
vo
lum
e-w
eigh
ted
-av
erag
e b
asis
at c
on
sta
nt f
oreig
n-exch
an
ge r
ates -
27
-
6M
20 v
olu
me a
nd
pric
e s
um
mary
: sele
cte
d c
ou
ntr
ies/regio
n D
om
esti
c g
ray
cem
ent R
eady
mix
Ag
gregates 6
M2
0 v
s. 6
M1
9 6
M2
0 v
s. 6
M1
9 6
M20
vs. 6
M1
9 V
olu
mes P
ric
e (
US
D) P
ric
e (
LC
) V
olu
mes P
rice (
US
D) P
rice (
LC
) V
olu
mes P
ric
e (
US
D) P
ric
e (
LC
) M
ex
ico
(3
%) (
11%
) 0
% (
23
%) (
10
%) 1
% (
19%
) (
7%
) 4
% U
.S. 8
% 1
% 1
% 2
% 3
% 3
% 3
% 1
% 1
% E
uro
pe (
0%
) (
2%
) 2
% (
13%
) (
3%
) (
0%
) (
14
%) (
2%
) 0
% P
hilip
pin
es (
17%
) (
4%
) (
6%
) N
/A
N/A
N/A
N/A
N/A
N/A
Colom
bia
(2
7%
) (
5%
) 9
% (
40
%) (
10
%) 3
% (
42
%) (
10%
) 3
% P
an
am
a (
59
%) (
6%
) (
6%
) (
68
%) (
6%
) (
6%
) (
63%
) (
5%
) (
5%
) C
osta
Rica (
10
%) (
4%
) (
8%
) (
23%
) (
7%
) (
11
%) (
66
%) 9
0%
82%
28
Price (
LC
) f
or E
urop
e c
alc
ula
ted
on
a v
olum
e-w
eig
hted
-av
erag
e b
asis
at c
on
sta
nt f
oreig
n-ex
ch
an
ge r
ates -
28
-6
M20
vo
lum
e a
nd
pric
e s
um
mary: s
elected c
ou
ntrie
s/r
eg
ion
Do
mestic
gray
cem
en
t Read
y m
ix A
ggreg
ate
s 6
M20
vs. 6
M1
9 6
M2
0 v
s. 6
M1
9 6
M2
0 v
s. 6
M1
9 V
olu
mes P
ric
e (
US
D) P
ric
e (
LC
) V
olu
mes P
ric
e (
US
D) P
ric
e (
LC
) V
olu
mes P
rice (
US
D) P
rice (
LC
) M
ex
ico
(3%
) (
11
%) 0
% (
23
%) (
10
%) 1
% (
19
%) (
7%
) 4
% U
.S. 8
% 1
% 1
% 2
% 3
% 3
% 3
% 1
% 1
% E
uro
pe (
0%
) (
2%
) 2
% (
13
%) (
3%
) (
0%
) (
14
%) (
2%
) 0
% P
hil
ipp
ines (
17
%) (
4%
) (
6%
) N
/A N
/A
N/A
N/A
N/A
N/A
Co
lom
bia
(2
7%
) (
5%
) 9
% (
40
%) (
10
%) 3
% (
42%
) (
10
%) 3
% P
an
am
a (
59
%) (
6%
) (
6%
) (
68
%) (
6%
) (
6%
) (
63
%) (
5%
) (
5%
) C
osta
Ric
a (
10
%) (
4%
) (
8%
) (
23
%) (
7%
) (
11
%) (
66
%) 9
0%
82
% 2
8 P
ric
e (
LC
) f
or E
uro
pe c
alcu
lated o
n a
vo
lum
e-w
eig
hte
d-av
erage b
asis
at c
onstant f
oreig
n-ex
ch
ang
e r
ate
s -
28
-
Defin
ition
s 6
M20
/ 6M
19
Resu
lts f
or t
he f
irst s
ix m
on
ths o
f t
he y
ears 2
02
0 a
nd
201
9, r
esp
ectiv
ely
SC
AC
So
uth
, Cen
tral A
merica a
nd
the C
arib
bean
EM
EA
A E
uro
pe, M
idd
le E
ast, A
fric
a a
nd A
sia W
hen
pro
vid
ing
cem
en
t vo
lum
e v
ariatio
ns, r
efers to
do
mesti
c g
ray
cem
ent o
perati
on
s (
sta
rtin
g in
2Q
10
, the b
ase f
or C
em
en
t rep
orte
d c
em
en
t vo
lum
es c
han
ged f
rom
total d
om
esti
c c
em
en
t inclu
din
g c
lin
ker t
o d
om
estic
gray
cem
en
t) L
C L
ocal c
urren
cy
l-t-
l (
like to
like) O
n a
like-to
-lik
e b
asis
ad
justin
g f
or c
urren
cy
fluctu
ati
on
s a
nd
for i
nv
estm
en
ts/divestm
ents w
hen
ap
plic
able I
nv
estm
en
ts i
ncu
rred
fo
r th
e p
urp
ose o
f e
nsu
rin
g th
e c
om
pan
y’s o
perati
on
al c
on
tinu
ity. T
hese in
clu
de c
ap
ital M
ain
ten
an
ce c
ap
ital e
xp
end
itu
res o
n p
ro
jects
req
uired
to
rep
lace o
bsolete a
ssets o
r m
aintain c
urren
t op
eratio
nal le
vels
, and
man
datory e
xp
end
itures c
ap
ital e
xp
en
ditu
res, w
hich a
re p
ro
jects
req
uir
ed
to c
om
ply
wit
h g
ov
ernm
en
tal r
egu
lati
ons o
r c
om
pan
y p
olic
ies N
et P
ro
moter S
co
re (
NP
S) A
co
re K
PI th
at h
elp
s u
s to
sy
ste
mati
cally
measu
re o
ur c
ustom
er l
oy
alt
y a
nd
satis
factio
n O
peratin
g E
BIT
DA
Operatin
g e
arn
ing
s b
efo
re o
ther e
xpen
ses, n
et p
lus d
ep
recia
tion
and
operatin
g a
mo
rtiz
atio
n p
p P
ercen
tag
e p
oin
ts P
rices A
ll referen
ces to
pricin
g i
nitia
tives, p
ric
e in
creases o
r d
ecreases, r
efer to
ou
r p
ric
es f
or o
ur p
rod
ucts
In
vestm
en
ts in
curred w
ith
the p
urp
ose o
f i
ncreasin
g th
e c
om
pan
y’s p
rofita
bili
ty. T
hese i
nclud
e c
apita
l ex
pen
ditu
res o
n S
trategic c
ap
ital e
xp
en
ditu
res p
rojects d
esign
ed
to in
crease p
ro
fit
ability
by
ex
pan
ding
cap
acity
, an
d m
arg
in im
pro
vem
en
t cap
ital e
xp
end
itures, w
hic
h a
re p
ro
jects
design
ed
to in
crease p
ro
fit
abilit
y b
y r
edu
cin
g c
osts T
CL
Op
eratio
ns T
rinidad
Cem
en
t Lim
ited
inclu
des B
arbad
os, G
uyan
a, J
am
aica a
nd
Trinidad
an
d T
ob
ag
o U
SD
U.S
. dolla
rs %
var P
ercentage
variatio
n 2
9 -
29 -
Defin
ition
s 6
M20
/ 6M
19
Resu
lts f
or t
he f
irst s
ix m
on
ths o
f t
he y
ears 2
02
0 a
nd
20
19
, resp
ectiv
ely
SC
AC
So
uth
, Cen
tral A
merica a
nd
the C
arib
bean
EM
EA
A E
uro
pe, M
idd
le E
ast, A
fric
a a
nd A
sia
Wh
en
pro
vid
ing
cem
en
t vo
lum
e v
aria
tion
s, r
efers to
do
mesti
c g
ray
cem
ent o
perati
on
s (
startin
g in
2Q
10
, the b
ase f
or C
em
en
t rep
orte
d c
em
en
t vo
lum
es c
han
ged f
rom
total d
om
esti
c c
em
en
t inclu
din
g c
lin
ker t
o d
om
estic
gray
cem
en
t) L
C L
ocal c
urren
cy
l-t-
l (
like to
like) O
n a
like-to
-lik
e b
asis
ad
justi
ng
fo
r c
urren
cy
fluctuati
ons a
nd
for i
nv
estm
en
ts/div
estm
ents w
hen
ap
plic
ab
le I
nvestm
en
ts i
ncu
rred
fo
r th
e p
urp
ose o
f e
nsu
rin
g th
e c
om
pan
y’s o
perati
on
al c
on
tinu
ity. T
hese in
clu
de c
ap
ital M
ain
ten
an
ce c
ap
ital e
xp
en
ditu
res o
n p
ro
jects
req
uir
ed
to r
ep
lace o
bsolete
assets o
r m
aintain
cu
rren
t op
eratio
nal le
vels
, and
man
datory e
xp
end
itures c
ap
ital e
xp
en
ditu
res, w
hich a
re p
ro
jects
req
uir
ed
to c
om
ply
wit
h g
ov
ernm
en
tal r
egu
latio
ns o
r c
om
pan
y p
olic
ies N
et P
ro
moter S
co
re (
NP
S) A
co
re K
PI th
at h
elp
s u
s to
sy
ste
mati
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measu
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oy
alt
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on
Op
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g E
BIT
DA
Operatin
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arn
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s b
efore o
ther e
xpen
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et p
lus d
ep
recia
tion
and
op
eratin
g a
mo
rtiz
atio
n p
p P
ercen
tag
e p
oin
ts P
rices A
ll referen
ces to
pricin
g i
nitia
tiv
es, p
ric
e in
creases o
r d
ecreases, r
efer to
ou
r p
rices f
or o
ur p
rod
ucts
In
vestm
en
ts in
curred w
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e p
urp
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f i
ncreasing
the c
om
pan
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rofita
bili
ty. T
hese i
nclud
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apita
l ex
pen
ditu
res o
n S
trate
gic c
ap
ital e
xp
en
ditu
res p
rojects
design
ed
to in
crease p
ro
fit
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y e
xp
an
ding
cap
acity
, an
d m
arg
in im
pro
vem
en
t cap
ital e
xp
end
itu
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hich
are p
ro
jects
desig
ned
to in
crease p
ro
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bilit
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y r
ed
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osts
TC
L O
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Cem
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Percen
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Con
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