Exhibit 2 - 2Q2020 Results

Exhibit 2

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2020 SECOND QUARTER RESULTS Stock Listing Information Philippine Stock Exchange Ticker: CHP Investor Relations + 632 8849 3600 EMail: chp.ir@cemex.com


Operating and Financial Highlights


	January - June									Second Quarter
	2020			2019			% var			2020			2019			% var
Net sales		9,623			12,356			(22	%)		3,993			6,119			(35	%)
Gross profit		3,784			5,081			(26	%)		1,430			2,768			(48	%)
as % of net sales		39	%		41	%		(2pp	)		36	%		45	%		(9pp	)
Operating earnings before other expenses, net		653			1,457			(55	%)		132			832			(84	%)
as % of net sales		7	%		12	%		(5pp	)		3	%		14	%		(10pp	)
Controlling Interest Net Income (Loss)		135			802			(83	%)		46			634			(93	%)
Operating EBITDA		1,850			2,372			(22	%)		767			1,276			(40	%)
as % of net sales		19.2	%		19.2	%		0.0pp			19.2	%		20.9	%		(1.7pp	)
Free cash flow after maintenance capital expenditures		45			1,687			(97	%)		(267	)		839			N/A
Free cash flow		(1,908	)		1,288			N/A			(768	)		505			N/A
Net debt¹		8,409			16,887			(50	%)		8,409			16,887			(50	%)
Total debt¹		13,681			21,162			(35	%)		13,681			21,162			(35	%)
Earnings per share²		0.01			0.15			(92	%)		0.00			0.12			(97	%)

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

¹	U.S. dollar debt converted using end-of-period exchange rate. See Debt Information on page 4 and Exchange Rates on page 8 for more detail.

²	In Philippine Pesos

Net sales decreased, year-over-year, by 35% during the second quarter and by 22% during the first half of the year, due to lower volumes and prices.

Cost of sales was at 61% of sales during the first six months of 2020 compared with 59% in the same period of 2019.

Total fuel cost was 7% lower year-over-year, while total power cost declined by 24% year-over-year during the first half of 2020 mainly due to the temporary stoppage of Solid Cement Plant and kiln optimizations at APO Plant.

Power costs also benefitted from lower electricity prices and a one-off rebate from the wholesale electricity spot market in the first quarter of the year.

In line with efforts to reduce costs, CHP postponed all major kiln maintenance to the second half of the year.

Operating expenses, as a percentage of sales, was at 32.5% during the first half of 2020, compared with 29.3% in the same period of 2019.

Distribution expenses, as a percentage of sales, was at 18.2% during the first half of 2020, compared with 16.8% in the same period of 2019. Measures to control distribution expenses limited the increase in our cost to 1.4 percentage points of sales year-over-year despite significant reduction in sales volumes.

Selling and administrative expenses, as a percentage of sales, was at 14.3% during the first half of 2020, compared with 12.5% in the same period of 2019. Total selling and administrative expenses were lower by 11% year-over-year for the first half of 2020.

Operating EBITDA for the first six months of 2020 was at PHP 1.8 billion, a decrease of 22% year-over-year. Second quarter operating EBITDA was adversely affected by lower activity due to COVID-19 quarantine measures, decreasing by 40% year-over-year.

Operating EBITDA margin was flat year-over-year at 19% for the first half of the 2020, impacted by lower volumes and prices, which were partially offset by cost reduction initiatives and lower absolute distribution expenses.

Controlling interest net income was at PHP 135 million for the first six months of 2020.

Operating earnings were adversely affected by lower activity due to COVID-19 quarantine measures.

Income tax during the first half of the year reflects an increase in deferred tax assets related to Net Operating Loss Carry-Over (NOLCO) and Minimum Corporate Income Tax (MCIT) credits.

Total debt at the end of June 2020 was at PHP 13,681 million, of which PHP 11,357 million pertained to debt owed to BDO Unibank, Inc.


2020 Second Quarter Results		Page 2


Operating Results


Domestic Gray Cement	January - June			Second Quarter			Second Quarter 2020
	2020 vs. 2019			2020 vs. 2019			vs. First Quarter 2020
Volume		(17	%)		(31	%)		(30	%)
Price in PHP		(6	%)		(6	%)		1	%

The second quarter saw a significant slowdown in construction activity.

Our domestic cement volumes decreased by 31% year-over-year during the second quarter, and by 30% on a sequential basis. We have seen volume recovery month-on-month in May and June.

During the first six months of 2020, our domestic cement volumes decreased by 17% year-over-year. This decrease reflects the impact of quarantine measures nationwide and the Luzon Enhanced Community Quarantine from March 16 until May 31.

Our domestic cement prices during the second quarter and first half of the 2020 were 6% lower year-over-year, reflecting declines during the second half of 2019.

Sequentially, our prices remained stable, with the variation reflecting changes in geographic mix due to the temporary closure of Solid Plant.


2020 Second Quarter Results		Page 3


Operating EBITDA, Free Cash Flow and Debt Information

Operating EBITDA and Free Cash Flow


	January - June									Second Quarter
	2020			2019			% var			2020			2019			% var
Operating earnings before other income, net		653			1,457			(55	%)		132			832			(84	%)
+ Depreciation and operating amortization		1,197			915						636			443

Operating EBITDA		1,850			2,372			(22	%)		767			1,276			(40	%)
- Net financial expenses		534			715						255			360
- Maintenance capital expenditures		45			358						(4	)		268
- Change in working capital		1,019			(637	)					687			(324	)
- Income taxes paid		205			259						83			138
- Other cash items (net)		1			(10	)					13			(4	)

Free cash flow after maintenance capital expenditures		45			1,687			(97	%)		(267	)		839			N/A
- Strategic capital expenditures		1,953			399						501			334

Free cash flow		(1,908	)		1,288			N/A			(768	)		505			N/A

In millions of Philippine Pesos

Debt Information


				Second Quarter						First Quarter
	2020			2019			% var			2020
Total debt⁽¹⁾⁽²⁾		13,681			21,162			(35	%)		13,481
Short term		6	%		8	%					5	%
Long term		94	%		92	%					95	%

Cash and cash equivalents		5,272			4,275			23	%		6,334

Net debt		8,409			16,887			(50	%)		7,147

Leverage Ratio⁽³⁾		3.69									3.20
Coverage Ratio⁽³⁾		4.16									4.08


	Second Quarter
	2020			2019
Currency denomination
U.S. dollar		6	%		26	%
Philippine peso		94	%		74	%

Interest rate
Fixed		57	%		41	%
Variable		43	%		59	%

In millions of Philippine Pesos, except percentages

⁽¹⁾	U.S. dollar debt converted using end-of-period exchange rate. See Exchange Rates on page 8 for more detail.

⁽²⁾	Includes leases, in accordance with Philippine Financial Reporting Standards (PFRS).

⁽³⁾	Based on BDO Loan Facility financial covenants which we are required to comply commencing on June 30, 2021.


2020 Second Quarter Results		Page 4


Financial Results

Income Statement & Balance Sheet Information

CEMEX Holdings Philippines, Inc.

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


	January – June									Second Quarter
INCOME STATEMENT	2020			2019			% var			2020			2019			% var
Net sales		9,623,042			12,355,927			(22	%)		3,993,126			6,118,500			(35	%)
Cost of sales		(5,838,720	)		(7,274,695	)		20	%		(2,562,903	)		(3,350,450	)		24	%

Gross profit		3,784,322			5,081,232			(26	%)		1,430,223			2,768,050			(48	%)
Selling and Administrative expenses		(1,377,933	)		(1,546,207	)		11	%		(610,478	)		(810,611	)		25	%
Distribution expenses		(1,753,826	)		(2,078,096	)		16	%		(688,022	)		(1,125,146	)		39	%

Operating earnings before other expenses, net		652,563			1,456,929			(55	%)		131,723			832,293			(84	%)
Other income (expenses), net		(1,373	)		10,478			N/A			(13,467	)		4,086			N/A

Operating earnings (loss)		651,190			1,467,407			(56	%)		118,256			836,379			(86	%)
Financial expenses, net		(534,124	)		(714,803	)		25	%		(254,584	)		(359,567	)		29	%
Foreign exchange gain (loss), net		(305	)		274,401			N/A			66,106			291,678			(77	%)

Net income (loss) before income taxes		116,761			1,027,005			(89	%)		(70,222	)		768,490			N/A
Income tax benefit (expenses)		18,256			(224,694	)		N/A			116,117			(134,818	)		N/A

Consolidated net income (loss)		135,017			802,311			(83	%)		45,895			633,672			(93	%)
Non-controlling interest net income (loss)		12			12			0	%		4			6			(33	%)

Controlling Interest net income (loss)		135,029			802,323			(83	%)		45,899			633,678			(93	%)

Operating EBITDA		1,849,907			2,371,702			(22	%)		767,471			1,275,767			(40	%)
Earnings per share		0.01			0.15			(92	%)		0.00			0.12			(97	%)


	as of June 30							as of December 31
BALANCE SHEET	2020		2019		% Var			2019		% Var
Total Assets		63,348,718		59,446,204		7	%		58,806,177		8	%
Cash and Temporary Investments		5,271,916		4,275,083		23	%		1,399,180		277	%
Derivative Asset		0		10,946		(100	%)		0
Trade Accounts Receivables		883,519		1,080,257		(18	%)		892,951		(1	%)
Other Receivables		39,038		85,330		(54	%)		92,993		(58	%)
Insurance Claims and Premium Receivables		359,821		512		70178	%		445,535		(19	%)
Inventories		2,380,727		3,452,902		(31	%)		3,013,444		(21	%)
Assets Held for Sale		0		0					0
Other Current Assets		1,778,188		1,353,796		31	%		1,672,392		6	%
Current Assets		10,713,209		10,258,826		4	%		7,516,495		43	%
Fixed Assets		21,248,850		17,615,197		21	%		19,937,723		7	%
Investments in an Associate and Other Investments		14,097		14,097		0	%		14,097		0	%
Other Assets and Noncurrent Accounts Receivables		873,674		985,872		(11	%)		837,151		4	%
Advances to Contractors		1,378,280		1,988,045		(31	%)		1,606,397		(14	%)
Deferred Income Taxes—net		1,260,914		724,473		74	%		1,034,620		22	%
Goodwill		27,859,694		27,859,694		0	%		27,859,694		0	%
Other Assets		31,386,659		31,572,181		(1	%)		31,351,959		0	%

Total Liabilities		21,131,517		30,188,770		(30	%)		29,140,690		(27	%)
Current Liabilities		7,511,370		9,887,544		(24	%)		10,136,812		(26	%)
Long-Term Liabilities		11,123,722		17,684,969		(37	%)		16,549,640		(33	%)
Deferred Tax Liability		1,453		13,954		(90	%)		1,587		(8	%)
Other Liabilities		2,494,972		2,602,303		(4	%)		2,452,651		2	%

Consolidated Stockholders’ Equity		42,217,201		29,257,434		44	%		29,665,487		42	%
Non-controlling Interest		158		181		(13	%)		170		(7	%)
Stockholders’ Equity Attributable to Controlling Interest		42,217,043		29,257,253		44	%		29,665,317		42	%


2020 Second Quarter Results		Page 5


Financial Results

Income Statement & Balance Sheet Information

CEMEX Holdings Philippines, Inc.

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


	January - June									Second Quarter
INCOME STATEMENT	2020			2019			% var			2020			2019			% var
Net sales		190,354			237,747			(20	%)		79,418			118,038			(33	%)
Cost of sales		(115,496	)		(139,977	)		17	%		(50,973	)		(64,637	)		21	%

Gross profit		74,858			97,770			(23	%)		28,445			53,401			(47	%)
Selling and Administrative expenses		(27,257	)		(29,752	)		8	%		(12,142	)		(15,639	)		22	%
Distribution expenses		(34,693	)		(39,986	)		13	%		(13,684	)		(21,706	)		37	%

Operating earnings before other expenses, net		12,908			28,032			(54	%)		2,619			16,056			(84	%)
Other income (expenses), net		(27	)		202			N/A			(268	)		79			N/A

Operating earnings (loss)		12,881			28,234			(54	%)		2,351			16,135			(85	%)
Financial expenses, net		(10,566	)		(13,754	)		23	%		(5,063	)		(6,937	)		27	%
Foreign exchange gain (loss), net		(6	)		5,280			N/A			1,315			5,627			(77	%)

Net income (loss) before income taxes		2,309			19,760			(88	%)		(1,397	)		14,825			N/A
Income tax benefit (expenses)		361			(4,323	)		N/A			2,309			(2,601	)		N/A

Consolidated net income (loss)		2,670			15,437			(83	%)		912			12,224			(93	%)
Non-controlling interest net income (loss)		0			0						0			0

Controlling Interest net income (loss)		2,670			15,437			(83	%)		912			12,224			(93	%)

Operating EBITDA		36,593			45,635			(20	%)		15,264			24,612			(38	%)


	as of June 30							as of December 31
BALANCE SHEET	2020		2019		% Var			2019		% Var
Total Assets		1,271,297		1,160,153		10	%		1,161,259		9	%
Cash and Temporary Investments		105,798		83,433		27	%		27,630		283	%
Derivative Asset		0		214		(100	%)		0
Trade Accounts Receivables		17,731		21,082		(16	%)		17,633		1	%
Other Receivables		783		1,665		(53	%)		1,836		(57	%)
Insurance Claims and Premium Receivables		7,221		10		72110	%		8,798		(18	%)
Inventories		47,777		67,387		(29	%)		59,507		(20	%)
Assets Held for Sale		0		0					0
Other Current Assets		35,685		26,421		35	%		33,025		8	%
Current Assets		214,995		200,212		7	%		148,429		45	%
Fixed Assets		426,427		343,778		24	%		393,715		8	%
Investments in an Associate and Other Investments		283		275		3	%		278		2	%
Other Assets and Noncurrent Accounts Receivables		17,533		19,240		(9	%)		16,532		6	%
Advances to Contractors		27,660		38,799		(29	%)		31,722		(13	%)
Deferred Income Taxes—net		25,304		14,139		79	%		20,431		24	%
Goodwill		559,095		543,710		3	%		550,152		2	%
Other Assets		629,875		616,163		2	%		619,115		2	%

Total Liabilities		424,071		589,164		(28	%)		575,448		(26	%)
Current Liabilities		150,739		192,965		(22	%)		200,174		(25	%)
Long-Term Liabilities		223,233		345,140		(35	%)		326,810		(32	%)
Deferred Tax Liability		29		272		(89	%)		31		(6	%)
Other Liabilities		50,070		50,787		(1	%)		48,433		3	%

Consolidated Stockholders’ Equity		847,225		570,988		48	%		585,811		45	%
Non-controlling Interest		3		4		(25	%)		3		0	%
Stockholders’ Equity Attributable to Controlling Interest		847,222		570,984		48	%		585,808		45	%


2020 Second Quarter Results		Page 6


Other Information

Newly issued PFRS effective in 2019

PFRS 16, Leases (“PFRS 16”)

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


(Thousands of Philippine Pesos)	As of January 1, 2017
Assets for the right-of-use		2,187,292
Deferred income tax assets		33,509
Deferred income tax liability		(3,053	)
Lease liabilities		2,309,165

Retained earnings¹		(85,311	)

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

As of June 30, 2020 and 2019, assets for the right-of-use amounted to PHP 2,070 million and PHP 1,932 million, respectively. In addition, financial liabilities related to lease contracts amounted to PHP 2,324 million as of June 30, 2020 and PHP 2,112 million as of June 30, 2019. These amounts of financial liabilities as of June 30, 2020 and 2019 are included in the “Debt Information” section appearing on page 4.


2020 Second Quarter Results		Page 7


Definitions of Terms and Disclosures

Methodology for translation, consolidation, and presentation of results

CEMEX Holdings Philippines, Inc. (“CHP”) reports its consolidated financial statements under Philippine Financial Reporting Standards (“PFRS”). When reference is made in 2020 and 2019 to consolidated financial statements, it means CHP financial information together with its subsidiaries.

For the purpose of presenting figures in U.S. dollars, the consolidated balance sheet as of June 30, 2020 has been converted at the end of period exchange rate of 49.83 Philippine pesos per US dollar while the consolidated income statement for the six-month period ended June 30, 2020 has been converted at the January to June 2020 average exchange rate of 50.55 Philippine pesos per US dollar. On the other hand, the consolidated income statement for the three-month period ended June 30, 2020 has been converted at the April to June 2020 average exchange rate of 50.28 Philippine pesos per US dollar.

Definition of terms

PHP refers to Philippine Pesos.

pp equals percentage points.

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

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

Free cash flow equals operating EBITDA minus net interest expense, maintenance and strategic capital expenditures, change in working capital, taxes paid, and other cash items (net other expenses less proceeds from the disposal of obsolete and/or substantially depleted operating fixed assets that are no longer in operation).

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

Strategic capital expenditures investments incurred with the purpose of increasing the company’s profitability. These include capital expenditures on projects designed to increase profitability by expanding capacity, and margin improvement capital expenditures, which are projects designed to increase profitability by reducing costs.

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

Net debt equals total debt minus cash and cash equivalents.

Exchange Rates

January - June

Second Quarter

January - June

2020
average

2019
average

2020
average

2019
average

2020
End of period

2019
End of period

Philippine peso

50.55

51.97

50.28

51.84

49.83

51.24

Amounts provided in units of local currency per US dollar


2020 Second Quarter Results		Page 8