Trinidad Cement : 31 Mar 2022 – Trinidad Cement Limited – Consolidated Summary Audited Financial Statements for the year ended December 31, 2021

SUMMARY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Health and Safety (H&S) is our top priority at the TCL Group. same period in 2020. The Group's adjusted EBITDA of $143 million in We are encouraged by the performance during 2021, a year in the fourth quarter of 2021 reflected an increase of 28% compared to which there were no recorded lost time incidents (LTIs) across the same period of the previous year. This result reflects the impact all our operations. Notwithstanding this, the Group continues to of higher revenues across the Group. The Group´s adjusted EBITDA strengthen its safety management system to ensure that our on a year-to-date basis of 2021 was $439 million with insignificant

employees always return home safely to their families.

The ongoing challenges of the COVID-19 pandemic, including the Omicron variant, underscore the importance and relevance

variation compared to the prior year due to stronger revenues that offset the inflationary costs experienced, especially during the second half of the year.

of keeping H&S at the forefront of the operation. At this time, the In the fourth quarter of 2021 the TCL Group reported a net income of TCL Group has not relaxed any of its COVID-19 protocols, and is $130 million compared to a net loss of $34 million during the same neither envisioning any short-term changes in their application. All period in 2020. This increase was mainly driven by higher revenues employees are expected to follow these protocols both on and off and lower restructuring costs, reversal of impairment losses, plus

the companies' premises.

Sustainability

Climate change is one of the biggest global threats. At the TCL Group, we are strongly committed to the development of a sustainable environment for the Caribbean region. It is for this reason that we are aggressively supporting climate change mitigation by developing low-carbon products, solutions, and processes to meet our rigid decarbonisation targets. Our efforts are aligned with CEMEX's "Future in Action" global sustainable strategy, which follows the UN Sustainable Development Goals on Climate Action.

a positive effect in the post-retirement medical employee benefits. On a year-to-date basis, the Group reported a net income of $190 million, compared to a net income of $15 million in 2020. Stronger EBITDA, along with less financial expenses, contributed to this performance.

With this strong commitment, Jamaica and Trinidad and Tobago have each launched co-branded Vertua-certified cement that offers more than a 15% reduction in carbon emissions during the manufacturing process. We have also successfully started the

During the year, the TCL Group renegotiated loan facilities expiring in 2021, extended the maturity of $270 million TTD loan facilities to July 2023, and extended the maturity of US $75 million revolving loan facilities to April 2024. This renegotiation dropped our short-term debt to zero at the end of 2021. Finally, we deleveraged the Group, dropping our total debt (short and long-term) by 28% compared to its level at the end of 2020. In Jamaica, Caribbean Cement Company Limited successfully met its target of completely repaying its long-term debt during 2021.

Outlook

co-processing of waste tyres from the Riverton City landfill and Based on the financial results and assessment of market demand, other disposal sites in Jamaica. The consumption of these tyres our outlook remains cautiously optimistic. We continue to be vigilant in our kilns reduces the usage of fossil fuels and eliminates an about possible impacts on business continuity from the current

environmental problem for the community.

We are proud to report that during 2021, Trinidad and Tobago, Jamaica, and Barbados successfully reduced their CO2 emission rates, and plan to further reduce this during 2022.

high COVID-19 infection rates and the emergence of new variants like Omicron. Cost inflation, now being exacerbated by the conflict between Russia and Ukraine, is another important component that could impact our financial performance.

Financial Performance

The TCL Group recorded consolidated revenue from continuing operations of $490 million during the fourth quarter of 2021, representing an increase of 13% when compared to the fourth quarter of 2020. Revenue for the quarter was mainly impacted by higher cement volumes sold across the Group. On a year-to-date basis, the TCL Group recorded consolidated revenue from continuing operations of $1.9 billion, 12% higher than for the

The outlook for the business will depend on the COVID-19 infection rates, sustainability of the market, collateral effects from the conflict in Ukraine, and the magnitude of the inflation on key components like fuel, power, and shipping costs, which could impact our financial performance.

The Board and Management continue to closely monitor the situation to ensure that we have a solid strategy to face the current challenges and circumstances. Although for now, despite the uncertainty, we remain encouraged by the potential for a good performance in 2022.

David G Inglefield ChairmanFrancisco Aguilera Mendoza Managing Director

March 29, 2022

March 29, 2022

TT $'000

UNAUDITED Three Months Oct to DecAUDITED

Year Jan to Dec

Revenue Cost of sales

Gross profit Operating expenses

(Impairment) write-back of trade accounts receivable Operating earnings before other income (expenses), net

Other income (expenses), net

Operating earnings Financial expense Financial income

Earnings (loss) before taxation Taxation credit (charge)

NET INCOME (LOSS)

Non-controlling interest

CONTROLLING INTEREST

Basic and diluted earnings (loss) per share - cents (Note 3):

SUMMARY CONSOLIDATED INCOME STATEMENT

2021	2020	2021	2020
490,275	433,341	1,896,518	1,692,150
(310,802)	(297,110)	(1,326,431)	(1,160,909)
179,473	136,231	570,087	531,241
(68,311)	(65,943)	(257,518)	(241,895)
(298)	315	(819)	926
110,864	70,603	311,750	290,272
41,068	(60,670)	21,849	(74,354)
151,932	9,933	333,599	215,918
(29,778)	(27,410)	(89,950)	(122,086)
22	18	30	62
122,176	(17,459)	243,679	93,894
7,659	(16,230)	(53,260)	(78,675)
129,835	(33,689)	190,419	15,219
(16,658)	(10,521)	(49,646)	(39,398)
113,177	(44,210)	140,773	(24,179)
30.5	(11.9)	37.9	(6.5)

TT $'000
2021	2020	2021	2020
NET INCOME (LOSS)	129,835	(33,689)	190,419	15,219
Items that will not be reclassified subsequently to the
income statement
Net actuarial gains (losses) from remeasurements of
employee benefit plans	105,642	(57,518)	105,642	(57,518)
Taxation recognised directly in other comprehensive income	(29,043)	16,990	(29,043)	16,990
76,599	(40,528)	76,599	(40,528)
Items that are or may be reclassified subsequently to
the income statement
Effects from derivative financial instruments designated
as cash flow hedges	(2,660)	(560)	1,203	1,008
Currency translation results of foreign subsidiaries	(25,050)	6,702	(34,302)	(24,457)
(27,710)	6,142	(33,099)	(23,449)
Total items of other comprehensive income, net	48,889	(34,386)	43,500	(63,977)
TOTAL COMPREHENSIVE INCOME (LOSS)	178,724	(68,075)	233,919	(48,758)
Non-controlling interest	(6,144)	(9,547)	(35,396)	(30,367)
CONTROLLING INTEREST	172,580	(77,622)	198,523	(79,125)

UNAUDITED	AUDITED
Three Months	Year
Oct to Dec	Jan to Dec

DIRECTORS' STATEMENT

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 (loss)

Total controlling interest Non-controlling interest

TOTAL SHAREHOLDERS' EQUITY

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

These financial statements were approved by the Board of Directors on March 29, 2022 and signed on their behalf by:

ChairmanDirector

SUMMARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION

TT $'000

2021

2020

2021

2020

OPERATING ACTIVITIES Net income (loss)

(33,689)

15,219

Non-cash items:

Depreciation and amortisation of property, machinery and equipment

40,689

149,987

Financial expense, net

27,392

122,024

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

7,968

19,715

4,632

(384)

Reversal of impairment losses on property, machinery and equipment

-

-

Taxation (credit) charge

16,230

78,675

Changes in working capital, excluding taxation Cash generated from operating activities from continuing operations before financial expense, taxation and post employment benefits paid

35,563

68,205

Financial expense paid

Taxation paid

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

98,785 (5,324) (3,788) (4,402)

453,441 (40,607) (19,502) (15,668)

85,271

377,664

INVESTING ACTIVITIES

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

(68,717)

(114,095)

Net cash flows used in investing activities FINANCING ACTIVITIES

496 (68,221)

496 (113,599)

Repayment of debt, net

(19,934)

(259,375)

Other financial obligations, net

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

185 (19,749)

(1,866)

(261,241)

(2,699)

2,824

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

(96) 91,100 88,305

(1,972)

87,453

88,305

Trade accounts receivable, net

8,137

29,158

Other accounts receivable Inventories, net

(2,850)

(4,342)

(13,547)

4,686

Trade payables

(6,167)

1,520

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

49,990 35,563

37,183 68,205

SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS

UNAUDITED	AUDITED
Three Months	Year
Oct to Dec	Jan to Dec

129,835

31,981

29,756

(25,196)

(740)

(21,799)

(7,659)

3,216

139,394 (8,240) (10,162) (3,608)

117,384

(80,297)

1,790 (78,507)

(47,428)

970 (46,458)

(7,581) (1,003) 84,239 75,655

4,601

10,670

(36,195)

36,609

(12,469)

3,216

190,419

127,043

89,920

(13,395)

(1,792)

(21,799)

53,260

(12,443)

411,213 (25,317) (70,740) (14,764)

300,392

(147,900)

1,790 (146,110)

(163,058)

(1,927)

(164,985)

(10,703) (1,947) 88,305 75,655

(5,065)

7,241

(88,452)

121,915

(48,082)

(12,443)

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 sale, as well as freight expenses of finished products between plants and points of sale and freight expenses between points of sale 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 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.

To the Shareholders of Trinidad Cement Limited

Opinion

The summary consolidated financial statements, which comprise the summary consolidated statement of financial position as at December 31, 2021, the summary consolidated statements of income statement, comprehensive income, changes in shareholders' equity and cash flows for the year then ended, and related notes, are derived from the audited consolidated financial statements of Trinidad Cement Limited and its subsidiaries (collectively, "the Group") for the year ended December 31, 2021.

(147,900)

In our opinion, the accompanying summary consolidated financial statements are consistent, in all material respects, with the audited consolidated financial statements, in accordance with the basis described in the notes to the summary consolidated financial statements.

Summary Consolidated Financial Statements

The summary consolidated financial statements do not contain all the disclosures required by International Financial Reporting Standards. Reading the summary consolidated financial statements and our report thereon, therefore, is not a substitute for reading the audited consolidated financial statements and our report thereon. The summary consolidated financial statements and the audited consolidated financial statements do not reflect the effects of events that occurred subsequent to that date of our report on the audited consolidated financial statements.

The Audited Consolidated Financial Statements and Our Report Thereon

NOTES:

We expressed an unmodified audit opinion on the audited consolidated financial statements in our report dated March 29, 2022. That report also includes the communication of key audit matters. Key audit matters are those matters that in our professional judgement, were of most significance in our audit of the consolidated financial statements for the current period.

• 1. Basis of Preparation

  These summary consolidated financial statements are prepared in accordance with established criteria developed by management and disclose the summary consolidated statement of financial position, summary consolidated income statement, summary consolidated statement of comprehensive income, summary consolidated statement of changes in shareholders' equity and summary consolidated statement of cash flows. These summary consolidated financial statements are derived from the audited consolidated financial statements of Trinidad Cement Limited and its subsidiaries (the Group) as of and for the year ended December 31, 2021. The full version of the Group's consolidated financial statements is located at the Company's registered office.

  Management's Responsibility for the Summary Consolidated Financial Statements

  Management is responsible for the preparation of the summary consolidated financial statements in accordance with the basis described in the notes to the summary consolidated financial statements.

  Auditors' Responsibility

• 2. Accounting Policies

  Our responsibility is to express an opinion on whether the summary consolidated financial statements are consistent, in all material respects, with the audited consolidated financial statements based on our procedures, which were conducted in accordance with International Standard on Auditing (ISA) 810 (Revised), "Engagements to Report on Summary Financial Statements".

  These summary consolidated financial statements have been prepared in accordance with the accounting policies 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, 2021 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 374.648 million, the weighted average of 2.845 million shares that were held as unallocated shares by the Employee Share Ownership Plan (ESOP).

Chartered Accountants March 29, 2022

Port of Spain Trinidad, West Indies

SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TT $'000 Balance at beginning of period Net income (loss) Total items of other comprehensive income, net Balance at end of period	CONTROLLING INTERESTS	NON-CONTROLLING INTEREST
AUDITED	AUDITED
Jan to Dec	Jan to Dec
2021	2020	2021	2020
567,947 140,773 57,750 766,470	647,072 (24,179) (54,946) 567,947	90,325 49,646 (14,250) 125,721	59,958 39,398 (9,031) 90,325

SEGMENT INFORMATION
TT $'000	CEMENT	CONCRETE	PACKAGING	CONSOLIDATION ADJUSTMENTS	TOTAL
AUDITED YEAR JAN TO DEC 2021	2,037,673 (208,981) 1,828,692 229,529 21,799 119,707 3,261,356 2,316,206 (141,764)	67,272 (3,605) 63,667 14,704 - 6,740 132,690 45,571 (6,136)	40,212 (36,053) 4,159 (554) - 596 73,313 14,273 -	- - - - - - (1,073,192) (874,074) -	2,145,157 (248,639) 1,896,518 243,679 21,799 127,043 2,394,167 1,501,976 (147,900)
Revenue Total Intersegment Third party Earnings before taxation Reversal of impairment losses on property, machinery and equipment Depreciation Segment assets Segment liabilities Capital expenditure
AUDITED YEAR JAN TO DEC 2020	1,841,584 (220,540) 1,621,044 86,995 138,463 3,087,142 2,362,648 (109,561)	69,411 (3,373) 66,038 9,897 7,257 126,047 53,113 (4,273)	86,574 (81,506) 5,068 (2,998) 4,267 95,367 32,636 (261)	- - - - - (984,316) (782,429) -	1,997,569 (305,419) 1,692,150 93,894 149,987 2,324,240 1,665,968 (114,095)
Revenue Total Intersegment Third Party Earnings (loss) before taxation Depreciation Segment assets Segment liabilities Capital expenditure

INDEPENDENT AUDITORS' REPORT ON THE SUMMARY CONSOLIDATED FINANCIAL STATEMENTS