EX-2

EX-2 3 d481786dex2.htm EX-2 EX-2

Exhibit 2

LOGO

2012

FOURTH QUARTER RESULTS

Stock Listing Information

Colombian Stock Exchange S.A. Ticker: CLH

Investor Relations

In Colombia: +(57 1) 603?9175

E-mail: edgar.ramirez@cemex.com

LOGO

OPERATING AND FINANCIAL HIGHLIGHTS

January – December

Fourth Quarter

2012

2011

2012

2011

pro forma

% Var.

pro forma

% Var.

Consolidated cement volume (thousand

7,191

6,680

1,758

1,702

of metric tons)

Consolidated domestic gray cement

6,612

5,985

10%

1,644

1,509

volume (thousand of metric tons)

Consolidated ready?mix volume

3,084

2,742

12%

763

681

12%

(thousand of cubic meters)

Consolidated aggregates volume

6,828

5,892

16%

1,671

1,477

13%

(thousand of metric tons)

Net sales

1,592

1,270

25%

404

327

23%

Gross profit

820

584

40%

202

165

23%

Gross profit margin

51.5%

46.0%

5.5pp

50.1%

50.4%

(0.3pp)

Operating earnings before other

480

309

55%

119

34%

expenses, net

Operating earnings before other

30.2%

24.4%

5.8pp

29.5%

27.1%

2.4pp

expenses, net, margin

Controlling interest net income

265

Operating EBITDA

548

379

44%

141

102

38%

Operating EBITDA margin

34.4%

29.9%

4.5pp

35.0%

31.3%

3.7pp

Free cash flow after maintenance

307

104

capital expenditures

Free cash flow

246

Net debt

1,576

555

184%

1,576

555

184%

Total debt

1,633

645

153%

1,633

645

153%

Earnings per share

0.48

0.16

Shares outstanding at end of period

556

Employees

3,491

3,242

3,491

3,242

In millions of US dollars, except percentages, employees, and per?share amounts. Shares outstanding at the end of period are presented in millions.

Consolidated net sales in the fourth quarter of 2012 increased to expenses as a percentage of net sales during the quarter was mainly US$404 million, representing an increase of 23% compared with the due to lower distribution costs and the increase in net sales. fourth quarter of 2011. The increase in net sales was primarily

Pro forma operating EBITDA increased by 38% to US$141 million attributable to higher volumes and prices in local currency terms in our during the fourth quarter of 2012 compared with the same period last main markets. The infrastructure and residential sectors continued to year. The increase was due to a greater contribution from our be the main drivers of demand in most of our markets. operations in Colombia, Panama and Costa Rica. Pro forma operating Cost of sales as a percentage of net sales, increased by 0.3pp during EBITDA margin increased by 3.7pp from 31.3% in the fourth quarter of the fourth quarter of 2012 compared with the same period last year, 2011 to 35.0% this quarter, mainly as a result of higher volumes and from 49.6% to 49.9% reflecting an increase in maintenance costs in prices in our main markets.

Panama.

Pro forma controlling interest net income during the fourth quarter of Pro forma operating expenses as a percentage of net sales decreased 2012 was US$94 million. by 2.6pp during the fourth quarter of 2012 compared with the same Total debt at the end of the quarter of 2012 was US$1,633 million. period last year, from 23.3% to 20.7%. The decrease in operating

Please refer to definition of terms and disclosure for presentation of financial and operating information.

2012 Fourth Quarter Results Page 2

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OPERATING RESULTS

Colombia

January – December

Fourth Quarter

2012

2011

2012

2011

% Var.

pro forma

Net sales

907

681

33%

235

183

28%

Operating EBITDA

376

240

57%

106

62%

Operating EBITDA margin

41.5%

35.2%

6.3pp

45.1%

35.8%

9.3pp

In millions of US dollars, except percentages.

Domestic gray cement

Ready mix

Aggregates

Year over year percentage

January December Fourth Quarter January December Fourth Quarter January December Fourth Quarter

variation

Volume

14%

12%

25%

11%

Price (USD)

22%

23%

24%

19%

Price (local currency)

19%

14%

20%

16%

12%

Our Colombian operations’ domestic gray cement, ready mix and aggregates volumes increased by 2%, 12% and 11%, respectively, during the fourth quarter of 2012 versus the comparable period last year. For the full year, domestic gray cement, ready mix and aggregates increased by 5%, 14% and 25%, respectively, versus the same period last year.

Construction activity during the fourth quarter was driven by the infrastructure sector, which benefited from ongoing projects and the initiation of new road projects towards the end of the year. During the same period, the residential sector showed a recovery mainly in the low income housing due to the start of a government program aimed at providing 100,000 homes for free. Higher confidence levels and favorable expectations for new trade agreements resulted in higher investment levels favoring the performance of the industrial and commercial sector primarily in warehouses and commercial buildings.

Panama

January – December

Fourth Quarter

2012

2011

2012

2011

% Var.

pro forma

Net sales

290

232

25%

17%

Operating EBITDA

126

49%

21%

Operating EBITDA margin

43.5%

36.5%

7.0pp

40.7%

39.4%

1.3pp

In millions of US dollars, except percentages.

Domestic gray cement

Ready?mix

Aggregates

Year?over?year percentage

January – December Fourth Quarter January – December Fourth Quarter January –December Fourth Quarter

variation

Volume

32%

33%

(1%)

11%

Price (USD)

(3%)

13%

11%

Price (local currency)

(3%)

13%

11%

In Panama, our domestic gray cement, ready mix and aggregates volumes increased by 33%, 7% and 11%, respectively, during the fourth quarter versus the comparable period last year. For the full year 2012, domestic gray cement and ready mix volumes increased by 32% and 8%, respectively, while aggregates volumes decreased by 1% versus the full year 2011. The infrastructure sector continued to be the main driver of demand supported by large projects such as the Panama Canal expansion and the Panama City’s metro project. New commercial buildings, primarily offices, hotels, shopping centers and stores, contributed to the positive trend in the industrial and commercial sector.

Please refer to definition of terms and disclosure for presentation of financial and operating information.

2012 Fourth Quarter Results Page 3

LOGO

OPERATING RESULTS

Costa Rica

January – December

Fourth Quarter

2012

2011

2012

2011

% Var.

pro forma

Net sales

133

121

10%

25%

Operating EBITDA

11%

22%

Operating EBITDA margin

39.6%

38.9%

0.7pp

36.8%

37.5%

(0.7pp)

In millions of US dollars, except percentages.

Domestic gray cement

Ready mix

Aggregates

Year over year percentage

January December Fourth Quarter January December Fourth Quarter January December Fourth Quarter

variation

Volume

12%

18%

20%

(12%)

22%

Price (USD)

(1%)

21%

(2%)

Price (local currency)

(2%)

(1%)

20%

(4%)

In our operations in Costa Rica, domestic gray cement, ready?mix and aggregates increased by 6%, 20% and 22%, respectively, during the fourth quarter of 2012 versus the fourth quarter of 2011. For the full year, domestic gray cement volumes increased by 12%, ready?mix volumes increased by 18% and aggregates volumes decreased by 12% versus the full year 2011.

Construction activity during the quarter was driven by the infrastructure and industrial and commercial sectors, most notably by hydroelectric and road projects. The residential sector maintained its positive trend during the quarter.

Rest of CLH

January – December

Fourth Quarter

2012

2011

2012

2011

% Var.

pro forma

Net sales

277

252

10%

14%

Operating EBITDA

(2%)

Operating EBITDA margin

26.3%

26.7%

(0.4pp)

23.9%

27.7%

(3.8pp)

In millions of US dollars, except percentages.

Domestic gray cement

Ready mix

Aggregates

Year over year percentage

January December Fourth Quarter January December Fourth Quarter January December Fourth Quarter

variation

Volume

13%

16%

20%

61%

Price (USD)

(1%)

12%

Price (local currency)

18%

17%

Domestic gray cement, ready?mix and aggregates volumes for our Rest of CLH operations increased by 13%, 16% and 61%, respectively, during the fourth quarter of 2012 versus the same period last year. For the full year, domestic gray cement volumes, ready?mix and aggregates volumes increased by 9%, 8% and 20%, respectively, versus the comparable period of last year.

Demand for our products during the quarter was favorable for all of our countries in the Rest of CLH region. The country that showed the most dynamism during the period was Nicaragua.

Please refer to definition of terms and disclosure for presentation of financial and operating information.

2012 Fourth Quarter Results Page 4

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OPERATING EBITDA, FREE CASH FLOW AND DEBT?AND EQUITY?RELATED INFORMATION

Operating EBITDA and free cash flow

January – December

Fourth Quarter

2012

2011

2012

2011

% Var

pro forma

Operating earnings before other expenses, net

480

309

55%

119

34%

+ Depreciation and operating amortization

Operating EBITDA

548

379

44%

141

102

38%

? Net financial expense

117

? Capital expenditures for maintenance

? Change in working capital

(35)

? Taxes paid

? Other cash items (net)

(8)

(14)

Free cash flow after maintenance capital expenditures

307

104

? Strategic capital expenditures

Free cash flow

246

In millions of US dollars, except percentages.

The free cash flow during the quarter plus the proceeds received from the initial share offering were used to pay financing debt and short term operating accounts payable to CEMEX.

Information on Debt

Third

Fourth

Fourth Quarter

Quarter

2012

2011

% Var

2012

2011

Total debt (1)(2)

1,633

645

153%

2,572

Currency denomination

Short?term

14%

US dollar

98%

100%

Long?term

92%

100%

86%

Colombian peso

Cash and cash equivalents

(37%)

Interest rate

Net debt

1,576

593

184%

2,522

Fixed

85%

Variable

15%

100%

(1)Includes capital leases, in accordance with International Financial Reporting Standards (IFRS).

(2)In 2012 represents the consolidated balances of CLH and subsidiaries. In 2011 represents the combined balances of the operating subsidiaries.

Please refer to definition of terms and disclosure for presentation of financial information.

2012 Fourth Quarter Results Page 5

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OPERATING RESULTS

Income statement & balance sheet

CEMEX Latam Holdings S.A. and Subsidiaries

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

January – December

Fourth Quarter

2012

2011

2012

2011

INCOME STATEMENT

% Var.

pro forma

reported

pro forma

reported

Net Sales

1,591,748

1,269,801

25%

1,269,801

403,803

327,492

23%

327,492

Cost of Sales

(771,663)

(685,698)

13%

(685,698)

(201,316)

(162,421)

24%

(162,421)

Gross Profit

820,085

584,103

40%

584,103

202,487

165,071

23%

165,071

Operating Expenses

(340,071)

(274,832)

24%

(306,085)

(83,463)

(76,386)

(82,373)

Operating Earnings Before Other Expenses, Net

480,014

309,271

55%

278,018

119,024

88,685

34%

82,698

Other expenses, Net

(2,885)

(31,825)

(1,012)

Operating Earnings

477,129

246,193

118,012

Financial Expenses

(117,262)

(45,673)

(38,016)

Other Income (Expenses), Net

50,314

(3,894)

28,261

Net Income Before Income Taxes

410,181

196,626

108,257

Income Tax

(144,535)

(78,308)

(19,775)

Consolidated Net Income

265,646

118,318

88,482

Non?controlling Interest Net Income

847

105

683

CONTROLLING INTEREST NET INCOME

264,799

118,213

87,799

Operating EBITDA

547,621

379,170

44%

347,917

141,202

102,417

38%

96,430

Earnings per share

0.48

0.21

0.16

As of

December 31

BALANCE SHEET

2012

Total Assets

4,058,744

Cash and Temporary Investments

56,798

Trade Accounts Receivables

97,128

Other Receivables

82,610

Inventories

93,147

Other Current Assets

21,210

Current Assets

350,894

Fixed Assets

1,199,379

Other Assets

2,508,471

Total Liabilities

2,666,361

Current Liabilities

456,072

Long?Term Liabilities

2,191,046

Other Liabilities

19,243

Consolidated Stockholders’ Equity

1,392,383

Non?controlling Interest

5,754

Stockholders’ Equity Attributable to Controlling Interest

1,386,629

Please refer to definition of terms and disclosure for presentation of financial information.

2012 Fourth Quarter Results Page 6

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OPERATING RESULTS

Income statement & balance sheet

CEMEX Latam Holdings S.A. and Subsidiaries

(Millions of Colombian Pesos in nominal terms, except per share amounts)

January – December

Fourth Quarter

2012

2011

2012

2011

INCOME STATEMENT

% Var.

pro forma

reported

pro forma

Reported

Net Sales

2,863,117

2,354,234

22%

2,354,234

729,006

630,197

16%

630,197

Cost of Sales

(1,388,010)

(1,271,297)

(363,446)

(312,549)

16%

(312,549)

Gross Profit

1,475,107

1,082,938

36%

1,082,938

365,560

317,648

15%

317,648

Operating Expenses, net

(611,694)

(509,544)

20%

(567,487)

(150,679)

(146,992)

(158,511)

Operating Earnings Before Other Expenses, Net

863,413

573,394

51%

515,450

214,881

170,657

26%

159,137

Other Expenses, Net

(5,189)

(59,004)

(1,827)

Operating Earnings

858,224

456,446

213,054

Financial Expenses

(210,922)

(84,679)

(68,632)

Other Income (Expenses) Financial, net

90,501

(7,220)

51,021

Net Income Before Income Taxes

737,803

364,548

195,443

Income Tax

(259,979)

(145,184)

(35,701)

Consolidated Net Income

477,824

219,364

159,740

Non?controlling Interest Net Income

1,524

195

1,233

CONTROLLING INTEREST NET INCOME

476,301

219,169

158,507

Operating EBITDA

985,020

702,988

40%

645,044

254,919

197,081

29%

185,562

Earnings per share

856.57

394.15

285.06

As of

December 31

BALANCE SHEET

2012

Total Assets

7,176,793

Cash and Temporary Investments

100,432

Trade Accounts Receivables

171,746

Other Receivables

146,074

Inventories

164,705

Other Current Assets

37,504

Current Assets

620,461

Fixed Assets

2,120,777

Other Assets

4,435,554

Total Liabilities

4,714,739

Current Liabilities

806,439

Long?Term Liabilities

3,874,273

Other Liabilities

34,025

Consolidated Stockholders’ Equity

2,462,053

Non?controlling Interest

10,174

Stockholders’ Equity Attributable to Controlling Interest

2,451,879

Please refer to definition of terms and disclosure for presentation of financial information.

2012 Fourth Quarter Results Page 7

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OPERATING RESULTS

Operating Summary per Country

In thousands of U.S. dollars. EBITDA margin as a percentage of net sales.

January – December

Fourth Quarter

2012

2011

2012

2011

NET SALES

% Var.

pro forma

Colombia

907,477

681,238

33%

234,551

182,572

28%

Panama

289,795

231,690

25%

68,425

58,282

17%

Costa Rica

132,893

121,332

10%

33,405

26,743

25%

Rest of CLH

276,588

251,533

10%

70,914

62,253

14%

Others and intercompany eliminations

(15,005)

(15,992)

(6%)

(3,492)

(2,358)

48%

TOTAL

1,591,748

1,269,801

25%

403,803

327,492

23%

GROSS PROFIT

Colombia

521,837

340,559

53%

133,947

94,856

41%

Panama

138,907

93,807

48%

28,893

26,157

10%

Costa Rica

69,833

55,061

27%

16,917

12,221

38%

Rest of CLH

89,083

80,065

11%

21,872

20,131

Others and intercompany eliminations

425

14,611

(97%)

858

11,706

(93%)

TOTAL

820,085

584,103

40%

202,487

165,071

23%

OPERATING EARNINGS BEFORE OTHER EXPENSES, NET

Colombia

346,722

204,204

70%

96,531

59,105

63%

Panama

108,552

67,263

61%

23,353

18,892

24%

Costa Rica

44,895

37,144

21%

10,541

7,691

37%

Rest of CLH

66,360

57,782

15%

15,625

14,952

Others and intercompany eliminations

(86,515)

(57,122)

51%

(27,026)

(11,956)

126%

TOTAL

480,014

309,271

55%

119,024

88,685

34%

OPERATING EBITDA

Colombia

376,289

239,612

57%

105,731

65,285

62%

Panama

125,994

84,608

49%

27,838

22,985

21%

Costa Rica

52,681

47,252

11%

12,278

10,026

22%

Rest of CLH

72,736

67,189

16,959

17,254

(2%)

Others and intercompany eliminations

(80,079)

(59,491)

35%

(21,604)

(13,134)

64%

TOTAL

547,621

379,170

44%

141,202

102,417

38%

OPERATING EBITDA MARGIN

Colombia

41.5%

35.2%

45.1%

35.8%

Panama

43.5%

36.5%

40.7%

39.4%

Costa Rica

39.6%

38.9%

36.8%

37.5%

Rest of CLH

26.3%

26.7%

23.9%

27.7%

TOTAL

34.4%

29.9%

35.0%

31.3%

Please refer to definition of terms and disclosure for presentation of financial information.

2012 Fourth Quarter Results Page 8

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OPERATING RESULTS

Volume Summary

CLH volume summary

Cement and aggregates: Thousands of metric tons. Ready?mix: Thousands of cubic meters.

January – December

Fourth Quarter

2012

2011

% Var.

2012

2011

% Var.

Total cement volume 1

7,191

6,680

1,758

1,702

Total domestic gray cement volume

6,612

5,985

10%

1,644

1,509

Total ready?mix volume

3,084

2,742

12%

763

681

12%

Total aggregates volume

6,828

5,892

16%

1,671

1,477

13%

Per?country volume summary

January ? December

Fourth Quarter

Fourth Quarter 2012 Vs.

DOMESTIC GRAY CEMENT VOLUME

2012 Vs. 2011

Third Quarter 2012

Colombia

Panama

32%

33%

(5%)

Costa Rica

12%

(5%)

Rest of CLH

13%

READY?MIX VOLUME

Colombia

14%

12%

(4%)

Panama

(2%)

Costa Rica

18%

20%

(15%)

Rest of CLH

16%

11%

AGGREGATES VOLUME

Colombia

25%

11%

(11%)

Panama

(1%)

11%

(2%)

Costa Rica

(12%)

22%

(6%)

Rest of CLH

20%

61%

26%

1 Consolidated cement volume includes domestic and export volume of gray cement, white cement, special cement, mortar and clinker.

Please refer to definition of terms and disclosure for presentation of operating results.

2012 Fourth Quarter Results Page 9

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OPERATING RESULTS

Price Summary

Variation in U.S. Dollars

January ? December

Fourth Quarter

Fourth Quarter 2012 Vs.

DOMESTIC GRAY CEMENT PRICE

2012 Vs. 2011

Third Quarter 2012

Colombia

22%

Panama

(3%)

(2%)

Costa Rica

(1%)

Rest of CLH (*)

(1%)

READY?MIX PRICE

Colombia

23%

24%

Panama

13%

Costa Rica

Rest of CLH (*)

AGGREGATES PRICE

Colombia

19%

Panama

11%

Costa Rica

21%

(2%)

(8%)

Rest of CLH (*)

12%

(1%)

Variation in Local Currency

January ? December

Fourth Quarter

Fourth Quarter 2012 Vs.

DOMESTIC GRAY CEMENT PRICE

2012 Vs. 2011

Third Quarter 2012

Colombia

19%

14%

Panama

(3%)

(2%)

Costa Rica

(2%)

Rest of CLH (*)

(3%)

READY?MIX PRICE

Colombia

20%

16%

Panama

13%

Costa Rica

(1%)

Rest of CLH (*)

AGGREGATES PRICE

Colombia

12%

Panama

11%

Costa Rica

20%

(4%)

(7%)

Rest of CLH (*)

18%

17%

(*) Volume weighted?average price.

Please refer to definition of terms and disclosure for presentation of operating results.

2012 Fourth Quarter Results Page 10

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OTHER ACTIVITIES

Latam CEMEX announces pricing of the initial offering of its subsidiary, CEMEX Holdings, S.A. and subsequently announces exercise of put option related to initial purchasers’ stabilization activities

S. On A.November (“CLH”), a wholly?owned subsidiary of CEMEX Espańa, S. 6, 2012, CEMEX announced that CEMEX Latam A., priced its Holdings, Colombian Pesos per common share. initial offering of 170,388,000 new common The common shares offered by CLH shares, at a price of 12,250 included (a) to investors in Colombia and in a concurrent private placement to eligible 148,164,000 new common shares offered in a public offering common shares offered in such private placement that were subject to a investors outside of Colombia, and (b) an additional 22,224,000 new put during option the 30?day granted period to the following initial purchasers closing of of the the offering. private CLH’s placement assets included Colombia, substantially Panama, Costa all of Rica, CEMEX’s Brazil, cement Guatemala, and ready?mix Nicaragua assets and in El Salvador. CEMEX. CLH used the net proceeds to repay indebtedness owed to initial On December offering 12, of 2012, 170,388,000 CEMEX common announced shares that, of in connection its subsidiary, with CLH, the that completed they intend on November to exercise 15, the 2012, put the option initial they purchasers were granted. notified As CLH a purchasers result, CLH repurchased 22,224,000 of its common shares from the initial at a price of U.S.$6.75 per common share, the U.S. Dollar equivalent common share. of the These initial shares offering represented price of 12,250 approximately Colombian 13% Pesos of per all shares sold in the initial share offering and 100% of the shares subject to the put option. CLH used cash proceeds from the initial share offering to the repurchase repurchased the common shares in shares treasury. from After the initial giving purchasers effect to the and exercise will hold of the CLH’s outstanding common shares, excluding shares held in treasury. put option, CEMEX España, S.A., owned approximately 73.35% of CLH’s common shares are listed on the Colombian Stock Exchange (Bolsa de Valores de Colombia S.A.) under the ticker CLH.

2012 Fourth Quarter Results Page 11

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DEFINITIONS OF TERMS AND DISCLOSURES

Methodology for translation and presentation of results Pro forma financial information included in the report

Under IFRS, CEMEX Latam Holdings, S.A. (“CLH”) reports its CLH was incorporated during the second quarter of 2012 for purposes consolidated results in is its functional currency, which is the US Dollar, of the initial equity offering concluded on November 15, 2012. For by translating the financial statements of foreign subsidiaries using the accounting purposes, the group reorganization by means of which CLH corresponding exchange rate at the reporting date for the balance acquired its consolidated subsidiaries was effective July 1, 2012. As a sheet and the corresponding exchange rates at the end of each month result, CLH has no historical consolidated

financial information for for the income statement. 2011, nor financial information for full year 2012.

For convenience of the reader, and in order to present comprehensive For the reader’s convenience, Colombian peso amounts for the comparative operating information for the years ended December 31, consolidated entity are calculated by converting the US dollar amounts 2012 and 2011, and for the three?month periods ended December 31, using the closing COP/US$ exchange rate at the reporting date for 2012 and 2011, CLH prepared pro forma selected consolidated income balance sheet purposes, and the average COP/US$ exchange rate for statement information for full year 2012 and the three?month period the corresponding period for income statement purposes. The ended December 31, 2012, as well as pro forma selected combined exchange rates used to convert: (i) the balance sheet as of December income statement information for full year 2011 and the three?month 31, 2012 was $1,768.23 Colombian pesos per US dollar, (ii) the pro period ended December 31, 2011, intended in all cases and to the forma consolidated results for full year 2012 and pro forma combined extent possible, to present the operating performance of CLH on a like?result for full year 2011 were $1,798.73 and $1,854.02 Colombian to?like basis. In addition, CLH includes combined income statement pesos per US dollar, respectively, and (iii) the pro forma consolidated information for the year ended December 31, 2011 as reported in the results for the fourth quarter of 2012 and the pro forma combined Offering Memorandum for the recent initial equity offering. results for the fourth quarter of 2011 were $1,805.35 and $1,924.31

Colombian pesos per US dollar, respectively. Pro forma 2012: CLH consolidated income statement for the year ended December 31, 2012, was adjusted to reflect the additional Per?country/region selected financial information of the income results of the operating subsidiaries for the six?month period from statement is presented in US dollars translating the local currency January to June 2012. In addition, in connection with the 5% corporate amounts into US dollars using the average exchange rate for the charges and royalties agreement entered into by CLH with CEMEX and corresponding period net of corporate charges and royalties which are that was executed during the last quarter of 2012 with retroactive included under “other and intercompany eliminations.” effects for full year 2012, the consolidated income statement of CLH for the fourth quarter and full year of 2012 was adjusted to reflect the

Consolidated and combined financial information 5% consolidated corporate charges and royalties. When reference is made to consolidated financial information means

Pro forma 2011: CLH presents combined pro forma selected income the financial information of CLH together with its consolidated statement information of CLH subsidiaries as adjusted to reflect the 5% subsidiaries. When reference is made to combined financial corporate charges and royalties (on a like?to?like basis) for both the full information means the financial information of CLH’s subsidiaries on a year and the three?month period ended December 31, 2011. combined basis.

CLH will continue to present pro forma amounts during 2013 in Presentation of financial and operating information connection with the quarterly comparative information of 2012, in Individual information is provided for Colombia, Panama and Costa order to reflect the effects of the 5% royalty agreement allocated to Rica. each quarter.

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

Exchange rates

January ?

December

January – December

Fourth Quarter

2012

2011

2012

2011

2012

2011

Closing

Average

Colombian peso

1,768.23

1,942.7

1,798.73

1,854.02

1,805.35

1,924.31

Panama balboa

Costa Rica colon

514.32

518.33

508.28

512.56

506.91

517.18

Euro

0.7576

0.7712

0.775

0.7164

0.7665

0.7425

Amounts provided in units of local currency per US dollar.

2012 Fourth Quarter Results Page 12

LOGO

DEFINITIONS OF TERMS AND DISCLOSURES

Pro forma Earnings per Share (“Pro forma EPS”)

CLH was incorporated in April 2012 and its relevant share capital was contributed by CEMEX España on July 31, 2012 and by third?party investors on November 6, 2012. Therefore, there are no regular twelve?month periods for 2012 and 2011 in order to determine the average number of shares outstanding as indicated under IFRS for purposes of presenting Earnings per Share amounts. Considering these limitations and only for convenience of the reader, CLH includes Pro Forma EPS for the years ended December 31, 2012 and 2011 considering for both periods the actual number of shares outstanding as of December 31, 2012 of 556,054,342 shares. For 2012, pro forma consolidated net income for the full year was divided into the number of shares outstanding. For 2011, combined net income for the full year was divided into the number of shares outstanding. These Pro forma EPS amounts provide certain reference but should not be construed as representations of what actual basic or diluted earnings per share determined under IFRS would have been had CLH being in existence during such years.

Volumes and prices

Considering the limitations of historical information described above, CLH changes in volumes and prices, presented for convenience of the reader, consider volumes

and average prices on a pro forma basis for the twelve?month periods ended December 31, 2012 and 2011.

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 the company’s operational continuity. These include capital expenditures on projects required to replace obsolete assets or maintain current operational levels, and mandatory capital expenditures, which are projects required to comply with governmental regulations or company policies.

Net debt equals total debt minus cash and cash equivalents. Operating EBITDA equals operating earnings before other expenses, net, plus depreciation and operating amortization. pp equals percentage points. 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. Working capital equals operating accounts receivable (including other current assets received as payment in kind) plus historical inventories minus operating payables.

2012 Fourth Quarter Results Page 13