Trinidad Cement : 29 Apr 2022 – Trinidad Cement Limited – Condensed Consolidated Unaudited Interim Financial Report for the quarter ended March 31st, 2022

FOR THE THREE MONTHS ENDED MARCH 31, 2022

CONDENSED CONSOLIDATED INCOME STATEMENT
TT $'000 Revenue Cost of sales Gross profit Operating expenses Write-back (impairment) of trade accounts receivable Operating earnings before other (expenses) income, net Other (expenses) income, net Operating earnings Financial expense Financial income Earnings before taxation Taxation charge NET INCOME Non-controlling interest CONTROLLING INTEREST Basic and diluted earnings per share - cents (Note 3):	UNAUDITED	AUDITED
Three Months Jan to Mar	Year Jan to Dec
2022	2021	2021
529,386 (343,422)	492,571 (337,266)	1,896,518 (1,326,431)
185,964 (75,145) 66	155,305 (59,160) (431)	570,087 (257,518) (819)
110,885 (13,348)	95,714 (2,399)	311,750 21,849
97,537 (11,370) 16	93,315 (28,531) 7	333,599 (89,950) 30
86,183 (28,166)	64,791 (18,629)	243,679 (53,260)
58,017 (18,974)	46,162 (15,073)	190,419 (49,646)
39,043	31,089	140,773
10.5	8.4	37.9

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TT $'000 NET INCOME Items that will not be reclassified subsequently to the income statement Net actuarial gains from remeasurements of employee benefit plans Taxation recognised directly in other comprehensive income Items that are or may be reclassified subsequently to the income statement Effects from derivative financial instruments designated as cash flow hedges Currency translation results of foreign subsidiaries Total items of other comprehensive income, net TOTAL COMPREHENSIVE INCOME Non-controlling interest CONTROLLING INTEREST	UNAUDITED	AUDITED
Three Months Jan to Mar	Year Jan to Dec
2022	2021	2021
58,017 - -	46,162 - -	190,419 105,642 (29,043)
-	-	76,599
2,326 (1,350)	(470) (12,686)	1,203 (34,302)
976	(13,156)	(33,099)
976	(13,156)	43,500
58,993 (20,523)	33,006 (10,552)	233,919 (35,396)
38,470	22,454	198,523

DIRECTORS' STATEMENT

Health and Safety

The TCL Group is pleased to report another incident-freeprice increases across our markets, aimed at offsetting the significant inflation in most of our inputs.

quarter. The health and safety of our people is our top The operating earnings before other income and expenses priority. We continue to instill our strong safety culture for the period was $111 million and operating earnings after through our robust safety management system, which other expenses was $98 million, representing increases

promotes ongoing training and monitoring.

We are also encouraged by the lower rate of COVID-19 infections among our employees when compared to the general population in our operating territories. This can be accredited to strict adherence to our 52+ safety protocols,of 15% and 4%, respectively, when compared to the first quarter of the previous year. This increase in operating earnings after other expenses was attributable to higher revenue partially offset by higher operational costs and other expenses incurred during the period.

responsible behaviours, and vaccination campaigns For Q1, TCL Group's earnings before taxation of $86 million that have so far resulted in over 75% of our group-wide represents an increase of $21 million over the correspondingworkforce being fully vaccinated.

Sustainability

The Group continues its commitment to global climate action. During the first quarter of 2022, our business units in Trinidad and Tobago, Jamaica, and Barbados reduced CO2 emission rates by more than 7% when compared with the same quarter in 2021. Additionally, Jamaica and Trinidad and Tobago have successfully launched the co-branded Vertua-certified cement that offers at least 15% reduction in carbon emissions during the manufacturing process, while Barbados continues to reduce its heat consumption due to an improvement in its production processes.

Our achievements in the development of low-carbon cement products and solutions align with the mandate of

quarter. This increase resulted from the deleveraging initiative undertaken by the Group, which allowed the full repayment of all financial debts in Jamaica. This initiative contributed positively to the reduction of the interest expense and foreign exchange exposure. In the first quarter of 2022, the TCL Group reported a net income of $58 million, compared to a net income of $46 million in the same quarter in 2021. During the first quarter of 2022, the Group generated $37 million in cash from continuing operations, a 70% reduction from the prior year period. This is a direct result of the negative impact in change of working capital, driven primarily by a reduction of our trade payables, as a result of the cancellation of the factoring program of some services, mainly in Jamaica.

Outlook

CEMEX's "Future in Action" global sustainability strategy, We are reassured that the improved financial performance which follows the United Nations' Sustainable Development of the Group will continue based on the expected strongGoals on climate action.

Financial Performance

The TCL Group earned revenue of $529 million in its first quarter, representing 7% growth when compared to the corresponding quarter in 2021. The increase in revenue was driven by continued strong domestic demand and our capacity to supply the market. Furthermore, our revenue from sales has improved with the implementation of

David G. Inglefield Chairman

demand for cement, driven by the reopening economies in our region. We will remain vigilant with regard to impacts on business continuity due to the ongoing conflict between Ukraine and Russia, which has caused increased costs in fuel, power, and shipping, as well as threats from new strains of the COVID-19 infection.

The Board and Management continue to closely monitor the situation to ensure that our strategies are solid and able to withstand the current challenges and circumstances.

Francisco Aguilera Mendoza Managing Director

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
TT $'000 ASSETS CURRENT ASSETS Cash and cash equivalents Trade accounts receivable, net Other accounts receivable Taxation recoverable Inventories, net Total current assets NON-CURRENT ASSETS Investments Property, machinery and equipment, net Deferred taxation assets Employee benefits Other accounts receivable Total non-current assets TOTAL ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Short-term debt Other financial obligations Trade payables Taxation payable Other current liabilities Total current liabilities NON-CURRENT LIABILITIES Long-term debt Other financial obligations Employee benefits Deferred taxation liabilities Other non-current liabilities Total non-current liabilities TOTAL LIABILITIES SHAREHOLDERS' EQUITY Controlling interest: Stated capital Unallocated ESOP shares Other equity reserves Retained earnings Net income Total controlling interest Non-controlling interest TOTAL SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	UNAUDITED	AUDITED
31.03.22	31.03.21	31.12.21
98,792 72,017 52,852 2,086 318,544	116,390 63,216 41,571 7,214 257,529	75,655 61,568 34,660 3,218 324,522
544,291	485,920	499,623
1 1,629,551 129,042 133,933 -	1 1,643,535 135,731 53,338 74	1 1,646,605 114,564 133,374 -
1,892,527	1,832,679	1,894,544
2,436,818	2,318,599	2,394,167
- 6,854 306,124 12,089 257,670	442,426 7,112 300,683 4,643 285,013	- 7,091 356,507 16,321 266,987
582,737	1,039,877	646,906
466,823 17,601 197,645 219,325 1,503	116,574 20,836 244,278 203,382 2,374	438,760 19,325 195,146 199,121 2,718
902,897	587,444	855,070
1,485,634	1,627,321	1,501,976
827,732 (20,019) (325,800) 283,984 39,043	827,732 (20,019) (313,955) 65,554 31,089	827,732 (20,019) (325,227) 143,211 140,773
804,940 146,244	590,401 100,877	766,470 125,721
951,184	691,278	892,191
2,436,818	2,318,599	2,394,167

-

-

2,394,167

April 28, 2022

April 28, 2022

TT $'000

UNAUDITED

AUDITEDThree Months Jan to MarYear Jan to Dec

OPERATING ACTIVITIES Net income

Non-cash items:

Depreciation and amortisation of property, machinery and equipment Financial expense, net

Pension plan and other post-retirement benefit Other items, net

Reversal of impairment losses on property, machinery and equipment Taxation charge

Changes in working capital, excluding taxation

Cash generated from operating activities before financial expense, taxation and post-employment benefits paid Financial expense paid

Taxation paid

Pension plan contributions and other post-retirement benefit paid Net cash flows from operating activities

INVESTING ACTIVITIES

Purchase of property, machinery and equipment, net Proceeds from disposal of assets

Net cash flows used in investing activities FINANCING ACTIVITIES

Increase (repayment) of debt, net Other financial obligations, net

Net cash flows used in financing activities Increase (decrease) in cash and cash equivalents Cash conversion effect, net

Cash and cash equivalents at beginning of period CASH AND CASH EQUIVALENTS AT END OF PERIOD Changes in working capital, excluding taxation:

Trade accounts receivable, net

Other accounts receivable Inventories, net

Trade payables

Other current and non-current liabilities Changes in working capital, excluding taxation

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2022

NOTES:

• 1. Basis of Preparation

  These condensed consolidated financial statements are prepared in accordance with established criteria developed by management and disclose the condensed consolidated statement of financial position, condensed consolidated income statement, condensed consolidated statement of comprehensive income, condensed consolidated statement of changes in shareholders' equity and condensed consolidated statement of cash flows.

• 2. Accounting Policies

  These condensed consolidated financial statements have been prepared in accordance with the accountingpolicies set out in Note 2 of the December 31, 2021 audited consolidated financial statements consistently applied from period to period. The Group has adopted all the new and revised accounting standards that are mandatory for annual accounting periods on or after January 1, 2022 and which are relevant to the Group's operations.

• 3. Earnings Per Share

  Earnings per share (EPS) is calculated by dividing the net income or loss attributable to the controlling interest by the weighted average number of ordinary shares outstanding during the period. The weighted average number of ordinary shares in issue for the period has been determined by deducting from the total number of issued shares of 374.648M, the weighted average of 2.845M shares that were held as unallocated shares by the Employee Share Ownership Plan (ESOP).

• 4. Cost of Sales, Operating and Other Income (Expenses), Net

  Cost of sales represents the production cost of inventories at the moment of sale. Cost of sales includes depreciation, amortisation and depletion of assets involved in production, expenses related to storage in production plants and freight expenses of raw material in plants and delivery expenses of the Group's ready-mix concrete business.

  Operating expenses comprise administrative, selling, distribution and logistics expenses. Administrative expenses represent expenses related to managerial activities and back office for the Group's management. Selling expenses represent the expenses associated with sales activities. Distribution and logistics expenses refer to expenses of storage at points of sales, as well as freight expenses of finished products between plants and points of sale and freight expenses between points of sales and the customers' facilities.

  Other income (expenses), net consist primarily of income and expenses not directly related to the Group's main activities, or which are of an unusual and/or non-recurring nature, including royalties, past service cost of pension and post-retirement employee benefits, reversal of impairment losses on property, machinery and equipment, results on disposal of assets and restructuring costs, among others.

TT $'000

UNAUDITED THREE MONTHS JAN TO MAR 2022

Revenue

Total Intersegment Third party

Earnings (loss) before taxation Depreciation

Segment assets Segment liabilities Capital expenditure

UNAUDITED THREE MONTHS JAN TO MAR 2021

Revenue

Total Intersegment Third party

Earnings (loss) before taxation Depreciation

Segment assets Segment liabilities Capital expenditure

AUDITED YEAR JAN TO DEC 2021 Revenue

Total Intersegment Third party

Earnings (loss) before taxation Depreciation

Segment assets Segment liabilities Capital expenditure

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TT $'000 Balance at beginning of period Net income Total items of other comprehensive income, net Balance at end of period	CONTROLLING INTEREST	NON-CONTROLLING INTEREST
UNAUDITED	AUDITED	UNAUDITED	AUDITED
Jan to Mar	Jan to Dec	Jan to Mar	Jan to Dec
2022	2021	2021	2022	2021	2021
766,470 39,043 (573)	567,947 31,089 (8,635)	567,947 140,773 57,750	125,721 18,974 1,549	90,325 15,073 (4,521)	90,325 49,646 (14,250)
804,940	590,401	766,470	146,244	100,877	125,721

SEGMENT INFORMATION