View:
Download DOC
Download PDF
Download XLS
Form 6-K

 

 

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 February, 2021

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 February 15, 2021, announcing fourth quarter 2020 results for CEMEX Holdings Philippines, Inc. an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE: CX) (“CEMEX”).            

2.

   Fourth quarter 2020 results for CEMEX Holdings Philippines, Inc., an indirect subsidiary of CEMEX.   

3.    

   Presentation regarding fourth quarter 2020 results for CEMEX Holdings Philippines, Inc., an indirect subsidiary of CEMEX.   

SIGNATURE

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

 

 

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

 

(Registrant)

 

Date: February 16, 2021   By:  

/s/ Rafael Garza Lozano

    Name: Rafael Garza Lozano
    Title:   Chief Comptroller

 

3

EXHIBIT INDEX

 

EXHIBIT
NO.

   

DESCRIPTION

1.    Press release dated February 15, 2021, announcing fourth quarter 2020 results for CEMEX Holdings Philippines, Inc. an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE: CX) (“CEMEX”).
2.    Fourth quarter 2020 results for CEMEX Holdings Philippines, Inc., an indirect subsidiary of CEMEX.
3.    Presentation regarding fourth quarter 2020 results for CEMEX Holdings Philippines, Inc., an indirect subsidiary of CEMEX.

 

4

Press release announcing 4th quarter 2020 results for CEMEX Holdings Philippines

Exhibit 1

 

Media Relations    Investor Relations
Erlinda Lizardo    Pierre Co
+632 8849 3600    +632 8849 3600
erlinda.lizardo@cemex.com    pierre.co@cemex.com

 

LOGO

CHP REPORTS FULL YEAR 2020 RESULTS

MANILA, PHILIPPINES. FEBRUARY 15, 2021 – CEMEX HOLDINGS PHILIPPINES, INC. (“CHP”) (PSE: CHP), announced today that its consolidated net sales decreased by 16% in 2020, reaching around PHP 19.7 billion, versus the comparable period in 2019.

CHP’s domestic cement volumes in 2020 decreased by 11% year-over-year due to the COVID-19 pandemic. For the fourth quarter, its domestic cement volumes declined by 9% year-over-year due to adverse weather conditions, amidst the ongoing pandemic.

CHP’s domestic cement prices in 2020 were 6% lower year-over-year. The movement in CHP’s composite price was driven by a higher proportion of pick-up sales, lower demand, and competitive market dynamics.

CHP’s Operating EBITDA for 2020 reached PHP 4.2 billion, a decrease of 1% versus 2019, and its Operating EBITDA margin was at 21% for 2020. Lower volumes and prices were partially offset by lower costs and efforts to contain expenses.

Net income for CHP was at PHP 985 million for 2020, versus around PHP 1.3 billion in 2019, due to the negative impact of the COVID-19 pandemic on operating earnings.

Ignacio Mijares, President and CEO of CHP, said: “Our results in 2020 were made possible by the effort and dedication of our employees, despite the unexpectedly challenging and extraordinary year. We remain cautious on the road ahead as headwinds and uncertainty remain. Nevertheless, we will continue to build on our learnings from 2020 to capture the opportunities around us.”

The company’s Solid Cement plant expansion project reached a milestone in January 2021 with the lifting of the new kiln into position. This rotary kiln is part of Solid Cement’s new cement line, which, upon completion, will add 1.5 million tons of annual cement capacity. CHP expects the construction of the new line to be completed in December 2021.

As of December 31, 2020, CHP’s total debt was at PHP 12,853 million, a decrease of around PHP 7.2 billion from December 31, 2019. The lower debt level is mainly a result of the repayment of respective debts owed by Solid Cement Corporation and APO Cement Corporation to CEMEX ASIA, B.V. using a portion of the proceeds raised from CHP’s Stock Rights Offering during the first quarter of 2020.

CHP, a listed company at the Philippine Stock Exchange, is one of the leading cement producers in the Philippines, based on annual installed capacity. CHP produces and markets cement and cement products, such as ready-mix concrete and clinker, in the Philippines through direct sales using its extensive marine and land distribution network. Moreover, CHP’s cement manufacturing subsidiaries have been operating in the Philippines with well-established brands, such as “APO,” “Island,” and “Rizal,” all having a multi-decade history in the country.

 

1

CHP is an indirect subsidiary of CEMEX, S.A.B. de C.V., one of the largest cement companies in the world based on annual installed cement production capacity. The shares of CEMEX, S.A.B. de C.V. are listed on the Mexican Stock Exchange and the New York Stock Exchange.

For more information on CHP, please visit website: www.cemexholdingsphilippines.com.

# # #

This press release may contain forward-looking statements and information that are necessarily subject to risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of CHP to be materially different from those expressed or implied in this release, including, among others, changes in general economic, political, governmental and business conditions globally and in the countries in which CHP does business, changes in interest rates, changes in inflation rates, changes in exchange rates, the level of construction generally, changes in cement demand and prices, changes in raw material and energy prices, changes in business strategy, changes derived from events affecting CEMEX, S.A.B de C.V. and subsidiaries (“CEMEX”) and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. CHP assumes no obligation to update or correct the information contained in this press release.

 

2

Fourth quarter 2020 results for CEMEX Holdings Philippines, Inc.

Exhibit 2

 

LOGO

 

LOGO

2020

FOURTH QUARTER RESULTS

• Stock Listing Information

Philippine Stock Exchange

Ticker: CHP

• Investor Relations

+ 632 8849 3600

E-Mail:

chp.ir@cemex.com

Operating and Financial Highlights    LOGO

 

     January - December     Fourth Quarter  
     2020     2019     % var     2020     2019     % var  

Net sales

      19,707       23,596       (16 %)      4,564       5,372       (15 %) 

Gross profit

      8,092       9,683       (16 %)      1,779       2,177       (18 %) 

as % of net sales

      41 %      41 %      0pp       39 %      41 %      (2pp ) 

Operating earnings before other expenses, net

      1,808       2,342       (23 %)      315       257       23 % 

as % of net sales

      9 %      10 %      (1pp )      7 %      5 %      2pp  

Controlling Interest Net Income (Loss)

      985       1,280       (23 %)      227       405       (44 %) 

Operating EBITDA

      4,172       4,227       (1 %)      891       781       14 % 

as % of net sales

      21.2 %      17.9 %      3.3pp       19.5 %      14.5 %      5.0pp  

Free cash flow after maintenance capital expenditures

      2,814       2,481       13 %      847       (411 )      N/A  

Free cash flow

      (437 )      (719 )      39 %      (72 )      (1,570 )      95 % 

Net debt1

     6,714       18,664       (64 %)      6,714       18,664       (64 %) 

Total debt1

     12,853       20,063       (36 %)      12,853       20,063       (36 %) 

Earnings per share2

     0.08       0.25       (66 %)      0.02       0.08       (78 %) 

In millions of Philippine Pesos, except percentages, and earnings per share

 

1 

U.S. dollar debt converted using end-of-period exchange rate. See Debt Information on page 4 and Exchange Rates on page 8 for more detail.

2 

In Philippine Pesos

 

Net sales decreased, year-over-year, by 15% during the fourth quarter and by 16% for 2020, due to lower volumes and prices.

Cost of sales as a percentage of sales, was flat at 59% for 2020. Extraordinary benefit in 2020 shutdown costs due to reduced scope and postponement of APO Cement Plant major kiln shutdown.

Total fuel cost was 7% lower year-over-year, while total power cost declined by 16% year-over-year for 2020 due to production optimization, and lower energy prices.

During the fourth quarter, cost of sales was at 61% of sales due to the execution of kiln shutdown works in our Solid Cement Plant.

Operating expenses, as a percentage of sales, was at 32% for 2020, compared with 31% in 2019.

Distribution expenses, as a percentage of sales, was flat at 18% for 2020. Total distribution expenses decreased by 17% year-over-year for 2020, driven by initiatives to increase operational and cost efficiency.

Selling and administrative expenses, as a percentage of sales, was at 14% for 2020, compared with 13% in 2019. Total selling and administrative expenses were lower by 11% year-over-year for year 2020. Cost control measures were implemented to reduce discretionary expenses.

Operating EBITDA for 2020 was at PHP 4.2 billion, a decrease of 1% year-over-year.

Operating EBITDA margin was at 21% for 2020, as lower volumes and prices were offset by lower costs and our efforts to contain expenses, including maintenance cost deferrals.

Controlling interest net income was at PHP 985 million for 2020, 23% lower on a year-over-year basis, due to the impact of the COVID-19 pandemic on operating earnings.

Income tax for 2020 was higher on a year-over-year basis due to the utilization of deferred tax assets (NOLCO credits) during the second half which reduced cash tax payments.

Financial expenses for 2020 reflected lower outstanding loan balances and declining interest rates. From the Stock Rights Offering proceeds raised during 1Q20, we disbursed around PHP 7.9 billion for the repayment of debt owed to CEMEX ASIA, B. V., most of which had been incurred for our Solid Cement Plant expansion project.

Total debt at the end of December 2020 was at PHP 12,853 million, of which PHP 10,787 million pertained to debt owed to BDO Unibank, Inc.

 

 

2020 Fourth Quarter Results    Page 2

Operating Results    LOGO

 

Domestic Gray Cement    January - December     Fourth Quarter     Fourth Quarter 2020  
     2020 vs. 2019     2020 vs. 2019     vs. Third Quarter 2020  

Volume

      (11 %)      (9 %)      (13 %) 

Price in PHP

      (6 %)      (7 %)      (5 %) 

Our domestic cement volumes decreased by 9% year-over-year during the fourth quarter due to adverse weather conditions, amidst the ongoing pandemic.

Sequentially, our daily sales volumes were lower by 8%, after adjusting for the impact of holidays.

For 2020, domestic cement volumes decreased by 11% year-over-year mainly due to the COVID-19 pandemic.

Our domestic cement prices were 7% lower year-over-year during the fourth quarter. This movement in our composite price was driven by a higher proportion of pick-up sales, lower demand, and competitive market dynamics.

The sequential and full year change in our prices also reflect the same effects.

 

2020 Fourth Quarter Results    Page 3

Operating EBITDA, Free Cash Flow and Debt Information    LOGO

Operating EBITDA and Free Cash Flow

 

           January - December                 Fourth Quarter        
     2020     2019     % var     2020     2019     % var  

Operating earnings before other income, net

      1,808       2,342       (23 %)      315       257       23 % 

+ Depreciation and operating amortization

      2,364       1,886         575       524    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating EBITDA

      4,172       4,227       (1 %)      891       781       14 % 

- Net financial expenses

      626       1,305         (81 )      237    

- Maintenance capital expenditures

      274       659         108       273    

- Change in working capital

      9       (785 )        (122 )      473    

- Income taxes paid

      418       575         112       184    

- Other cash items (net)

      30       (9 )        26       24    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Free cash flow after maintenance capital expenditures

      2,814       2,481       13 %      847       (411 )      N/A  

- Strategic capital expenditures

      3,251       3,199         919       1,159    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Free cash flow

      (437 )      (719 )      39 %      (72 )      (1,570 )      95 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

In millions of Philippine Pesos

Debt Information

 

    Fourth Quarter     Third
Quarter		  
    2020     2019     % var     2020  

Total debt(1)(2)

    12,853       20,063       (36 %)      13,510  

Short term

     6 %      9 %        6 % 

Long term

     94 %      91 %        94 % 
 

 

 

    

 

 

    

 

 

    

 

 

  

Cash and cash equivalents

     6,139       1,399       339 %      6,667  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net debt

     6,714       18,664       (64 %)      6,843  
 

 

 

    

 

 

    

 

 

    

 

 

  

Leverage Ratio(3)

    3.08       3.47         3.33  

Coverage Ratio(3)

    5.95       3.73         5.21  

 

     Fourth Quarter  
     2020     2019  

Currency denomination

     

U.S. dollar

      4 %      30 % 

Philippine peso

      96 %      70 % 
  

 

 

    

 

 

  

Interest rate

     

Fixed

      58 %      43 % 

Variable

      42 %      57 % 
  

 

 

    

 

 

  
 

 

In millions of Philippine Pesos, except percentages

 

(1) 

U.S. dollar debt converted using end-of-period exchange rate. See Exchange Rates on page 8 for more detail.

(2) 

Includes leases, in accordance with Philippine Financial Reporting Standards (PFRS).

(3) 

Based on BDO Loan Facility financial covenants which we are required to comply commencing on June 30, 2021.

 

2020 Fourth Quarter Results    Page 4

Financial Results    LOGO

Income Statement & Balance Sheet Information

CEMEX Holdings Philippines, Inc.

(Thousands of Philippine Pesos in nominal terms, except per share amounts)

 

     January - December     Fourth Quarter  

INCOME STATEMENT

    2020     2019     % var     2020     2019     % var  

Net sales

      19,706,682       23,595,877       (16 %)      4,564,378       5,372,359       (15 %) 

Cost of sales

      (11,614,953 )      (13,913,316 )      17 %      (2,785,612 )      (3,195,374 )      13 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

      8,091,729       9,682,561       (16 %)      1,778,766       2,176,985       (18 %) 

Selling and Administrative Expenses

      (2,782,058 )      (3,111,531 )      11 %      (650,158 )      (804,531 )      19 % 

Distribution expenses

      (3,502,053 )      (4,229,410 )      17 %      (813,158 )      (1,115,482 )      27 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating earnings before other expenses, net

      1,807,618       2,341,620       (23 %)      315,450       256,972       23 % 

Other income (expenses), net

      (30,310 )      8,544       N/A       (26,001 )      (23,615 )      (10 %) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating earnings (loss)

      1,777,308       2,350,164       (24 %)      289,449       233,357       24 % 

Financial expenses, net

      (626,420 )      (1,304,540 )      52 %      80,803       (237,304 )      N/A  

Foreign exchange gain (loss), net

      170,224       453,125       (62 %)      37,215       325,205       (89 %) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss) before income taxes

      1,321,112       1,498,749       (12 %)      407,467       321,258       27 % 

Income tax benefit (expenses)

      (336,018 )      (219,174 )      (53 %)      (180,505 )      83,636       N/A  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Consolidated net income (loss)

      985,094       1,279,575       (23 %)      226,962       404,894       (44 %) 

Non-controlling interest net income (loss)

      20       23       (13 %)      4       5       (20 %) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Controlling Interest net income (loss)

      985,114       1,279,598       (23 %)      226,966       404,899       (44 %) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating EBITDA

      4,171,707       4,227,133       (1 %)      890,553       780,927       14 % 

Earnings per share

      0.08       0.25       (66 %)      0.02       0.08       (78 %) 

 

     as of December 31  

BALANCE SHEET

    2020      2019      % Var  

Total Assets

      63,765,564        58,806,177        8 % 

Cash and Temporary Investments

      6,139,411        1,399,180        339 % 

Derivative Asset

      0        0     

Trade Accounts Receivables

      700,162        892,951        (22 %) 

Other Receivables

      71,551        92,993        (23 %) 

Insurance Claims and Premium Receivables

      87,569        445,535        (80 %) 

Inventories

      2,349,966        3,013,444        (22 %) 

Assets Held for Sale

      0        0     

Other Current Assets

      1,825,209        1,672,392        9 % 

Current Assets

      11,173,868        7,516,495        49 % 

Fixed Assets

      21,699,377        19,937,723        9 % 

Investments in an Associate and Other Investments

      14,097        14,097        0 % 

Other Assets and Noncurrent Accounts Receivables

      782,399        837,151        (7 %) 

Advances to Contractors

      1,142,685        1,606,397        (29 %) 

Deferred Income Taxes—net

      1,093,444        1,034,620        6 % 

Goodwill

      27,859,694        27,859,694        0 % 

Other Assets

      30,892,319        31,351,959        (1 %) 
  

 

 

     

 

 

     

 

 

  

Total Liabilities

      20,861,166        29,140,690        (28 %) 

Current Liabilities

      8,068,494        10,136,812        (20 %) 

Long-Term Liabilities

      10,566,642        16,549,640        (36 %) 

Deferred Tax Liability

      853        1,587        (46 %) 

Other Liabilities

      2,225,177        2,452,651        (9 %) 
  

 

 

     

 

 

     

 

 

  

Consolidated Stockholders’ Equity

      42,904,398        29,665,487        45 % 

Non-controlling Interest

      150        170        (12 %) 

Stockholders’ Equity Attributable to Controlling Interest

      42,904,248        29,665,317        45 % 

 

2020 Fourth Quarter Results    Page 5

Financial Results    LOGO

Income Statement & Balance Sheet Information

CEMEX Holdings Philippines, Inc.

(Thousands of U.S. Dollars, except per share amounts)

 

     January - December     Fourth Quarter  

INCOME STATEMENT

    2020     2019     % var     2020     2019     % var  

Net sales

      398,160       457,595       (13 %)      94,773       105,905       (11 %) 

Cost of sales

      (234,672 )      (269,821 )      13 %      (57,840 )      (62,990 )      8 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

      163,488       187,774       (13 %)      36,933       42,915       (14 %) 

Selling and Administrative Expenses

      (56,210 )      (60,343 )      7 %      (13,500 )      (15,861 )      15 % 

Distribution expenses

      (70,757 )      (82,021 )      14 %      (16,884 )      (21,989 )      23 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating earnings before other expenses, net

      36,521       45,410       (20 %)      6,549       5,065       29 % 

Other income (expenses), net

      (612 )      166       N/A       (540 )      (466 )      (16 %) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating earnings (loss)

      35,909       45,576       (21 %)      6,009       4,599       31 % 

Financial expenses, net

      (12,656 )      (25,299 )      50 %      1,678       (4,678 )      N/A  

Foreign exchange gain (loss), net

      3,439       8,787       (61 %)      773       6,411       (88 %) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss) before income taxes

      26,692       29,064       (8 %)      8,460       6,332       34 % 

Income tax benefit (expenses)

      (6,789 )      (4,250 )      (60 %)      (3,748 )      1,649       N/A  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Consolidated net income (loss)

      19,903       24,814       (20 %)      4,712       7,981       (41 %) 

Non-controlling interest net income (loss)

      0       0         0       0    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Controlling Interest net income (loss)

      19,903       24,814       (20 %)      4,712       7,981       (41 %) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating EBITDA

      84,286       81,977       3 %      18,491       15,394       20 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

    

as of December 31

         

BALANCE SHEET

    2020      2019      % Var  

Total Assets

      1,327,813        1,161,374        14 % 

Cash and Temporary Investments

      127,843        27,633        363 % 

Derivative Asset

      0        0     

Trade Accounts Receivables

      14,580        17,635        (17 %) 

Other Receivables

      1,490        1,837        (19 %) 

Insurance Claims and Premium Receivables

      1,823        8,799        (79 %) 

Inventories

      48,934        59,513        (18 %) 

Assets Held for Sale

      0        0     

Other Current Assets

      38,007        33,028        15 % 

Current Assets

      232,677        148,445        57 % 

Fixed Assets

      451,854        393,754        15 % 

Investments in an Associate and Other Investments

      294        278        6 % 

Other Assets and Noncurrent Accounts Receivables

      16,292        16,533        (1 %) 

Advances to Contractors

      23,795        31,725        (25 %) 

Deferred Income Taxes - net

      22,769        20,433        11 % 

Goodwill

      580,132        550,206        5 % 

Other Assets

      643,282        619,175        4 % 
  

 

 

     

 

 

     

 

 

  

Total Liabilities

      434,399        575,504        (25 %) 

Current Liabilities

      168,012        200,193        (16 %) 

Long-Term Liabilities

      220,033        326,842        (33 %) 

Deferred Tax Liability

      18        31        (42 %) 

Other Liabilities

      46,336        48,438        (4 %) 
  

 

 

     

 

 

     

 

 

  

Consolidated Stockholders’ Equity

      893,414        585,869        52 % 

Non-controlling Interest

      3        3        0 % 

Stockholders’ Equity Attributable to Controlling Interest

      893,411        585,866        52 % 

 

2020 Fourth Quarter Results    Page 6

Other Information    LOGO

Newly issued PFRS effective in 2019

PFRS 16, Leases (“PFRS 16”)

In summary, beginning January 1, 2019, PFRS 16 introduces a single lessee accounting model and requires a lessee to recognize, for all leases, allowing exemptions in case of leases with a term of less than 12 months or when the underlying asset is of low value, assets for the right-of-use of the underlying asset against a corresponding financial liability, representing the net present value of estimated lease payments under the contract, with a single income statement model in which a lessee recognizes amortization of the right-of-use asset and interest on the lease liability. After concluding the inventory and measurement of its leases, CEMEX Holdings Philippines, Inc. and Subsidiaries adopted PFRS 16 using the full retrospective approach by means of which it determined an opening cumulative effect in its statement of financial position as of January 1, 2017 as follows:

 

(Thousands of Philippine Pesos)

    As of January 1, 2017  

Assets for the right-of-use

      2,187,292  

Deferred income tax assets

      33,509  

Deferred income tax liability

      (3,053 ) 

Lease liabilities

      2,309,165  
  

 

 

  

Retained earnings 1

     (85,311 ) 
  

 

 

  

 

1 

The initial effect in retained earnings refers to a temporary difference between the straight-line amortization expense of the right-of-use asset and the amortization of the financial liability under the effective interest rate method since origination of the contracts. This difference will reverse over the remaining term of the contracts.

As of December 31, 2020 and 2019, assets for the right-of-use amounted to PHP 1,791 million and PHP 1,962 million, respectively. In addition, financial liabilities related to lease contracts amounted to PHP 2,066 million as of December 31, 2020 and PHP 2,163 million as of December 31, 2019. These amounts of financial liabilities as of December 31, 2020 and 2019 are included in the “Debt Information” section appearing on page 4.

 

2020 Fourth Quarter Results    Page 7

Definitions of Terms and Disclosures    LOGO

 

Methodology for translation, consolidation, and presentation of results

CEMEX Holdings Philippines, Inc. (“CHP”) reports its consolidated financial statements under Philippine Financial Reporting Standards

(“PFRS”). When reference is made in 2020 and 2019 to consolidated financial statements, it means CHP financial information together with its subsidiaries.

For the purpose of presenting figures in U.S. dollars, the consolidated balance sheet as of December 31, 2020 has been converted at the end of period exchange rate of 48.02 Philippine pesos per US dollar while the consolidated income statement for the whole year period ended December 31, 2020 has been converted at the January to December 2020 average exchange rate of 49.49 Philippine pesos per US dollar. On the other hand, the consolidated income statement for the three-month period ended December 31, 2020 has been converted at the October to December 2020 average exchange rate of 48.16 Philippine pesos per US dollar.

 

 

 

 

 

 

 

 

Definition of terms

PHP refers to Philippine Pesos.

pp equals percentage points.

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

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

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).

Maintenance capital expenditures 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.

Strategic capital expenditures 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.

Change in Working capital in the Free cash flow statements only include trade receivables, trade payables, receivables, and payables from and to related parties, other current receivables, inventories, other current assets, and other accounts payable and accrued expense.

Net debt equals total debt minus cash and cash equivalents.

 

 

 

Exchange Rates    January - December      Fourth Quarter      January - December  
     2020
average		      2019
average		      2020
average		      2019
average		      2020
End of period		      2019
End of period		  

Philippine peso

      49.49        51.57        48.16        50.73        48.02        50.64  

Amounts provided in units of local currency per US dollar

 

2020 Fourth Quarter Results    Page 8
Presentation regarding 4th quarter 2020 results for CEMEX Holdings Philippines

Exhibit 3 1Q19 RESULTS 4Q 2020 Results February 15, 2021Exhibit 3 1Q19 RESULTS 4Q 2020 Results February 15, 2021

This presentation contains forward-looking statements. In some cases, these statements can be identified by the use of forward-looking words such as “may,” “should,” “could,” “anticipate,” “estimate,” “expect,” “plan,” “believe,” “predict,” “potential” and “intend” or other similar words. These forward-looking statements reflect current expectations and projections about future events of CEMEX Holdings Philippines, Inc. ( CHP ) based on CHP’s knowledge of present facts and circumstances and assumptions about future events. These statements necessarily involve, as of the date such statements are made, risks and uncertainties that could cause actual results to differ materially from CHP’s expectations. Some of the risks, uncertainties and other important factors that could cause results to differ, or that otherwise could have an impact on CHP or its subsidiaries, include, but are not limited to, the cyclical activity of the construction sector; CHP’s exposure to other sectors that impact CHP’s business, such as the energy sector; general political, economic, health and business conditions in the markets in which CHP operates; competition in the markets in which we offer our products and services; the regulatory environment, including environmental, tax, antitrust and acquisition-related rules and regulations; CHP’s ability to satisfy its debt obligations and the ability of CEMEX, S.A.B. de C.V. (“CEMEX”), the ultimate parent company of the major shareholder of CHP, to satisfy CEMEX’s obligations under its material debt agreements, the indentures that govern CEMEX’s senior secured notes and CEMEX’s other debt instruments; expected refinancing of CEMEX’s existing indebtedness; the impact of CEMEX’s below investment grade debt rating on CHP’s and CEMEX’s cost of capital; CEMEX’s ability to consummate asset sales and fully integrate newly acquired businesses; achieve cost-savings from CHP’s cost-reduction initiatives and implement CHP’s pricing initiatives for CHP’s products; the increasing reliance on information technology infrastructure for CHP’s invoicing, procurement, financial statements and other processes that can adversely affect 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; weather conditions; natural disasters and other unforeseen events (including global health hazards such as COVID-19); and the other risks and uncertainties described in CHP’s public filings. Readers are urged to read these presentations and carefully consider the risks, uncertainties and other factors that affect CHP’s business. The information contained in these presentations is subject to change without notice, and CHP is not obligated to publicly update or revise forward-looking statements. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to CHP’s prices for products sold or distributed by CHP or its subsidiaries. Copyright CEMEX Holdings Philippines, Inc. and its subsidiaries 2This presentation contains forward-looking statements. In some cases, these statements can be identified by the use of forward-looking words such as “may,” “should,” “could,” “anticipate,” “estimate,” “expect,” “plan,” “believe,” “predict,” “potential” and “intend” or other similar words. These forward-looking statements reflect current expectations and projections about future events of CEMEX Holdings Philippines, Inc. ( CHP ) based on CHP’s knowledge of present facts and circumstances and assumptions about future events. These statements necessarily involve, as of the date such statements are made, risks and uncertainties that could cause actual results to differ materially from CHP’s expectations. Some of the risks, uncertainties and other important factors that could cause results to differ, or that otherwise could have an impact on CHP or its subsidiaries, include, but are not limited to, the cyclical activity of the construction sector; CHP’s exposure to other sectors that impact CHP’s business, such as the energy sector; general political, economic, health and business conditions in the markets in which CHP operates; competition in the markets in which we offer our products and services; the regulatory environment, including environmental, tax, antitrust and acquisition-related rules and regulations; CHP’s ability to satisfy its debt obligations and the ability of CEMEX, S.A.B. de C.V. (“CEMEX”), the ultimate parent company of the major shareholder of CHP, to satisfy CEMEX’s obligations under its material debt agreements, the indentures that govern CEMEX’s senior secured notes and CEMEX’s other debt instruments; expected refinancing of CEMEX’s existing indebtedness; the impact of CEMEX’s below investment grade debt rating on CHP’s and CEMEX’s cost of capital; CEMEX’s ability to consummate asset sales and fully integrate newly acquired businesses; achieve cost-savings from CHP’s cost-reduction initiatives and implement CHP’s pricing initiatives for CHP’s products; the increasing reliance on information technology infrastructure for CHP’s invoicing, procurement, financial statements and other processes that can adversely affect 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; weather conditions; natural disasters and other unforeseen events (including global health hazards such as COVID-19); and the other risks and uncertainties described in CHP’s public filings. Readers are urged to read these presentations and carefully consider the risks, uncertainties and other factors that affect CHP’s business. The information contained in these presentations is subject to change without notice, and CHP is not obligated to publicly update or revise forward-looking statements. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to CHP’s prices for products sold or distributed by CHP or its subsidiaries. Copyright CEMEX Holdings Philippines, Inc. and its subsidiaries 2

Fourth Quarter and Full Year 2020 Updates ✓ Several typhoons adversely affected the Philippines in 4Q20, impacting economic activity. ✓ Successfully executed major kiln maintenance works in Solid Cement Plant in November 2020, after 21 months of operating without a major kiln shutdown. ✓ Solid Cement and APO Cement certified for ISO 50001:2018 Energy Management System in 2020. ✓ Took initiative to evolve our supply chain, encouraging and allowing for more pick-up transactions. Effects reflected mainly in our composite price and distribution expenses starting 4Q20, with most of our sales now being priced for pick-up. ✓ Implemented cost control measures by reducing discretionary expenses. ✓ In October 2020, we virtually inaugurated our new in-house Service Center, enhancing our capacity to serve customers across multiple communication channels. ✓ CEMEX Go allows our customers to purchase products, track deliveries, and manage orders in real-time, all while limiting physical touchpoints. ✓ Kaagapay Mo Ang CEMEX Health & Safety Live Webinar series with our clients. ✓ Through the CEMEX Philippines Foundation, we aided our communities affected by the typhoons. 3Fourth Quarter and Full Year 2020 Updates ✓ Several typhoons adversely affected the Philippines in 4Q20, impacting economic activity. ✓ Successfully executed major kiln maintenance works in Solid Cement Plant in November 2020, after 21 months of operating without a major kiln shutdown. ✓ Solid Cement and APO Cement certified for ISO 50001:2018 Energy Management System in 2020. ✓ Took initiative to evolve our supply chain, encouraging and allowing for more pick-up transactions. Effects reflected mainly in our composite price and distribution expenses starting 4Q20, with most of our sales now being priced for pick-up. ✓ Implemented cost control measures by reducing discretionary expenses. ✓ In October 2020, we virtually inaugurated our new in-house Service Center, enhancing our capacity to serve customers across multiple communication channels. ✓ CEMEX Go allows our customers to purchase products, track deliveries, and manage orders in real-time, all while limiting physical touchpoints. ✓ Kaagapay Mo Ang CEMEX Health & Safety Live Webinar series with our clients. ✓ Through the CEMEX Philippines Foundation, we aided our communities affected by the typhoons. 3

2021 Outlook ✓ The Philippine government has shifted their approach in responding to the COVID-19 pandemic, opting to focus on risk management, strict implementation of health and safety protocols, and more testing, while utilizing lockdowns on a localized basis. ✓ Approved national budget for infrastructure in 2021 is 12% more than the enacted budget in 2020. ✓ National weather bureau, PAGASA, announced that the La Niña phenomenon is still expected to bring above-normal rainfall conditions to the Philippines until March 2021. ✓ The country will continue to struggle between managing the pandemic and recovering from the effects of impeded domestic activity, lower demand, and reduced incomes. ✓ We are providing an expected +4% to +6% volume growth guidance for our company, in anticipation of a less restricted economy and inertia from both the public and private sectors to ramp up construction activity. ✓ Solid Cement Plant expansion project reached a milestone with the lifting of the new kiln into position last January 2021. ✓ Continue to uphold Health and Safety as our top priority. 42021 Outlook ✓ The Philippine government has shifted their approach in responding to the COVID-19 pandemic, opting to focus on risk management, strict implementation of health and safety protocols, and more testing, while utilizing lockdowns on a localized basis. ✓ Approved national budget for infrastructure in 2021 is 12% more than the enacted budget in 2020. ✓ National weather bureau, PAGASA, announced that the La Niña phenomenon is still expected to bring above-normal rainfall conditions to the Philippines until March 2021. ✓ The country will continue to struggle between managing the pandemic and recovering from the effects of impeded domestic activity, lower demand, and reduced incomes. ✓ We are providing an expected +4% to +6% volume growth guidance for our company, in anticipation of a less restricted economy and inertia from both the public and private sectors to ramp up construction activity. ✓ Solid Cement Plant expansion project reached a milestone with the lifting of the new kiln into position last January 2021. ✓ Continue to uphold Health and Safety as our top priority. 4

Domestic Cement Volumes and Prices 4Q20 vs. 4Q20 vs. 2020 vs. 2019 4Q19 3Q20 Volume (11%) (9%) (13%) Domestic Cement Price (PHP) (6%) (7%) (5%) Domestic cement volumes decreased by 9% year-over-year during the fourth quarter due to adverse weather conditions, amidst the ongoing pandemic. Sequentially, our daily sales volumes were lower by 8%, after adjusting for the impact of holidays. For 2020, domestic cement volumes decreased by 11% year-over-year mainly due to the COVID-19 pandemic. Our domestic cement prices were 7% lower year-over-year during the fourth quarter. • This movement in our composite price was driven by a higher proportion of pick-up sales, lower demand, and competitive market dynamics. • The sequential and full year change in our prices also reflect the same effects. 5Domestic Cement Volumes and Prices 4Q20 vs. 4Q20 vs. 2020 vs. 2019 4Q19 3Q20 Volume (11%) (9%) (13%) Domestic Cement Price (PHP) (6%) (7%) (5%) Domestic cement volumes decreased by 9% year-over-year during the fourth quarter due to adverse weather conditions, amidst the ongoing pandemic. Sequentially, our daily sales volumes were lower by 8%, after adjusting for the impact of holidays. For 2020, domestic cement volumes decreased by 11% year-over-year mainly due to the COVID-19 pandemic. Our domestic cement prices were 7% lower year-over-year during the fourth quarter. • This movement in our composite price was driven by a higher proportion of pick-up sales, lower demand, and competitive market dynamics. • The sequential and full year change in our prices also reflect the same effects. 5

Net Sales 1 Net Sales As a result of lower volumes and prices, net sales decreased, year-over-year, by 15% during the fourth quarter and by 16% -16% for 2020. -15% 4Q19 4Q20 2019 2020 6 1 Millions of Philippine Pesos 5,372 4,564 23,596 19,707Net Sales 1 Net Sales As a result of lower volumes and prices, net sales decreased, year-over-year, by 15% during the fourth quarter and by 16% -16% for 2020. -15% 4Q19 4Q20 2019 2020 6 1 Millions of Philippine Pesos 5,372 4,564 23,596 19,707

Private Sector Employment in Construction Activity in the residential sector declined during 4Q20 (K Persons) due to the impact of COVID-19 on spending behavior of households. Remittances have been resilient, but With a job, Full-time Part-time OFW households apportioned lower proceeds for real not at work property investments. Property firms, observed to have 4,034 4,001 3,974 deferred development projects due to low demand and uncertainties, have recently signaled resumption in project execution and new project launches. 2,792 The non-residential sector declined in 4Q20 due to lower foot traffic and movement restrictions. We expect challenges will continue to limit activity in the office, retail, and tourism segments in the short-term. Industrial and logistics segments could augment and lead recovery in the sector. Sequential improvement in full-time construction 1Q20 2Q20 3Q20 4Q20 work during 4Q20. 7 Sources: Company disclosures by various property firms, Philippine Statistics Authority, Santos Knight Frank, 57 636 3,308 414 2,033 345 132 935 2,966 31 652 3,291Private Sector Employment in Construction Activity in the residential sector declined during 4Q20 (K Persons) due to the impact of COVID-19 on spending behavior of households. Remittances have been resilient, but With a job, Full-time Part-time OFW households apportioned lower proceeds for real not at work property investments. Property firms, observed to have 4,034 4,001 3,974 deferred development projects due to low demand and uncertainties, have recently signaled resumption in project execution and new project launches. 2,792 The non-residential sector declined in 4Q20 due to lower foot traffic and movement restrictions. We expect challenges will continue to limit activity in the office, retail, and tourism segments in the short-term. Industrial and logistics segments could augment and lead recovery in the sector. Sequential improvement in full-time construction 1Q20 2Q20 3Q20 4Q20 work during 4Q20. 7 Sources: Company disclosures by various property firms, Philippine Statistics Authority, Santos Knight Frank, 57 636 3,308 414 2,033 345 132 935 2,966 31 652 3,291

Public Sector Disbursements on Infrastructure and Capital Outlays Infrastructure disbursements in October (in PHP billion) and November fell by 40% year-over-year -22.0% to PHP 97.4 billion. The lower performance 2019 2020 during the period is attributed to multiple 704 delays encountered in earlier months related to the COVID-19 pandemic. For 2021, the government targets to spend Php 1.1 trillion for infrastructure -30.5% -30.5% development, which is 12% higher than +41.8% -9.4% -39.9% +44.5% the enacted budget in 2020. 549 -50.2% +4.1% -29.1% 95 -36.7% -25.3% 82 81 Infrastructure remains a core pillar of the 75 68 62 63 62 60 59 57 57 government and the planned spending in 52 50 48 46 43 44 40 40 39 2021 is expected to help generate jobs 28 necessary to support economic rebound. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 11M % Refers to year-over-year growth 8 Source: Department of Budget and ManagementPublic Sector Disbursements on Infrastructure and Capital Outlays Infrastructure disbursements in October (in PHP billion) and November fell by 40% year-over-year -22.0% to PHP 97.4 billion. The lower performance 2019 2020 during the period is attributed to multiple 704 delays encountered in earlier months related to the COVID-19 pandemic. For 2021, the government targets to spend Php 1.1 trillion for infrastructure -30.5% -30.5% development, which is 12% higher than +41.8% -9.4% -39.9% +44.5% the enacted budget in 2020. 549 -50.2% +4.1% -29.1% 95 -36.7% -25.3% 82 81 Infrastructure remains a core pillar of the 75 68 62 63 62 60 59 57 57 government and the planned spending in 52 50 48 46 43 44 40 40 39 2021 is expected to help generate jobs 28 necessary to support economic rebound. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 11M % Refers to year-over-year growth 8 Source: Department of Budget and Management

Cost of Sales Cost of sales, as a percentage of sales, was flat at 59% for 2020. Cost of Sales Fuel and Power Extraordinary benefit in 2020 shutdown (% of net sales) (% of cost of sales) costs due to reduced scope and postponement of APO Cement Plant Fuel major kiln shutdown. 2021 major kiln shutdown costs Power expected to be similar to 2019 level. Planning to execute APO Plant major kiln shutdown in 3Q21. No major kiln shutdown scheduled for Solid Cement Plant in 2021. Inflationary pressures expected to affect costs in 2021. Total fuel cost was 7% lower year-over- 4Q19 4Q20 2019 2020 4Q19 4Q20 2019 2020 year, while total power cost declined by 16% year-over-year for 2020 due to production optimization, and lower 9 energy prices. 59% 61% 59% 59% 19% 23% 20% 22% 19% 21% 19% 23%Cost of Sales Cost of sales, as a percentage of sales, was flat at 59% for 2020. Cost of Sales Fuel and Power Extraordinary benefit in 2020 shutdown (% of net sales) (% of cost of sales) costs due to reduced scope and postponement of APO Cement Plant Fuel major kiln shutdown. 2021 major kiln shutdown costs Power expected to be similar to 2019 level. Planning to execute APO Plant major kiln shutdown in 3Q21. No major kiln shutdown scheduled for Solid Cement Plant in 2021. Inflationary pressures expected to affect costs in 2021. Total fuel cost was 7% lower year-over- 4Q19 4Q20 2019 2020 4Q19 4Q20 2019 2020 year, while total power cost declined by 16% year-over-year for 2020 due to production optimization, and lower 9 energy prices. 59% 61% 59% 59% 19% 23% 20% 22% 19% 21% 19% 23%

Operating Expenses Distribution expenses, as a percentage Distribution Selling and Administrative of sales, was flat at 18% for 2020. (% of net sales) (% of net sales) Total distribution expenses decreased by 17% year-over-year for 2020, driven by initiatives to increase operational and cost efficiency. Targeting to further increase proportion of pick-up sales and derive additional savings from distribution expenses in 2021. Selling and administrative expenses, as a percentage of sales, was at 14% for 2020. Total S&A expenses were 11% lower 4Q19 4Q20 2019 2020 4Q19 4Q20 2019 2020 year-over-year for 2020. 10 21% 18% 18% 18% 15% 14% 13% 14%Operating Expenses Distribution expenses, as a percentage Distribution Selling and Administrative of sales, was flat at 18% for 2020. (% of net sales) (% of net sales) Total distribution expenses decreased by 17% year-over-year for 2020, driven by initiatives to increase operational and cost efficiency. Targeting to further increase proportion of pick-up sales and derive additional savings from distribution expenses in 2021. Selling and administrative expenses, as a percentage of sales, was at 14% for 2020. Total S&A expenses were 11% lower 4Q19 4Q20 2019 2020 4Q19 4Q20 2019 2020 year-over-year for 2020. 10 21% 18% 18% 18% 15% 14% 13% 14%

Operating EBITDA and Operating EBITDA Margin 1 Operating EBITDA Variation 20% Operating EBITDA for 2020 decreased 15% by 1% year-over-year. Operating EBITDA margin was at 21% for 2020, as lower volumes and prices were offset by lower costs and our efforts to contain expenses, including maintenance cost deferrals. 21% 18% % Refers to operating EBITDA margin 11 1 Millions of Philippine PesosOperating EBITDA and Operating EBITDA Margin 1 Operating EBITDA Variation 20% Operating EBITDA for 2020 decreased 15% by 1% year-over-year. Operating EBITDA margin was at 21% for 2020, as lower volumes and prices were offset by lower costs and our efforts to contain expenses, including maintenance cost deferrals. 21% 18% % Refers to operating EBITDA margin 11 1 Millions of Philippine Pesos

Net Income Net income was at PHP 985 million for 2020, lower by 23% year- 1 Net Income over-year due to the impact of the COVID-19 pandemic on operating earnings. Income tax for the full year was higher primarily due to the utilization of deferred tax assets (NOLCO credits) during the second half which reduced cash tax payments. Financial expenses for the full year reflected lower outstanding loan balances and declining interest rates. From the Stock Rights Offering proceeds raised during 1Q20, we disbursed around PHP 7.9 billion for the repayment of debt owed to CEMEX ASIA, B. V., most of which had been incurred for our Solid Cement Plant expansion project. Fourth Quarter January - December 4Q19 4Q20 2019 2020 (In Millions of Philippine Pesos) 2020 2019 % var 2020 2019 % var 289 233 24% 1,777 2,350 (24%) Operating earnings 81 (237) N/A (626) (1,305) 52% Financial income (expense), net 37 325 (89%) 170 453 (62%) Foreign exchange gain (loss), net 407 321 27% 1,321 1,499 (12%) Net income (loss) before income taxes (181) 84 N/A (336) (219) (53%) Income tax benefit (expenses) 227 405 (44%) 985 1,280 (23%) Consolidated net income (loss) 12 1 Millions of Philippine Pesos 405 227 1,280 985Net Income Net income was at PHP 985 million for 2020, lower by 23% year- 1 Net Income over-year due to the impact of the COVID-19 pandemic on operating earnings. Income tax for the full year was higher primarily due to the utilization of deferred tax assets (NOLCO credits) during the second half which reduced cash tax payments. Financial expenses for the full year reflected lower outstanding loan balances and declining interest rates. From the Stock Rights Offering proceeds raised during 1Q20, we disbursed around PHP 7.9 billion for the repayment of debt owed to CEMEX ASIA, B. V., most of which had been incurred for our Solid Cement Plant expansion project. Fourth Quarter January - December 4Q19 4Q20 2019 2020 (In Millions of Philippine Pesos) 2020 2019 % var 2020 2019 % var 289 233 24% 1,777 2,350 (24%) Operating earnings 81 (237) N/A (626) (1,305) 52% Financial income (expense), net 37 325 (89%) 170 453 (62%) Foreign exchange gain (loss), net 407 321 27% 1,321 1,499 (12%) Net income (loss) before income taxes (181) 84 N/A (336) (219) (53%) Income tax benefit (expenses) 227 405 (44%) 985 1,280 (23%) Consolidated net income (loss) 12 1 Millions of Philippine Pesos 405 227 1,280 985

FREE CASH FLOW 4Q 2020 1Q19 FREE CASH FLOW & GUIDANCEFREE CASH FLOW 4Q 2020 1Q19 FREE CASH FLOW & GUIDANCE

Free Cash Flow January - December Fourth Quarter Free cash flow after maintenance 2020 2019 % var 2020 2019 % var CAPEX for 2020 was around PHP 2.8 Operating EBITDA 4,172 4,227 (1%) 891 781 14% billion. - Net Financial Expenses 626 1,305 (81) 237 Strategic CAPEX for 2020 was at PHP - Maintenance Capex 274 659 108 273 3.25 billion due to our Solid Cement - Change in Working Capital 9 (785) (122) 473 Plant Expansion project. - Income Taxes Paid 418 575 112 184 From the Stock Rights Offering - Other Cash Items (net) 30 (9) 26 24 proceeds raised during 1Q20, we Free Cash Flow after 2,814 2,481 13% 847 (411) N/A disbursed around PHP 1.3 billion for Maintenance Capex the payment of costs and expenses - Strategic Capex 3,251 3,199 919 1,159 associated with the plant expansion Free Cash Flow (437) (719) 39% (72) (1,570) 95% project in 2020. Millions of Philippine Pesos 14Free Cash Flow January - December Fourth Quarter Free cash flow after maintenance 2020 2019 % var 2020 2019 % var CAPEX for 2020 was around PHP 2.8 Operating EBITDA 4,172 4,227 (1%) 891 781 14% billion. - Net Financial Expenses 626 1,305 (81) 237 Strategic CAPEX for 2020 was at PHP - Maintenance Capex 274 659 108 273 3.25 billion due to our Solid Cement - Change in Working Capital 9 (785) (122) 473 Plant Expansion project. - Income Taxes Paid 418 575 112 184 From the Stock Rights Offering - Other Cash Items (net) 30 (9) 26 24 proceeds raised during 1Q20, we Free Cash Flow after 2,814 2,481 13% 847 (411) N/A disbursed around PHP 1.3 billion for Maintenance Capex the payment of costs and expenses - Strategic Capex 3,251 3,199 919 1,159 associated with the plant expansion Free Cash Flow (437) (719) 39% (72) (1,570) 95% project in 2020. Millions of Philippine Pesos 14

Solid Cement Plant Capacity Expansion Works remained ongoing, with strict health and safety protocols, in line with government regulations. Our contractors continue to work on the different buildings and structures of the new line. Installation of various equipment, including the kiln, began last month, in January. Expected completion of construction in December 2021. Lifting of new rotary kiln into position at Solid Cement Plant (Jan. 2021) Estimated total investment of US$235 million 15Solid Cement Plant Capacity Expansion Works remained ongoing, with strict health and safety protocols, in line with government regulations. Our contractors continue to work on the different buildings and structures of the new line. Installation of various equipment, including the kiln, began last month, in January. Expected completion of construction in December 2021. Lifting of new rotary kiln into position at Solid Cement Plant (Jan. 2021) Estimated total investment of US$235 million 15

2021 Guidance Cement Volumes 4-6% PHP 5,680 million Solid Cement Plant Expansion CAPEX Capital expenditures PHP 1,350 million Maintenance and Other CAPEX PHP 7,030 million Total CAPEX 162021 Guidance Cement Volumes 4-6% PHP 5,680 million Solid Cement Plant Expansion CAPEX Capital expenditures PHP 1,350 million Maintenance and Other CAPEX PHP 7,030 million Total CAPEX 16

Q&A SESSION 4Q 2020Q&A SESSION 4Q 2020

APPENDIX 4Q 2020 1Q19 APPENDIXAPPENDIX 4Q 2020 1Q19 APPENDIX

Debt Maturity Profile Leases 5,344 BDO Debt 38 Total Debt: PHP 12,853 1 Avg. life of debt : 4.9 years 2 4,138 Net Debt to EBITDA : 1.6x 124 5,306 4,014 1,365 1,174 38 768 1,327 628 42 22 140 2021 2022 2023 2024 2025 2026≥ 2027 All amounts in millions of Philippine Pesos 1 Based on weighted average life of debt 19 2 Last 12 months Consolidated EBITDADebt Maturity Profile Leases 5,344 BDO Debt 38 Total Debt: PHP 12,853 1 Avg. life of debt : 4.9 years 2 4,138 Net Debt to EBITDA : 1.6x 124 5,306 4,014 1,365 1,174 38 768 1,327 628 42 22 140 2021 2022 2023 2024 2025 2026≥ 2027 All amounts in millions of Philippine Pesos 1 Based on weighted average life of debt 19 2 Last 12 months Consolidated EBITDA

Additional Debt Information Fourth Quarter Third Quarter 2020 2019 % var 2020 (1)(2) 12,853 20,063 (36%) 13,510 Total debt Short term 6% 9% 6% Long term 94% 91% 94% Cash and cash equivalents 6,139 1,399 339% 6,667 Net debt 6,714 18,664 (64%) 6,843 (3) 3.08 3.47 3.33 Leverage Ratio (3) 5.95 3.73 5.21 Coverage Ratio Note: All amounts in millions of Philippine Pesos, except percentages and ratios 1 U.S. dollar debt converted using end-of-period exchange rates 2 Includes leases, in accordance with Philippine Financial Reporting Standards (PFRS) 3 20 Based on BDO Loan Facility financial covenants which we are required to comply commencing on June 30, 2021Additional Debt Information Fourth Quarter Third Quarter 2020 2019 % var 2020 (1)(2) 12,853 20,063 (36%) 13,510 Total debt Short term 6% 9% 6% Long term 94% 91% 94% Cash and cash equivalents 6,139 1,399 339% 6,667 Net debt 6,714 18,664 (64%) 6,843 (3) 3.08 3.47 3.33 Leverage Ratio (3) 5.95 3.73 5.21 Coverage Ratio Note: All amounts in millions of Philippine Pesos, except percentages and ratios 1 U.S. dollar debt converted using end-of-period exchange rates 2 Includes leases, in accordance with Philippine Financial Reporting Standards (PFRS) 3 20 Based on BDO Loan Facility financial covenants which we are required to comply commencing on June 30, 2021

Definitions PHP Philippine Pesos Pp Percentage points Prices All references to pricing initiatives, price increases or decreases, refer to our prices for our products. Operating EBITDA Operating earnings before other expenses, net, plus depreciation and operating amortization. Free Cash Flow 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), Maintenance Capital Investments incurred for the purpose of ensuring the company’s operational continuity. These include capital expenditures 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, Strategic capital investments incurred with the purpose of increasing the company’s profitability. These include capital expenditures on expenditures projects designed to increase profitability by expanding capacity, and margin improvement capital expenditures, which are projects designed to increase profitability by reducing costs. Change in Working capital in Only include trade receivables, trade payables, receivables and payables from and to related parties, other current the Free cash flow receivables, inventories, other current assets, and other accounts payable and accrued expense. statements Net Debt Total debt (debt plus leases) minus cash and cash equivalents. 21Definitions PHP Philippine Pesos Pp Percentage points Prices All references to pricing initiatives, price increases or decreases, refer to our prices for our products. Operating EBITDA Operating earnings before other expenses, net, plus depreciation and operating amortization. Free Cash Flow 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), Maintenance Capital Investments incurred for the purpose of ensuring the company’s operational continuity. These include capital expenditures 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, Strategic capital investments incurred with the purpose of increasing the company’s profitability. These include capital expenditures on expenditures projects designed to increase profitability by expanding capacity, and margin improvement capital expenditures, which are projects designed to increase profitability by reducing costs. Change in Working capital in Only include trade receivables, trade payables, receivables and payables from and to related parties, other current the Free cash flow receivables, inventories, other current assets, and other accounts payable and accrued expense. statements Net Debt Total debt (debt plus leases) minus cash and cash equivalents. 21

Contact Information Investor Relations Stock Information In the Philippines PSE: +632 8849 3600 CHP chp.ir@cemex.com 22Contact Information Investor Relations Stock Information In the Philippines PSE: +632 8849 3600 CHP chp.ir@cemex.com 22