Cemex SAB de CV (CX) 2022 Q2 法說會逐字稿

Good morning. Thank you for joining us today for our Second Quarter 2022 Conference Call and webcast. I hope this call finds you and your family in good health. I am joined today by Fernando Gonzalez, our CEO and Maher Al-Haffar, our CFO. As always, we will spend a few minutes reviewing the business and then, we will be happy to take your questions.

早上好。感謝您今天加入我們的 2022 年第二季度電話會議和網絡直播。我希望這個電話能讓您和您的家人身體健康。今天，我們的首席執行官費爾南多·岡薩雷斯 (Fernando Gonzalez) 和首席財務官 Maher Al-Haffar 加入了我的行列。與往常一樣，我們將花幾分鐘時間審查業務，然後我們很樂意回答您的問題。

I will now hand it over to Fernando.

我現在把它交給費爾南多。

Thanks Lucy and good day to everyone. The #1 challenge facing our industry at the beginning of this year was pricing and I'm quite pleased with our pricing response. Pricing for our products rose between 12% and 16%. As of second quarter, our pricing strategy has fully offset inflationary costs in dollar terms. We are now focused on the second phase of our strategy to recover 2021 margins. Despite significant macro volatility, our EMEA region demonstrated exceptional resiliency with a 17% EBITDA growth year-to-date. The Urbanization Solutions business continues to grow rapidly. While we are showing important success in our climate action target, we continue broadening and aligning our sustainability goals across our business.

謝謝露西，祝大家有美好的一天。今年年初我們行業面臨的第一大挑戰是定價，我對我們的定價反應非常滿意。我們產品的價格上漲了 12% 到 16%。截至第二季度，我們的定價策略已完全抵消了以美元計算的通脹成本。我們現在專注於恢復 2021 年利潤率戰略的第二階段。儘管宏觀波動很大，但我們的 EMEA 地區表現出非凡的彈性，年初至今 EBITDA 增長了 17%。城市化解決方案業務繼續快速增長。雖然我們在氣候行動目標方面取得了重大成功，但我們繼續在我們的業務中擴大和調整我們的可持續發展目標。

With regards to financial metrics, Fitch upgraded our credit rating to BB+, one notch away from our goal of an investment grade rating. Our return on capital currently at 13% continues to improve growth strategy with an acceleration in project approvals. And finally, we are embarking on the next stage of our CEMEX Go journey to evolve into a fully automated digital customer experience, the first in the industry. From the beginning of this year, we expected pricing rather than volumes to drive growth.

在財務指標方面，惠譽將我們的信用評級上調至 BB+，距離我們的投資級評級目標僅差一個檔次。我們目前 13% 的資本回報率繼續通過加快項目審批來改善增長戰略。最後，我們正在開啟 CEMEX Go 旅程的下一階段，以發展成為業內首創的全自動數字客戶體驗。從今年年初開始，我們預計價格而非銷量將推動增長。

EBITDA growth was expected to be primarily in the second half as we move out beyond the difficult first half 2021 comps that does not incorporate the surge in cost inflation since third quarter 2021. This quarter was expected to be the most difficult second quarter 2021 EBITDA representing the highest since 2007 and highest margin since 2018. So far, the year is playing out in line with those expectations. Strong growth in sales reflects a significant pricing contribution. Our pricing initiatives designed to recover 2021 margins is showing important traction with prices of our core products up double digits. Higher energy distribution, maintenance and import costs explain the reduction in EBITDA and margins.

預計 EBITDA 增長將主要在下半年，因為我們走出了艱難的 2021 年上半年補償，其中不包括自 2021 年第三季度以來成本通脹的飆升。本季度預計將是 2021 年第二季度最困難的 EBITDA 代表這是自 2007 年以來的最高水平和自 2018 年以來的最高利潤率。到目前為止，這一年的表現符合這些預期。銷售額的強勁增長反映了顯著的定價貢獻。我們旨在恢復 2021 年利潤率的定價計劃顯示出重要的吸引力，我們的核心產品價格上漲了兩位數。更高的能源分配、維護和進口成本解釋了 EBITDA 和利潤率的下降。

Free cash flow declined due to higher maintenance, CapEx spending and working capital. Consolidated cement volumes declined driven largely by Mexico. Volume performance in Mexico and SCAC reflects the normalization of bagged cement demand as we move out from the home improvement wave of the pandemic. The strength of ready-mix and aggregates in this market speaks to the growing formal sector demand and bagged cement rebalances. While demand remains vibrant in the U.S., our volumes were impacted by numerous supply chain issues. Finally, as expected, we have seen a slight slowdown in construction activity in Europe. Lucy will go into more detail. With the worst inflation headwinds since the '80s, consolidated prices are up double digits. Pricing traction is across all regions with cement pricing rising between 11% and 26%. Cement prices rose 7% sequentially, reflecting second quarter pricing actions.

由於維護、資本支出和營運資金增加，自由現金流下降。主要受墨西哥影響，綜合水泥銷量下降。墨西哥和 SCAC 的銷量表現反映了隨著我們擺脫大流行的家居裝修浪潮，袋裝水泥需求的正常化。這個市場中預拌和骨料的實力說明了正規部門不斷增長的需求和袋裝水泥的再平衡。雖然美國的需求仍然充滿活力，但我們的銷量受到眾多供應鏈問題的影響。最後，正如預期的那樣，我們看到歐洲的建築活動略有放緩。露西將更詳細地介紹。由於 80 年代以來最嚴重的通脹逆風，綜合價格上漲了兩位數。價格牽引力遍及所有地區，水泥價格上漲 11% 至 26%。水泥價格環比上漲 7%，反映了第二季度的定價行為。

We are in the process of implementing additional price increases across our portfolio. Pricing, however, is not the only lever, and we'll remain focused on managing costs with our energy diversification, supply chain and climate action strategies. The decline in EBITDA is largely explained by cement volumes. Pricing was the strongest lever of growth and was able to more than offset total cost increases. We experienced $21 million headwind in FX, mainly due to depreciation of European currencies. With a difficult prior year comp, consolidated margins declined 3.4 percentage points. Inflationary pressures began in the second half of 2021 with rising energy prices largely impacting the cement business. We quickly adjusted our pricing strategy to take into account escalating input costs. The strategy is effective.

我們正在對我們的投資組合實施額外的提價。然而，定價並不是唯一的槓桿，我們將繼續專注於通過能源多樣化、供應鍊和氣候行動戰略來管理成本。 EBITDA 下降的主要原因是水泥銷量。定價是增長的最強槓桿，能夠抵消總成本的增加。我們在外匯方面遇到了 2100 萬美元的逆風，主要是由於歐洲貨幣貶值。由於上一年比較困難，綜合利潤率下降了 3.4 個百分點。通脹壓力始於 2021 年下半年，能源價格上漲在很大程度上影響了水泥業務。我們迅速調整了定價策略，以考慮不斷上升的投入成本。該策略是有效的。

Across all 3 businesses, we have been successful in recovering inflation year-to-date. The goal, however, is to recover 2021 margins, and we still have work to do. With additional pricing actions, less scheduled maintenance and apparent inflection point in energy cost and some supply chain improvements, I'm confident we will make progress in recovering 2021 margins in the second half. We continue optimizing our portfolio for growth, focusing on our core businesses in the developed markets in which we operate. We are working to close the sale of Costa Rica and El Salvador in third quarter. We announced earlier this week our partnership with a private equity firm, Advent, in our digital accelerator company, Neoris. This transaction will further strengthen our leadership in the industry digital transformation.

迄今為止，在所有 3 項業務中，我們都成功地恢復了通貨膨脹。然而，目標是恢復 2021 年的利潤率，我們仍有工作要做。隨著額外的定價行動、更少的定期維護和明顯的能源成本拐點以及一些供應鏈的改進，我相信我們將在下半年恢復 2021 年的利潤率方面取得進展。我們繼續優化我們的投資組合以實現增長，專注於我們在我們經營的發達市場的核心業務。我們正在努力在第三季度完成哥斯達黎加和薩爾瓦多的銷售。本週早些時候，我們宣布與我們的數字加速器公司 Neoris 的私募股權公司 Advent 建立合作夥伴關係。本次交易將進一步加強我們在行業數字化轉型中的領先地位。

Our pipeline of bolt-on and margin enhancement projects continued to expand. We recently acquired a majority stake in a German aggregates company, which will contribute important growth to our aggregate business while serving as a platform for our waste management vertical in our organization solutions business. Our organization solutions business organized around 4 verticals is a key element of our growth strategy. The business has been growing rapidly and now accounts for 8% of consolidated EBITDA. We expect continued expansion as we offer a wide array of complementary products and solutions to build a sustainable and resilient cities of the future. Our Vertua brand of lower carbon products continues gaining traction with our customers.

我們的補強和提高利潤項目的管道繼續擴大。我們最近收購了一家德國骨料公司的多數股權，這將為我們的骨料業務做出重要的增長，同時在我們的組織解決方案業務中充當我們垂直廢物管理的平台。我們圍繞 4 個垂直領域組織的組織解決方案業務是我們增長戰略的關鍵要素。該業務增長迅速，目前佔合併 EBITDA 的 8%。我們預計將繼續擴張，因為我們提供廣泛的互補產品和解決方案，以建設一個可持續和有彈性的未來城市。我們的 Vertua 品牌的低碳產品繼續受到客戶的歡迎。

From a commercial standpoint, we are evolving the Vertua umbrella to include all products with sustainable attributes such as design optimization, energy efficiency, water conservation and recycled materials. We will provide more color at our November Capital Markets Day. Again, this year, we are advancing on our climate action goals with a 3% CO2 emissions reduction in the first half, driven by record levels of alternative usage and clinker factor. With a participation rate reaching 33%, alternative fuels are fast becoming our primary fuel source. Importantly, the world benefits from our industry's ability to co-process waste. By reducing the amount of society's waste going to landfills with significant maintained emissions as well as substituting for fossil fuel usage, we are contributing to a transition to a more sustainable planet.

從商業角度來看，我們正在發展 Vertua 保護傘，以包括所有具有可持續屬性的產品，例如設計優化、能源效率、節水和回收材料。我們將在 11 月的資本市場日提供更多色彩。同樣，今年，在替代使用和熟料因素創紀錄水平的推動下，我們正在推進我們的氣候行動目標，上半年二氧化碳排放量減少 3%。隨著參與率達到 33%，替代燃料正迅速成為我們的主要燃料來源。重要的是，世界受益於我們行業共同處理廢物的能力。通過減少進入垃圾填埋場的社會廢物量，並使用大量的維持排放物以及替代化石燃料的使用，我們正在為向更可持續的地球過渡做出貢獻。

Our European operations continue its leadership in climate action, achieving a 40% emission reduction, our consolidated 2030 target, 8 years ahead of schedule. Europe is not alone, however; 8 of our plants representing 20% of cement production are already operating at emissions levels below our 2030 volts, and half of these plants are outside of Europe. We are expanding our 2030 targets to include Scope 3 emissions and a new circular economy target for managed waste. We continue aligning our sustainability efforts throughout our operations with climate action goals now factored in the variable compensation of more than 4,500 executives. Our green financing framework launched in the quarter is an important step in reaching our 2025 goal of 50% of our debt linked to sustainability. Finally, I want to highlight the progress that we are making in innovation due to our 2050 net zero target.

我們的歐洲業務繼續在氣候行動方面處於領先地位，提前 8 年實現了 40% 的減排，這是我們的 2030 年綜合目標。然而，歐洲並不孤單。我們佔水泥產量 20% 的工廠中有 8 家的排放水平已經低於 2030 伏特，其中一半位於歐洲以外。我們正在擴大我們的 2030 年目標，以包括範圍 3 排放和管理廢物的新循環經濟目標。我們繼續將我們在整個運營過程中的可持續發展努力與氣候行動目標保持一致，這些目標現在已被納入 4,500 多名高管的可變薪酬中。我們在本季度推出的綠色融資框架是我們實現 2025 年將 50% 的債務與可持續性相關的目標邁出的重要一步。最後，我想強調由於我們的 2050 年淨零目標，我們在創新方面取得的進展。

For example, we recently announced a collaboration with Coolbrook to develop a technology to electrify our kiln heating process. In 2017, we launched CEMEX Go, the first and only global digital platform in the industry to cover the full customer journey. CEMEX Go has been quite successful in adoption, now processing over 60% of our global sales and covering cement, ready-mix and aggregates. Our leadership with CEMEX Go also give us an enormous amount of data, which we can put to good use in delivering an even better customer experience. While CEMEX Go encompasses our commercial offerings, our digital journey also includes production and management processes. Neoris has been a key factor in our success. The recently announced sale of our majority stake will allow us to continue leveraging the expertise of Neoris while providing the company with the capital to grow the business rapidly. Our digital journey is far from over.

例如，我們最近宣布與 Coolbrook 合作開發一種技術，以使我們的窯爐加熱過程通電。 2017年，我們推出了CEMEX Go，這是業內第一個也是唯一一個覆蓋客戶全流程的全球數字平台。 CEMEX Go 在採用方面非常成功，目前處理了我們全球銷售額的 60% 以上，涵蓋水泥、預拌料和骨料。我們在 CEMEX Go 方面的領先地位還為我們提供了大量數據，我們可以充分利用這些數據來提供更好的客戶體驗。雖然 CEMEX Go 包含我們的商業產品，但我們的數字化之旅還包括生產和管理流程。 Neoris 一直是我們成功的關鍵因素。最近宣佈出售我們的多數股權將使我們能夠繼續利用 Neoris 的專業知識，同時為公司提供資金以快速發展業務。我們的數字之旅遠未結束。

We intend to go even further to the next level of digital experience for our customers with the goal of 100% automation and adoption fully digital with real-time supply chain integration. This means that every production facility, truck, operator, dispatch center and salesperson share real-time information on product and logistics availability, providing accurate and real-time commercial alternatives to our customers. Neoris will be an important partner in this initiative. In the construction ecosystem where multiple actors participate, delays are endemic and time is of the essence, a fully automated digital customer experience is essential. We intend to be the first in the industry to achieve this.

我們打算為我們的客戶進一步提升數字體驗的新水平，目標是實現 100% 自動化和採用實時供應鏈集成的全數字化。這意味著每個生產設施、卡車、操作員、調度中心和銷售人員都共享有關產品和物流可用性的實時信息，為我們的客戶提供準確和實時的商業替代方案。 Neoris 將成為該計劃的重要合作夥伴。在多個參與者參與的建築生態系統中，延誤是地方性的，時間至關重要，完全自動化的數字客戶體驗至關重要。我們打算成為業內第一個實現這一目標的公司。

And now back to you, Lucy.

現在回到你身邊，露西。

Thank you, Fernando. In Mexico, net sales grew on the back of double-digit pricing increases in ready-mix and aggregates volume growth. Cement volume performance largely reflects a difficult prior year comparison. Bagged cement, the majority of demand in Mexico reached the highest level in a decade in the second quarter of 2021, driven by pandemic-related home improvement and government social spending ahead of the midterm elections. Since that time, cement volumes have declined, driven by a normalization in bagged cement while bulk product grows. With much of this adjustment process now behind us and bagged cement at pre-pandemic levels, we expect volume comparisons to ease in the second half.

謝謝你，費爾南多。在墨西哥，由於預混料價格出現兩位數增長和總銷量增長，淨銷售額增長。水泥產量表現在很大程度上反映了上一年的艱難比較。袋裝水泥，墨西哥的大部分需求在 2021 年第二季度達到了十年來的最高水平，這主要得益於與大流行相關的家居裝修和中期選舉前的政府社會支出。自那時以來，由於袋裝水泥的正常化而散裝產品的增長，水泥銷量有所下降。由於現在大部分調整過程已經過去，袋裝水泥處於大流行前的水平，我們預計下半年的數量比較將有所緩解。

To illustrate, second quarter average daily cement volumes are roughly the same level as second half 2021. Volumes continue to be driven by the industrial sector with the build-out of electronics and furniture manufacturing in the northern states. The commercial sector is also improved supported by hotel construction as the country embraces an influx of tourists. The decline in EBITDA and margin largely reflects cement volume decline, continued energy cost pressure, supply chain disruptions and product mix effect. We encountered significant rail disruptions in the quarter, causing a shift from rail to more expensive truck transport and reducing our exports to the U.S. We expect some improvement in supply chain in the second half, while we continue to implement our pricing and cost containment initiatives. We have announced double-digit price increases effective July 1.

舉例來說，第二季度日均水泥產量與 2021 年下半年大致相同。隨著北部各州電子和家具製造業的擴建，產量繼續受到工業部門的推動。隨著該國遊客的湧入，酒店建設也支持了商業部門的發展。 EBITDA 和利潤率的下降主要反映了水泥銷量下降、持續的能源成本壓力、供應鏈中斷和產品組合效應。我們在本季度遇到了嚴重的鐵路中斷，導致從鐵路轉向更昂貴的卡車運輸，並減少了我們對美國的出口。我們預計下半年供應鏈會有所改善，同時我們繼續實施定價和成本控制舉措。我們已宣布自 7 月 1 日起實現兩位數的價格上漲。

Our Urbanization Solutions business continues to expand on the back of our waste management, admixtures and Consturama Supply operations. Year-to-date, we co-processed 250,000 tonnes of waste, equivalent to 15% of the waste produced by Mexico City for that period and reached a record alternative fuel usage of 33.6% in the quarter. Finally, while our export levels were disruptive in the quarter, a sold-out U.S. market not only allows us to support the needs of our U.S. business in cost-effective manner, but also to maintain a capacity utilization in Mexico. Before we (inaudible), our U.S. business was challenged by supply chain disruptions in the quarter amidst strong demand, with most markets sold out and on allocation. To our customers, we are working hard to resolve these disruptions as fast as possible. We understand that our inability to deliver cement in a timely manner creates significant bottlenecks in Europe construction projects, and we strive to be a reliable and consistent partner.

我們的城市化解決方案業務在我們的廢物管理、外加劑和 Consturama 供應業務的支持下繼續擴展。年初至今，我們共同處理了 250,000 噸廢物，相當於墨西哥城在此期間產生的廢物的 15%，並在本季度達到了創紀錄的 33.6% 的替代燃料使用量。最後，雖然本季度我們的出口水平具有破壞性，但售罄的美國市場不僅使我們能夠以具有成本效益的方式支持我們美國業務的需求，而且還能夠維持墨西哥的產能利用率。在我們（聽不清）之前，我們的美國業務在需求強勁的情況下在本季度受到供應鏈中斷的挑戰，大多數市場已售罄並處於分配狀態。對於我們的客戶，我們正在努力盡快解決這些中斷問題。我們明白，我們無法及時交付水泥給歐洲建設項目造成重大瓶頸，我們努力成為可靠和一致的合作夥伴。

So now let's discuss the quarter. Growth in ready-mix and aggregate volumes strengthened demand in our markets. The (inaudible) decline in cement volume is a consequence of low inventory after quarters of sold out domestic production, heavy maintenance, imports and supplier disruptions. Delays in imports well due to rail issues in Mexico and the U.S., the Ukraine war as well as the Chinese COVID lockdown. And Mexico continues to grow, driven by the industrial and commercial and residential sectors. Our visible order book is strong, and we have secured additional sources of imports for the back half of the year.

所以現在讓我們討論一下這個季度。預混料和總量的增長增強了我們市場的需求。水泥產量（聽不清）下降是由於國內生產連續幾個季度售罄、大量維護、進口和供應商中斷後庫存低的結果。由於墨西哥和美國的鐵路問題、烏克蘭戰爭以及中國的 COVID 封鎖，進口延遲很好。在工業、商業和住宅部門的推動下，墨西哥繼續增長。我們的可見訂單強勁，並且我們已經在下半年獲得了額外的進口來源。

On the pricing side, our U.S. operations look very successful, achieving double-digit pricing growth for our products. Strong sequential price growth is evidence of April price increase traction. However, price increases has still not been sufficient to cover the unprecedented level of input cost inflation. This had significant consequences for our profitability. Supply chain issues resulted in late delivery of spare parts, delaying much of first quarter planned maintenance to the second quarter. Maintenance days rose significantly, with over half of our scheduled 2022 maintenance occurring in the second quarter. Input cost and volumes increased materially. Logistics costs also rose.

在定價方面，我們的美國業務看起來非常成功，我們的產品實現了兩位數的定價增長。強勁的連續價格增長是 4 月份價格上漲牽引力的證據。然而，價格上漲仍不足以彌補前所未有的投入成本膨脹。這對我們的盈利能力產生了重大影響。供應鏈問題導致備件延遲交付，將第一季度的大部分計劃維護推遲到第二季度。維護天數顯著增加，我們計劃的 2022 年維護中有一半以上發生在第二季度。投入成本和數量大幅增加。物流成本也上漲。

And of course, energy costs were a major headwind. With 80% of our scheduled shutdowns in the first half and less pressure on supply chain, we are confident that margins should improve. We remain optimistic of the U.S. outlook with little evidence of softening residential demand currently in our markets, although we recognize this as a risk for 2023. The industrial and commercial sector shows important growth due to onshoring of manufacturing activity. We expect this to be a multiyear phenomenon that will drive volumes. Finally, for infrastructure. The new Infrastructure Investment and Jobs Act should yield incremental demand as we head into 2023. We believe the challenge for the U.S. business remains on the supply side in 2023.

當然，能源成本是一個主要的不利因素。由於上半年我們計劃停工的 80% 和供應鏈壓力較小，我們相信利潤率應該會提高。儘管我們認為這是 2023 年的風險，但我們仍然對美國的前景持樂觀態度，目前幾乎沒有證據表明我們市場上的住宅需求疲軟。由於製造業活動的外包，工業和商業部門顯示出重要的增長。我們預計這將是一個多年的現象，將推動銷量。最後，對於基礎設施。隨著我們進入 2023 年，新的基礎設施投資和就業法案應該會產生增量需求。我們認為，美國企業在 2023 年面臨的挑戰仍然是供應方面。

Despite significant macro volatility, our EMEA region stands out for its resiliency year-to-date, benefiting from its consolidated vertical footprint, diversified businesses and its leadership in alternative fuels and renewable energy. Top line growth was driven by double-digit price increases and a growing urbanization emissions business. Volumes were flattish, reflecting the softness in certain European markets, holidays in Egypt as well as bad weather in the construction contract band in the run-up to election in the Philippines. Second quarter price increases showed strong traction with cement prices rising 11% sequentially. We are currently rolling out additional increases in select markets. Despite EBITDA growth, margins declined due to energy and transportation costs as well as lower volumes.

儘管宏觀波動很大，但我們的歐洲、中東和非洲地區憑藉其整合的垂直足跡、多元化的業務以及在替代燃料和可再生能源方面的領先地位，從年初至今的彈性中脫穎而出。收入增長是由兩位數的價格上漲和不斷增長的城市化排放業務推動的。成交量持平，反映出某些歐洲市場疲軟、埃及假期以及菲律賓大選前建築合同區間的惡劣天氣。第二季度價格上漲顯示出強勁的牽引力，水泥價格環比上漲 11%。我們目前正在特定市場推出額外的增長。儘管 EBITDA 增長，但由於能源和運輸成本以及銷量下降，利潤率下降。

As Fernando mentioned, our European region achieved an important decarbonization milestone, reaching a 40% reduction, our global target for 2030 in the quarter. Europe is well on its way to reach its regional goal of a 55% reduction by 2030. An important lever in the decarbonization effort and one supported by the EU circular economy construct is alternative fuels. It is also an important factor in our European business resiliency story with alternative fuel usage reaching 70% in the quarter among the highest in the industry. And there is still more we can do. We inaugurated our Climafuel facility at our U.K. plant, which will allow us to fully replace fossil fuels with alternate fuels under normal operations.

正如費爾南多所提到的，我們的歐洲地區實現了一個重要的脫碳里程碑，實現了 40% 的減排，這是我們在本季度 2030 年的全球目標。歐洲正在順利實現其到 2030 年減排 55% 的區域目標。脫碳努力的一個重要槓桿，也是歐盟循環經濟建設支持的一個槓桿是替代燃料。這也是我們歐洲業務彈性故事的一個重要因素，本季度替代燃料的使用率達到 70%，位居行業前列。我們還可以做更多的事情。我們在英國工廠開設了 Climafuel 設施，這將使我們能夠在正常運營下用替代燃料完全替代化石燃料。

With this latest investment, the EMEA region is expected to process rates equivalent to the annual residue of the city, the size of Madrid. In this quarter, we have seen some evidence of softening demand in Europe. We recognize we can see some weakness in private sector demand, but we believe that infrastructure spending in the form of the renovation -- energy transition, defense spending and other investments should support volumes.

憑藉這項最新投資，EMEA 地區預計將處理相當於馬德里規模的城市的年殘留量。在本季度，我們看到了一些歐洲需求疲軟的跡象。我們承認我們可以看到私營部門需求出現一些疲軟，但我們認為以改造形式的基礎設施支出——能源轉型、國防支出和其他投資應該會支持數量。

Moving on to the rest of the region. In the Philippines, cement volumes declined 11%, while sequential prices increased 3%, the fifth consecutive quarter of improvement. For more information, please see our CHP quarterly earnings, which will be available this evening. In Israel, construction activity remains strong with ready-mix and aggregate volumes and sequential prices growing mid-single digits. Finally, in Egypt, we continue to see strong EBITDA growth, driven by the industry rationalization plan last year. Net sales in South Central America and the Caribbean grew double digit, driven by cement prices. We continued to experience the recovery of the formal sector, supported by a pickup in tourism and housing, while bagged cement volumes return to more normalized levels.

繼續前往該地區的其他地區。在菲律賓，水泥銷量下降 11%，而價格環比上漲 3%，連續第五個季度出現改善。如需更多信息，請參閱我們的 CHP 季度收益，該收益將於今晚發布。在以色列，建築活動依然強勁，預混料和總量以及連續價格增長中個位數。最後，在埃及，在去年行業合理化計劃的推動下，我們繼續看到強勁的 EBITDA 增長。在水泥價格的推動下，中南美洲和加勒比地區的淨銷售額增長了兩位數。在旅遊業和房地產業回暖的支持下，我們繼續經歷正規部門的複蘇，而袋裝水泥銷量恢復到更加正常的水平。

The decline in EBITDA was largely due to higher energy and maintenance cost and lower cement. In Colombia, as a result of our pricing strategy, cement volumes declined 6%, while cement prices increased 8%. Construction activity is supported by the rollout of infrastructure projects and formal ounces. The outlook remains favorable with ongoing work on 4G projects, infrastructure projects in Bogota and formal housing activity. In the Dominican Republic, a 4% decline in volumes reflects bagged cement dynamics, while cement prices increased 17%.

EBITDA 的下降主要是由於較高的能源和維護成本以及較低的水泥價格。在哥倫比亞，由於我們的定價策略，水泥銷量下降了 6%，而水泥價格上漲了 8%。建築活動得到基礎設施項目的推出和正式盎司的支持。由於 4G 項目、波哥大基礎設施項目和正式住房活動的持續工作，前景仍然看好。在多米尼加共和國，銷量下降 4% 反映了袋裝水泥的動態，而水泥價格上漲了 17%。

The formal sector continues to grow, led by tourism, formal housing and the initiation of large infrastructure projects. Our Panama operation has become a regional hub with exports almost doubling year-to-date, reducing our reliance on third-party cement suppliers while increasing our regional operating leverage. With high shipping costs in a largely sold-out region, our logistics network, coupled with our cement capacity additions should be an important competitive advantage. I invite you to review CLH's quarterly results, which were also published today.

在旅遊業、正規住房和大型基礎設施項目啟動的帶動下，正規部門繼續增長。我們的巴拿馬業務已成為區域樞紐，今年迄今為止的出口幾乎翻了一番，減少了我們對第三方水泥供應商的依賴，同時提高了我們的區域經營槓桿。由於在大部分售罄地區的高運輸成本，我們的物流網絡，加上我們的水泥產能增加，應該是一個重要的競爭優勢。我邀請您查看今天也發布的 CLH 季度業績。

And now I will pass the call to Maher to review our financial development.

現在我將把電話轉給馬赫，以審查我們的財務發展。

Thank you, Lucy, and good day to everyone. As Fernando mentioned, we are pleased with our strong pricing traction, which accelerated during the second quarter and more than compensated for inflation. We remain committed to fully recovering our 2021 margins. We had positive free cash flow after maintenance CapEx in the quarter, but lower than last year due to working capital and maintenance CapEx. Investments in working capital increased due to higher sales and inventory as markets continue to face supply chain bottlenecks. I would like to highlight that our working capital cycle is seasonal and investments in the first half of the year typically turn around during the second half. The increase in maintenance CapEx relates primarily to the delayed delivery of mobile equipment due to supply chain disruptions. During the quarter, we generated net income of $265 million, down 2% versus the prior year. Our return on capital employed for the last 12 months stood at 13.2%, excluding goodwill, well above our cost of capital.

謝謝你，露西，祝大家有美好的一天。正如費爾南多所提到的，我們對我們強大的定價牽引力感到滿意，該牽引力在第二季度加速增長，超過了通貨膨脹的補償。我們仍然致力於全面恢復 2021 年的利潤率。本季度維護資本支出後，我們的自由現金流為正，但由於營運資金和維護資本支出，低於去年。由於市場繼續面臨供應鏈瓶頸，銷售和庫存增加，營運資金投資增加。我想強調的是，我們的營運資金周期是季節性的，上半年的投資通常會在下半年出現轉機。維護資本支出的增加主要與由於供應鏈中斷導致的移動設備交付延遲有關。本季度，我們產生了 2.65 億美元的淨收入，比上年下降 2%。我們過去 12 個月的資本回報率為 13.2%，不包括商譽，遠高於我們的資本成本。

In light of recent market volatility, I would like to do a recap of the key aspects of our financial strategy. First, with no relevant debt maturities before 2025, there's no need to tap the debt capital markets anytime soon. We have, however, taken advantage of this volatility to execute accretive transactions such as tendering for our bonds and buying back our shares. Second, we have very limited exposure to rising interest rates with approximately 81% of our debt at fixed rates. The remaining floating is primarily exposed to euro rates with substantially lower base rates than U.S. dollars. We are well positioned to mitigate that associated with currency fluctuations in most of our non-U.S. dollar markets as well as protecting our interest expense from rising rates.

鑑於最近的市場波動，我想回顧一下我們財務戰略的關鍵方面。首先，由於 2025 年之前沒有相關債務到期，短期內沒有必要利用債務資本市場。然而，我們已經利用這種波動性來執行增值交易，例如投標我們的債券和回購我們的股票。其次，我們對利率上升的敞口非常有限，大約 81% 的債務為固定利率。剩餘的浮動利率主要受到基本利率遠低於美元的歐元利率的影響。我們有能力減輕與大多數非美元市場的貨幣波動相關的影響，並保護我們的利息支出免受利率上升的影響。

We had a negative EBITDA impact of $21 million year-to-date from currency fluctuations, primarily from the depreciation of the euro. The figures impact has been offset by a positive translation effect on our debt as well as gains in our debt derivatives totaling more than $130 million. Additionally, we generated gains of over $100 million year-to-date in our remaining derivatives portfolio, mainly related to our energy hedges. And lastly, our leverage ratio stood at 2.88x, that is 0.17x higher than December 2021, driven by the usual negative free cash flow in the first half of the year. We expect our leverage ratio to decline in the back half of the year as we generate free cash flow. We will continue to be prudent in our financial strategy, maintaining an adequate risk profile consistent with an investment-grade capital structure and a bias for debt reduction and further strengthening of our balance sheet.

貨幣波動對我們的 EBITDA 產生了 2100 萬美元的負面影響，主要是歐元貶值。這些數字的影響已被我們債務的積極轉換效應以及我們的債務衍生品收益總計超過 1.3 億美元所抵消。此外，今年迄今為止，我們在剩餘的衍生品組合中產生了超過 1 億美元的收益，主要與我們的能源對沖有關。最後，我們的槓桿率為 2.88 倍，比 2021 年 12 月高 0.17 倍，這是由於上半年通常為負的自由現金流。隨著我們產生自由現金流，我們預計我們的槓桿率將在下半年下降。我們將繼續審慎地制定財務戰略，保持與投資級資本結構相一致的適當風險狀況，並傾向於減少債務並進一步加強我們的資產負債表。

On that note, I would like to highlight that last month, Fitch upgraded CEMEX's credit rating to BB+ with stable outlook, one notch below investment grade, citing solid operating results and our debt reduction efforts. We remain committed to regaining our investment-grade status. We continue to align our capital structure to our sustainability goals. Last month, we published our green financing framework, a first of its kind in the building materials sector, which will allow us to issue financing instruments under the green bonds and green loan principles. Net proceeds from any financing under this new framework would be utilized to fund the taxonomy compliance investments in areas such as CO2 emission reductions, clean electricity, circular economy and waste management, among others.

關於這一點，我想強調的是，上個月，惠譽將 CEMEX 的信用評級上調至 BB+，展望穩定，比投資級別低一個等級，理由是穩健的經營業績和我們的減債努力。我們仍然致力於恢復我們的投資級地位。我們繼續使我們的資本結構與我們的可持續發展目標保持一致。上個月，我們發布了我們的綠色融資框架，這是建材行業的首個此類框架，這將使我們能夠根據綠色債券和綠色貸款原則發行融資工具。這一新框架下任何融資的淨收益將用於資助在二氧化碳減排、清潔電力、循環經濟和廢物管理等領域的分類合規投資。

We have identified projects worth over $500 million that meet these criteria. These projects are not only aligned with our Climate Action goals, but they are also profitable. The framework reflects the roadmap and objectives of future in action, our Climate Action program, and have an investment time line from 2021 to 2025. Sustainalytics, a global leader in ESG research and analysis provides a second-party opinion under the framework, confirming that our efforts are credible, impactful and aligned to international principles. This new framework together with our sustainability-linked financing framework published last year, provide the basis to meet our goal of linking 50% of our debt to our sustainability goals by 2025 and 85% by 2030.

我們已經確定了符合這些標準的價值超過 5 億美元的項目。這些項目不僅符合我們的氣候行動目標，而且還有利可圖。該框架反映了未來行動的路線圖和目標，即我們的氣候行動計劃，並製定了從 2021 年到 2025 年的投資時間表。ESG 研究和分析的全球領導者 Sustainalytics 在該框架下提供了第二方意見，確認我們的努力是可信的、有影響的並且符合國際原則。這一新框架與我們去年發布的與可持續發展掛鉤的融資框架一起，為我們實現到 2025 年將 50% 的債務與我們的可持續發展目標和到 2030 年將 85% 的可持續發展目標掛鉤的目標奠定了基礎。

And now back to you, Fernando.

現在回到你身邊，費爾南多。

Our performance so far is in line with our expectations at the beginning of the year. And while things have gone as expected, we must acknowledge increased downside risk amidst rising economic uncertainties. Therefore, we are adjusting our EBITDA guidance from mid-single-digit growth to low to mid-single-digit growth. While the outlook for fuels is improving, we are maintaining our energy guidance. We now expect maintenance CapEx to increase by $100 million to $800 million, with anticipated total CapEx of $1.3 billion. We have slightly increased our working capital investment guidance to $200 million. While it may take longer than we initially anticipated with our pricing and cost containment strategies, we are confident we can recover 2021 margins.

到目前為止，我們的表現符合我們在年初的預期。儘管事情進展如預期，但我們必須承認，在經濟不確定性上升的情況下，下行風險增加。因此，我們正在將我們的 EBITDA 指導從中個位數增長調整為低到中個位數增長。雖然燃料的前景正在改善，但我們仍在維持我們的能源指導。我們現在預計維護資本支出將增加 1 億美元至 8 億美元，預計總資本支出為 13 億美元。我們已將營運資金投資指導略微提高至 2 億美元。雖然我們的定價和成本控制策略可能需要比我們最初預期的更長的時間，但我們有信心可以恢復 2021 年的利潤率。

And now back to you, Lucy.

現在回到你身邊，露西。

Before we go into our Q&A session, I would like to remind you that any forward-looking statements we make today are based on our current knowledge of the markets in which we operate and could change in the future due to a variety of factors beyond our control. In addition, unless the context indicates otherwise, all references to pricing initiatives, price increases and decreases with further prices for our products.

在我們進入問答環節之前，我想提醒您，我們今天做出的任何前瞻性陳述都是基於我們目前對我們經營所在市場的了解，並且由於我們之外的各種因素，未來可能會發生變化控制。此外，除非上下文另有說明，否則所有提及定價舉措、價格會隨著我們產品的進一步價格上漲和下跌。

And now we will be happy to take your questions.

現在我們很樂意回答您的問題。

(Operator Instructions) And our first question comes from Ben Theurer from Barclays. Ben?

（操作員說明）我們的第一個問題來自巴克萊銀行的 Ben Theurer。本?

Let me get this into one question. So we saw the step-up in maintenance and you've raised the guidance on maintenance, and I think you've talked about the acceleration of maintenance in the U.S. Is that what's been driving the SG&A cost up so much in the quarter? And is that really more of a one-time thing? And how should we think conceptually about the maintenance needs given the demand environment and being sold out and how that all puts into a framework of a potential recession in the U.S.? So just about the timing and the needs for maintenance in the current environment? That would be my question.

讓我把這個問題變成一個問題。因此，我們看到了維護的增加，您提出了維護指導，我認為您已經談到了美國的維護加速。這是否是推動本季度 SG&A 成本如此之高的原因？這真的更像是一次性的嗎？鑑於需求環境和售罄，我們應該如何從概念上考慮維護需求，以及這一切如何納入美國潛在衰退的框架？那麼只是關於當前環境下維護的時機和需求？那將是我的問題。

Sure. Ben, let me comment that in the case of the U.S., there are impacts related to energy that are similar to any other geographies, same reasons and that impact will continue happening the same way it's happening all over the company. But there are 2 other reasons why costs were higher during the second quarter or during the second half, mainly second quarter. One has to do with maintenance. In the case of maintenance, there were some maintenance expenses that were carry-forward from last year. And on top of that, there were some delays in shutdowns program for the first quarter, and those were delays to the second quarter.

當然。 Ben，讓我評論一下，就美國而言，與能源相關的影響與任何其他地區相似，原因相同，並且這種影響將繼續以同樣的方式在整個公司發生。但是，第二季度或下半年（主要是第二季度）成本較高還有兩個原因。一是與維護有關。在維修方面，有一些維修費用從去年結轉。最重要的是，第一季度的停工計劃出現了一些延遲，而這些延遲到了第二季度。

So we had, on the one hand, more maintenance expenses because of those delays. The shutdowns were really some of the shutdowns were really needed for the first quarter but it happened in the second quarter. And they were delayed mainly because of supply chain issues, meaning not getting all the parts needed for those shutdowns. So maintenance was a specific issue in the case of the U.S. And what you can expect is that it's not going to be repeated in the second half. By the way, maintenance in the U.S. in the second half should be much lower because around 80% of all annual shutdowns have been already done. So maintenance is not a repetitive -- is not going to be a repetitive impact for the rest of the year.

因此，一方面，由於這些延誤，我們有更多的維護費用。關閉確實是第一季度確實需要關閉的一些關閉，但它發生在第二季度。他們被推遲主要是因為供應鏈問題，這意味著沒有得到這些停工所需的所有零件。所以維護是美國的一個具體問題。你可以期待的是，它不會在下半年重演。順便說一句，下半年美國的維護應該要低得多，因為大約 80% 的年度停工已經完成。因此，維護不是重複性的——在今年餘下的時間裡不會產生重複性影響。

And the other issue is also specific to our import sourcing. We are importing about 30% of cement that we are selling in the U.S. Most of it is Maritime transportation. So we do have some -- we did have some delays in those imports as well as some supply chain constraints in our exports from the (inaudible) plant in Sonora to the U.S. as well as an impact in locally produced cement because of the maintenance work that were done during the second half. So those impacts because of volume constraints, we are not expecting for those to happen during the second half. So in summary, energy will continue about the same pace. We've seen some reduction in the prices of pet coke. But that is a phenomenon that is happening everywhere. And maintenance and imports, we can consider those as a very specific and one-off type of impact.

另一個問題也特定於我們的進口採購。我們在美國銷售的水泥中約有 30% 是進口的，其中大部分是海運。所以我們確實有一些 - 我們確實在這些進口方面出現了一些延誤，以及我們從索諾拉（聽不清）工廠到美國的出口存在一些供應鏈限制，以及由於維護工作對當地生產的水泥的影響這是在下半場完成的。因此，由於數量限制，這些影響，我們預計不會在下半年發生。所以總而言之，能源將繼續以同樣的速度發展。我們已經看到寵物可樂的價格有所下降。但這是到處都在發生的現象。而維護和進口，我們可以將其視為一種非常具體且一次性的影響。

And the next question comes from Gordon Lee from BTG Pactual.

下一個問題來自 BTG Pactual 的 Gordon Lee。

Just one question on the outlook for price increases, specifically with the sort of concerns around recession escalating, bad macro data out of the U.S., how concerned are you that you'll start seeing more pushbacks from customers, particularly in the U.S. and Europe where you've got less reliance on bagged cement. And that your ability to drive the normalization of the EBITDA margin via prices is sort of compromised by that more difficult macro environment? How big of a concern is that for you at this point?

關於價格上漲前景的一個問題，特別是對經濟衰退升級、美國宏觀數據不佳的擔憂，你有多擔心你會開始看到來自客戶的更多阻力，尤其是在美國和歐洲您對袋裝水泥的依賴減少了。並且您通過價格推動 EBITDA 利潤率正常化的能力在某種程度上受到了更困難的宏觀環境的影響？在這一點上，這對你來說有多大的擔憂？

Thanks for the question. It's not a big concern for us. I mean, we still see strong order books. We understand there are certain segments in certain markets softening or about to soften, but that has not been an issue. It was not an issue at all in the first half. We are already executing our second half pricing strategy, and we don't see any major impact because of that concern on a reserve type of scenario, reducing volumes. So, so far, so good, and we do expect the same performance or the same success in pricing execution for the rest of the year.

謝謝你的問題。這對我們來說不是一個大問題。我的意思是，我們仍然看到強勁的訂單。我們了解某些市場中的某些細分市場正在走軟或即將走軟，但這不是問題。上半場根本不是問題。我們已經在執行下半年的定價策略，由於對儲備類型情景的擔憂，我們沒有看到任何重大影響，減少了交易量。所以，到目前為止，一切都很好，我們確實希望在今年剩下的時間裡在定價執行方面取得同樣的表現或同樣的成功。

Maher did you want to add something?

Maher 你想補充什麼嗎？

Yes I just wanted to say that in the case of the U.S., Gordon, I mean, don't forget that imports are quite an important element. And even if there is some softness in demand as we go forward, there is that very sizable buffer that has accumulated. I mean right now, all markets are sold out, and we're having to import and people generally are short, some markets are in allocation. So I think the pricing environment going forward into the rest of -- certainly into the rest of the year and into -- I don't want to speculate into '23, but we think the supply-demand dynamics are quite favorable.

是的，我只是想說，就美國而言，戈登，我的意思是，不要忘記進口是一個非常重要的因素。即使在我們前進的過程中需求有所疲軟，也已經積累了非常可觀的緩衝。我的意思是現在，所有市場都賣光了，我們不得不進口，人們普遍短缺，一些市場正在分配中。因此，我認為未來的定價環境——當然是今年剩下的時間——我不想推測到 23 年，但我們認為供需動態非常有利。

And the next question comes from the webcast from Paul Roger, BNP Paribas. It's a 2-part question. The first is, can you talk more about the green incentives for managers? What level of seniority do they apply to and what proportion of their variable compensation can be affected by sustainability performance? The second part of the question is how is the margin profile on Vertua concrete compared to OPC? And is the product sufficiently unique for any advantage to be whittled away as others start to roll out green offerings?

下一個問題來自法國巴黎銀行的 Paul Roger 的網絡直播。這是一個兩部分的問題。首先是，你能多談談對管理者的綠色激勵嗎？他們適用於什麼級別的資歷，他們的可變薪酬有多大比例會受到可持續發展績效的影響？問題的第二部分是與 OPC 相比，Vertua 混凝土的邊際分佈如何？當其他人開始推出綠色產品時，該產品是否足夠獨特，以至於任何優勢都會被削弱？

Sure. Thanks for the question. As I mentioned, the modified CO2 consideration in variable compensation, I think, is very relevant. It's impacting either positively or negatively our top and middle management in the company is 4,500 people, executives and technicians related to CO2 issues. And the way it's designed, it's a modifier of a base, and it can modify as much as 20% the compensation received by an executive meeting, it can increase by 10% or it can reduce by 10%. And as you can imagine, this is one of the elements that we are putting in place in our transition towards a low CO2 economy. And even though we are at early stages having implementing this very recently, it is working very well. Fortunately, the modifier is working on the plus side, meaning increasing compensation.

當然。謝謝你的問題。正如我所提到的，我認為可變補償中修改後的二氧化碳考慮非常相關。它對我們公司的高層和中層管理人員產生積極或消極的影響，其中包括與二氧化碳問題相關的 4,500 名員工、高管和技術人員。而且它的設計方式，它是一個基數的修改器，它最多可以修改一次執行會議收到的報酬的20%，可以增加10%，也可以減少10%。正如您可以想像的那樣，這是我們在向低二氧化碳經濟轉型過程中實施的要素之一。儘管我們最近才開始實施這項工作，但它運作良好。幸運的是，修改器正在發揮積極作用，這意味著增加補償。

As you know, we've been successfully reducing CO2 in cement production last year for around 4.5 percentage points. And this year, it's 3% sequentially, more than 4% compared to first half last year. So it's working very well. On the second question on Vertua. In the case of Vertua, a few considerations. The first one, Vertua is a family of products and different products in the family of Vertua do have different margins. So we cannot consider that there is only one simple margin for all the family of products included in Vertua. Remember that we are including concrete and cement with lower CO2 content, but we are including also, as part of the Vertua family, products that do have sustainability characteristics or contributions like thermal contributions, meaning allowing cost structures to reduce CO2 in their development.

如您所知，我們去年成功地將水泥生產中的二氧化碳減少了約 4.5 個百分點。而今年，環比增長 3%，比去年上半年增長 4% 以上。所以它工作得很好。關於 Vertua 的第二個問題。對於 Vertua，有一些注意事項。第一個，Vertua 是一個產品家族，Vertua 家族中的不同產品確實有不同的利潤空間。因此，我們不能認為 Vertua 中包含的所有產品系列都只有一個簡單的利潤。請記住，我們包括二氧化碳含量較低的混凝土和水泥，但作為 Vertua 系列的一部分，我們還包括具有可持續性特徵或貢獻（如熱貢獻）的產品，這意味著允許成本結構在其開發過程中減少二氧化碳。

So I can hardly say that margins are going to behave in the manner. What I can say is that Vertua in general, do have either the same or better margins than ordinary either cement or concrete products. Now for the time being, we are concentrated in the introduction of Vertua -- we started a few years ago. Last year, we managed to sell about 20% of our volumes as Vertua labeled products. And nowadays, I mean, or in the first half, it was slightly more than 30% for both ready-mix and cement. And if you remember, we do -- we recently defined the target of having half of our product portfolio of Vertua products by 2025.

所以我很難說利潤率會以這種方式表現。我能說的是，總的來說，Vertua 確實比普通的水泥或混凝土產品具有相同或更好的利潤率。現在，我們暫時專注於 Vertua 的引入——我們幾年前就開始了。去年，我們成功地將大約 20% 的銷量作為 Vertua 標記的產品銷售。而現在，我的意思是，或者在上半年，預拌和水泥的比例略高於 30%。如果您還記得，我們確實做到了——我們最近確定了到 2025 年擁有一半 Vertua 產品組合的目標。

The next question comes from Vanessa Quiroga from Credit Suisse. Vanessa?

下一個問題來自瑞士信貸的 Vanessa Quiroga。瓦妮莎？

I have a tough time choosing just one, but let me go with a little bit more forward-looking questions regarding the infra bill and -- I mean, what scenarios are you going be vary in terms of potential delays of execution of those projects, given the supply chain constraints and inflation of overall materials. And I guess is that -- I mean if imports are a buffer in case of lower volumes or lower demand in general, would that impact rising dynamics going forward?

我很難選擇一個，但是讓我提出一些關於基礎設施法案的更具前瞻性的問題，我的意思是，就這些項目的執行可能延遲而言，你會有什麼不同的情況，考慮到供應鏈的限制和整體材料的膨脹。我猜是——我的意思是，如果進口是一個緩衝，以防銷量下降或總體需求下降，這會影響未來的增長動力嗎？

Sorry, I'm not sure I got the last part, Vanessa, can you repeat it about import volumes and prices.

抱歉，我不確定我是否得到了最後一部分，Vanessa，你能重複一下關於進口量和價格的信息嗎？

Yes, imports came down because demand is softer, if that would affect pricing dynamics?

是的，進口下降是因為需求疲軟，如果這會影響定價動態？

I see. So let me answer that one first. As Maher mentioned, most of our markets were sold out in most of our markets or in all of our markets. And the situation in those markets in most of them is that they are on allocation. So what you can expect -- and it's a robust thing. I mean it's a midterm thing. We don't think this is going to be changing in the next 3 or 4 months or meaning for the rest of the year. So imports are playing a very important role, complementing the supplies of cement into these markets.

我懂了。所以讓我先回答這個問題。正如 Maher 所提到的，我們的大部分市場在我們的大多數市場或所有市場都售罄。這些市場中的大多數情況是它們處於分配狀態。所以你可以期待 - 這是一個強大的東西。我的意思是這是一個中期的事情。我們認為這不會在接下來的 3 或 4 個月內發生變化，也不會在今年餘下的時間裡發生變化。因此，進口發揮著非常重要的作用，補充了這些市場的水泥供應。

Now what if we start seeing volumes easing, meaning the housing sector softening and the likes? Then the most natural thing to happen is for import volumes to being reduced. Does that affect pricing dynamics in the market? I don't think so. I think that considering current import -- prices of imports, allocation in the markets and solid growth in the U.S. in several markets, I don't think that will be a negative on the pricing strategy. It might be the other way around.

現在，如果我們開始看到成交量放緩，這意味著房地產行業疲軟等等怎麼辦？那麼最自然的事情就是減少進口量。這會影響市場的定價動態嗎？我不這麼認為。我認為考慮到當前的進口——進口價格、市場分配以及美國在幾個市場的穩健增長，我認為這不會對定價策略產生負面影響。它可能是相反的方式。

I was just going to add, Vanessa, that very quickly, we don't have any change in outlook regarding infrastructure and the Infrastructure Bill rolling out next year. We're still very optimistic that it will add to volume. I would also say that the news overnight of package of the second round of stimulus in the United States having gone through the Senate, but it looks as though the Democrat at least have reached consensus around it should also be positive going forward. So in the stimulus situation in the U.S., I think looks very good right now. And now to move on. The next question comes from Nik Lippmann from Morgan Stanley.

我只是想補充一下，Vanessa，很快，我們對基礎設施和明年推出的基礎設施法案的前景沒有任何變化。我們仍然非常樂觀地認為它將增加交易量。我還要說，隔夜美國第二輪刺激方案的消息已經通過了參議院，但看起來民主黨至少已經就此達成共識，也應該是積極的。所以在美國的刺激形勢下，我認為現在看起來非常好。現在繼續前進。下一個問題來自摩根士丹利的 Nik Lippmann。

Could you provide a bit more color on the sort of regional pricing, U.S., is a big country, sort of the Florida, Georgia market versus Texas versus the Pacific market, if you will, that would be very helpful.

您能否提供更多關於區域定價的顏色，美國是一個大國，佛羅里達州、佐治亞州市場與德克薩斯州與太平洋市場，如果您願意，那將非常有幫助。

As you know, we don't provide that level of detail in terms of state by state. But let me tell you what I think it's pretty evident in terms of our pricing in the United States. Pricing for our 3 core products is up between 12% and 17% year-over-year in the U.S. As you know, in April, we had increases that represented 60% of our cement volumes that took place in the Mid-South, Arizona, Texas, Northern California. And in those markets, we saw a 9% sequential increases on average. We have additional pricing increases that we already announced in Florida for June, where 20% of our volumes are repricing and we're expecting kind of mid-single digits sequentially there.

如您所知，我們沒有按州提供該級別的詳細信息。但讓我告訴你，我認為這在我們在美國的定價方面非常明顯。在美國，我們 3 種核心產品的價格同比上漲 12% 至 17%。如您所知，4 月份，我們在亞利桑那州中南部的水泥產量的漲幅占到了 60% ，得克薩斯州，北加州。在這些市場中，我們看到平均連續增長 9%。我們已經在佛羅里達州宣布了 6 月份的額外價格上漲，我們 20% 的銷量正在重新定價，我們預計那裡會連續出現中等個位數。

And in July, we have implemented and we've announced additional pricing increases really for the remainder of our cement volumes, 80% ex Florida, we had announced pricing increases of around $13 a ton. So I think, in general, extremely strong pricing traction of very much a sold-out market. Just going back to, I think, an earlier question that was asked, the supply disruptions that we had in the United States, both because of the maintenance as well as disruptions to import supply represented about 11% of our quarterly volume. Those are volumes, if we had them, we would have sold them. So the issue here is the supply issue at the moment, and I just want to be very clear about that. So hopefully, that answers your question.

在 7 月，我們已經實施並且我們已經宣布對我們剩餘的水泥量（佛羅里達州以外的 80%）進行額外的提價，我們已經宣布提價約 13 美元/噸。所以我認為，總的來說，非常強大的定價牽引力是一個售罄的市場。我認為，回到之前提出的一個問題，我們在美國的供應中斷，無論是由於維護還是進口供應中斷，約占我們季度銷量的 11%。這些是卷，如果我們有它們，我們就會賣掉它們。所以這裡的問題是目前的供應問題，我只想非常清楚這一點。所以希望這能回答你的問題。

And also, Lucy, I would also add, I mean, again, Nik, I mean you have to take a look at the percentage of total demand last year and expected this year that is coming from imports. It's a very sizable percentage of the total market. And so, that again kind of supports the hypothesis of the increasing prices and elasticity of demand for our products is very low. So we haven't seen any kind of demand disruption or softness as a consequence of the pricing and other building materials are doing the same. I mean, so it's not like we're getting more expensive compared to other building materials or other options.

而且，露西，我還要補充一下，我的意思是，尼克，我的意思是你必須看看去年總需求的百分比，以及今年預計來自進口的百分比。它在整個市場中佔有相當大的比例。因此，這再次支持了我們產品的價格上漲和需求彈性非常低的假設。因此，我們沒有看到由於定價和其他建築材料也在做同樣的事情而導致任何形式的需求中斷或疲軟。我的意思是，與其他建築材料或其他選擇相比，我們並沒有變得更貴。

The next question comes from Anne Milne from Bank of America.

下一個問題來自美國銀行的 Anne Milne。

My question has to do with something you mentioned in the section of the presentation where you were talking about emission reductions. You mentioned that there were a number of plants that are already operating below CEMEX's 2030 goal. I was just wondering if you could, one, give us a little bit of an update of maybe why they are? Is it the form of fuels they're using or the age of the plants or other factors? And maybe just an update on your initiatives outside of Europe where you're most active right now in the reduction of emissions or alternative fuels?

我的問題與您在演講中談到減排的部分中提到的事情有關。您提到有許多工廠在 CEMEX 的 2030 年目標之下運行。我只是想知道你是否可以，一個，給我們一些更新，也許他們為什麼會這樣？是他們使用的燃料形式還是植物的年齡或其他因素？也許只是您在歐洲以外的舉措的最新情況，您目前在減少排放或替代燃料方面最為活躍？

Okay. Thanks for the question. Yes, 8 plants are ready with -- generating less than 475 kilos per ton of sanitation materials, that is our target for 2030. And not all of them are in Europe. I think it's about half of them in Europe and the rest in Mexico and other countries. If you remember on the elements of our strategy and the reason I'm addressing this is because there is not only one reason. Given that we are already introducing lower carbon content products in the market, again, I mentioned 30% already in our way to increase it to 50%, then that allow us of composite cement with lower clinker factor. And of course, with a lower clinker factor means lower CO2 content per ton of cementitious meaning adding more pozzolans, limestone, slag, fly ash, whatever the material that we can use with cementitious properties. So let me explain one example.

好的。謝謝你的問題。是的，有 8 家工廠準備好了——每噸衛生材料生產不到 475 公斤，這是我們 2030 年的目標。而且並非所有工廠都在歐洲。我認為其中大約一半在歐洲，其餘在墨西哥和其他國家。如果您還記得我們戰略的要素以及我要解決此問題的原因，那是因為原因不止一個。鑑於我們已經在市場上推出了低碳含量的產品，我再次提到了 30% 以將其提高到 50%，這樣我們就可以使用具有較低熟料係數的複合水泥。當然，較低的熟料係數意味著每噸水泥的二氧化碳含量較低，這意味著添加更多的火山灰、石灰石、礦渣、粉煤灰，無論我們可以使用具有水泥特性的任何材料。所以讓我解釋一個例子。

In the case of the U.S., the norms on products are completely different than the ones that do exist in Europe. So it's been kind of in the last few years that the rules have been adjusting considering this type of composite cement for most type of works U.S.-wide -- and that's why, for instance, in our case, we have already adopted 6 out of our 8 plants to produce limestone cement, allowing us for the first time to reduce clinker factor in the U.S., and this is norm-derived opportunity. So that's one example. The other example is that we do continue doing progress, and I'm very pleased with the progress we have done in the use of alternative fuels. We are increasing alternative fuels already up to 33% -- around 33% worldwide. That's an increase of about 5 percentage points.

就美國而言，產品規範與歐洲確實存在的規範完全不同。因此，在過去幾年中，規則一直在調整，考慮到這種類型的複合水泥適用於美國大多數類型的工程——這就是為什麼，例如，在我們的案例中，我們已經採用了其中的 6 個我們的 8 家工廠生產石灰石水泥，這使我們首次在美國降低熟料係數，這是規範衍生的機會。這就是一個例子。另一個例子是我們確實在繼續取得進展，我對我們在使用替代燃料方面取得的進展感到非常高興。我們正在將替代燃料增加至 33%——全球約 33%。這大約增加了5個百分點。

For a year, it is the first time that we increased 5 percentage points in a year. And we are, as I think Lucy mentioned, in the case of Europe, for the first time during second quarter, we went as high as 70% of alternative fuels, which on top of being very helpful financially, as you can imagine, alternative fuels, particularly RDF, which is household and some other residues from other industries are detached from the primary fuels dynamics. So it's been very convenient. And on the other side, we are using this type of alternative fuels, not only for as a fuel -- but in the case of Germany, which is one of the concerns with all these geopolitical issues and energy risk in the case of Germany, 90% of electricity consumed by our Rudersdorf plant is coming from waste to energy plant. It's been there already for a number of years, meaning reducing risks related to reduction of gas supplies to Germany in our case.

一年來，這是我們第一次在一年內提高了5個百分點。正如我認為 Lucy 提到的那樣，在歐洲，我們在第二季度第一次使用了高達 70% 的替代燃料，這在財務上非常有用，正如你可以想像的那樣，替代燃料燃料，特別是 RDF，它是家用和其他行業的一些其他殘留物，與初級燃料動態分離。所以一直很方便。另一方面，我們正在使用這種類型的替代燃料，不僅是作為一種燃料——而且在德國的情況下，這是德國對所有這些地緣政治問題和能源風險的擔憂之一，我們的 Rudersdorf 工廠消耗的 90% 的電力來自廢物能源工廠。它已經存在很多年了，這意味著在我們的案例中降低了與減少對德國的天然氣供應相關的風險。

So it's lower clinker factor in some countries, much higher use of alternative fuels with high contents of biomass, Also, we are increasing -- that's sort of an effort that we've been pushing very hard in the last couple of years is increasing the carbonated raw materials instead of limestone. There is an opportunity there to increase those decarbonated materials and increasing the use of renewable energy. Very pleased to say things like in Mexico, our alternative fuel consumption is very high, and we are consuming the equivalent of 15% of waste produced by Mexico City, or in the case of Europe, I already mentioned 70%, that's equivalent to consume the waste produced by a city like Berlin in a year. So this is to highlight the contribution that our industry can do in a circular economy and how economically convenient, a circular economy can be in our industry.

因此，在一些國家，熟料係數較低，生物質含量高的替代燃料的使用率更高，而且，我們正在增加——這是我們在過去幾年中一直在努力推動的一項努力，正在增加碳酸化原料代替石灰石。那裡有機會增加這些脫碳材料並增加可再生能源的使用。很高興地說，在墨西哥，我們的替代燃料消耗非常高，我們消耗的廢物相當於墨西哥城產生的 15%，或者在歐洲，我已經提到了 70%，這相當於消耗柏林這樣的城市一年產生的垃圾。因此，這是為了強調我們的行業可以在循環經濟中做出的貢獻，以及循環經濟在我們的行業中的經濟便利性。

The next question comes from Yassine Touahri from On Field Research. Yassine?

下一個問題來自 On Field Research 的 Yassine Touahri。亞辛？

Yes. Can you hear me?

是的。你能聽到我嗎？

Yes, yes.

是的是的。

So I would have just one question on your imports. Could you let me know what is the proportion of your U.S. cement sales that are imported as a percentage?

所以我對你的進口只有一個問題。你能告訴我你的美國進口水泥銷售額的百分比是多少嗎？

I think, Fernando, the question was what percentage of our U.S. cement sales are imported.

我認為，費爾南多，問題是我們在美國的水泥銷售額中有多少是進口的。

The number I have in your memory is like it's around 30%.

我在你記憶中的數字大約是 30%。

Yes, it is Fernando. For the second quarter, around that level.

是的，是費爾南多。第二季度，在這個水平附近。

Okay. And we have time now for one more question. The next question comes from Franco Suarez from Scotiabank.

好的。我們現在有時間再問一個問題。下一個問題來自豐業銀行的 Franco Suarez。

It's very helpful the color that you're sharing today. The question that I have relates with your overall comments on pressures related with logistics, the higher use of trucks rather the cheaper sources of shipping cement. Do you think that you need to implement more CapEx in, say, ground terminals, multimodal terminals to overcome this feature? Is that actually needed or perhaps is just something that because of the disruptions eventually will fade out, and you will not need to enhance in any way your overall terminals and your -- all the logistics side of your -- to make sure that these additional costs are not permanent?

你今天分享的顏色很有幫助。我提出的問題與您對物流相關壓力的總體評論有關，卡車的使用率更高，而不是運輸水泥的廉價來源。您是否認為需要在地面終端、多式聯運終端等領域實施更多資本支出來克服這一特性？這是否真的需要，或者可能只是由於中斷最終會逐漸消失的東西，並且您不需要以任何方式增強您的整體終端和您的 - 您的所有物流方面 - 以確保這些額外的成本不是永久的？

Thanks, Franco In some cases, there are certain investments because of the way the market has been evolving, meaning debottlenecking or expanding terminals, maritime or land terminals like, for instance, the expansion we did in our terminal in Dallas, Texas. We almost doubled the capacity to bring cement from our Balcones plant to that market. So those are investments that are regular investments in order to cope with the way demand has been evolving. Now the main issue that is impacting us is other type of supply chain disruptions like, for instance, domestic railroads in the U.S., they are having issues the same than the issues we had with -- I referred to some supply chain issues on our exports from Mexico to the U.S. and all of those issues are related to railroad in Mexico, which, of course, it's been improving and improving as we've seen in the last few days and weeks.

謝謝，佛朗哥 在某些情況下，由於市場的發展方式，存在某些投資，這意味著消除或擴建碼頭、海運或陸上碼頭，例如我們在德克薩斯州達拉斯的碼頭所做的擴建。我們將 Balcones 工廠的水泥運往該市場的產能幾乎翻了一番。因此，這些投資是定期投資，以應對需求變化的方式。現在影響我們的主要問題是其他類型的供應鏈中斷，例如美國的國內鐵路，它們的問題與我們遇到的問題相同——我提到了我們出口的一些供應鏈問題從墨西哥到美國，所有這些問題都與墨西哥的鐵路有關，當然，正如我們在過去幾天和幾週內看到的那樣，鐵路一直在改善和改善。

But in those situations, there is very little you can do except for try to work together with railroads and use alternative transportation means, which, as you can imagine, are more expensive. But our industry is no different towards the industries is going through material supply chain disruptions. We've been requesting, for instance, in advance changes in our procurement practices. We are requesting, in advance, mobile equipment that we think we need to replace. But meaning well in advance, not 3 or 6 months, a year or even more. So those are the type of disruptions that we are dealing with.

但在這種情況下，除了嘗試與鐵路合作並使用替代交通方式之外，您幾乎無能為力，正如您可以想像的那樣，這些方式更昂貴。但是我們的行業與正在經歷材料供應鏈中斷的行業沒有什麼不同。例如，我們一直要求提前改變我們的採購做法。我們提前要求我們認為需要更換的移動設備。但要提前做好，而不是 3 或 6 個月，一年甚至更長時間。所以這些就是我們正在處理的中斷類型。

We appreciate you joining us today for our second quarter webcast and conference call. If you have any additional questions, please feel free to contact Investor Relations, and we look forward to seeing you again on our third quarter results webcast. Many thanks.

感謝您今天加入我們的第二季度網絡廣播和電話會議。如果您有任何其他問題，請隨時聯繫投資者關係部，我們期待在第三季度業績網絡直播中再次見到您。非常感謝。

Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Good day.

感謝您參加今天的會議。介紹到此結束。您現在可以斷開連接。再會。