Third Quarter 2015 Results

November 2015

Disclaimer

This document contains forward-looking statements relating to Cementos Progreso S.A. and its subsidiaries (Cempro) based
upon management projections. You should not place undue reliance on the forward-looking statements contained herein, which
speak only as of the date that they were made, are based on estimates and assumptions and are subject to additional unknown
risks and uncertainties. Our independent public accountants have not examined or compiled the forward-looking statements
and, accordingly, do not provide any assurance with respect to such statements. These cautionary statements should be
considered in connection with any written or oral forward-looking statements that we may issue in the future.
These projections reflect Cempros opinion on future events that may be subject to a number of risks, uncertainties and
assumptions. Various factors may cause actual results to differ from those expressed herein.
Cempro assumes no obligation to update or correct the information contained in this presentation.

1. Third Quarter Results

2. Debt Profile

3. Other Highlights

San Gabriel Plant Site:

Clinker Cooler, Preheater
Tower, and Raw Material Silo

Third Quarter Results Highlights

January September

Third Quarter

Millions of US Dollars

2015

20141

Var %

2015

20141

Var %

Net Sales

471.2

398.1

18.4%

156.1

134.0

16.5%

Gross Profit

201.4

171.0

17.7%

65.8

57.8

13.8%

Adjusted EBITDA

183.6

154.9

18.6%

59.8

53.4

12.0%

Adjusted EBITDA Margin

39.0%

38.9%

0.1pp

38.3%

39.8%

-1.5pp

Net profit for the period

122.9

104.3

17.9%

38.8

36.6

5.9%

Free Cash Flow ex. Expan.

Capex

127.6

97.7

30.5%

41.8

31.8

31.4%

Free Cash Flow

(6.0)

14.6

0.5

(2.4)

(1)2014

includes the aggregates subsidiary only after the closing of the acquisition in August (that is, income
statement results include 5 months of aggregates sales).

Third Quarter Results Highlights

Net sales increased 18.4% during first 9 months 2015 due to a combination of:

volume growth

price increase (due to a pass-through of the Cement Distribution Tax)

and the incorporation of the aggregates subsidiary ($16.5 million in 3rd party
revenues and $3.8 million in EBITDA, which includes intercompany sales).

FCF ex. Expansionary Capex increased 30.5% during first 9 months 2015

During the period the company spent $131.5 million on its San Gabriel plant
(compared to $83.1 million in same period 2014), and $2.1 million in
expansionary capex in its aggregates division, leaving the company negative
FCF as of September 30, 2015.

Third Quarter Results Highlights

Volume Var.

9M15 vs. 9M14

3Q15 vs. 3Q14

Cement

7.4%

4.9%

Ready-Mix Concrete

25.0%

28.5%

Lime

-8.5%

-7.5%

Cement volume sales increased 7.4% during first 9 months 2015 mainly due to growth
in the precast, construction and self-construction segments. San Gabriel volume sales
amounted to 22.8k tons in 2015 (9 months) compared to 14.6k tons in 2014 (9
months).

Ready-mix concrete volume sales increased 25.0% during first 9 months 2015 driven
mostly by private investment. San Gabriel volume sales amounted to 54.5k m3 in 2015
(9 months) compared to 31.9k m3 in 2014 (9 months).

Lime volume sales decreased 8.5% during first 9 months mainly due to the continued
contraction in the regional steel industry. Local lime sales to construction industry
remain stable. Lime is a product that represents only about 4% of total sales.

Third Quarter Results Highlights

January September

Third Quarter

Millions of US dollars

2015

2014

Var %

2015

2014

Var %

Cost of Sales

269.8

227.0

18.8%

90.3

76.2

18.5%

57.3%

57.0%

0.2pp

57.9%

56.9%

1.0pp

43.3

36.3

19.2%

14.9

11.9

25.3%

9.2%

9.1%

0.1pp

9.6%

8.9%

0.7pp

as % net sales
Operating Expenses

as % net sales

As of September 2015 our cost of sales increased by 18.8% mainly due to the
Cement Distribution Tax ($15 per ton of cement first 9 months 2015 compared
to $4.5 per ton first 9 months 2014). This increase was partially offset by
efficiencies in distribution (lower fuel prices) and energy (lower thermal and
electrical energy costs).

Operating expenses increased by 19.2% mainly due to an increase in SG&A of

$5.6 million during first 9 months 2015, a gain from a sale of fixed assets of
$2.3 million during first 9 months 2015 (compared to $1.4 million in 2014), and
a non recurrent expense of $0.5 million as of 3Q15.

(1)Operating

expenses include administrative and selling expenses, other income, other expenses and gain on
disposal of fixed assets

1. Third Quarter Results

2. Debt Profile

3. Other Highlights

San Gabriel Plant Site:

Cement Silo

Debt / EBITDA

Millions of US Dollars
Debt
Obligations under leases
Guaranteed debt
Obligations under hedging agreements
Total Debt
Cash and equivalents(1)
Net Debt

At September 30,
2015
529.0

3.2
0.2
0.1
532.5
44.3
488.2

Adj. EBITDA LTM

240.9

Total Debt / Adj. EBITDA LTM

Total Net Debt / Adj. EBITDA LTM

2.21x
2.03x

LTM = last twelve months

(1) Cash and equivalents includes Cash and cash equivalents and held-to-maturity investments

Debt information
September 30,

September 30,

December 31,

Millions of US Dollars

2015

2014

2014

Debt(1)

529.0

548.0

545.8

Short-term

0.0%

0.6%

0.0%

Current portion long-term

0.9%

0.3%

1.1%

Long-term

99.1%

99.1%

98.9%

Cash and equivalents

44.3

94.2

81.7

Net Debt(1)

484.7

453.8

464.0

September 30,

September 30,

2015

2014

US Dollar

74.9%

73.0%

Guatemalan Quetzal

25.1%

27.0%

Fixed

66.2%

63.9%

Variable

33.8%

36.1%

Currency Denomination

Interest Rate

(1)Does

not include obligation under leases, guaranteed debt and obligations under hedging agreements

Debt profile (millions of US Dollars)

600

400

200

545.8

529.0

25.1
50.0

46.3

102.8

97.1

350.0

22.1

350.0

AISM
BAM
G&T Continental
Banco General
Industrial
7.125% Senior Notes

Dec-14

Sep-15

Total Debt / Adj. EBITDA

2.59x

2.21x

Total Net Debt / Adj. EBITDA

2.21x

2.03x

Debt maturity profile (millions of US Dollars)

400
356.0

300

200

100
36.0
0

Short
Term

0.1
2015

37.6

36.2

13.4
2016

2017

2018

2019

Average Life: 6.8 years

30.9
2020

13.9

6.2

2021

2022

2023

1. Third Quarter Results

2. Debt Profile

3. Other Highlights

San Gabriel Plant Site:

Preheater Tower, Raw
Material Silo, and Clinker Silo

Progress in San Gabriel Plant Project

Milestones as of October 2015:

Initiated kiln welding

Began assembly of clinker cooler filter
Completed access road bridge over
Xaltay River

Third Quarter 2015 Results

13/11/2015

Rating Agency Presentation

15

Contact information

Jos Ral Gonzlez Chief Executive Officer

Email: joseraul.gonzalez@progreso.com
Telephone: (502) 2338-9100 ext. 5300
Peter Giesemann Corporate Finance Manager
Email: peter.giesemann@progreso.com
Telephone: (502) 2338-9100 ext. 5301
Jorge Mena Finance Manager
Email: jmena@cempro.com
Telephone: (502) 2338-9100 ext. 5306
Loren Asmus Corporate Liability Manager
Email: loren.asmus@progreso.com
Telephone: (502) 2338-9100 ext. 5365

Daniel Klose Financial Analyst

Email: daniel.klose@progreso.com
Telephone: (502) 2338-9100 ext. 5323