EX-3 4 d853084dex3.htm EX-3 EX-3

2024年第三季度成果展示 位於美國舊金山的Mission Rock,採用Vertua混凝土建造,屬於我們可持續產品系列Vertua,具有可持續屬性。照片由Mission Rock Partners提供


Except as the context otherwise may require, references in this presentation to 「Cemex,」 「we,」 「us,」 or 「our,」 refer to Cemex, S.A.B. de C.V. (NYSE: CX) and its consolidated entities. The information included in this presentation contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. We intend these forward-looking statements to be covered by the 「safe harbor」 provisions for forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements and information are necessarily subject to risks, uncertainties, and assumptions, including but not limited to statements related to Cemex’s plans, objectives, and 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」 or other similar forward-looking words. These forward-looking statements reflect, as of the date such forward-looking statements are made, unless otherwise indicated, our current expectations and projections about future events based on our knowledge of present facts and circumstances and assumptions about future events. Although we believe that our expectations are reasonable, we can give no assurance that these expectations will prove to be correct, and actual results may vary materially from historical results or those anticipated by forward-looking statements due to various factors. Among others, such risks, uncertainties, and assumptions that could cause results to differ, or that otherwise could have an impact on us, include those discussed in Cemex’s most recent annual report and those detailed from time to time in Cemex’s other filings with the Securities and Exchange Commission and the Mexican Stock Exchange (Bolsa Mexicana de Valores), which factors are incorporated herein by reference, including, but not limited to: changes in general economic, political and social conditions, including new governments, elections, changes in inflation, interest and foreign exchange rates, employment levels, population growth, consumer confidence and the liquidity of the financial and capital markets, in Mexico or other countries in which we operate; the cyclical activity of the construction sector and reduced construction activity in our end markets; our exposure to sectors that impact our and our clients’ businesses, particularly those operating in the commercial and residential construction sectors, and the infrastructure and energy sectors; volatility in pension plan asset values and liabilities, which may require cash contributions to the pension plans; changes in spending levels for residential and commercial construction; the availability of short-term credit lines or working capital facilities, which can assist us in connection with market cycles; any impact of not maintaining investment grade debt rating on our cost of capital and on the cost of the products and services we purchase; availability of raw materials and related fluctuating prices of raw materials, as well as of goods and services in general, in particular increases in prices as a result of inflation; our ability to maintain and expand our distribution network and maintain favorable relationships with third parties who supply us with equipment and essential suppliers; competition in the markets in which we offer our products and services; the impact of environmental cleanup costs and other remedial actions, 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 our effective tax rate; our ability to comply and implement technologies that aim to reduce CO2 emissions in jurisdictions with carbon regulations in place; the legal and regulatory environment, including environmental, energy, tax, antitrust, human rights and labor welfare, acquisition-related rules and regulations; the effects of currency fluctuations on our results of operations and financial conditions; our ability to satisfy our obligations under our material debt agreements, the indentures that govern our outstanding notes, and our other debt instruments and financial obligations, including our subordinated notes with no fixed maturity; adverse legal or regulatory proceedings or disputes, such as class actions or enforcement or other proceedings brought by government and regulatory agencies; our ability to protect our reputation; 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 generally meet our business 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 invasion, disruption, or damage caused by circumstances beyond our control, including cyber-attacks, catastrophic events, power outages, natural disasters, computer system or network failures, or other security breaches; climate change, in particular reflected in weather conditions, including but not limited to excessive rain and snow, and disasters such as earthquakes and floods, that could affect our facilities or the markets in which we offer our products and services or from where we source our raw materials; trade barriers, including tariffs or import taxes and changes in existing trade policies or changes to, or withdrawals from, free trade agreements, including the United States-Mexico-Canada Agreement; availability and cost of trucks, railcars, barges, and ships, as well as their licensed operators and drivers, for transport of our materials; labor shortages and constraints; our ability to hire, effectively compensate and retain our key personnel and maintain satisfactory labor relations; our ability to detect and prevent money laundering, terrorism financing and corruption, as well as other illegal activities; terrorist and organized criminal activities, social unrest, as well as geopolitical events, such as hostilities, war, and armed conflicts, including the current war between Russia and Ukraine and conflicts in the Middle East; the impact of pandemics, epidemics, or outbreaks of infectious diseases and the response of governments and other third parties, which could 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; changes in the economy that affect demand for consumer goods, consequently affecting demand for our products and services; the depth and duration of an economic slowdown or recession, instability in the business landscape and lack of availability of credit; 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). Many factors could cause Cemex’s expectations, expected results, and/or projections expressed in this presentation not being reached and/or not producing the expected benefits and/or results, as any such benefits or results are subject to uncertainties, costs, performance, and rate of implementation of technologies, some of which are yet not proven. 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. Forward-looking statements should not be considered guarantees of future performance, nor the results or developments are indicative of results or developments in subsequent periods. Actual results of Cemex’s operations and the development of market conditions in which Cemex operates, or other circumstances or assumptions suggested by such statements may differ materially from those described in, or suggested by, the forward-looking statements contained herein. Any or all of Cemex’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, as such forward-looking statements speak only as of the dates on which they are made. These factors may be revised or supplemented and the information contained in this presentation is subject to change without notice, but Cemex is not under, and expressly disclaims, any obligation to update or correct the information contained in this presentation or revise any forward-looking statement that it may make from time to time, whether as a result of new information, future events or otherwise, or to reflect the occurrence of anticipated or unanticipated events or circumstances. Readers should review future reports filed by us with the U.S. Securities and Exchange Commission and the Mexican Stock Exchange (Bolsa Mexicana de Valores). Market data used in this presentation not attributed to a specific source are estimates of Cemex and have not been independently verified. Certain financial and statistical information contained in this presentation is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding. Unless otherwise specified, all references to records are internal records. This presentation includes certain non-IFRS financial measures that differ from financial information presented by Cemex in accordance with IFRS in its financial statements and reports containing financial information. The aforementioned non-IFRS financial measures include 「Operating EBITDA (operating earnings before other expenses, net plus depreciation and amortization)」 and 「Operating EBITDA Margin」. The closest IFRS financial measure to Operating EBITDA is 「Operating earnings before other expenses, net」, as Operating EBITDA adds depreciation and amortization to the IFRS financial measure. Our Operating EBITDA Margin is calculated by dividing our Operating EBITDA for the period by our revenues as reported in our financial statements. We believe there is no close IFRS financial measure to compare Operating EBITDA Margin. These non-IFRS financial measures are designed to complement and should not be considered superior to financial measures calculated in accordance with IFRS. Although Operating EBITDA and Operating EBITDA Margin are not measures of operating performance, an alternative to cash flows or a measure of financial position under IFRS, Operating EBITDA is the financial measure used by Cemex’s management to review operating performance and profitability, for decision-making purposes and to allocate resources. Moreover, our Operating EBITDA is a measure used by Cemex’s creditors to review our ability to internally fund capital expenditures, service or incur debt and comply with financial covenants under our financing agreements. Furthermore, Cemex’s management regularly reviews our Operating EBITDA Margin by reportable segment and on a consolidated basis as a measure of performance and profitability. These non-IFRS financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Non-IFRS financial measures presented in the reports, presentations, and documents to be disclosed during Cemex’s third quarter 2024 results conference call and audio webcast presentation are being provided for informative purposes only and shall not be construed as investment, financial, or other advice. Also, this presentation includes statistical data regarding the production, distribution, marketing and sale of cement, ready-mix concrete, clinker, aggregates, and Urbanization Solutions. Cemex generated some of this data internally, and some was obtained from independent industry publications and reports that Cemex believes to be reliable sources. Cemex has not independently verified this data nor sought the consent of any organizations to refer to their reports in this presentation. Cemex acts in strict compliance of antitrust laws and as such, among other measures, maintains an independent pricing policy that has been independently developed and its core element is to price Cemex’s products and services based upon their quality and characteristics as well as their value to Cemex’s customers. Cemex does not accept any communications or agreements of any type with competitors regarding the determination of Cemex’s prices for Cemex’s products and services. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to Cemex’s prices for Cemex’s products. Additionally, the information contained in this presentation contains references to 「green,」 「social,」 「sustainable,」 or equivalent-labelled activities, products, assets, or projects. There is currently no single globally recognized or accepted, consistent, and comparable set of definitions or standards (legal, regulatory, or otherwise) of, nor widespread cross-market consensus i) as to what constitutes, a 『green』, 『social,』 or 『sustainable』 or having equivalent-labelled activity, product, or asset; or ii) as to what precise attributes are required for a particular activity, product, or asset to be defined as 『green』, 『social,』 or 『sustainable』 or such other equivalent label; or iii) as to climate and sustainable funding and financing activities and their classification and reporting. Therefore, there is little certainty, and no assurance or representation is given that such activities and/or reporting of those activities will meet any present or future expectations or requirements for describing or classifying funding and financing activities as 『green,』 『social,』 or 『sustainable』 or attributing similar labels. We expect policies, regulatory requirements, standards, and definitions to be developed and continuously evolve over time. UNLESS OTHERWISE NOTED, ALL FIGURES ARE PRESENTED IN DOLLARS, BASED ON INTERNATIONAL FINANCIAL REPORTING STANDARDS, AS APPLICABLE Copyright Cemex, S.A.B. de C.V. and its subsidiaries


關鍵亮點 ~90%的EBITDA預計在非核心資產銷售中達到 ~$22億 在美國、歐洲產生的淨利潤增長,2024年第三季度同比增長超過200%,墨西哥發帖後資產剝離EBITDA環比下降9%,同比下降 由於天氣導致的增長投資在2024年第三季度產生了 -3%的年初至今減少,13%的EBITDA在2024年第三季度CO排放 2 西麥斯領導的財團被選中,西麥斯榮獲《財富》2024年EU創新雜誌的資金用於在CX 2 Rüdersdorf工廠進行CO捕集的改變世界名單。


3Q24:業績受天氣、外匯期貨和更高固定成本影響 淨銷售額 EBITDA EBITDA FCF 在毛利維護後 Capex -3% 同比 -9% 同比 -1.4個百分點 -6% -13% 4,364 861 19.7% 4,090 475 18.3% 747 420 114 3Q23 3Q24 3Q23 3Q24 3Q23 3Q24 3Q23 3Q24 3Q24 1 調整後 12,528 12,389 2,444 2,398 19.5% 19.4% 697 154 537 9M24:-1% 同比 -2% 同比 -0.1個百分點 數百萬美元 1)調整後支付3Q24的30600萬和9M24的38300萬,涉及西班牙的稅收罰款 Loan Depot Park,美國邁阿密 4


受天氣影響的成交量;歐洲恢復增長模式 3Q24 綜合成交量 同比 % 成交量增長 同比 % 成交量增長(環比) 2% -1% 0% 美國 -6% 歐洲 -2% -11% -4% -3% -6% 2% 墨西哥 -4% 0% 歐洲、中東、非洲 -7% -7% -4% 1 水泥 預拌混凝土 -2% Aggregates SCAC -3% -6% 5 1) 國內灰水泥


儘管成交量背景下,價格仍然彈性良好。24年第3季度,歐洲、中東、非洲綜合價格 環比價% 24年第3季度(年同比)1% 3% 3% 2% 2% 歐洲 2% 1% 0% 0% 美國 0% 1% -1% -2% -1% -1% 0% 0% -1% 5% 2% 3% 1% 墨西哥 歐洲、中東、非洲 -3% -1% 串聯(24年第2季度至24年第3季度) 0% 0% -1% -3% -2% 1% 1 水泥 10% 預拌混凝土 7% 3% 骨料 SCAC -2% -1% 9% 1)國內普通 水泥 6 注意:西麥斯和所有地區的價格均按恒定外匯匯率的成交量加權平均計算。


EBITDA績效主要由成交量解釋 3Q24 EBITDA 瀑布圖 -9% -13% 861 -75 72 780 -90 7 -4 8 -34 747 3Q23 成交量 價格 成本 增長 城市化 其他 3Q24 外匯期貨 3Q24 投資 解決方案 l-t-l 報告的 EBITDA 19.7% 18.3% -1.4pp 毛利成本 作爲 65.9% 67.2% +1.3 pp 銷售額的百分比 700萬美元的銷售額


城市化解決方案:毛利增長由高毛利摻合劑和砂漿業務推動 EBITDA重點:數百萬美元 收購了Heim的循環業務的大部分股權 l-t-l摻合劑:柏林EBITDA合併: 1 偏高 >35% 的毛利,帶有兩位數的EBITDA 40萬噸的CDEm -3% • 重新利用骨料以促進增長 89混凝土生產86 • 德國第一家將CDEm永久儲存的砂漿工廠:墨西哥增長和歐洲、中東、非洲永久質量和CO在再生礦物中的定價策略2創新產品廢物 循環:美國副產品增長迅速,並在歐美CDEm活動增加 13.8%至15.5% 菌世界的空間 8 1)建築、拆除和採掘材料


「減少後捕獲」策略 西麥斯牽頭的CCUS聯盟 同時爲淨零創新,獲得了來自歐盟創新基金的15700萬歐元資助 範圍1 範圍2 -15% -15% 620 -3% -4% 54.8 540 48.6 526 46.5 24.0 430 2020 9M23 9M24 2030 2020 9M23 9M24 2030 • 德國Rüdersdorf水泥廠 目標 目標 • 西麥斯迄今爲止最大CCUS項目 加速脫碳:3年內完成 • 與linde合作,過去需要15年的工作 • 目標是每年捕獲130萬噸二氧化碳 2 每噸水泥產生公斤二氧化碳。 範圍1與淨排放有關。 2 所有信息不包括菲律賓、多米尼加共和國和危地馬拉。 1) 資金撥款以成功完成撥款準備過程及簽署歐盟撥款協議爲前提 西麥斯的Rüdersdorf水泥廠,德國


Vertua產品正在廣泛獲得認可 水泥混凝土 +8pp +8pp 63% 55% 55% 47% 38% 33% 總體銷量的比例 2022年 2023年 截止2024年第三季度 2022年 2023年 截止2024年第三季度 巴黎大皇宮公路 任務羅克修復曼特-奧坎波-圖拉 巴黎,法國 墨西哥坦皮科州 聖弗朗西斯科,美國 • 專門回收的具有可持續屬性的混凝土 • 連接墨西哥北部和中部的107 公里道路 • 28英畝的混合用途設施,帶有骨料,完全由可持續屬性的拉丁美洲最長隧道的美洲西麥斯門戶進行管理 10


資產出售所得用於重點投資增長,重點關注美國 資本平衡今年來資產出售分配框架自由現金流增長投資菲律賓(重點美國)$80000萬 增長投資自由現金流多米尼加共和國$95000萬 約$22億 分紅派息和危地馬拉 股東回報 股份回購$20000萬 資產出售資產出售 債務去槓桿還債 Neoris $20900萬 資金來源資金用途 以百萬美元爲單位 菲律賓、多米尼加共和國和Neoris,交易完成需滿足交易條件和價格調整。預計在2024年年底前或 之後不久。11


過去三年交付了14%的EBITDA複合年增長率,2020-2028年間有望實現~30億美元的投資組合,到2028年有望實現約70000萬美元的EBITDA,其中有10%來源於有機增長,2020-2023年間已完成11億美元的增長投資,平均IRR爲35%,2020-2023年的EBITDA倍數爲3.4倍。所有時期都不包括Neoris、菲律賓、多米尼加共和國和危地馬拉等國,單位均爲美元百萬。


近期投資突出我們的優先事項 水泥骨料 水泥 大西洋塊體 終端 終端 礦產 美國 美國 美國 加拿大/美國 內部收益率: 44% 內部收益率: 166% 內部收益率: 13% 內部收益率: 70% 佛羅里達塊體廠 洛克蘭新終端,FL 特沃斯擴展 TX 骨料採石場 替代廢物循環性 HEI 資產 燃料 管理 西班牙 法國 墨西哥 墨西哥 內部收益率: 58% 內部收益率: 23% 內部收益率: 126% 內部收益率: 20% 2個石灰石採石場和3個垃圾衍生燃料系統在Huichapan CDEm在Gennevilliers Broquers Ambiental收購預拌混凝土廠 水泥 骨料 城市化解決方案 1) 施工、拆除和挖掘材料 13 2) 垃圾衍生燃料


哥倫比亞麥德林的區域型亮點,具有住宅感覺 14


墨西哥:受產量和一次性電力成本影響,截至今年的結果達到了以百萬美元計算的量 3Q24 3Q24 銷售額 1,136 3,831 YoY百分比 (上年同期) (5%) 3% EBITDA 319 1,193 YoY百分比 (上年同期) (8%) 5% EBITDA利潤率 28.1% 31.1% pp變動 (1.2pp) 0.7pp • 預期在六月政府選舉後施工活動減速 • 記錄降雨量進一步影響產量(同比增加50%) • EBITDA和利潤率的同比增減取決於天氣影響和電力成本暫時上升,預計到2025年隨着業務遷移到新的 電力供應,情況將逆轉 • 水泥和混凝土價格上漲了個位數,部分抵消了不利的貨幣波動和電力成本 • 由於臨近外包和基礎設施製造行業的增長,混凝土攪拌料訂單簿呈強勁增長 特爾瑪區,墨西哥維拉克魯斯,墨西哥用Hidratium混凝土建造的15


美國:儘管極端天氣影響,EBITDA利潤率依然堅韌 百萬美元 3Q24 3Q24 銷售額 1,335 3,961 同比(同店)(4%) (3%) EBITDA 258 792 同比(同店)(4%) (1%) EBITDA 利潤率 19.3% 20.0% RMX & pp 變化 0.0pp 0.3pp CEm Urb. Sol. 29% 35% 9M24 EBITDA • 運營受到極端天氣條件的影響,包括三場主要颶風和高於平均水平的降水和洪水 • 不利天氣對EBITDA的影響估計爲1700萬美元,解釋了同比EBITDA的變化 • 儘管成交量動態,EBITDA利潤率依然令人印象深刻 • 砂石現在是美國盈利能力的最大貢獻者,佔EBITDA的36%,毛利率超過30% • 與Couch Aggregates公司成立合資企業,以加強和擴展我們在東南部的砂石儲備 普諾拉馬塔架,邁阿密,美國 16


歐洲、中東、非洲:正經歷轉折點,歐洲在年初領先反彈 百萬美元 3Q24 3Q24 銷售額 1,243 3,476 同比增長(逐季增長) 1% (5%) 息稅折舊及攤銷前利潤(EBITDA) 201 460 同比增長(逐季增長) 0% (14%) EBITDA利潤率 16.2% 13.2% 中東及非洲區域增加 (0.2pp) (1.6pp) 19% 9M24 • 在連續3個季度下降後,歐洲EBITDA保持穩定 EBITDA • 歐洲報告的EBITDA利潤與成交量首次在過去9個季度增長81% 歐洲 • 東歐持續增長,而西歐受益於改善的經濟活動和較低的利率 • 我們在整個歐洲地區三種核心產品的價格穩定 • 在應對氣候變化方面,Cemex歐洲在水泥每噸二氧化碳排放(YTD)上創下新紀錄,減少了5% • 在中東及非洲,由於埃及的定價機制和以色列的施工活動的提高,EBITDA有所增加 杜塔公寓,法國巴黎,由Vertua Concrete建造,是我們Vertua系列產品的一部分,具有可持續屬性 17


SCAC: 天氣和更高的維護費用解釋了截至今年的表現,以百萬美元計算 3Q24 3Q24 銷售額 311 939% 同比增長 (l-t-l) (1%) 0% EBITDA 48 177% 同比增長 (l-t-l) (27%) 2% EBITDA 利潤率 15.4% 18.8% pp 變化 (5.4pp) 0.1pp 38% 其餘 9M24 EBITDA 37% • 季度業績受到兩場颶風和哥倫比亞的運輸罷工的影響,預計聯合 EBITDA 影響爲 $700萬 TCL 25% COL • EBITDA 和 EBITDA 利潤率的變化受到產量和更高維護費用的推動 • 我們的產品價格上漲了 3% 至 10% • 西麥斯 中標波哥大地鐵 80% 的產量 • 多米尼加共和國和危地馬拉業務被重新分類爲已中止運營 Salvio Departments,哥倫比亞波哥大 18


克羅地亞佩列沙茨橋在Pelješac建成 使用Vertua Concrete,這是我們Vertua系列產品中具有可持續屬性的一部分


在不利需求動態下表現強勁的經營,在9M24相對於9M23的自由現金流,在維護資本支出後爲697 46 29 19 24 1 149 537 383 154 9M23 EBITDA 維護淨財務工作稅金 其他現金9M24 非維護資本支出後的自由現金流在項目 (淨)調整後重復資本支出後維護的淨現金流在維護資本支出後的非重複項目 出口淨現金流 • 利潤性平穩情況下的YTD EBITDA和邊際受有利的定價/成本動態驅動 • YTD的燃料成本按每噸水泥計算減少23% • 我們的約80% 可套期燃油和運費暴露度已爲2024年套期,大約60%爲2025年 • 影響維護資本支出後的自由現金流的非經常性項目爲38300萬美元 • 墨西哥披索對沖策略通過在年初降低18500萬美元的債務水平,有利於我們的槓桿率百萬美元 20


2024展望 吉爾伯特·查布魯學校,法國里昂 與Insularis共同建造, 是我們Vertua產品系列的一部分,具有可持續特性


2024年指導 2 EBITDA 低個位數%的下降 能源每噸水泥生產成本 高個位數%的下降 總資本支出約爲15億美元 維護支出約爲95000萬美元 在營運資本的戰略投資中減少約30000萬美元 包含約90000萬美元的現金稅款特別支付 西班牙稅務罰款 3 債務成本持平 1)反映西麥斯截至2024年10月28日的預期 2)對比當前運營,假設2024年剩餘時間外匯期貨水平爲2024年9月30日的水平 3)包括沒有固定到期日的次級票據的票息和我們墨西哥披索-美元交叉貨幣掉期的影響 22


2025年及以後美國財政刺激和擴張性貨幣政策,預計將帶來有利的需求驅動因素。對於2個新當選政府的政策有更明確的了解,近岸和氣候行動支出,支持性製造行業和住房支出23。


普埃布拉國際巴洛克博物館,墨西哥


城市化解決方案運營EBITDA銷售增長+7% l-t-l +0% l-t-l +0% +7% 1,838 276 15% 23% 循環利用 1,834 258 14% 13% 工業化 16% 21% 施工 15% 24% 16% 49% 相關 24% 服務 49% 41% 性能 39% 22% 材料 20% 截至2023年第三季度 截至2024年第三季度 截至2023年第三季度 截至2024年第三季度 運營EBITDA 14.1% 15.0% 邊際 +0.9百分點 按地域 4% 6% 47% 28% 21% 35% 30% 29% 截至2024年第三季度 墨西哥 美國 歐洲、中東、非洲 SCAC 百萬美元 加爾薩加西亞城,墨西哥 25


截至2024年9月30日,主要銀行貸款協議的債務到期情況 其他銀行債務 2024年9月30日的總債務:$751200萬 固收 租賃的平均債務期限:4.3年 1,469 1,346 1,250 1,009 946 830 517 145 2024 2025 2026 2027 2028 2029 2030 2031年之美元總額 26


合併成交量和價格 2024年第三季度與2024年第三季度與2023年第三季度 2024年第三季度與2024年第二季度 2023年第三季度 成交量 (2%) (4%) (4%) 國內水泥價格 (美元) 2% (3%) (6%) 水泥價格(同店比較) 3% 2% (2%) 成交量 (9%) (6%) 2% 預拌混凝土價格 (美元) 4% (1%) (3%) 價格(同店比較) 4% 1% (1%) 成交量 (2%) (2%) 0% 骨料價格 (美元) 3% 1% (2%) 價格(同店比較) 3% 2% (1%) 價格(同店比較)在以固定匯率按成交量加權平均基礎上計算 27


關於債務的其他信息 墨西哥披索 3% 第三季度 第二 5% 2023年 2024年 % 變量 2024 歐元 1 19% 7,492 7,512 0% 7,553 總債務 3 貨幣 短期 4% 5% 4% 面額 美國 開多 96% 95% 96% 美元 73% 現金及現金等價物 533 422 (21%) 425 淨債務 6,960 7,090 2% 7,128 2 6,982 7,191 3% 7,208 合併淨債務 2 2.16 2.22 2.13 合併槓桿比率 變量 2 32% 7.62 7.28 7.72 合併覆蓋比率 3 利率 固定 68% 百萬美國美元。 1)包括根據國際財務報告準則的租賃, 2)根據我們的主要銀行債務協議下的合同義務計算, 3)包括我們的利率和跨貨幣衍生品的影響,視情況而定 28


關於債務的額外信息 按工具分類的總債務第二季度 2024年第三季度2024年總數的百分比總額的百分比固收3,777佔總數的50%3,750佔總數的50%主要銀行債務協議2,488佔總數的33%2,434佔總數的32%租賃佔總數的16%1,160佔總數的15%的32%其他115佔總數的2%168佔總數的2%總債務7,5537,512的百分比的15%的2%百萬美元29


3Q24 成交量和價格總結:選定國家和地區 國內 灰水泥 預拌混凝土 骨料 3Q24 對比 3Q23 3Q24 對比 3Q23 3Q24 對比 3Q23 成交量 價格(美元) 價格(LC) 成交量 價格(美元) 價格(LC) 成交量 價格(美元) 價格(LC) 墨西哥(7%)(9%) 3% (4%)(8%) 5%(7%)(15%)(3%) 美國(6%)2%2%(11%)3%3%(1%)3% 3% 歐洲、中東、非洲(EMEA) 2% 1% 2% (4%)1%(1%)0% 3%1% 歐洲 2% 3%(0%)(3%) 2%(0%)(0%) 4%1% 中東非洲(MEA) 0%(18%)21%(5%)(1%)(2%)1%(1%)(3%) SCAC(中國、東南亞、澳洲、中國) (3%)1%3%(2%)7%10%(6%)5%7% 以成交量加權平均的方式計算的歐洲、中東、非洲、歐洲和SCAC的價格(LC) - 匯率恒定條件下 30


YTD 3Q24 成交量和價格總結:精選國家和地區 國內 灰水泥 預拌混凝土 骨料 YTD 3Q24 vs. YTD 3Q23 YTD 3Q24 vs. YTD 3Q23 YTD 3Q24 vs. YTD 3Q23 成交量 價格(USD) 價格(LC) 成交量 價格(USD) 價格(LC) 成交量 價格(USD) 價格(LC) 墨西哥 2% 2% 3% (0%) 6% 8% 1% 4% 6% 美國 (7%) 3% 3% (12%) 6% 6% 2% 2% 2% 歐洲、中東、非洲 (1%) (0%) 1% (11%) (0%) (1%) (8%) 2% 1% 歐洲 (2%) 2% 1% (7%) (1%) (2%) (8%) 3% 2% 中東非洲 3% (11%) 16% (16%) (2%) (1%) (8%) (3%) (3%) 南中美洲 (2%) 6% 4% (6%) 19% 12% (3%) 9% 3% 歐洲、中東、非洲、南中美洲的價格(LC)按成交量加權平均值在恒定外匯匯率的基礎上計算 31


2024年成交量指導:選定國家/地區 水泥 預拌混凝土 骨料 低個位數下降 中個位數下降 低個位數下降 西麥斯 持平 低至中個位數增長 低個位數增長 墨西哥 中個位數下降 兩位數下降 低個位數下降 美國 持平至低個位數增長 中個位數下降 中個位數下降 歐洲、中東、非洲 歐洲 持平 中個位數下降 中個位數下降 中東和北非 持平至低個位數增長 中個位數下降 中個位數下降 南美 勞工低個位數下降 低個位數下降 不適用 1)反映了西麥斯截至2024年10月28日的預期。按相同基礎計量的成交量。所有成交量指導均以百分比形式表示與2023年相比。


相關可持續發展因子今年迄今爲止 客戶和供應商 2023第三季度2024第三季度 碳策略 2023 第三季度2024第三季度 淨推薦得分(NPS)73 70 73 526 千克CO2每噸水泥 540 539 265% 65% 64% 銷售額使用CX Go替代燃料的百分比 40.0% 38.8% 37.5% 72.8% 72.7% 71.9% 年度熟料銷售佔比 低碳產品 2023 健康與安全 2023 第三季度2024第三季度 第三季度2024第三季度 混凝土佔總量的百分比 3 3 1 僱員死亡率80% 80% 81% 水泥生產的員工受傷率 0.6 0.6 0.6 Vertua混凝土佔總量的百分比 47% 47% 55% 報告零死亡和96%的受傷的運營情況的企業百分比 Vertua水泥佔總量的百分比 55% 55% 63% 33


銷售與EBITDA信息調整爲截至3Q24的停止運營數據 金額以千美元計算,此信息爲方便讀者而呈現。銷售額 3Q23 4Q23 1Q24 2Q24 3Q24 墨西哥 1,360,542 1,305,016 1,314,212 1,381,218 1,135,999 美國 1,393,659 1,268,722 1,233,975 1,391,962 1,334,683 歐洲、中東和非洲 1,227,720 1,096,955 1,045,116 1,188,226 1,242,949 歐洲 934,245 848,724 808,478 970,705 969,707 中東和非洲 293,475 248,231 236,638 217,521 273,242 南美、中美和加勒比地區 319,390 308,200 304,249 323,547 311,434 其他和公司間消除 62,562 47,783 44,941 71,706 64,608 合計 4,363,873 4,026,676 3,942,493 4,356,660 4,089,673 營業EBITDA 3Q23 4Q23 1Q24 2Q24 3Q24 墨西哥 398,634 346,119 419,721 453,947 319,277 美國 268,496 238,726 237,037 297,370 257,968 歐洲、中東和非洲 201,347 129,637 83,246 175,240 201,489 歐洲 161,640 105,115 54,341 154,903 163,781 中東和非洲 39,706 24,522 28,906 20,337 37,708 南美、中美和加勒比地區 66,492 58,479 63,392 65,207 47,967 其他和公司間消除 -73,858 -67,838 -72,559 -71,338 -79,758 總計 861,111 705,122 730,837 920,426 746,943 34


註釋和定義備註:本報告包含的所有信息均考慮菲律賓、多米尼加共和國和危地馬拉,作爲2024年和2023年已停止的控件。SCAC南美、中美洲和加勒比地區 EMEA歐洲、中東、非洲MEA中東和非洲提及水泥成交量變化時,指的是國內灰水泥操作(從2010年第二季度開始,報告的水泥成交量基礎發生了變化,從包括熟料的國內水泥轉變爲國內灰水泥) 所在地貨幣LC 一致 即像這樣進行貨幣波動的調整和進行有關投資/出售時的調整 進行的投資是爲了確保公司的運營連續性。這些包括在項目上的資本支出 需要替換維修資本上過時資產或維持當前運營水平,並且強制性資本支出,即需要遵守政府支出規定或公司政策的項目 在提及 可報告部門銷售額時,收入會在集團內部交易刪除前呈現。在涉及綜合銷售銷售時,這些代表公司在基本報表中報告的總收入(淨銷售額) EBITDA 表示營業EBITDA:除其他費用、淨折舊和營業攤銷之外的營業收入 EBITDA 毛利率 表示營業EBITDA毛利率:通過我們的「營業EBITDA」除以我們的銷售額計算 西麥斯定義它爲營業EBITDA減去淨利息支出、維護和擴張資本支出、運營資本變動、稅金自由現金流支付以及其他現金項目(淨其他費用減少過時資產和/或明顯耗竭的已停止運營的固定資產出售收益以及我們無固定期限票據的利息支付) IFRS 國際財務報告準則,由國際會計準則理事會發布 Pp 百分點 價格所有涉及定價行動、價格上漲或下降的參考,是指我們產品的價格 戰略性資本支出 旨在增加公司盈利能力的投資。這些包括在項目上的資本支出,旨在通過擴大產能來增加盈利能力,並且邊際改進資本支出,旨在通過減少成本來增加盈利能力 美元指數/美元 百分比 同比 前一年同期百分比變化 35


聯繫信息 投資者關係 股票信息 在美國: 紐交所(ADS):+1 877 7CX 紐交所 CX 在墨西哥:墨西哥證券交易所 +52 81 8888 4292(CPO):西麥斯.CPO ir@西麥斯.com CPO與ADS的比例:10比1