Cemex Sab De CV 6-K, filed Jul 29, 2021

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OFFOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 or15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of July, 2021

Commission File Number: 001-14946

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

(Translation of Registrant’s name into English)

AvenidaRicardo 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.	Second quarter 2021 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE: CX) (“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: July 29, 2021	By:	/s/ Rafael Garza Lozano
		Name: Rafael Garza Lozano
		Title: Chief Comptroller

3

EXHIBIT INDEX

EXHIBIT<br>NO.	DESCRIPTION
1.	Second quarter 2021 results for CEMEX Latam Holdings, S.A., an indirect subsidiary of CEMEX, S.A.B. de C.V. (NYSE: CX) (“CEMEX”).

4

Exhibit 1

Exhibit 1

Stock Listing Information Bolsa de Valores de Colombia S.A. (Colombian Stock Exchange) Ticker: CLH Investor Relations Pablo Gutierrez +57 (1) 603-9051 E-mail: pabloantonio.gutierrez@cemex.com

FORWARD LOOKING INFORMATION

This report contains forward-looking statements. 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,” and “intend” or other similar words. These forward-looking statements reflect CEMEX Latam Holdings, S.A.’s (“CLH”) current expectations and projections about future events based on CLH’s knowledge of present facts and circumstances and assumptions about future events, as well as CLH’s current plants based on such facts and circumstances. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from CLH’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 CLH or its subsidiaries (together, the “CLH Group”), include, but are not limited to, the cyclical activity of the construction sector; the CLH Group’s exposure to other sectors that impact the CLH Group’s business, such as, but not limited to, the energy sector; competition in the markets in which the CLH Group offers its products and services; availability of raw materials and related fluctuating prices; general political, social, economic, health and business conditions in the markets in which the CLH Group operates or that affect its operations and any significant economic, health, political or social developments in those markets, including any nationalization or privatization of any assets or operations; the regulatory environment, including environmental, tax, antitrust and acquisition-related rules and regulations; the CLH Group’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 CLH, 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; the CLH Group’s and CEMEX’s ability to refinance their existing indebtedness; availability of short-term credit lines, which can assist the CLH Group in connection with market cycles; the impact of CEMEX’s below investment grade debt rating on the CLH Group’s and CEMEX’s cost of capital; loss of reputation of the CLH Group’s brands; the CLH Group’s and CEMEX’s ability to consummate asset sales and fully integrate newly acquired businesses; achieve cost-savings from the CLH Group’s cost-reduction initiatives and implement the CLH Group’s pricing initiatives for the CLH Group’s products; the increasing reliance on information technology infrastructure for the CLH Group’s operations, sales in general, sales 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 subject to cyber-attacks; changes in the economy that affect demand for consumer goods, consequently affecting demand for the CLH Group’s 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, the CLH Group’s 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; 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 the other risks and uncertainties described in CLH’s public filings. Readers are urged to read this document and carefully consider the risks, uncertainties and other factors that affect the CLH Group’s business. The information contained in this report is subject to change without notice, and CLH 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 the CLH Group’s prices for the CLH Group’s products.

CEMEX Latam Holdings, S.A. and subsidiaries Copyright.

2021 Second Quarter Results	Page 2
OPERATING AND FINANCIAL HIGHLIGHTS
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	January - June												Second Quarter
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	2021			2020			% var			l-t-l<br>% var			2021			2020			%var			l-t-l<br>% var
Consolidated cement volume		3,086			2,444			26	%					1,568			1,019			54	%
Consolidated domestic gray cement volume		2,743			2,261			21	%					1,380			974			42	%
Consolidated ready-mix volume		850			715			19	%					398			235			69	%
Consolidated aggregates volume		1,854			1,496			24	%					832			494			68	%
Net sales		456			362			26	%		26	%		228			148			54	%		54	%
Gross profit		181			141			28	%		29	%		92			54			69	%		70	%
as % of net sales		39.7	%		39.0	%		0.7pp						40.4	%		36.6	%		3.8pp
Operating earnings (loss) before other expenses, net		65			37			75	%		78	%		35			11			>100	%		>100	%
as % of net sales		14.3	%		10.3	%		4.0pp						15.3	%		7.3	%		8.0pp
Controlling interest net income (loss)		20			-20			N/A						16			11			49	%
Operating EBITDA		104			75			38	%		40	%		53			29			81	%		83	%
as % of net sales		22.8	%		20.7	%		2.1pp						23.3	%		19.7	%		3.6pp
Free cash flow after maintenance capital expenditures		41			28			46	%					14			25			(45	%)
Free cashflow		38			27			39	%					12			25			(52	%)
Net debt		613			707			(13	%)					613			707			(13	%)
Total debt		630			785			(20	%)					630			785			(20	%)
Earnings (loss) of continued operations per share		0.04			(0.04	)		N/A						0.03			0.02			49	%
Shares outstanding at end of period		559			558			0	%					559			558			0	%
Employees		3,986			4,156			(4	%)					3,986			4,156			(4	%)

Cement and aggregates volumes in thousands of metric tons. Ready-mix volumes in thousands of cubic meters.

In millions of US dollars, except volumes, percentages, employees, and per-share amounts.

Shares outstanding are presented in millions.

Consolidated net sales during the second quarter of 2021 increased by 54% on a like-to-like basis adjusting for foreign exchange fluctuations, compared with those of the second quarter of 2020. Higher cement volumes in all countries, as well as higher prices in Costa Rica and the Rest of CLH region, were the main drivers of the improvement. During the same period of last year, sales were impacted by COVID-19 restrictions in most of our markets.

Cost of sales as a percentage of net sales decreased by 3.7pp during the quarter, from 63.4% in 2Q20 to 59.6% in 2Q21.

Operating expenses as a percentage of net sales declined by 4.2pp during the quarter, from 29.3% in 2Q20 to 25.1% in 2Q21.

Operating EBITDA during the second quarter of 2021 increased by 83% on a like-to-like basis, compared with that of the second quarter of 2020. The growth was due to higher contributions from all our countries.

Operating EBITDA margin during the second quarter of 2021 increased by 3.6pp compared with that of the second quarter of 2020. The margin expansion was mainly driven by higher volumes and lower SG&A, despite higher maintenance expenses and expenses related to the social protests in Colombia.

Controlling interest net income during the second quarter was US$16 million, compared with US$11 million during the same quarter of 2020. The improvement was mainly driven by higher Operating earnings.

Net debt declined US$6 million from March to June, reaching US$613 million at the end of the quarter.

2021 Second Quarter Results	Page 3
OPERATING RESULTS
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Colombia

	January - June												Second Quarter
	2021			2020			% var			l-t-l% var			2021			2020			% var			l-t-l% var
Net sales		212			169			26	%		24	%		102			67			52	%		49	%
Operating EBITDA		42			28			47	%		45	%		20			12			68	%		64	%
Operating EBITDA margin		19.6	%		16.7	%		2.9pp						19.3	%		17.4	%		1.9pp

In millions of US dollars, except percentages.

						Ready-Mix						Aggregates
			Second Quarter			January-June			Second Quarter			January - June			Second Quarter
Volume	21	%		44	%		24	%		66	%		32	%		82	%
Price ()	2	%		1	%		(0	%)		2	%		(5	%)		(2	%)
Price (local currency)	2	%		0	%		0	%		1	%		(4	%)		(2	%)

All values are in US Dollars.

Year-over-year percentage variation.

In Colombia, the growth momentum observed in industry cement volumes year-to-date April was interrupted by the social protests, mainly during May. We estimate industry activity returned to first quarter levels in June, as the road blockades and protests gradually eased. The housing and infrastructure sectors continued driving demand in the country.

We believe the outlook for cement volumes remains favorable, supported by the resilience of the self-construction sector, record home sales, the execution of the existing 4G highway projects, as well as the rollout of new infrastructure programs.

Panama

	January-June												Second Quarter
	2021			2020			% var			l-t-l<br>% var			2021			2020		% var			l-t-l<br>% var
Net sales		59			41			44	%		44	%		30			7		>100	%		>100	%
Operating EBITDA		18			7			>100	%		>100	%		10			-3		N/A			N/A
Operating EBITDA margin		30.8	%		16.8	%		14.0pp						32.2	%		N/A		N/A

In millions of US dollars, except percentages.

						Ready-Mix						Aggregates
			Second Quarter			January-June			Second Quarter			January-June			Second Quarter
Volume	50	%		414	%		10	%		5409	%		12	%		1141	%
Price ()	(4	%)		(5	%)		(7	%)		(29	%)		(16	%)		(15	%)
Price (local currency)	(4	%)		(5	%)		(7	%)		(29	%)		(16	%)		(15	%)

All values are in US Dollars.

Year-over-year percentage variation.

In Panama, our cement, ready-mix and aggregates volumes showed strong growth during the quarter due to an easy base of comparison in the same period of 2020, which was impacted by COVID-19 restrictions. However, industry cement volumes during the quarter remained weak, below those of 2019.

During the quarter, we continued selling domestic clinker and exporting cement and clinker, improving our capacity utilization in the country and balancing shortages in nearby markets. Please note that domestic clinker sales and exports are not included in the table above which refers to volume and price variations of “Domestic gray cement”.

2021 Second Quarter Results	Page 4
OPERATING RESULTS
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Costa Rica

	January-June												Second Quarter
	2021			2020			% var			l-t-l<br>% var			2021			2020			% var			l-t-l<br>% var
Net sales		55			46			21	%		30	%		27			20			31	%		41	%
Operating EBITDA		19			14			32	%		41	%		10			7			46	%		57	%
Operating EBITDA margin		34.3	%		31.4	%		2.9pp						35.8	%		32.1	%		3.7pp

In millions of US dollars, except percentages.

						Ready-Mix						Aggregates
			Second Quarter			January-June			Second Quarter			January-June			Second Quarter
Volume	11	%		16	%		(21	%)		(17	%)		(8	%)		(53	%)
Price ()	(3	%)		(3	%)		(4	%)		(5	%)		(23	%)		44	%
Price (local currency)	3	%		4	%		3	%		3	%		(17	%)		55	%

All values are in US Dollars.

Year-over-year percentage variation.

In Costa Rica, our cement volumes during the second quarter increased by 16% on a year-over-year basis. The positive volume trend in the industry continued during the quarter, mainly driven by the infrastructure and housing sectors. Our quarterly cement prices improved by 4% year-over-year and by 2% sequentially, in local currency terms.

During the quarter, we continued selling domestic clinker and exporting cement, improving our capacity utilization in Costa Rica and balancing shortages in nearby markets. Please note that domestic clinker sales and exports are not included in the table above which refers to volume and price variations of “Domestic gray cement”.

Rest of CLH

	January-June												Second Quarter
	2021			2020			% var			l-t-l<br>% var			2021			2020			% var			l-t-l<br>% var
Net sales		142			114			25	%		27	%		75			56			33	%		34	%
Operating EBITDA		46			37			22	%		24	%		25			20			23	%		24	%
Operating EBITDA margin		32.2	%		33.0	%		(0.8pp	)					32.8	%		35.5	%		(2.7pp	)

In millions of US dollars, except percentages.

						Ready-Mix						Aggregates
			Second Quarter			January-June			Second Quarter			January-June			Second Quarter
Volume	20	%		25	%		21	%		40	%		2	%		(12	%)
Price ()	1	%		2	%		29	%		24	%		56	%		35	%
Price (local currency)	3	%		3	%		31	%		26	%		60	%		39	%

All values are in US Dollars.

Year-over-year percentage variation.

In the Rest of CLH region, our cement volumes during the quarter improved by 25% year-over-year and 9% sequentially, reaching record levels. Cement volumes during the quarter increased year-over-year in Nicaragua, Guatemala, and El Salvador. Increased remittances supported cement consumption across the region.

In Guatemala, our cement volumes were driven mainly by strong activity in the self-construction sector—segment where we have a higher relative presence—and by a gradual recovery in the formal sector. Our cement prices improved by 2% year- over-year and 1% sequentially, in local-currency terms.

In Nicaragua, our cement volumes were driven mainly by the self-construction sector and by government-sponsored projects. Going forward, socio-political risk in the country could increase due to the presidential elections scheduled for this November.

2021 Second Quarter Results	Page 5
OPERATING EBITDA, FREE CASH FLOW AND DEBT RELATED INFORMATION
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Operating EBITDA and free cash flow

	January - June								Seecond Quarter
	2021		2020			% var			2021		2020			%var
Operating earnings before other expenses, net	****	65	****	37	****	****	75	%	****	35	****	11	****	****	220	%
+ Depreciation and operating amortization		38		38						18		18
Operating EBITDA	****	104	****	75	****	****	38	%	****	53	****	29	****	****	81	%
- Net financial expense		21		26						10		13
- Capital expenditures for maintenance		9		4						5		2
- Change in working Capital		10		19						13		(2	)
- Taxes paid		19		(4	)					9		(11	)
- Other cash items (Net)		3		2						2		1
Free cash flow after maintenance capital exp	****	41	****	28	****	****	46	%	****	14	****	25	****	****	(45	%)
- Strategic Capital expenditures		3		1						2		0
Free cash flow	****	38	****	27	****	****	39	%	****	12	****	25	****	****	(52	%)

In millions of US dollars, except percentages.

Our free cash flow reached US$38 million year-to-date June, 39% higher on a year-over-year basis. The improvement was mainly driven by higher EBITDA, as well as lower financial expense and working capital investment. Our financial expense declined by US$5.2 million year-to-date June on a year-over-year basis.

During 2Q20, the taxes-paid line benefited from tax refunds in Colombia for US$16 million.

Information on Debt

	Second Quarter									First Quarter
	2021			2020			% var			2021
Total debt ^1,2^	****	630	****	****	785	****				****	637	****
Short term		1	%		6	%					1	%
Longterm		99	%		94	%					99	%
Cash and cash equivalents		18			78			(77	%)		18
Net debt	****	613	****	****	707	****	****	(13	%)	****	619	****
Net debt / LTM^3^ EBITDA	****	3.0x	****	****	4.lx	****				****	3.4x	****
	Second Quarter
---	---	---	---	---	---	---
	2021			2020
Currency denomination
U.S. dollar		86	%		96	%
Colombian peso		14	%		4	%
Interest rate
Fixed		79	%		61	%
Variable		21	%		39	%

In millions of US dollars, exceptpercentages.

^1^	Includes leases, in accordance with International Financial Reporting Standards (IFRS).
^2^	Represents the consolidated balances of CLH and subsidiaries.
---	---
^3^	Refers to “Last Twelve Months”
---	---

Reduced Net Debt by US$94 million from June 2020 to June 2021. Net-debt-to-EBITDA ratio improved to 3.0x in June 2021, from 4.1x in June 2020, due to higher EBITDA and lower debt.

2021 Second Quarter Results	Page 6
GUIDANCE 2021
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Guidance Full Year 2021^1^

	Year 2021 vs. 2020
	Colombia			Panamá			Costa Rica			CLH
Cement volume		9% - 11	%		34% - 36	%		7% - 9	%		10% - 12	%
Ready-mix volume		14% - 16	%		40% - 42	%		(6%) - (4	%)		14% - 16	%
	Year 2021
---	---	---
Total CAPEX	$	85
Maintenance	$	45
Strategic	$	40
Cash taxes	$	55

In millions of US dollars, except percentages.

We are guiding to a Strategic CAPEX of US$40 million for 2021. US$28 million is related to the development of our overall Maceo cement plant project in Colombia.

^1^	Reflects current expectations
2021 Second Quarter Results	Page 7
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OPERATING RESULTS
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Income statement & balance sheet

CEMEX Latam Holdings, S.A. and Subsidiaries

inthousands of U.S. Dollars, except per share amounts

INCOME STATEMENT	January-June												Second Quarter
	2021			2020			% var			l-t-l<br>% var			2021			2020			% var			l-t-l<br>% var
Net sales		455,831			362,353			26	%		26	%		227,820			148,128			54	%		54	%
Cost of sales		(274,925	)		(221,013	)		(24	%)					(135,823	)		(93,847	)		(45	%)
Gross profit	****	180,906	****	****	141,340	****	****	28	%	****	29	%	****	91,997	****	****	54,281	****	****	69	%	****	70	%
Operating expenses		(115,535	)		(103,946	)		(11	%)					(57,185	)		(43,418	)		(32	%)
Operating earnings (loss) before other expenses, net	****	65,371	****	****	37,394	****	****	75	%	****	78	%	****	34,812	****	****	10,863	****	****	220	%	****	>100	%
Other expenses, net		(3,058	)		(4,745	)		36	%					(2,113	)		(3,034	)		30	%
Operating earnings (loss)	****	62,313	****	****	32,649	****	****	91	%				****	32,699	****	****	7,829	****	****	318	%
Financial expenses		(21,253	)		(26,474	)		20	%					(10,396	)		(13,194	)		21	%
Other income (expenses), net		(5,905	)		(21,558	)		73	%					1,554			17,160			(91	%)
Net income (loss) before income taxes	****	35,155	****	****	(15,383	)	****	N/A	****				****	23,857	****	****	11,795	****	****	102	%
Income tax		(15,418	)		(4,493	)		(243	%)					(7,961	)		(1,184	)		(572	%)
Consolidated net income (loss)	****	19,737	****	****	(19,876	)	****	N/A	****				****	15,896	****	****	10,611	****	****	50	%
Non-controlling interest net income		(49	)		86			N/A						(30	)		17			N/A
Controlling Interest Net Income (loss)	****	19,688	****	****	(19,790	)	****	N/A	****				****	15,866	****	****	10,628	****	****	49	%
Operating EBITDA	****	103,715	****	****	75,054	****	****	38	%	****	40	%	****	53,007	****	****	29,252	****	****	81	%	****	83	%
Earnings (loss) of continued operations per share	****	0.04	****	****	(0.04	)	****	N/A	****				****	0.03	****	****	0.02	****	****	49	%
			as of June 30
---	---	---	---	---	---	---	---
BALANCE SHEET	2021		2020		% var
Total Assets	****	2,574,302	****	2,861,981	****	(10	%)
Cash and Temporary Investments		17,792		78,360		(77	%)
Trade Accounts Receivables		54,951		61,748		(11	%)
Other Receivables		51,615		56,850		(9	%)
Inventories		73,621		74,793		(2	%)
Other Current Assets		21,457		24,510		(12	%)
Current Assets		219,436		296,261		(26	%)
Fixed Assets		973,304		1,024,614		(5	%)
Other Assets		1,381,562		1,541,106		(10	%)
Total Liabilities	****	1,233,649	****	1,390,363	****	(11	%)
Current Liabilities		229,959		254,823		(10	%)
Long-Term Liabilities		949,721		1,071,086		(11	%)
Other Liabilities		53,969		64,454		(16	%)
Consolidated Stockholders’ Equity	****	1,340,653	****	1,471,618	****	(9	%)
Non-controlling Interest		5,868		4,924		19	%
Stockholders’ Equity Attributable to Controlling Interest		1,334,785		1,466,694		(9	%)
2021 Second Quarter Results	Page 8
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OPERATING RESULTS
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Income statement & balance sheet

CEMEX Latam Holdings, S.A. and Subsidiaries

inmillions of Colombian Pesos in nominal terms, except per share amounts

INCOME STATEMENT	January-June									Second Quarter
	2021			2020			% var			2021			2020			%var
Net sales	****	1,679,404	****	****	1,357,444	****	****	24	%	****	849,378	****	****	565,900	****	****	50	%
Cost of sales		(1,012,899	)		(827,958	)		(22	%)		(506,389	)		(358,527	)		(41	%)
Gross profit	****	666,505	****	****	529,486	****	****	26	%	****	342,989	****	****	207,373	****	****	65	%
Operating expenses		(425,661	)		(389,400	)		(9	%)		(213,198	)		(165,874	)		(29	%)
Operating earnings (loss) before other expenses, net	****	240,844	****	****	140,086	****	****	72	%	****	129,791	****	****	41,499	****	****	213	%
Other expenses, net		(11,266	)		(17,775	)		37	%		(7,881	)		(11,590	)		32	%
Operating earnings (loss)	****	229,578	****	****	122,311	****	****	88	%	****	121,910	****	****	29,909	****	****	308	%
Financial expenses		(78,302	)		(99,177	)		21	%		(38,760	)		(50,405	)		23	%
Other income (expenses), net		(21,757	)		(80,761	)		73	%		5,794			65,557			(91	%)
Net income (loss) before income taxes	****	129,519	****	****	(57,627	)	****	N/A	****	****	88,944	****	****	45,061	****	****	97	%
Income tax		(56,803	)		(16,831	)		(238	%)		(29,680	)		(4,523	)		(556	%)
Consolidated net income (loss)	****	72,716	****	****	(74,458	)	****	N/A	****	****	59,264	****	****	40,538	****	****	46	%
Non-controlling interest net income		(182	)		321			N/A			(112	)		66			N/A
Controlling Interest Net Income (loss)	****	72,534	****	****	(74,137	)	****	N/A	****	****	59,152	****	****	40,604	****	****	46	%
Operating EBITDA	****	382,115	****	****	281,165	****	****	36	%	****	197,626	****	****	111,751	****	****	77	%
Earnings (loss) of continued operations per share	****	130	****	****	(134	)	****	N/A	****	****	106	****	****	73	****	****	46	%
BALANCE SHEET	as of June 30
---	---	---	---	---	---	---	---
	2021		2020		% var
Total Assets	****	9,670,804	****	10,757,927	****	(10	%)
Cash and Temporary Investments		66,837		294,547		(77	%)
Trade Accounts Receivables		206,434		232,107		(11	%)
Other Receivables		193,903		213,694		(9	%)
Inventories		276,570		281,139		(2	%)
Other Current Assets		80,608		92,132		(13	%)
Current Assets		824,352		1,113,619		(26	%)
Fixed Assets		3,656,381		3,851,433		(5	%)
Other Assets		5,190,071		5,792,875		(10	%)
Total Liabilities	****	4,634,412	****	5,226,248	****	(11	%)
Current Liabilities		863,878		957,858		(10	%)
Long-Term Liabilities		3,567,788		4,026,117		(11	%)
Other Liabilities		202,746		242,273		(16	%)
Consolidated Stockholders’ Equity	****	5,036,392	****	5,531,679	****	(9	%)
Non-controlling Interest		22,044		18,506		19	%
Stockholders’ Equity Attributable to Controlling Interest		5,014,348		5,513,173		(9	%)
2021 Second Quarter Results	Page 9
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OPERATING RESULTS
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Operating Summary per Country

in thousands of U.S. dollars

Operating EBITDA marginas a percentage of net sales

	January – June												Second Quarter
	2021			2020			% var			l-t-l% var			2021			2020			% var			l-t-l% var
NET SALES
Colombia		211,869			168,640			26	%		24	%		101,917			66,905			52	%		49	%
Panama		59,415			41,184			44	%		44	%		30,399			6,668			>100	%		>100	%
Costa Rica		55,295			45,672			21	%		30	%		26,648			20,322			31	%		41	%
Rest of CLH		142,125			113,614			25	%		27	%		74,796			56,355			33	%		34	%
Others and intercompany eliminations		(12,873	)		(6,757	)		(91	%)		(91	%)		(5,940	)		(2,122	)		(180	%)		(180	%)
TOTAL	****	455,831	****	****	362,353	****	****	26	%	****	26	%	****	227,820	****	****	148,128	****	****	54	%	****	54	%
GROSS PROFIT
Colombia		76,886			63,647			21	%		19	%		36,754			23,672			55	%		51	%
Panama		20,198			10,009			>100	%		>100	%		11,110			(3,487	)		N/A			N/A
Costa Rica		26,842			22,379			20	%		28	%		13,481			10,218			32	%		42	%
Rest of CLH		58,464			46,919			25	%		26	%		31,460			24,782			27	%		28	%
Others and intercompany eliminations		(1,484	)		(1,614	)		8	%		N/A			(808	)		(904	)		11	%		11	%
TOTAL	****	180,906	****	****	141,340	****	****	28	%	****	29	%	****	91,997	****	****	54,281	****	****	69	%	****	70	%
OPERATING EARNINGS BEFORE OTHER EXPENSES, NET
Colombia		28,337			16,270			74	%		71	%		13,215			6,100			>100	%		>100	%
Panama		9,559			(1,080	)		N/A			N/A			5,777			(7,574	)		N/A			N/A
Costa Rica		16,693			11,946			40	%		49	%		8,517			5,229			63	%		75	%
Rest of CLH		42,757			33,580			27	%		29	%		23,266			18,234			28	%		29	%
Others and intercompany eliminations		(31,975	)		(23,322	)		(37	%)		(37	%)		(15,963	)		(11,126	)		(43	%)		(43	%)
TOTAL	****	65,371	****	****	37,394	****	****	75	%	****	78	%	****	34,812	****	****	10,863	****	****	>100	%	****	>100	%
OPERATING EBITDA
Colombia		41,510			28,242			47	%		45	%		19,624			11,654			68	%		64	%
Panama		18,309			6,917			>100	%		>100	%		9,792			(3,429	)		N/A			N/A
Costa Rica		18,973			14,361			32	%		41	%		9,536			6,516			46	%		57	%
Rest of CLH		45,756			37,448			22	%		24	%		24,567			20,002			23	%		24	%
Others and intercompany eliminations		(20,833	)		(11,914	)		(75	%)		(75	%)		(10,512	)		(5,491	)		(91	%)		(91	%)
TOTAL	****	103,715	****	****	75,054	****	****	38	%	****	40	%	****	53,007	****	****	29,252	****	****	81	%	****	83	%
OPERATING EBITDA MARGIN
Colombia		19.6	%		16.7	%		2.9pp						19.3	%		17.4	%		1.9pp
Panama		30.8	%		16.8	%		14.0pp						32.2	%		N/A			N/A
Costa Rica		34.3	%		31.4	%		2.9pp						35.8	%		32.1	%		3.7pp
Rest of CLH		32.2	%		33.0	%		(0.8pp	)					32.8	%		35.5	%		(2.7pp	)
TOTAL	****	22.8	%	****	20.7	%	****	2.1pp	****				****	23.3	%	****	19.7	%	****	3.6pp	****
2021 Second Quarter Results	Page 10
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OPERATING RESULTS
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Volume Summary

Consolidated volume summary

Cement and aggregates in thousands of metric tons

Ready mix in thousands of cubic meters

	January-June							Second Quarter
	2021		2020		% var			2021		2020		% var
Total cement volume^1^		3,086		2,444		26	%		1,568		1,019		54	%
Total domestic gray cement volume		2,743		2,261		21	%		1,380		974		42	%
Total ready-mix volume		850		715		19	%		398		235		69	%
Total aggregates volume		1,854		1,496		24	%		832		494		68	%
^1^	Consolidated cement volume includes domestic and export volume of gray cement, white cement, special cement,<br>mortar and clinker.
---	---

Per-country volume summary

	January-June			Second Quarter			Second Quarter 2021
DOMESTIC GRAY CEMENT	2021 vs. 2020			2021 vs. 2020			vs. First Quarter 2021
Colombia		21	%		44	%		(1	%)
Panama		50	%		414	%		(3	%)
Costa Rica		11	%		16	%		(4	%)
Rest of CLH		20	%		25	%		9	%
READY-MIX
Colombia		24	%		66	%		(14	%)
Panama		10	%		5409	%		3	%
Costa Rica		(21	%)		(17	%)		(22	%)
Rest of CLH		21	%		40	%		6	%
AGGREGATES
Colombia		32	%		82	%		(17	%)
Panama		12	%		1141	%		16	%
Costa Rica		(8	%)		(53	%)		(57	%)
Rest of CLH		2	%		(12	%)		(33	%)
2021 Second Quarter Results	Page 11
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OPERATING RESULTS
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Price Summary

Variation in U.S. dollars

	January-June			Second Quarter			Second Quarter 2021
DOMESTIC GRAY CEMENT	2021 vs. 2020			2021 vs. 2020			vs. First Quarter 2021
Colombia		2	%		1	%		(4	%)
Panama		(4	%)		(5	%)		(1	%)
Costa Rica		(3	%)		(3	%)		2	%
Rest of CLH		1	%		2	%		1	%
READY-MIX
Colombia		(0	%)		2	%		(1	%)
Panama		(7	%)		(29	%)		(5	%)
Costa Rica		(4	%)		(5	%)		(3	%)
Rest of CLH		29	%		24	%		(7	%)
AGGREGATES
Colombia		(5	%)		(2	%)		4	%
Panama		(16	%)		(15	%)		(2	%)
Costa Rica		(23	%)		44	%		66	%
Rest of CLH		56	%		35	%		(26	%)

For Rest of CLH. volume-weighted average prices.

Variation in local currency

	January-June			Second Quarter			Second Quarter 2021
DOMESTIC GRAY CEMENT	2021 vs. 2020			2021 vs. 2020			vs. First Quarter 2021
Colombia		2	%		0	%		(2	%)
Panama		(4	%)		(5	%)		(1	%)
Costa Rica		3	%		4	%		2	%
Rest of CLH		3	%		3	%		1	%
READY-MIX
Colombia		0	%		1	%		1	%
Panama		(7	%)		(29	%)		(5	%)
Costa Rica		3	%		3	%		(2	%)
Rest of CLH		31	%		26	%		(6	%)
AGGREGATES
Colombia		(4	%)		(2	%)		6	%
Panama		(16	%)		(15	%)		(2	%)
Costa Rica		(17	%)		55	%		67	%
Rest of CLH		60	%		39	%		(26	%)

For Rest of CLH. volume-weighted average prices.

2021 Second Quarter Results	Page 12
DEFINITIONS OF TERMS AND DISCLOSURES
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Methodology for translation and presentation of results

Under IFRS, CLH reports its consolidated results in its functional currency, which is the US Dollar, by translating the financial statements of foreign subsidiaries using the corresponding exchange rate at the reporting date for the balance sheet and the corresponding exchange rates at the end of each month for the income statement.

For the reader’s convenience, Colombian peso amounts for the consolidated entity are calculated by converting the US dollar amounts using the closing COP/US$ exchange rate at the reporting date for balance sheet purposes, and the average COP/US$ exchange rate for the corresponding period for income statement purposes. The exchange rates are provided below.

Per-country/region selected financial information of the income statement is presented before corporate charges and royalties which are included under “other and intercompany eliminations.”

Consolidated financial information

When reference is made to consolidated financial information means the financial information of CLH together with its consolidated subsidiaries.

Presentation of financial and operating information

Individual information is provided for Colombia, Panama and Costa Rica.

Countries in Rest of CLH include Nicaragua, Guatemala and El Salvador.

Exchange rates

	January - June				January - June				Second Quarter
	2021 EoP		2020 EoP		2021 average		2020 average		2021 average		2020 average
Colombian peso		3,756.67		3,758.91		3,684.27		3,746.19		3,728.28		3,820.34
Panama balboa		1.00		1.00		1.00		1.00		1.00		1.00
Costa Rica colon		621.92		583.49		618.24		577.49		620.53		577.29
Euro		0.84		0.89		0.83		0.91		0.83		0.90

Amounts provided in units of local currency per US dollar.

2021 Second Quarter Results	Page 13
DEFINITIONS OF TERMS AND DISCLOSURES
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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).

Maintenance capital expenditures investments incurred for the purpose of ensuring CLH’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 internal policies.

Net debt equals total debt minus cash and cash equivalents.

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

pp equals percentage points.

EoP equals End of Period.

Strategic capital expenditures investments incurred with the purpose of increasing CLH’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.

2021 Second Quarter Results	Page 14