EX-99.2 3 d381256dex992.htm EX-99.2 EX-99.2

Exhibit 2

 

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  2022
  SECOND QUARTER RESULTS
 

•  Stock Listing Information

  Philippine Stock Exchange
  Ticker: CHP
 

•  Investor Relations

  + 632 8849 3600
  E-Mail:
  chp.ir@cemex.com

 

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Operating and Financial Highlights

 

  

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           January - June                 Second Quarter        
     2022     2021     % var     2022     2021     % var  

Net sales

     10,675       10,894       (2 %)      5,434       5,692       (5 %) 

Gross profit

     4,103       4,421       (7 %)      2,114       2,398       (12 %) 

as % of net sales

     38.4     40.6     (2.2pp     38.9     42.1     (3.2pp

Operating earnings before other expenses, net

     1,184       1,292       (8 %)      611       819       (25 %) 

as % of net sales

     11.1     11.9     (0.8pp     11.2     14.4     (3.2pp

Controlling Interest Net Income (Loss)

     (267     804       N/A       (528     598       N/A  

Operating EBITDA

     2,124       2,331       (9 %)      1,077       1,305       (17 %) 

as % of net sales

     19.9     21.4     (1.5pp     19.8     22.9     (3.1pp

Free cash flow after maintenance capital expenditures

     478       2,358       (80 %)      593       1,092       (46 %) 

Free cash flow

     143       1,049       (86.3 %)      392       469       (16 %) 

Net debt1

     5,980       5,429       10     5,980       5,429       10

Total debt1

     9,850       11,491       (14 %)      9,850       11,491       (14 %) 

Earnings per share2

     (0.02     0.06       N/A       (0.04     0.04       N/A  

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 for the first six months of 2022 were down by 2% year-over-year mainly due to spot sales of raw materials completed in 2021.

For the second quarter, net sales decreased by 5% year-over-year, with lower-than-expected demand around the national elections.

Cost of sales was 61.6% of sales for the first half of 2022, compared with 59.4% in the same period of 2021, mainly due to higher fuel cost.

Fuel cost, as a percentage of cost of sales, was up by 12pp year-over-year during the first six months of 2022 driven by elevated global energy prices.

Power cost, as a percentage of cost of sales, was 3pp lower year-over-year during the first six months of 2022 mainly due to lower volume sold.

APO Plant kiln #2 and Solid Plant kiln maintenance expected to be executed in the second half of 2022.

Operating expenses were 27.3% of sales for the first half of 2022, compared with 28.7% in the same period of 2021.

Distribution expenses were 13.8% of sales, a decrease of 1.6pp year-over-year for the first six months of 2022, supported by supply chain efficiencies.

Selling and administrative expenses, as a percentage of sales, were flat for the first six months of 2022.

Operating EBITDA for the first six months of 2022 decreased by 9%, mainly due to lower volume and higher cost of sales.

Operating EBITDA margin for the first half of 2022 declined by 1.5pp year-over-year to 19.9%, mainly due lower volume and higher cost of sales.

Controlling interest net income was a loss for the second quarter and first six months of 2022 mainly as a result of foreign exchange losses, higher income tax expenses, and lower operating EBITDA.

Foreign exchange losses were attributable to movement in the Philippine Peso to U.S. Dollar exchange rate. These foreign exchange losses mainly relate to intragroup deposits between CHP and its foreign subsidiaries. These intragroup deposits are essentially neutral on a net equity basis. Majority of CHP’s foreign exchange losses are unrealized (non-cash expenses).

Income tax expenses were higher mainly due to a decrease in deferred tax assets (non-cash expenses).

Financial expenses increased by 29% year-over-year for the first six months of 2022 due to a temporary pause in interest capitalization for our Solid Plant new production line during first quarter 2022, prior to resumption of the project.

Total debt declined by 14% year-over-year, and stood at PHP 9,850 million at the end of June 2022, of which PHP 7,798 million pertained to debt owed to BDO Unibank, Inc. (the “BDO Loan Facility”).

 

 

 

2022 Second Quarter Results    Page 2  


Operating Results

 

  

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Domestic Gray Cement    January - June     Second Quarter     Second Quarter 2022  
     2022 vs. 2021     2022 vs. 2021     vs. First Quarter 2022  

Volume

     (8 %)      (11 %)      1

Price in PHP

     8     9     3

Our domestic cement volume during the first six months of 2022 decreased by 8% year-over-year due to lower-than-expected demand.

For the second quarter, our domestic cement volume decreased by 11% year-over-year, with lower-than-expected demand around the national elections.

Our domestic cement prices were higher year-over-year for the first six months and second quarter of 2022, as price updates were made mainly to reflect input cost inflation in fuel and transport.

 

 

2022 Second Quarter Results    Page 3  


Operating EBITDA, Free Cash Flow and Debt Information

 

  

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Operating EBITDA and Free Cash Flow

 

            January - June                  Second Quarter         
     2022      2021     % var     2022      2021      % var  

Operating earnings before other income, net

     1,184        1,292       (8 %)      611        819        (25 %) 

+ Depreciation and operating amortization

     941        1,039         466        486     
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Operating EBITDA

     2,124        2,331       (9 %)      1,077        1,305        (17 %) 

- Net financial expenses

     148        115         44        52     

- Maintenance capital expenditures

     173        73         105        41     

- Change in working capital

     1,003        (286       161        37     

- Income taxes paid

     293        108         152        81   

- Other cash items (net)

     29        (37       21        1     
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Free cash flow after maintenance capital expenditures

     478        2,358       (80 %)      593        1,092        (46 %) 

- Strategic capital expenditures

     335        1,309         201        623   
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Free cash flow 

     143        1,049       (86 %)      392        469        (16 %) 
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

In millions of Philippine Pesos

Debt Information as of June 30, 2022

 

     Second Quarter     First Quarter          Second Quarter  
     2022     2021     % var     2022          2022     2021  

Total debt(1)(2) 

     9,850       11,491       (14 %)      10,910     Currency denomination     

Short term

     52     4       47  

U.S. dollar

     5     2

Long term

     48     96       53  

Philippine peso

     95     98
  

 

 

   

 

 

   

 

 

   

 

 

      

 

 

   

 

 

 

Cash and cash equivalents

     3,870       6,062       (36 %)      4,611     Interest rate     
  

 

 

   

 

 

   

 

 

   

 

 

        

Net debt 

     5,980       5,429       10     6,299    

Fixed

     68     62
  

 

 

   

 

 

   

 

 

   

 

 

        

Leverage Ratio(3)

     2.69       2.47         2.81    

Variable

     32     38
             

 

 

   

 

 

 

Coverage Ratio(3)

     7.24       7.83         7.45         
  

 

 

   

 

 

     

 

 

        

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

 

 

2022 Second Quarter Results    Page 4  


Financial Results

 

  

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Income Statement & Balance Sheet Information

CEMEX Holdings Philippines, Inc.

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

 

     January - June     Second Quarter  

INCOME STATEMENT

   2022     2021     % var     2022     2021     % var  

Net sales

     10,674,668       10,894,093       (2 %)      5,434,213       5,691,856       (5 %) 

Cost of sales

     (6,571,904     (6,472,884     (2 %)      (3,319,963     (3,293,587     (1 %) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     4,102,764       4,421,209       (7 %)      2,114,250       2,398,269       (12 %) 

Selling and Administrative Expenses

     (1,447,807     (1,456,414     1     (729,382     (737,213     1

Distribution expenses

     (1,471,229     (1,672,385     12     (774,102     (842,491     8
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating earnings before other expenses, net

     1,183,728       1,292,410       (8 %)      610,766       818,565       (25 %) 

Other income (expenses), net

     (28,783     36,916       N/A       (21,288     (1,156     (1742 %) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating earnings (loss)

     1,154,945       1,329,326       (13 %)      589,478       817,409       (28 %) 

Financial and other financial expenses, net

     (148,164     (114,952     (29 %)      (43,866     (52,374     16

Foreign exchange gain (loss), net

     (713,310     (115,116     (520 %)      (617,237     (44,073     (1300 %) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) before income taxes

     293,471       1,099,258       (73 %)      (71,625     720,962       N/A  

Income tax benefit (expenses)

     (560,170     (295,585     (90 %)      (456,373     (122,772     (272 %) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Consolidated net income (loss)

     (266,699     803,673       N/A       (527,998     598,190       N/A  

Non-controlling interest net income (loss)

     14       14       0     6       5       20
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Controlling Interest net income (loss)

     (266,685     803,687       N/A       (527,992     598,195       N/A  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating EBITDA

     2,124,433       2,330,991       (9 %)      1,076,978       1,304,958       (17 %) 

Earnings per share

     (0.02     0.06       N/A       (0.04     0.04       N/A  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

            as of June 30            as of December 31         

BALANCE SHEET

   2022      2021      % Var     2021      % Var  

Total Assets

     65,121,696        64,143,453        2     64,387,766        1

Cash and Temporary Investments

     3,870,076        6,062,321        (36 %)      5,811,635        (33 %) 

Derivative Asset

     91,866        51,067        80     12,540        633

Trade Accounts Receivables

     724,742        883,386        (18 %)      696,868        4

Other Receivables

     105,278        130,984        (20 %)      66,522        58

Insurance Claims and Premium Receivables

     297,162        263,520        13     91,798        224

Inventories

     4,658,970        2,173,369        114     3,099,092        50

Assets Held for Sale

     0        0          0     

Other Current Assets

     2,488,656        1,984,775        25     2,209,600        13

Current Assets

     12,236,750        11,549,422        6     11,988,055        2

Fixed Assets

     22,820,558        22,117,102        3     22,788,019        0

Investments in an Associate and Other Investments

     14,097        14,097        0     14,097        0

Other Assets and Noncurrent Accounts Receivables

     436,735        746,896        (42 %)      436,240        0

Advances to Contractors

     1,164,864        958,597        22     454,805        156

Derivative asset - LT

     21,530        0          17,910        20

Deferred tax asset

     567,468        897,645        (37 %)      828,946        (32 %) 

Goodwill

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

Other Assets

     30,064,388        30,476,929        (1 %)      29,611,692        2
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total Liabilities

     20,422,536        20,274,726        1     20,180,841        1

Current Liabilities

     15,125,487        8,643,138        75     12,695,504        19

Long-Term Liabilities

     3,300,766        9,579,624        (66 %)      5,515,700        (40 %) 

Deferred Tax Liability

     2,584        858        201     1,445        79

Other Liabilities

     1,993,699        2,051,106        (3 %)      1,968,192        1
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Consolidated Stockholders’ Equity

     44,699,160        43,868,727        2     44,206,925        1

Non-controlling Interest

     112        136        (18 %)      125        (10 %) 

Stockholders’ Equity Attributable to Controlling Interest

     44,699,048        43,868,591        2     44,206,800        1
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

 

 

2022 Second Quarter Results    Page 5  


Financial Results

 

  

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Income Statement & Balance Sheet Information

CEMEX Holdings Philippines, Inc.

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

 

     January - June     Second Quarter  

INCOME STATEMENT

   2022     2021     % var     2022     2021     % var  

Net sales

     204,303       225,554       (9 %)      102,188       118,092       (13 %) 

Cost of sales

     (125,780     (134,016     6     (62,431     (68,334     9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     78,523       91,538       (14 %)      39,757       49,758       (20 %) 

Selling and Administrative Expenses

     (27,710     (30,154     8     (13,716     (15,295     10

Distribution expenses

     (28,158     (34,626     19     (14,557     (17,480     17
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating earnings before other expenses, net

     22,655       26,758       (15 %)      11,484       16,983       (32 %) 

Other income (expenses), net

     (551     764       N/A       (400     (24     (1567 %) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating earnings (loss)

     22,104       27,522       (20 %)      11,084       16,959       (35 %) 

Financial and other financial expenses, net

     (2,836     (2,380     (19 %)      (825     (1,087     24

Foreign exchange gain (loss), net

     (13,652     (2,383     (473 %)      (11,607     (914     (1170 %) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) before income taxes

     5,616       22,759       (75 %)      (1,348     14,958       N/A  

Income tax benefit (expenses)

     (10,721     (6,120     (75 %)      (8,582     (2,547     (237 %) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Consolidated net income (loss)

     (5,105     16,639       N/A       (9,930     12,411       N/A  

Non-controlling interest net income (loss)

     0       0         0       0    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Controlling Interest net income (loss)

     (5,105     16,639       N/A       (9,930     12,411       N/A  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating EBITDA

     40,660       48,262       (16 %)      20,252       27,075       (25 %) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

     as of June 30     as of December 31         

BALANCE SHEET

   2022      2021      % Var     2021      % Var  

Total Assets

     1,184,568        1,314,413        (10 %)      1,262,529        (6 %) 

Cash and Temporary Investments

     70,397        124,228        (43 %)      113,956        (38 %) 

Derivative Asset

     1,671        1,046        60     246        579

Trade Accounts Receivables

     13,183        18,102        (27 %)      13,664        (4 %) 

Other Receivables

     1,915        2,684        (29 %)      1,304        47

Insurance Claims and Premium Receivables

     5,405        5,400        0     1,800        200

Inventories

     84,747        44,536        90     60,768        39

Assets Held for Sale

     0        0          0     

Other Current Assets

     45,269        40,672        11     43,326        4

Current Assets

     222,587        236,668        (6 %)      235,064        (5 %) 

Fixed Assets

     415,108        453,219        (8 %)      446,833        (7 %) 

Investments in an Associate and Other Investments

     256        289        (11 %)      276        (7 %) 

Other Assets and Noncurrent Accounts Receivables

     7,944        15,305        (48 %)      8,554        (7 %) 

Advances to Contractors

     21,189        19,643        8     8,918        138

Derivative asset - LT

     392        0          351     

Deferred tax asset

     10,322        18,394        (44 %)      16,254        (36 %) 

Goodwill

     506,770        570,895        (11 %)      546,279        (7 %) 

Other Assets

     546,873        624,526        (12 %)      580,632        (6 %) 
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total Liabilities

     371,488        415,468        (11 %)      395,710        (6 %) 

Current Liabilities

     275,134        177,115        55     248,936        11

Long-Term Liabilities

     60,041        196,304        (69 %)      108,153        (44 %) 

Deferred Tax Liability

     47        18        161     28        68

Other Liabilities

     36,266        42,031        (14 %)      38,593        (6 %) 
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Consolidated Stockholders’ Equity

     813,082        898,949        (10 %)      866,819        (6 %) 

Non-controlling Interest

     2        3        (33 %)      2        0

Stockholders’ Equity Attributable to Controlling Interest

     813,080        898,946        (10 %)      866,817        (6 %) 
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

 

 

2022 Second Quarter Results    Page 6  


Definitions of Terms and Disclosures

 

     

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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 to consolidated financial statements, it means financial statements corresponding to CHP together with its subsidiaries.

For the purpose of presenting figures in U.S. dollars, the consolidated balance sheet as of June 30, 2022 has been converted at the end of period exchange rate of 54.98 Philippine pesos per US dollar while the consolidated income statement for the six-month period ended June 30, 2022 has been converted at the January to June 2022 average exchange rate of 52.25 Philippine pesos per US dollar. On the other hand, the consolidated income statement for the three-month period ended June 30, 2022 has been converted at the April to June 2022 average exchange rate of 53.18 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 are 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 are 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 - June      Second Quarter      January - June  
     2022
average
     2021
average
     2022
average
     2021
average
     2022
End of period
     2021
End of period
 

Philippine peso

     52.25        48.30        53.18        48.20        54.98        48.80  

Amounts provided in units of local currency per US dollar

 

 

2022 Second Quarter Results    Page 7  


Disclaimer

 

     

LOGO

 

Except as the context otherwise may require, references in this report to “CHP,” “we,” “us” or “our” refer to CEMEX Holdings Philippines, Inc. and its consolidated entities. The information contained in this report contains forward-looking statements within the meaning of securities laws. We intend these forward-looking statements to be covered by any applicable safe harbor provisions for forward-looking statements within the meaning of securities laws. These forward-looking statements and information are necessarily subject to risks, uncertainties, and assumptions, including but not limited to statements related to CHP’s plans, objectives, expectations (financial or otherwise), and typically can be identified by the use of words such as “will”, “may,” “assume,” “might,” “should,” “could,” “continue,” “would,” “can,” “consider,” “anticipate,” “estimate,” “expect,” “envision,” “plan,” “believe,” “foresee,” “predict,” “potential,” “target,” “strategy,” “intend,” “aimed”, and similar terms. Although CHP believes that its expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially from historical results or results anticipated by forward-looking statements due to various factors. These forward-looking statements reflect, as of the date on which such forward-looking statements are made, our current expectations and projections about future events based on our knowledge of present facts and circumstances and assumptions about future events, unless otherwise indicated. These statements necessarily involve risks, uncertainties and assumptions that could cause actual results to differ materially from historical results or those anticipated in this report. Among others, such risks, uncertainties, and assumptions include those discussed in CHP’s most recent annual report and those detailed from time to time in CHP’s filings with the Philippine Securities and Exchange Commission, which factors are incorporated herein by reference, including, but not limited to: the impact of pandemics, epidemics or outbreaks of infectious diseases and the response of governments and other third parties, including with respect to the novel strain of the coronavirus identified in China in late 2019 and its variants (“COVID-19”), which have affected and may continue to adversely affect, among other matters, the ability of our operating facilities to operate at full or any capacity, supply chains, international operations, availability of liquidity, investor confidence and consumer spending, as well as the availability of, and demand for, our products and services; the cyclical activity of the construction sector; our exposure to other sectors that impact our and our clients’ businesses, such as, but not limited to, the energy sector; availability of raw materials and related fluctuating prices; volatility in pension plan asset values and liabilities, which may require cash contributions to the pension plans; the impact of environmental cleanup costs and other liabilities relating to existing and/or divested businesses; our ability to secure and permit aggregates reserves in strategically located areas; the timing and amount of federal, state and local funding for infrastructure; changes in the level of spending for private residential and private nonresidential construction; changes in our effective tax rate; competition in the markets in which we offer our products and services; general political, social, health, economic and business conditions in the markets in which we operate or that affect our operations and any significant economic, health, political or social developments in those markets, as well as any inherent risks to international operations; the regulatory environment, including environmental, energy, tax, labor, antitrust, and acquisition-related rules and regulations; our ability to satisfy our obligations under our material debt agreements and CEMEX, S.A.B. de C.V.’s (“CEMEX”), the ultimate parent company of the major shareholder of CHP, ability to satisfy CEMEX’s obligations under its material debt agreements, the indentures that govern CEMEX’s outstanding notes, and other debt instruments and financial obligations, including CEMEX’s subordinated notes with no fixed maturity; the availability of short-term credit lines or working capital facilities, which can assist us in connection with market cycles; the impact of CEMEX’s below investment grade debt rating on our cost of capital and on the cost of the products and services we purchase; loss of reputation of our brands; our ability to consummate asset sales, fully integrate newly acquired businesses, achieve cost-savings from our cost-reduction initiatives, implement our pricing initiatives for our products and CEMEX’s ability to generally meet its “Operation Resilience” strategy’s goals; the increasing reliance on information technology infrastructure for our sales, invoicing, procurement, financial statements and other processes that can adversely affect our sales and operations in the event that the infrastructure does not work as intended, experiences technical difficulties or is subjected to cyber-attacks; changes in the economy that affect the demand for consumer goods, consequently affecting demand for our products and services; weather conditions, including but not limited to, excessive rain and snow, and disasters such as earthquakes and floods; trade barriers, including tariffs or import taxes and changes in existing trade policies or changes to, or withdrawals from, free trade agreements; availability and cost of trucks, railcars, barges and ships, as well as their licensed operators, for transport of our materials; labor shortages and constraints; terrorist and organized criminal activities as well as geopolitical events, such as war and armed conflicts, including the current war between Russia and Ukraine; declarations of insolvency or bankruptcy, or becoming subject to similar proceedings; and, natural disasters and other unforeseen events (including global health hazards such as COVID-19). Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from historical results, performance or achievements and/or results, performance or achievements expressly or implicitly anticipated by the forward-looking statements, or otherwise could have an impact on us or our consolidated entities. Any or all of CHP’s forward-looking statements may turn out to be inaccurate and the factors identified above are not exhaustive. Accordingly, undue reliance on forward-looking statements should not be placed. These factors may be revised or supplemented, but CHP is not under, and expressly disclaims, any obligation to update or correct the information contained in this report or any forward-looking statement that it may make from time to time, whether as a result of new information, future events or otherwise. Readers should review future reports filed by us with the Philippine Securities and Exchange Commission. This report also includes statistical data regarding the production, distribution, marketing and sale of cement, ready mix concrete, clinker, aggregates and Urbanization Solutions. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to CHP’s prices for CHP’s products. We generated some of this data internally, and some was obtained from independent industry publications and reports that we believe to be reliable sources. We have not independently verified this data nor sought the consent of any organizations to refer to their reports in this report.

Copyright CEMEX Holdings Philippines, Inc. and its subsidiaries

 

 

2022 Second Quarter Results    Page 8