First quarter 2021 results for CEMEX Holdings Philippines, Inc.

Exhibit 2

LOGO

2021

FIRST 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


	January - March									First Quarter
	2021			2020			% var			2021			2020			% var
Net sales		5,202			5,630			(8	%)		5,202			5,630			(8	%)
Gross profit		2,023			2,354			(14	%)		2,023			2,354			(14	%)
as % of net sales		39	%		42	%		(3pp	)		39	%		42	%		(3pp	)
Operating earnings before other expenses, net		474			521			(9	%)		474			521			(9	%)
as % of net sales		9	%		9	%		0pp			9	%		9	%		0pp
Controlling Interest Net Income (Loss)		205			89			131	%		205			89			131	%
Operating EBITDA		1,026			1,082			(5	%)		1,026			1,082			(5	%)
as % of net sales		19.7	%		19.2	%		0.5pp			19.7	%		19.2	%		0.5pp
Free cash flow after maintenance capital expenditures		1,266			312			306	%		1,266			312			306	%
Free cash flow		580			(1,140	)		N/A			580			(1,140	)		N/A
Net debt¹		6,089			7,147			(15	%)		6,089			7,147			(15	%)
Total debt¹		12,153			13,481			(10	%)		12,153			13,481			(10	%)
Earnings per share²		0.02			0.01			51	%		0.02			0.01			51	%

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 7 for more detail.

²	In Philippine Pesos

Net sales decreased, year-over-year, by 8% during the first quarter of 2021 due to lower volumes and prices.

Total cost of sales was lower by 3% year-over-year during the first quarter, in line with the decrease in our sales volumes.

Total fuel cost was 18% lower on a year-over-year basis mainly due to the use of a more cost-efficient fuel mix.

Total power cost was 14% higher on a year-over-year basis mainly due to higher electricity rates, and a rebate from the wholesale electricity spot market received in the prior year.

Operating expenses, as a percentage of sales, was 30% during the first quarter of 2021, compared with 33% in the same period of 2020.

Distribution expenses was 16% of sales during the first quarter, a decrease of 3 pp year-over-year. This was mainly driven by lower delivered volumes and initiatives to increase efficiency.

Selling and administrative expenses, as a percentage of sales, was flat year-over-year at 14% during the first quarter of 2021. Total selling and administrative expenses decreased by 6% year-over-year during the quarter mainly due to lower fees related to royalties, and CHP’s Stock Rights Offering, which was concluded during the first quarter of 2020.

Operating EBITDA for the first quarter of 2021 decreased by 5% year-over-year due to lower sales.

Operating EBITDA margin increased by 0.5 pp to 19.7% for the first quarter of 2021, compared with 19.2% in the same period of last year.

Controlling interest net income was PHP 205 million for the first quarter of 2021, 131% higher on a year-over-year basis, mainly due to a 78% decrease in financial expenses.

Financial expenses for the first quarter of 2021 declined 78%, reflecting lower debt levels and interest rates.

Income tax for the first quarter of 2021 was 77% higher mainly due to a one-time expense from the revaluation of deferred tax assets pursuant to income tax rates reduction related to the Corporate Recovery and Tax Incentives for Enterprises or the CREATE Act, which was approved into law on March 26, 2021.

Total debt at the end of March 2021 was at PHP 12,153 million, of which PHP 10,252 million pertained to debt owed to BDO Unibank, Inc.


2021 Fourth Quarter Results		Page 2


Operating Results


Domestic Gray Cement	January - March			First Quarter			First Quarter 2021
	2021 vs. 2020			2021 vs. 2020			vs. Fourth Quarter 2020
Volume		(4	%)		(4	%)		14	%
Price in PHP		(4	%)		(4	%)		0	%

Our domestic cement volumes decreased by 4% year-over-year during the first quarter, amidst the ongoing COVID-19 pandemic and its impact on economic activity.

On a sequential basis, our domestic cement volumes increased by 14%, as the fourth quarter of 2020 was heavily affected by adverse weather conditions.

Our domestic cement prices remained flat quarter-on-quarter.

Year-over-year, the movement in our domestic cement prices mainly driven by a higher proportion of pick-up sales.

Net of freight charges, our domestic cement prices decreased by 1% year-over-year due to subdued activity and competitive market dynamics.


2021 First Quarter Results		Page 3


Operating EBITDA, Free Cash Flow and Debt Information

Operating EBITDA and Free Cash Flow


				January - March									First Quarter
	2021			2020			% var			2021			2020			% var
Operating earnings before other income, net		474			521			(9	%)		474			521			(9	%)
+ Depreciation and operating amortization		552			562						552			562

Operating EBITDA		1,026			1,082			(5	%)		1,026			1,082			(5	%)
- Net financial expenses		63			280						63			280
- Maintenance capital expenditures		32			49						32			49
- Change in working capital		(323	)		332						(323	)		332
- Income taxes paid		27			122						27			122
- Other cash items (net)		(38	)		(12	)					(38	)		(12	)

Free cash flow after maintenance capital expenditures		1,266			312			306	%		1,266			312			306	%
- Strategic capital expenditures		686			1,452						686			1,452

Free cash flow		580			(1,140	)		N/A			580			(1,140	)		N/A

In millions of Philippine Pesos

Debt Information


	First Quarter						Fourth Quarter
	2021			2020			% var			2020
Total debt⁽¹⁾⁽²⁾		12,153			13,481			(10	%)		12,853
Short term		5	%		5	%					6	%
Long term		95	%		95	%					94	%

Cash and cash equivalents		6,064			6,334			(4	%)		6,139

Net debt		6,089			7,147			(15	%)		6,714

Leverage Ratio⁽³⁾		2.95			3.20						3.08
Coverage Ratio⁽³⁾		6.47			4.08						5.95


	First Quarter
	2021			2020
Currency denomination
U.S. dollar		3	%		4	%
Philippine peso		97	%		96	%

Interest rate
Fixed		60	%		56	%
Variable		40	%		44	%

In millions of Philippine Pesos, except percentages

⁽¹⁾	U.S. dollar debt converted using end-of-period exchange rate. See Exchange Rates on page 7 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.


2021 First Quarter Results		Page 4


Financial Results

Income Statement & Balance Sheet Information

CEMEX Holdings Philippines, Inc.

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


	January - March									First Quarter
INCOME STATEMENT	2021			2020			% var			2021			2020			% var
Net sales		5,202,237			5,629,916			(8	%)		5,202,237			5,629,916			(8	%)
Cost of sales		(3,179,297	)		(3,275,817	)		3	%		(3,179,297	)		(3,275,817	)		3	%

Gross profit		2,022,940			2,354,099			(14	%)		2,022,940			2,354,099			(14	%)
Selling and Administrative expenses		(719,201	)		(767,455	)		6	%		(719,201	)		(767,455	)		6	%
Distribution expenses		(829,894	)		(1,065,804	)		22	%		(829,894	)		(1,065,804	)		22	%

Operating earnings before other expenses, net		473,845			520,840			(9	%)		473,845			520,840			(9	%)
Other income (expenses), net		38,073			12,094			215	%		38,073			12,094			215	%

Operating earnings (loss)		511,918			532,934			(4	%)		511,918			532,934			(4	%)
Financial expenses, net		(62,578	)		(279,540	)		78	%		(62,578	)		(279,540	)		78	%
Foreign exchange gain (loss), net		(71,043	)		(66,411	)		(7	%)		(71,043	)		(66,411	)		(7	%)

Net income (loss) before income taxes		378,297			186,983			102	%		378,297			186,983			102	%
Income tax benefit (expenses)		(172,813	)		(97,861	)		(77	%)		(172,813	)		(97,861	)		(77	%)

Consolidated net income (loss)		205,484			89,122			131	%		205,484			89,122			131	%
Non-controlling interest net income (loss)		8			9			(11	%)		8			9			(11	%)

Controlling Interest net income (loss)		205,492			89,131			131	%		205,492			89,131			131	%

Operating EBITDA		1,026,033			1,082,436			(5	%)		1,026,033			1,082,436			(5	%)
Earnings per share		0.02			0.01			51	%		0.02			0.01			51	%


	as of March 31							as of December 31
BALANCE SHEET	2021		2020		% Var			2020		% Var
Total Assets		63,459,461		64,327,987		(1	%)		63,760,347		(0	%)
Cash and Temporary Investments		6,064,369		6,334,330		(4	%)		6,139,411		(1	%)
Derivative Asset		47,297		0					24,039		97	%
Trade Accounts Receivables		896,670		1,112,654		(19	%)		700,162		28	%
Other Receivables		36,694		53,497		(31	%)		47,512		(23	%)
Insurance Claims and Premium Receivables		0		92,662		(100	%)		87,569		(100	%)
Inventories		2,206,582		2,995,714		(26	%)		2,349,966		(6	%)
Assets Held for Sale		0		0					0
Other Current Assets		1,590,611		1,515,138		5	%		1,825,209		(13	%)
Current Assets		10,842,223		12,103,995		(10	%)		11,173,868		(3	%)
Fixed Assets		21,921,009		20,947,637		5	%		21,699,377		1	%
Investments in an Associate and Other Investments		14,097		14,097		0	%		14,097		0	%
Other Assets and Noncurrent Accounts Receivables		826,580		882,515		(6	%)		782,399		6	%
Advances to Contractors		1,057,699		1,458,603		(27	%)		1,142,685		(7	%)
Deferred Income Taxes—net		938,159		1,061,446		(12	%)		1,088,227		(14	%)
Goodwill		27,859,694		27,859,694		0	%		27,859,694		0	%
Other Assets		30,696,229		31,276,355		(2	%)		30,887,102		(1	%)

Total Liabilities		20,245,687		21,939,209		(8	%)		20,849,759		(3	%)
Current Liabilities		8,131,166		8,383,230		(3	%)		8,169,894		(0	%)
Long-Term Liabilities		10,038,102		11,152,261		(10	%)		10,566,642		(5	%)
Deferred Tax Liability		847		1,624		(48	%)		853		(1	%)
Other Liabilities		2,075,572		2,402,094		(14	%)		2,112,370		(2	%)

Consolidated Stockholders’ Equity		43,213,774		42,388,778		2	%		42,910,588		1	%
Non-controlling Interest		142		162		(12	%)		150		(5	%)
Stockholders’ Equity Attributable to Controlling Interest		43,213,632		42,388,616		2	%		42,910,438		1	%


2021 First Quarter Results		Page 5


Financial Results

Income Statement & Balance Sheet Information

CEMEX Holdings Philippines, Inc.

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


	January - March									First Quarter
INCOME STATEMENT	2021			2020			% var			2021			2020			% var
Net sales		107,484			110,767			(3	%)		107,484			110,767			(3	%)
Cost of sales		(65,688	)		(64,451	)		(2	%)		(65,688	)		(64,451	)		(2	%)

Gross profit		41,796			46,316			(10	%)		41,796			46,316			(10	%)
Selling and Administrative Expenses		(14,860	)		(15,100	)		2	%		(14,860	)		(15,100	)		2	%
Distribution expenses		(17,147	)		(20,969	)		18	%		(17,147	)		(20,969	)		18	%

Operating earnings before other expenses, net		9,789			10,247			(4	%)		9,789			10,247			(4	%)
Other income (expenses), net		787			238			231	%		787			238			231	%

Operating earnings (loss)		10,576			10,485			1	%		10,576			10,485			1	%
Financial expenses, net		(1,293	)		(5,500	)		76	%		(1,293	)		(5,500	)		76	%
Foreign exchange gain (loss), net		(1,468	)		(1,307	)		(12	%)		(1,468	)		(1,307	)		(12	%)

Net income (loss) before income taxes		7,815			3,678			112	%		7,815			3,678			112	%
Income tax benefit (expenses)		(3,571	)		(1,925	)		(86	%)		(3,571	)		(1,925	)		(86	%)

Consolidated net income (loss)		4,244			1,753			142	%		4,244			1,753			142	%
Non-controlling interest net income (loss)		0			0						0			0

Controlling Interest net income (loss)		4,244			1,753			142	%		4,244			1,753			142	%

Operating EBITDA		21,199			21,297			(0	%)		21,199			21,297			(0	%)


	as of March 31							as of December 31
BALANCE SHEET	2021		2020		% Var			2020		% Var
Total Assets		1,307,633		1,269,297		3	%		1,327,705		(2	%)
Cash and Temporary Investments		124,961		124,987		(0	%)		127,843		(2	%)
Derivative Asset		975		0					501		95	%
Trade Accounts Receivables		18,477		21,954		(16	%)		14,580		27	%
Other Receivables		756		1,056		(28	%)		989		(24	%)
Insurance Claims and Premium Receivables		0		1,828		(100	%)		1,823		(100	%)
Inventories		45,468		59,110		(23	%)		48,934		(7	%)
Assets Held for Sale		0		0					0
Other Current Assets		32,776		29,896		10	%		38,007		(14	%)
Current Assets		223,413		238,831		(6	%)		232,677		(4	%)
Fixed Assets		451,700		413,331		9	%		451,854		(0	%)
Investments in an Associate and Other Investments		290		278		4	%		294		(1	%)
Other Assets and Noncurrent Accounts Receivables		17,031		17,414		(2	%)		16,292		5	%
Advances to Contractors		21,795		28,781		(24	%)		23,795		(8	%)
Deferred Income Taxes—net		19,332		20,944		(8	%)		22,661		(15	%)
Goodwill		574,072		549,718		4	%		580,132		(1	%)
Other Assets		632,520		617,135		2	%		643,174		(2	%)

Total Liabilities		417,178		432,896		(4	%)		434,163		(4	%)
Current Liabilities		167,549		165,415		1	%		170,125		(2	%)
Long-Term Liabilities		206,843		220,053		(6	%)		220,033		(6	%)
Deferred Tax Liability		17		32		(47	%)		18		(6	%)
Other Liabilities		42,769		47,396		(10	%)		43,987		(3	%)

Consolidated Stockholders’ Equity		890,455		836,401		6	%		893,542		(0	%)
Non-controlling Interest		3		3		0	%		3		0	%
Stockholders’ Equity Attributable to Controlling Interest		890,452		836,398		6	%		893,539		(0	%)


2021 First Quarter Results		Page 6


Definitions of Terms and Disclosures

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 2021 and 2020 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 March 31, 2021 has been converted at the end of period exchange rate of 48.53 Philippine pesos per US dollar while the consolidated income statement for the three-month period ended March 31, 2021 has been converted at the January to March 2021 average exchange rate of 48.40 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 -March

First Quarter

January - March

2021
average

2020
average

2021
average

2020
average

2021
End of period

2020
End of period

Philippine peso

48.40

50.83

48.40

50.83

48.53

50.68

Amounts provided in units of local currency per US dollar


2021 First Quarter Results		Page 7