Demonstracões Financeiras - 1T21 - VCI

Financial
Financial
Statements
Votorantim Cimentos International S.A.
Condensed consolidated interim financial statements and
review report as of March 31, 2021

CONDENSED CONSOLIDATED INTERIM BALANCE SHEET ............................................................... 5
CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME .................................................. 6
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME ...................... 7
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY ................................ 8
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS ........................................... 9
SECTION A ‐ GENERAL INFORMATION ..........................................................................................10
1 OPERATIONAL CONTEXT ........................................................................................................10
2 APPROVAL OF THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ..............................10
3 MAIN EVENTS WHICH OCCURRED IN THE THREE‐MONTHS ENDED ON MARCH 31,2021 .......................10
SECTION B ‐ SUPPLEMENTARY INFORMATION .............................................................................11
1 INFORMATION BY OPERATING SEGMENT ...................................................................................11
2 CAPITAL MANAGEMENT ........................................................................................................14
3 NET REVENUE BY PRODUCT LINE ..............................................................................................14
SECTION C – PRESENTATION OF FINANCIAL STATEMENTS ............................................................15
1 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES .................................................................15
2 BASIS OF PREPARATION .........................................................................................................15
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS ....................................................................17
SECTION D ‐ RISKS .......................................................................................................................17
1 SEASONALITY OF CEMENT OPERATIONS .....................................................................................17
2 ENVIRONMENTAL RISK MANAGEMENT ......................................................................................18
3 FINANCIAL RISK MANAGEMENT ...............................................................................................18
4 FINANCIAL INSTRUMENTS BY CATEGORY ....................................................................................23
SECTION E – RELEVANT NOTES ....................................................................................................25
1 CASH AND CASH EQUIVALENTS ................................................................................................25
2 FINANCIAL INVESTMENTS .......................................................................................................25
3 TRADE RECEIVABLES .............................................................................................................25
4 INVENTORY ........................................................................................................................26
5 RELATED PARTIES .................................................................................................................27
6 INVESTMENTS IN ASSOCIATES AND JOINT VENTURES.....................................................................28
7 PROPERTY, PLANT AND EQUIPMENT .........................................................................................30
8 INTANGIBLE ASSETS ..............................................................................................................32
9 RIGHT‐OF‐USE ASSETS AND LEASE AGREEMENTS .........................................................................34
10 BORROWING ......................................................................................................................36
11 CONFIRMING PAYABLES ........................................................................................................38
12 CURRENT AND DEFERRED INCOME TAXES ...................................................................................38
13 PROVISION .........................................................................................................................40
14 SHAREHOLDERS’ EQUITY ........................................................................................................40
15 EXPENSES BY NATURE ...........................................................................................................41
16 EMPLOYEE BENEFIT EXPENSES .................................................................................................41
17 OTHER OPERATING INCOME (EXPENSES), NET .............................................................................41
18 FINANCIAL INCOME (EXPENSE), NET .........................................................................................42
19 EVENTS AFTER THE REPORTING PERIOD .....................................................................................42
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Report on Review of Condensed Consolidated Interim Financial Statements
To the Management Board of

We have reviewed the accompanying condensed consolidated interim financial statements of

Votorantim Cimentos International S.A. and its subsidiaries (together referred as the “Group") which
comprise the condensed consolidated interim balance sheet as at 31 March 2021, and the condensed
consolidated interim statement of income, condensed consolidated interim statement of
comprehensive income, condensed consolidated interim statement of changes in equity and
condensed consolidated interim statement of cash flows for the three-month period then ended, and a
summary of significant accounting policies and other explanatory information.
Management Board’s responsibility for the condensed consolidated interim financial

statements
The Management Board is responsible for the preparation and presentation of these condensed
consolidated interim financial statements in accordance with IAS 34, “Interim Financial Reporting” as
adopted by the European Union, and for such internal control as the Management Board determines is
necessary to enable the preparation of condensed consolidated interim financial statements that are
free from material misstatement, whether due to fraud or error.
Responsibility of the “Réviseur d’entreprises agréé”
Our responsibility is to express a conclusion on these condensed consolidated interim financial

statements based on our review. We conducted our review in accordance with International Standard
on Review Engagements (ISRE 2410 “Review of interim financial information performed by the
independent auditor of the entity”) as adopted for Luxembourg by the “Institut des Réviseurs
d’Entreprises”. This standard requires us to comply with relevant ethical requirements and conclude
whether anything has come to our attention that causes us to believe that the condensed consolidated
interim financial statements, taken as a whole, are not prepared in all material respects in accordance
with the applicable financial reporting framework.
A review of condensed consolidated interim financial statements in accordance with ISRE 2410 is a
limited assurance engagement. The “Réviseur d’entreprises agréé” performs procedures, primarily
consisting of making inquiries of management and others within the Group, as appropriate, and
applying analytical procedures, and evaluates the evidence obtained.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing. Accordingly, we do not express an audit opinion on
these condensed consolidated interim financial statements.
PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg
T : +352 494848 1, F : +352 494848 2900, www.pwc.lu
Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256)
R.C.S. Luxembourg B 65 477 - TVA LU25482518
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying
condensed consolidated interim financial statements are not prepared, in all material respects, in
accordance with IAS 34, “Interim Financial Reporting” as adopted by the European Union.
Restriction on Distribution and Use
This report, including the conclusion, has been prepared for and only for the Management Board in
accordance with the terms of our engagement letter and is not suitable for any other purpose. We do not
accept any responsibility to any other party to whom it may be distributed.
PricewaterhouseCoopers, Société coopérative Luxembourg, 6 May 2021

Represented by
Fabrice Goffin
Votorantim Cimentos International S.A. •v Votorantim
Cimentos
Life is made to last
Condensed consolidated interim balance sheet
All amounts in thousands of US Dollars, unless otherwise stated
Condensed consolidated interim balance sheet
Assets Note 3/31/2021 12/3 1/2020 Liabilities and stockholders' equity Note 3/3 1/2021 12/31 /2020
Current assets Current liabilities
Cash and cash equivalents E1 349 ,592 427,712 Borrowing E10 47,553 40,386
Financi al investments E2 12 ,502 25 ,262 Derivati ve financ ial instruments 28 135
Derivative fi nancial instruments 53 Lease liabilities E9 20,2 16 17,016
Trade rece ivables E3 121,120 112,531 Confirming payables E11 115,272 123,359
Inventory E4 233,012 218,092 Trade payables 206,918 270,949
Taxes recoverable 15,151 14,468 Salaries and payroll charges 44,462 58,023
Royalties 1,549 1,470 Taxes pa yable 22,0 11 32,260
Other assets 30 ,274 21,041 Advances from customers 5,859 5,725
763,253 820,576 Dividends pa yable ES 308 390
Other liabilities 10,052 13,945
472,679 562,188
Assets classifi ed as held for sale 3 3 Liabilities related to assets held for sale 309 322
763 ,256 820 ,579 472,988 562,510
Non-current assets Non-current liabilities

Taxes recoverable 7,963 9,075 Borrowing E10 1,478,085 1,439,2 12
Deferred tax assets E12 47 ,069 49 ,763 Lease liabilities E9 70,81 1 68,650
Notes and capital re lated to SPE E3 48 ,372 28 ,660 Deferred tax liabilities E12 103,335 110,985
Royalties 6 ,128 5,734 Provi sion E13 49,122 51,080
Pension plan 32 ,824 26 ,250 Pension plan 77,075 70,200
Other assets 23,642 24,529 Notes and capital related to SPE E3 6,500 14,735
Other liabilities 18,328 29,638
165 ,998 144 ,011 1,803,256 1,784,500
Total liabilities 2,276,244 2,347,0 10
Investments in associates and joint ventures EG 223 ,251 22 1,931 Shareholders' equity E14
Property, plant and equipment E7 1,266 ,680 1,300 ,6 16 Share capital 99,9 15 99,915
Intangible assets ES 1,326 ,265 1,350 ,039 Share premium 1,140,130 1,134,094
Right-of-use assets E9 87,665 82 ,756 Consolidated reserves 1,049,635 1,046,262
Other comprehensive income (876,185) (853,069)
2,903,86 1 2,955,342 Total equity attributable to the Compan y owners 1,4 13,495 1,427,202
Non-controlling interests 143,376 145,720
T otal shareholders' equity 1,556,87 1 1,572,922
Total assets 3,833,115 3,919 ,932 Total liabilities and shareholders' equity 3,833,115 3,919,932
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
,ial statements.
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•v Votorantim
Cimentos
Life is mad e to last
Condensed consolidated interim statement of income
For the three-month periods ended March 31
Condensed consolidated interim statement of income
1/1/2021 to 1/1/2020 to
Note 3/31 /2021 3/31 /2020
Cont inuing operatio ns
---
Net revenue from goods sold and services rendered B3 339,428 282,023
Cost of goods sold and services rendered E15 (303,449) (258,745 )
Gross profit 35,979 23,278
Operating income (expenses)

Selling expenses E15 (1 0,173) (11 ,764)
General and administrative expenses E15 (22 ,146) (24,450)
Other operating income (expenses), net E17 14,707 (4,534 )
(1 7,612) (40,748 )
Operating profit (loss) before equity interest and fi nancial results 18,367 (17,470)
Resu lts of investees

Share of net profit of associates and joint ventures E6 6,618 5,435
6,618 5,435
Financial income (expenses) E18
Financial income 6,158 1,348
Financial expe nses (26 ,30 1) (29,379 )
Derivative financial instruments 161 83
Exc hange variations, net (652 ) (1 5,488 )
(20 ,634) (43,436)
Profit (loss) before income tax 4,351 (55,47 1)
Income tax E12 1,815 3,933
Profit (loss) for the quarter from continuing operations 6 ,1 66 (51,538 )
Discontinued operations
Profit from discontinued operations 32
Profit (loss) for the quarter 6,166 (51,506 )

Attributable to the
Company owners (1,765) (53,940 )
Non-controlling interests 7,931 2,434
Profit (loss) for the quarter 6,166 (51,506)
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial
statements.
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•v Votorantim
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Condensed consolidated interim statement of comprehensive income
Condensed consolidated interim statement of comprehensive income
1/1/2021 to 1/1/2020 to
Note 3/31/2021 3/31/2020
Profit (loss) for the quarter 6, 166 (51,506)
Components of other comprehensive income for

subsequent reclassification to the statement of income
Attributable to the owners of the Company

Currency translation of investments in foreign operations E14 (b) (47 ,257) (26 ,89 1)
Currency translation in hedge accounting for net investments in
fore ign operations E14 (b) 6,09 1 (29,542)
Share of other comprehensive income (loss) of associates and
joint ventures E14 (b) 799 (62 1)
Inflation adjustment for hyperinflationary economies 17,25 1 13,560
Attributable to non-controlling shareholders

Currency translation of investments in foreign operations (3,96 1) (1 0,872)
Currency translation in hedge accounting for net investments in
fore ign operations (267)
Rea lization of other components of comprehensive income (51)
(27 ,128) (54 ,633)
Total comprehensive income for the quarter (20 ,962) (106,139)
Comprehensive income (loss) from

Continuing operations (20 ,962) (106,171 )
Discontinued operations 32
(20 ,962) (106,139)
Comprehensive income (loss) attributable to
Company owners (24 ,88 1) (97,434)
Non-controlling interests 3,919 (8,705)
(20 ,962) (106,139)
In the condensed consolidated interim statement of other comprehensive income, the items are
presented net of tax effects. The tax effects are presented in Note E14(b).
statements.
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Cimentos
Condensed consolidated interim statement of changes in equity Life is made to last
Condensed consolidated interim statement of changes in equity

Attributable to the Comean;t owners
Other Total
Consolidated comprehensive Non-controlling stockholder's
Share capital Share premium reserves income Total interests equ ity
At January 1, 2020 99 ,915 890,239 1,045 ,903 (882,476) 1,153,581 160,154 1,313,735
Comprehensive income (loss) for the quarter
Income (loss) for the quarter (53 ,940) (53 ,940) 2,434 (51 ,506)
Other comprehensive loss (43,494) (43,494) (1 1,139) (54 ,633)
(53,940) (43,494) (97,434) (8,705) (106 ,139)
Contributions by and distributions to stockholders

Adjustment on related parties on the spin-off of VC Latam business 9,054 9,054 9,054
Increase in non-controlling interests (5,278) (5,278) 5,278
3,776 3,776 5,278 9,054
At March 31 , 2020 99,915 890,239 995,739 (925,97ol 1,059 ,923 156,727 1,216,650
At January 1, 2021 99,915 1,134,094 1,046,262 (853,069) 1,427,202 145,720 1,572 ,922
Comprehensive income (loss) for the quarter
Income (loss) for the quarter (1,765) (1,765) 7,931 6,166
Other comprehensive loss (23,116) (23 ,116) (4,012) (27 ,128)
(1,765) (23,116) (24 ,881) 3,919 (20 ,962)
Contributions by stockholders
Transfer of the preference shares from VCSA to VCI (i) 6,036 5,138 11,174 (6,036) 5,138
Allocation of profit for the quarter
Dividends approved (227) (227)
6,036 5,138 11,174 (6,263) 4,91 1
At March 31, 2021 99,915 1,140,130 1,049,635 ;s1G,1ssi 1,413,495 143,376 1,556 ,871
(i) These preference shares relate to the wholly owned subsidiary St. Marys. Refer also to additional details in Note C2.2.
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
,ial statements .
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Condensed consolidated interim statement of cash flow

•v Votorantim
Cimentos
All amounts in thousands of US dollars, unless otherwise stated
Condensed consolidated interim statement of cash flows

1/1/2021 to 1/1/2020 to
Note 3/31 /2021 3/31 /2020
Profit (loss) before income tax 4,351 (55,471 )
Profit from discontinued operations 32
Adjustments of items that do not represent changes in cash and cash equivalents
Depreciation , amortization and depletion E7, ES and E9 41,326 40,830
Equity in the results of associates and joint ventures E6 (b) (6,618) (5,435)
Impa irm ent reversal of property, plant , equipment, intangible E17 (665)
Net gain on disposa l of property, plant , equipment and intangible assets E17 (13,290) (492)
Allowance (reversal) for doubtful accounts , net of reversals E3 (b) (215) 1.110
Provision for obsolete inventories, net E4 (b) 486 872
Provision (reversal) for civil and tax lawsu its E13 (a) (46) 15
Acc rued interest E18 22 ,015 24,393
Other components of net financ ial results (2,940) 2,229
Other non-cash items 5,138 (44)
Adjustments of items that do not represent changes in cash and
cash equivalents from discontinued operations (32)
50 ,207 7,342
Decrease (increase) in assets
Trade and other receivables (37 ,088) (30 ,042)
Inventory (15,089) (11,80 1)
Taxes recoverable 429 (6,046)
Other assets (15,406) (17,020)
Decrease in liabilities
Trade payables (64 ,031 ) (66 ,123)
Confirming payables (8,087) (21,595)
Salaries and social charges (13,561 ) (7,189)
Taxes payable (6,275) (2,208)
Other accounts payable and other liabilities (1 0,111) (3,719)
(119,012) (158,40 1)
Cash flow from operating activities
Interest paid E10 (c) (15,215) (1 5,923)
Income tax paid (8,631 ) (7,446)
Cash flow provided by operating activities fro m descontinued operations 23
Net cash provided by operating activities (142,858) (1 81,747)
Cash flow from investing activities

Financial investments 12,760 117
Proceeds from disposals of property, plant, equipment and intangible assets 15,158 712
Dividends received from associates and joint ventures E6 (b) 9,607 1,000
Acquisitions of property, plant, equipment and intang ible assets E7 and ES (21,914) (20 ,106)
Interest received 6,158 1,348
Cash effect of capital increases in equity accounted investees (650)
Net cash used in investing activities 21,769 (1 7,579)
Cash flow from financing activities

Procee ds from borrowing E10 (c) 50 ,596 272,174
Payments of borrowing E10 (c) (1,881 ) (26,854)
Derivative financ ial instruments 1 206
Dividends paid (97) (11,464)
Lease liability payments E9 (b) (5,650) (5,736)
Net cash provided by financing activities 42 ,969 228 ,326
Increase (decrease) in cash and cash equivalents (78 ,120) 29 ,000
Decrease in cash resulting from the rec lassifi cation of assets held for sale (23)
Effect of exc hange rate changes (6,425) (1,225)

Cash and cash equivalents at the beginning of the quarter 427 ,712 327 ,975
Cash and cash equivalents at the end of the quarter 349,592 356,975
statements.
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Notes to the condensed consolidated interim financial statements

•v Votorantim
Cimentos
as of March 31, 2021
Section A - General information
1 Operational context
Votorantim Cimentos International S.A. (the “Company” or “VCI”) was incorporated on April 9, 2018 and
is organized under the laws of Luxembourg as a “Société anonyme” for an unlimited period (R.C.S.
Luxembourg: B.224031). The registered office of the Company is established at 35 Avenue J F
Kennedy, 1st floor, A2, L-1855 Luxembourg.
The Company, its subsidiaries and equity accounted investees (together referred as “VCI Group” or
“Group") are mainly engaged in the following activities: (i) the production and sale of a portfolio of heavy
building materials, which includes cement, aggregates, ready-mix concrete, mortar, and other building
materials, as well as raw materials and byproducts, similar and related products; (ii) research, mining
and processing of mineral reserves in connection with its cement producing activities; (iii) transportation,
distribution and importing; and (iv) holding investments in other companies. VCI Group operates in North
America, South America (excluding Brazil), Europe, and Africa.
The Company is directly and fully controlled by Votorantim Cimentos S.A. (“VCSA”), a privately held
company headquartered in the city and State of São Paulo, Brazil, that is the holding company of the
Votorantim Cimentos Group and is ultimately controlled by Ermírio de Moraes family.
2 Approval of the condensed consolidated interim financial statements
The issue of these condensed consolidated interim financial statements was authorized by the
Management Board on May 6, 2021.
3 Main events which occurred in the three-months ended on March 31,2021
3.1 Withdrawal of committed credit facility by St. Marys Cement Inc (“SMCI”)
During the first three-months ended on March 31, 2021, the Company’s subsidiary SMCI executed
additional withdrawals from the committed credit facility available in the aggregate amount of USD 50.3
million.
The total amount due at quarter closing was USD 62.8 million, and the remaining available for use of
this credit facility totaled USD 227.2 million. The maturity of this committed credit facility is August 2024.
3.2 Commencement of cement mill project in Cementos Artigas (project Molcemin)
Cementos Artigas, the Uruguayan subsidiary of the Company, has commenced a project to unify its
industrial activities in Uruguay. The initiative involves the integration of its industrial facilities, which until
now were divided between a factory located in Montevideo and the main plant located in the town of
Minas. The project consists in the relocation of the current cement grinding and dispatch operations of
the Montevideo plant to the Minas plant, resulting in a unified and much more efficient and sustainable
production line. In addition, because of this unification, a new vertical cement mill, a modern multicell
silo and dispatch facilities will be installed at Minas plant.
Cementos Artigas will invest a total amount of circa USD 40 million in this operation, and it is expected
to come into operation in 2022. As of March 31, 2021, the total amount of costs incurred in this project
was USD 4.3 million.
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•v Votorantim
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3.3 Follow up of the impacts due to the pandemic related to the new Corona virus (COVID-19)
Due to the global pandemic declared by the World Health Organization (WHO) related to the new Corona
virus (COVID-19) that has been affecting several countries around the world, presenting high risks to
public health and impacting the global economy, the Company in accordance with its Risk Management
Policy, approved by VCSA Board of Directors and implemented by VCI Management Board, has
implemented through its Corporate Crisis Committee a plan to overcome this crisis and has implemented
preventive measures in an attempt to mitigate the impact of the pandemic. These preventive measures
are aligned with the guidelines established by national and international health authorities. The
Company expects to mitigate, as much as possible, the potential impact that the COVID-19 crisis has
on the health and safety of its employees, relatives, associates, and communities, and as well to
minimize the potential impact on our operating business.
The Corporate Crisis Committee also set up a multitasking team working closely in conjunction with the
Company’s Management Board, being one of their main tasks to determine and monitor the effects and
consequences of the crisis on the business, our clients, suppliers, and other creditors. In addition, the
Company monitors regularly COVID-19’s impacts on the main estimates and critical accounting
judgments, as well as other balances, that have the potential to present uncertainty and impact in the
financial information disclosed.
From a liquidity perspective, VCI Group presents a solid liquidity position, reinforced by existing
revolving credit facilities that presented an amount available for use of USD 727.2 million as of March
31, 2021. This provides the Company a comfortable headroom to mitigate any future adverse impacts
deriving from the COVID-19 crisis. The overall average maturity of debt is 9.1 years.
From the analysis performed up to the date of the issuance of these condensed consolidated interim
financial statements, the Company and its subsidiaries did not identify any relevant impacts of the
COVID-19 crisis triggering the need to adjust the included financial information or its disclosures.
Moreover, no impact or accounting evidence was identified that would require any change in accounting
policies related to the main critical accounting estimates and judgements, as disclosed in the Note C3
of the December 31, 2020 annual consolidated financial statements.
Considering the current level of uncertainty, the Group will keep being vigilant on coming events, and
will remain prepared to implement new measures should they be needed, as this crisis evolves.
Section B - Supplementary information
1 Information by operating segment
The Company’s Management Board has been identified as the chief operating decision maker (“CODM”)
since they have the final authority over resource allocation decisions and performance assessment. The
operating segments that are also reportable segments used for decision-making, and reviewed by the
CODM, are organized by geographical areas, and are based on the location of its assets, which are
segregated as follows:
(a) Latin America: Operations in Bolivia and Uruguay.
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(b) North America: Operations in Canada and United States of America.
(c) Europe, Asia and Africa: Operations in Spain, Turkey, Morocco and Tunisia.
Altogether, the reporting segments produce and sell a complete portfolio of constructions material:
cement, ready-mix concrete, aggregates, mortars, and other products.
The main source of information for assessment of the financial performance of the reportable segments
is the adjusted EBITDA which is reported on a monthly basis to the CODM according to the geographical
areas. The adjusted EBITDA is calculated from profit/loss, plus/less financial income and expenses,
plus income tax, plus depreciation, amortization and depletion, less share of net profit of associates and
joint ventures, plus dividends received from investees and less exceptional non-cash items (non-cash
items considered by Management as exceptional are excluded from the adjusted EBITDA
measurement). The supplementary information included in this note is not intended to be in accordance
with and is not required by IFRS.
1/1/2021 to 3/31 /2021

North Europe, Asia Latin Holding and
America and Africa America el im inations Tota l
Continuing operations
Net revenue from goods sold and services rendered 148,975 148,773 41,680 339.428
Cost of goods sold and services rendered (157,802 ) (116 ,825 ) (28 ,822) (303,449 )
Gross profit (loss) (8,827 ) 31 ,948 12,858 35 ,979
Operating income (ex penses) (14,517) 1,326 (3 ,880) (541 ) (17,612 )
Operating profit (loss) before equity interest

and financial re sults (23,344 ) 33 ,274 8,978 (541 ) 18,367
Results of investees
Sh are of net profit of associates and joint ventures (680) 2,854 4.444 6,618
Financial resu lts 1 net

Interest payable on borrowing and other (8,176) (1,399) (1,716) (11,061 ) (22,352 )
Financial results , net, except interest payable on borrowing and other 3,174 (3,189) 1,700 33 1,718
(5,002 ) (4 ,588 ) (16) (1 1,028) (20,634 )
Profit (loss) before income tax (29,026) 31 ,540 13,406 (1 1,569) 4,351
Income tax 7,773 (5,727 ) (23 1) 1,815
Profit (loss) fo r the qu arter from co ntinuing operations (2 1,253) 25,813 13,175 (1 1,569) 6,166
Profit (loss) for the quarter (2 1,2531 25,813 13,175 (11 ,5691 6,166
Depreciation , amortization and depletion 25,504 12,086 3,732 41 ,326
Dividends rece ived 5,304 3,899 9,203

Adjustments for non•recurring items 169 89 (231 ) 27
5,473 89 3,668 9,230
A djusted EBITDA 7,633 45,449 16 ,378 (537) 68 ,923
PP& E and intangible assets additions 13,926 2,615 5,373 21 ,914

Total assets 1,795,846 841 ,661 519 ,193 676.415 3,833 ,115
Total liabilities 95 1,565 502 ,150 189,489 633 ,040 2,276,244
Net debts 579 ,980 78 ,877 74 ,314 521 ,375 1,254,546
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44

"'#/ Votorantim
Cimentos
1/1/2020 to 3/31/2020
North Europe, Asia Lati n Holding and
Ameri ca and Africa Am erica e lim inations Total
Conti nuing operations
Net revenue from goods sold and se rvices rendered 141 .697 106.431 33 .895 282.023
Cost of goods sold and services rendered (147.266) (85.596) (25.883) (258.745 )
Gross profit (loss) (5.569) 20.835 8.012 23.278
Operati ng expenses (20.568) (1 5.089 ) (4.600) (491 ) (40.748 )
Operating profit (loss) before equity interest

and financial res ults (26.137) 5.746 3.412 (491 ) (17.470)
Re sults of inve stees

Sh are of net profit of associates and joint ventures (513) 2.600 3.348 5.435
Financial results 1 net

Interest pa yable on borrowi ng and other (8.643) (1.031 ) (1 .566) (14.601 ) (25.841 )
Financial results, net. except interest payable on borrowing and oth er (14.190) (6 .100) 927 1.768 (17.595)
(22.833) (7.131 ) (639) (1 2.833) (43.436)
Profit (loss) before income tax (49.483) 1.215 6 .121 (1 3.324) (55.471 )
Inco me tax 9.579 (5.369) (277) 3.933
Profit (loss) for the qu arter from continuing operations (39.904 ) (4.154) 5.844 (1 3.324) (51 .538 )
Profit from discontinued operations 32 32
Profit (loss) for the qu arter !39.9o4 l !4122 i 5.844 p 3.324l !51506l
Depreci atio n, amo rtization and depletion 24.158 12.755 3.914 3 40.830
Dividends received 1.000 1.000

Adjustments for non-recurring items 2.832 2.832
1.000 2.832 3.832
Adjusted EB ITDA !979) 21.333 7.326 !488) 27.192
PP&E an d inta ngible assets additions 14.283 4.153 1.670 20.106

Tota l assets 1.711 .721 814.248 510 .033 780.301 3.816.303
Tota l liabilities 1.026.759 262.000 409 .846 901 .048 2.599.653
Net debts 628.598 (81.562 ) 87 .768 1.042.614 1.677.419
13
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The following table reconciles the adjusted EBITDA:
1/1/2021 a 1/1/2020 a 4/1/2020 a 1/1/2020 a

3/31 /2021 3/31/2020 3/31 /2021 12/31 /2020
Profit (loss) for the period 6, 166 (51,506) 63 ,550 5,878
Add itions (exclusions)
Share of net profit of associates and joint
ventures - continuing operations (6,618) (5,435) (6,738) (5,555)
Financial result, net - continuing operations 20,634 43,436 112,292 135,094
Financial result, net - discontinued operations (32) (3 1)
Income tax and social contribution - continuing operations (1,815) (3,933) 64 ,374 62 ,256
EBIT 18,367 (1 7,470) 233 ,479 197,642
Depreciation, amortization and depletion - continuing operations 41,326 40,830 163,979 163,483
EBITDA 59,693 23,360 397 ,458 36 1,125
Additions
Dividends received 9,203 1,000 32 ,077 23,874
Exceptional items
EBITDA - discontinued operations (2) (2)
Adj ustments for non-recurring items

Provision (reversal) of impairment of PP&E, intangible and right-of-use (665) 36 ,761 36,096
Expenses and donations - COVID-19 318 3,497 3,664 6,843
Other (29 1) (78) 213
Adj usted EBITDA 68,923 27,192 469 ,880 428,149
2 Capital management
The financial leverage ratio, considering the basis of information of the accumulated profit in the past 12
months, is summarized as follows:
Note 3/31 /2021 12/31 /2020

Borrowing E10 (a) 1,525,638 1,479,598
Lease liabilities E9 (b) 91,027 85,666
Cash and cash equivalents E1 (349,592) (427,712)
Financial investments E2 (1 2,502) (25,262)
Derivative financial in struments (25) 135
Net debt - (A) 1,254,546 1,112,425
Adjusted EBITDA for the last 12 months - (B) B1 469,880 428,149
Financial leverage ratio - (A/B) 2. 67 2. 60
3 Net revenue by product line

1/1/2021 to 1/1/2020 to
3/31 /2021 3/31 /2020
Cement 220,205 170,240
Ready-mix 99,052 95,401
Aggregates 16,304 12,952
Other 3,867 3,430
339,428 282 ,023
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Section C – Presentation of financial statements
1 Changes in accounting policies and disclosures
1.1 Amendments to accounting standards adopted by the Company
The Company analyzed the amendments to the accounting standards issued by IASB and endorsed by
the European Union which are applicable as from January 1st, 2021, and apart from the amendments
resulting from the interest rate benchmark reforms, it did not identify other material impacts to its
operations and accounting policies.
Regarding the amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 resultant from the interest
rate benchmark (IBOR) reform: the phase 2 amendments became effective for annual periods beginning
on or after January 1st, 2021, and address issues that arise from the implementation of the reforms,
including the replacement of one benchmark with an alternative one. As a practical expedient, the
amendment requires to account for the change in the basis for determining the contractual cash flows
as a result of IBOR reform by updating the effective interest rate, and consequently no gain or loss will
be recognized.
VCI Group has borrowings measured at amortized cost with interest rates indexed to an IBOR rate –
LIBOR and EURIBOR, as listed in Note E10. The LIBOR borrowings are denominated in USD, and
according to the reform the extinguishment of this interest rate is planned for June 2023. Regarding the
EURIBOR rate, as at today there is no defined plan for its reform.
Based on the current information available and preliminary analysis performed, the Company does not
expect a material impact to occur from the LIBOR reform. Moreover, no other changes to the original
contractual terms are expected, therefore the practical expedient shall be applied.
Finally, to note that VCI Group does not have hedging relationships directly affected by IBOR reform.
1.2 Amendments to accounting standards not yet adopted by the Company
The Company analyzed the amendments to the accounting standards issued by IASB and endorsed by
the European Union which are applicable for annual periods on or after April 1st, 2021 and did not identify
material impacts to its operations and accounting policies.
2 Basis of preparation
2.1 Condensed consolidated interim financial statements
The condensed consolidated interim financial statements were prepared and are being presented in
accordance with the international accounting standard IAS 34 – “Interim Financial Reporting”, issued by
the International Accounting Standards Board (“IASB”) that is adopted by the European Union (“EU”).
These financial statements disclose all the applicable significant information related to the interim
financial statements and are unaudited.
The condensed consolidated interim financial statements as of March 31, 2021 do not contain all the
accompanying notes and disclosures required by the accounting standards applicable to the annual
consolidated financial statements, since their purpose is to provide an update on significant activities,
events and circumstances compared to the annual consolidated financial statements. Therefore, they
should be read together with the consolidated financial statements for the year ended December 31,
,..,v,
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2020, which were prepared in accordance with International Financial Reporting Standards (“IFRS”) as
issued by the IASB that are adopted by the EU.
The consolidated condensed interim financial statements have been prepared in a manner consistent
with the accounting policies disclosed in the consolidated financial statements as of December 31, 2020.
There are no changes to accounting policies compared to the year ended December 31, 2020.
2.2 Companies included in the condensed consolidated interim financial statements
In the first quarter of 2021, the main changes in companies included in the condensed consolidated
interim financial statements, compared to the information disclosed in Note C2.1 (g) to the last annual
consolidated financial statements, are disclosed below:
Percentage of total and

voti ng caeital
Place of Functional
3/31 /2021 12/31/2020 operation Main activity currency
Votorantim Cimentos International S.A and subsidiaries
St. Marys e subsiaries
Cement, ready
St. Marys Cement Inc. (Canada) (iii) 100.00 99 .29 Canada mix, aggregates CAD
2377962 Ontario Inc. (iii) 100.00 99 .29 Canada Holding CAD
2377 482 Ontario Inc. (iii) 100.00 99 .29 Canada Holding CAD
2339097 Ontario Limited (iii) 100.00 99 .29 Canada Holding CAD
VCNA Nova Scotia ULC Canada Holding CAD
Rosedale Securities Limited (iii) 100.00 99 .29 Canada Holding CAD
VCNA Prairie Aggregate Holdings Illinois Inc . (iii) 100.00 99.29 USA Aggregates USO
VCNA US Inc. (iii) 100.00 99 .29 USA Holding USO
Votorantim Cimentos North America, Inc. (iii) 100.00 99 .29 USA Holding USO
St. Marys Cement U.S. LCC (iii) 100.00 99 .29 USA Cement USO
VCNA SPE, LLC . (iii) 100.00 99 .29 USA Securitization USO
Ready mix,
VCNA Praire LLC (iii) 100.00 99 .29 USA aggregates USO
VCNA United Materi als LLC (iii) 100.00 99 .29 USA Concrete USO
VCNA United Materials Builders LLC (iii) 100.00 99.29 USA Reta il USO
Ready mix,
313 Re ady Mix LLC (iii) 100.00 99 .29 USA aggreg ates USO
Votorantim Cement EAA lnversiones S.L and subsidiaries

Limestone (no
Alpaca lnversiones S.A.C. (iv) 100 .00 Peru activity) PEN
Corporacion Noroeste S.A. (ii) 99 .75 99 .72 Spain Holding EUR
Cementos Cosmos S.A. (ii) 99 .64 99 .62 Spain Cement EUR
Prebetong Hormigones S.A. (ii) 99.73 99 .70 Spain Ready mix EUR
Prebetong Lugo S.A. (ii) 82 .66 82 .64 Spain Aggregates EUR
Prebetong Lugo Hormigones S.A. (ii) 82.66 82 .64 Spain Ready mix EUR
Cementos Antequera S.A. (i) (ii) 99 .75 96 .73 Spain Cement EUR
Comercial Cosmos SUR S.L. (ii) 99.75 99 .72 Spain Cement EUR
Morteros de Galicia S.L. (ii) 99 .75 99 .72 Spain Mortars EUR
Comercializa dora de Cenizas S.L. (ii) 49.87 49 .86 Spain Ashes trader EUR
Limestone
Comerc ializadora de Calizas S. L. (ii) 49.87 49.86 Spain trader EUR
Prebetong Ari dos S.L. (ii) 99 .75 99 .72 Spain Aggreg ates EUR
16
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Percentage of total and

voting capital
Place of Functional
3/31 /2021 12/31/2020 operation Main activity currency
A ssociates and j ointly-controlled entities
Hutton Transport Lida . (iii) 25 .00 24 .82 Canada Transportation CAD
Pond Technologies Inc . (iii) 10.30 15.56 Canada Te chnology CAD
Cementos del Marquesado S.A. (i) (ii) 23 .14 22.44 Spain Cement EUR
Superior Materials Holdings LLC (iii) 50.00 49 .65 USA Ready mix USO
Midway Group LLC (iii) 50.00 49.65 USA Ready mix USO
RMC Leasing 426 1 (iii) 50.00 49 .65 USA Holding USO
Cementos Granadilla S.L. (ii) 54 .86 54.85 Spain Cement EUR
Hormigones y Aridos La Barca S.A. (ii) 49 .87 49 .86 Spain Ready mix EUR
Aridos de la Coruiia S.A. (ii) 49 .87 49 .86 Spain Aggregates EUR
Cementos Especiales de las Islas S.A. (ii) 49 .87 49 .86 Spain Cement EUR
Services,
Compaiiia Canaria de Mat. Primas S.A. (ii) 46 .20 46.19 Spain Logistics EUR
Horinsa Graneles S.L. (ii) 49 .87 49 .86 Spain Logistics EUR
Hormisol Canarias S.A. (ii) 49 .87 49.86 Spain Concrete EUR
Morteros Especiales de Canarias S.L. (ii) 24 .94 24 .93 Spain Ready mix EUR
Morteros lnsulares Canarios S.A. (ii) 39 .90 39.89 Spain Ready mix EUR
Ceisa Comercial de Cemento S.L.U . (ii) 49 .87 49 .86 Spain Cement EUR
Joint Operation
Great Lakes Slag Inc. (iii) 50.00 49 .65 Canada Slag production CAD
(i) Increase in the equity interest of Corporacion Noroeste S.A. in Cementos Antequera S.A. in January 2021.
(ii) Increase in the equity interest of Votorantim Cimentos EAA Inversiones S.L. in Corporacion Noroeste S.A.
in February 2021.
(iii) VCI is now the owner of 100% of St Marys’ shares. Up to February 2021, 12,000,000 preference shares
were owned by VCSA, representing 0.71% of the total share capital issued by the subsidiary. On February
26, 2021 such shares were transferred to VCI, as a contribution in kind. Subsequently, these same
preference shares were converted into ordinary shares.
(iv) Dissolution of the company Alpaca Inversiones S.A.C in March 2021.
3 Critical accounting estimates and judgments
Due to the events described in note A3.3 of this condensed interim consolidated financial statements,
the Company is closely monitoring de critical accounting estimates and judgements, and also the
accounting policies, as per information presented in Note C3 of the last annual consolidated financial
statements.
In the first quarter of 2021 there have been no changes in estimates and assumptions entailing a
significant risk, with a probability of causing material adjustments to the carrying amounts of assets and
liabilities for the current fiscal year, compared to those detailed in Note C3 to the consolidated financial
statements for the year ended December 31, 2020.
Section D - Risks
1 Seasonality of cement operations
The demand for cement, ready-mix concrete, aggregates, and other construction materials is seasonal,
due to cyclical activity in the construction sector affected by climatic conditions. This has a direct impact
in VCI Group’s operating performance throughout the year.
The Group’s principal markets are located in North America, Europe, and Africa, therefore the operating
sales usually suffer a decrease during the first quarter of the year and the month of December as well,
reflecting the negative winter effects. The second and third quarters of the year show and increase in
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sales, reflecting the positive effects of summer season. This seasonality can be particularly visible in
severe winter seasons, and its impacts are higher in the North American business.
2 Environmental risk management
The Company reviews periodically its environmental risk assessment and addresses the risks, either
through risk mitigation actions or cost estimation actions to clear the risks identified. These risks are
usually recorded as asset retirement obligations.
3 Financial risk management
3.1 Market risk
3.1.1 Foreign exchange risk
The balances of assets and liabilities indexed to foreign currency at the end of the reporting period are
presented below:
Note 3/31/2021 12/31/2020

Assets denominated in foreign currency
Cash and cash equivalents 11 3,92 1 145,626
Financial investments 12,502 25,262
Derivative financial instruments 53
Trade receivables 100,233 80,629
226,709 25 1,517
Liabilities denominated in foreign currency
Borrowing (i) E10 (d) (382 ,595) (300,018)
Derivative fin ancial instruments (28) (135)
Lease liabilities (17,475) (10,892)
Confi rming payables (52 ,224) (64,714)
Trade pa yables (106,524) (131,346)
(558,846) (507,105)
Net exposure (332 ,137) (255,588)
(i) Funding costs are not considered in these amounts.
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Notes to the condensed consolidated interim financial statements Lif e is mad e to la st
3.1.2 Hedging of net investments in foreign operations
(a) Analysis
The subsidiary St. Marys designated its debt denominated in US Dollars as a hedging instrument for the investment in its subsidiary St. Marys Cement Inc.
1/1/2021 to 3/31/2021
Investor Hed9ed item Instrument
Percentage Gain recognized in other
Enti~ Currenc:r: Investment Currenc:r: designated Original amount Amount in USO Currenc:r: Original amount Amount in USO comprehensive income
St. Marys CAD St. Marys Cement Inc. USO 44.01 % 500,000 500 ,000 USO 500 ,000 500,000 6,09 1
6,09 1
1/1/2020 to 3/31 /2020

Investor Hed9ed item Instrument
Gain {loss) recognized in
Percentage other comprehensive
Enti~ Currenc:i: Investment Currenc:r: designated Original amount Amount in USO Currenc:i: Orig inal amount Amount in USO income
St. Marys CAD St. Marys Cement Inc. USO 43.81 % 500,000 500 ,000 USO 500 ,000 500,000 (37 ,658)
VCl (i) USO VCEAA EUR 74 .35% 348,842 384,25 1 EUR 348,852 384,263 7,849
(29 ,809)
There was no ineffectiveness in the hedge relationships during the three-months period ended on March 31, 2021; therefore, the Company and its subsidiary did
not recognize any impacts in the condensed consolidated interim statement of income.
(i) VCI’s net investment hedge relationship was discontinued in December 2020 with the full repayment of the last EUR bond that was used as hedging instrument. The
accumulated exchange variation recognized in shareholders' equity will only be reclassified to the statement of income for the year upon the disposal of the underlying
investment.
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3.2 Credit risk
3.2.1 Credit quality of financial assets
Note 3/31/202 1 12/31/2020

Cash and cash equivalents E1
AA- 2,94 1 4,606
A+ 140,175 134,602
A 106 ,444 159,415
A- 51,888 77,399
BBB+ 14,078 18,975
BBB 8,886 7,139
BBB- 8,295 5,595
BB+ 10 11
BB 1,757 2,597
B 9,492 11,582
B- 192
B+ 3 29
CCC 11
No rating 5,6 12 5,570
349,592 427,7 12
Financial investments E2
A 12,502 25,262
12,502 25,262
Derivative financial in struments

B 53
53
Guarantees E5 (b)
BBB- 1,377,148 1,329,435
1,377,148 1,329,435
1,739,295 1,782,409
The following table reflects the credit quality of counterparties for transactions involving trade
receivables:
3/31/2021 12/31/2020
High ri sk 3,724 10,92 1
Medium risk 12,683 9,039
Low ri sk 73,963 63,546
AAA 12,075 8,854
102,445 92 ,360
The balances above refer to trade receivables which are not overdue and not impaired.
3.2.2 Financial guarantees provided by the Group
The Group is exposed to the maximum credit risk in connection with the guarantees provided, as
detailed in Note E5 (c). As of March 31, 2021, none of such guarantees were claimed.
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3.3 Liquidity risk
The amounts below represent the contractual undiscounted and future estimated cash flows, which
include interest to be incurred and, accordingly, do not reconcile directly with the amounts presented in
the balance sheet.
Less tha n Between one Betwee n two Between fi ve Over te n
Note one year and two y ea rs and five y ears and te n years y ea rs Tota l
At March 31 , 202 1
Borrowing 101 ,160 98,876 S40,S24 822 ,1S4 1,074,748 2,637,462
Lease liabi lities 19,038 16,?SS 28,122 21,669 S,443 91 ,026
Confirming payables E11 11S,272 11S,272
Trade payables 206,918 206,918
Dividends payab le ES 308 308
442,696 11S,631 S68,646 843,823 1,080,191 3,0S0,986
At December 31, 2020
Borrowing 103,308 99,7S7 499,994 836,S9S 1,074,748 2,614,402
Lease liabilities 16,910 14,371 2S,497 23,2S2 S,636 8S,666
Confirming payabl es E11 123,3S9 123,3S9
Dividend s payable ES 390 390
Pen sion plan 12,7S2 13,0S? 36,897 24S,437 308,143
S27,668 127,18S S62,388 1,10S,284 1,080,384 3,402,909
21
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Notes to the condensed consolidated interim financial statements Life is made to last
3.4 Sensitivity analysis
The main risk factors that have an impact on the pricing of the financial instruments, cash and cash equivalents, financial investments, borrowing, related parties
and derivative financial instruments are the exposure to the fluctuations of the Euro, Boliviano, Turkish Lira, Moroccan dirham, Tunisian dinar, Canadian Dollar,
Uruguayan pesos and LIBOR interest rates. The scenarios for these factors are prepared using market data and specialized sources, according to the Company's
governance.
The scenarios as of March 31, 2021 are described below:
Scenario I - considers a change in indicative pricing yield curves as of March 31, 2021, according to the base scenario defined by Management for June 30, 2021.
Scenario II: considers a change of + or -25% in the yield curves as of March 31, 2021.
Scenario III - considers a change of + or -50% in the yield curves as March 31, 2021.
Im acts on P&L lmeacts on com,erehenslve income
Scenario I Scenarios II and Ill Scenario I Scenarios II and Ill
Cash and cash Pri ncipal of derivative Changes from Res ults of Results of
Risk fa ctor eguivalents li! Borrow ing finan cial instruments Currencr 313112021 scenario I scenario I
Foreing exch ange rate
EUR 34,086 177,453 2,572 EUR 2.74% 131 (1.1 94) (2,388) 1,194 2,389 (4,058) 37,042 74,085 (37,042 ) (74,085)
MAD 30,600 MAD 1.29% 395 (7 ,650) (1 5,300) 7,650 15,300
TND 28 ,694 TND 2.45% 703 (7 ,174) (1 4,347) 7,174 14,347
808 7,950 117,181 808 1.16% (1,265) 27,308 54,615 (27,308) (54,615)
TRY 1.404 7,501 2,572 TRY 6 .08% (369) 1,524 3,049 ( 1,524) (3,049)
CAD 2,941 53,641 CAD -0.21 % (6) (735) ( 1,470) 735 1,470 111 13.410 26,821 ( 13.410) (26,821 )
UYU 8 ,229 27,408 UYU 1.08% (207) 4,795 9,589 (4 ,795) (9,589)
Intere st rate (ii)

USO - LIBOR 15,033 2 bps (3) 13 (6) (13)
(i) The balances presented in this note do not reconcile with the notes on “Cash and cash equivalents”, since the analysis covers only the most significant currencies.
(ii) The cash flow interest rate exposure of borrowing balances solely includes the principal amount of contracts with variable interest rate. Debts with fixed interest rate are
recorded at amortized cost and hence the Company is not exposed to cash flow interest rate risk on them.
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4 Financial instruments by category
(a) Analysis
3/31/2021
Fair value
Amortized through profit
Note cost and loss Total
-- -
Assets
Trade receivables E3 (a) 121,120 121,120
Notes and capital related to SPE E3 (d) 48,372 48,372
169 ,492 169,492
Cash and cash equivalents E1 349,592 349,592

Financial investments E2 12,502 12,502
362,147 362,147
Liabilities
Borrowing E10 1,525 ,638 1,525,638
Lease liabilities E9 91,027 91,027
Confirming payables E11 11 5,272 11 5,272
Salaries and payroll charges 44.462 44.462
1,983,317 1,983,317

28 28
12/31 /2020
Fair value
Amortized through profit
Note cost and loss Total
---
Assets
Trade receivables E3 (a) 11 2,53 1 11 2,53 1
Notes and capital related to SPE E3 (d) 28,660 28,660
141,1 91 141 ,191
Cash and cash equivalents E1 427,712 427,71 2

Financial investments E2 25,262 25,262
452 ,974 452,974
Liabilities
Borrowing E10 1,479 ,598 1,479,598
Lease liabilities E9 85 ,666 85,666
Confirming payables E11 123,359 123,359
Salaries and payroll charges 58 ,023 58,023
2,017,595 2,017,595

135 135
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(b) Fair value of financial instruments and derivatives
The fair value measured by levels of the main financial assets and liabilities are described below:
Note Fair value measured based on 3/31 /2021

Va luation tech nique
Price quoted in an supported by
active market observable prices
Level 1 Level 2 Fa ir value
Assets
Cash and cash equ ivalents E1 275 ,117 74,475 349 ,592
Fi nancial investments E2 12,502 12,502
Derivative financial in struments 53 53
275,11 7 87 ,030 362 ,147
Liabil ities
Borrow ing E 10 1,798 ,731 1,798,731
1,798 ,759 1,798 ,759
Note Fair value measured based on 12/31 /2020

Va luation technique
Price quoted in na supported by
active market observable prices
Level 1 Level 2 Fair va lue
Assets
Cash and cash equ ivalents E1 348,601 79,111 427 ,712
Financ ial investments E2 25 ,262 25,262
348 ,601 104 ,373 452 ,974
Liabil ities
Borrow ing E10 1,819,413 1,819,413
1,819,548 1,819 ,548
All the financial instruments not included in the table above are measured at amortized cost and the
Company believes their carrying amount and their fair value are materially the same. The fair value of
these financial instruments is determined by observable price (Level 2) in arms-length transactions or
equivalent, in the case of intercompany transactions. There was no transfer between the levels during
the periods.
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Section E – Relevant notes
1 Cash and cash equivalents
3/31/2021 12/31/2020
Cash an d bank 275,11 7 348,60 1
Time deposits (i) 74 ,475 79,111
349,592 427,712
(i) Time deposits are highly liquid financial assets used to maintain the Group's operating activities.
2 Financial investments
3/31/2021 12/31/2020
Time deposits 12,502 25,262
12,502 25,262
3 Trade receivables
(a) Analysis
Note 3/31/2021 12/31/2020

Trade accounts receivables 121,453 11 3,009
Related parties E5 7,749 8,053
Allowance for doubtful accounts (8,082) (8,53 1)
121,1 20 11 2,531
The fair value of trade receivables approximates their carrying amount, due to their short-term nature.
(b) Changes in the allowance for doubtful accounts
1/1/2021 to 1/1/2020 to
3/31/2021 3/31/2020
Balance at the beg inning of the quarter (8,53 1) (8,339)
Additions (216) (1 ,086)
Reversals 431 (24)
Receivables written off as uncollectible 1
Exchange rate variations 234 454
Balance at the end of the qu arter (8,082) (8,994)
The additions and reversals of allowance for doubtful accounts have been included in selling expenses
in the condensed consolidated interim statement of income. Subsequent recoveries of amounts
previously written off are credited against the same line item. Amounts charged to the allowance account
are generally written off when there is no expectation of recovering additional cash.
(c) Aging of trade receivables
The aging of the balances below does not consider the allowance for doubtful accounts.
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3/31/2021 12/31/2020
Current 11 0,1 94 100,413
Up to 3 months past due 10,576 7,435
From 3 to 6 months past due 845 1,175
Over 6 months past due 7,587 12,039
129,202 121,062
Allowance for doubtful accounts (8,082) (8,53 1)
121,120 11 2,53 1
(d) Notes and capital related to SPE
The amounts of trade accounts receivables involved in the securitization scheme are presented below:
3/31/2021 12/31/2020
Notes continuing to be recognized 45,633 24,879
Capital contribution in the SPE 2,739 3,78 1
Notes and cap ita l related to the SPE 48,372 28,660
Security guarantee (6,140) (10,272)

Junior note guarantee losses (360) (4,463)
Junior subordinated note (6,500) (14,735)
Net ca rrying amount of the continuing involvement 41 ,872 13,925
4 Inventory
(a) Analysis
3/31/2021 12/31/2020
Finished products 21,376 23,488
Semi-finished products 90,162 72 ,640
Raw materials 30,760 32,038
Fuels 29,807 29,183
Auxiliary materials and consum ables 85,516 85,723
Other 3,482 2,942
Provision for losses (28,09 1) (27,922)
233,012 218,092
(b) Changes in the provision for inventory losses
1/1/2021 t o 1/1 /2020 to

3/31/2021 3/31/2020
Balance at the beginning of the quarter (27,922) (23,056)
Addition (944) (2,762)
Reversals 458 1,889
Exchange rate variations 317 852
Balance at the end of the qu arter (28,09 1) (23,077)
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5 Related parties
(a) Analysis
Trade receiva bles and othe r assets Trade eay:ables and othe r liabilities Dividends eay:able
3131/2021 12/31 /2020 3131/2021 12/31/2020 313112021 12131 /2020
Parent company
Votorantim Cimentos S.A. 18 19 18 6
Sister companies, associates or joi nt ventures
Canteira do Penedo, S.A. 4 4 27 57
CEISA Comercial Del Cementa.SL 240 155
Cementos Avellaneda S.A. 496 501 725 130
Cementos Especiales de las Islas, SA 37 69
Cementos Granadilla 546 841 439 661
Compania Canaria de Materias Primas S.A. 2 2 190 191
Hormig. Y Aridas La Barca , S.A. 22 23 44 49
Midway Group LLC 1,045 962 55 657
Superior Materials Holdings, LLC 3,653 4,651 758 2,069
Votorantim Cimentos NI NE S.A. 1,692 831
Other 30 64
7,749 8,053 2 ,293 3,889
Total non-controting 308 390
Current 7,749 8,053 2,293 3,889 308 390
Non-current
7,749 8,053 2,293 3,889 308 390
Sales Purchases Other income

11112021 to 11112020 to 11112021 to 11112020 to 11112021 to 11112020 to
313112021 3131 /2020 3131 /2021 3131 /2020 313112021 3131 /2020
Sister com panies, associates or joi nt ventures
Midway Group LLC 685 804
CEISA Comercial Del Cementa .SL 608 440
Canteira do Penedo, S.A. 42 32
Cementos Especiales de las Islas, S.A. 1,025 49 44
Cementos Granadilla 1,133 833 8
Compania Canaria de Materias Primas SA 1 130 105
Hormig. Y Aridas La Barca , S.A. 9 10 37 30
Superior Materials Holdings , LLC 4,426 3,096
Votorantim Cimentos NI NE S.A. 10,534 3,064
Other 13
17,816 7,811 269 227 616 443
(b) Company and its subsidiaries debts guaranteed by related parties
Instrum ent Guarantor an d % of debt guaranteed 3/31/2021 12/3 1/2020

Committed credit facility VCSA (1 00%) I St. Marys (100%) 62 ,896 11 ,776
Eurobonds - USD (Voto 41) VSA (100%) /VCSA (100%) 631 ,848 620,788
Eurobonds - USD (Voto 27) VCSA (1 00%) I St. Marys (100%) 504 ,951 512,139
Bilateral loa n - VCEAA VCSA (1 00%) 177,453 184,732
1,377 ,1 48 1,329,435
Funding costs are not considered in these amounts.
(c) Debts issued by related parties guaranteed by the Company’s subsidiaries
A m ount guaranteed
Percentage
guaranteed by the
Instrument Debtor Guarantor Company 3/3 1/2021 12/31/2020
4131 - USD 50 MM VCNN E St. Marys, VCSA 100% 50 ,120 50,127
4131 - USD 75 MM VCNN E St. Marys 100% 75 ,02 1 75 ,024
4131 - USD 100 MM VCSA St. Marys 100% 100,141 100,149
4131 - USD 50 MM VCSA St. Marys 100% 50 ,02 1 50 ,023
275 ,303 275 ,323
The amounts above represent the total amount guaranteed by the Company and may differ from the
carrying value of the debts in the debtors’ financial statements due to market value adjustments and
credit risks impacts.
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6 Investments in associates and joint ventures
(a) Analysis
Share of net profit of associates and

Information as at March 31 , 2021 joint ventures Balance
Net income Percentage of
(expenses) for voting and total 1/1/2021 to 1/1/2020 to
Country Net equity the quarter capital (%) 3/31 /2021 3/31 /2020 3/31/2021 12/31 /2020
Investments accounted for using the equity method
Associates
Cementos Especiales de las Islas S.A. Spain 47 ,180 5,646 50.00 2,823 2,654 23 ,590 21,776
Cementos Avellaneda S.A. (i) Argentina 250 ,834 14,592 49.00 4,444 3,349 122 ,908 118,896
Joint ventures
Superior Materials Holdings , LLC United States 24 ,360 (970) 50.00 (485) (423) 12,180 16,666
Hutton Transport Limited Canada 8,831 328 25.00 82 (23) 2,208 2,398
Midway Group, LLC United States 11,970 (580) 50.00 (290) (74) 5,985 7,276
RMC Leasing LLC United States 9,022 26 50.00 13 6 4,51 1 4,498
Other investments 31 (54) 11 ,460 10,826
6,618 5,435 182 ,842 182 ,336
Goodwill
Cementos Avellaneda S.A. Argentina 38 ,044 37 ,263
Hutton Transport Limited Canada 2,365 2,332
6,618 5,435 223 ,25 1 221 ,931
(i) Dividends received by VCI from its associate Avellaneda had financial costs of onlending in the amount of USD 2,706, which were assumed by Votorantim Cimentos Latam,
S.L.U (“VC LATAM”), holding entity of Avellaneda and wholly owned subsidiary of VCI, and accounted for in the condensed consolidated interim income statement, under
“Share of net profit of associates and joint ventures”. This financial cost must be considered in the reconciliation of the equity in the results of this investee for the first quarter
of 2021, as per Note E6 (b).
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(b) Changes
1/1/2021 to 1/1/2020 to
3/31/2021 3/31/2020
Balance at the beginning of the quarter 221 ,93 1 229 ,06 1
Share of net profit of associates and joint ventures 6,618 5,435
Currency translation of investments in fore ign operations (1 4,577) (1 3,470)
Approved dividends (12,229) (1,000)
Capital increase - RMC Leasing LLC 650
Inflation adjustment in investee - Avellaneda 15,068 8,752
Inflation adjustment in goodwill - Avellaneda 2,183 4,808
Financial cost of Argentinian dividends received 2,706
Other of comprehensive results of the investees 1,55 1 (420)
Balance at the end of the quarter 223,25 1 233,816
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7 Property, plant and equipment
(a) Analysis and changes

1/1/202 1 to 1/1/2020 to
3/31/2021 3/31/2020
Machinery ,
equipm ent and Leasehold Furniture and Construction in
Land Buildinss facilities imerovements Veh icles fixtures ero~ress Total Total
Balance at the beg inning of the quarter
Cost 168,105 451 ,538 2 ,375,011 129,358 22 1,097 27 ,270 99 ,654 3,472,033 3,405,025
Accumulated depreciation (268,284 ) (1 ,648,617 ) (82,125 ) (1 50,8 18) (21 ,573) (2,171,417) (2 ,054,968)
Net balance 168,105 183,254 726,394 47,233 70,279 5,697 99,654 1,300,616 1,350,057
Acquisitions 9 361 5 21,437 21 ,812 20,079

Disposals (130) (1,098 ) (536 ) (3) (82) (1,849) (207)
Depreciation (3,490) (22,113) (1,525 ) (3,519) (315) (30,962) (30,703)
Exchange variations (2,209) (5,516 ) (12,457 ) 5 14 317 ( 195) (765) (20,311 ) (47,722)
Reversal of impaimient 547
T ransfers (i) 1,339 770 15,133 6 2,479 6 (22,359) (2,626) (456)
Balance at the end of the quarter 167,105 173,929 706,782 46,228 69,553 5,198 97,885 1,266,680 1,29 1,595
Cost 167,105 436,305 2 ,319,612 130,724 223,349 24 ,905 97,885 3,399,885 3,299,322
Accumulated depreciation (262,376 ) (1,6 12 ,830 ) (84,496 ) (1 53,796 ) (1 9,707) (2,133,205) (2 ,007,727)
Balance at the end of the quarter 167,105 173,929 706,782 46,228 69,553 5,198 97,885 1,266,680 1,291,595
Average annual depreciation rates - % 6 10 15 13
(i) Transfers relate to reclassifications from “Construction in progress” to the other property, plant and equipment classes, as well as “Software” and “Rights over natural
resources” on intangible assets.
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(b) Construction in progress
3/3 1/2021 12/3 1/2020

Sustaining (i) 48 ,585 46,800
Industrial modernization (ii) 25 ,137 23,256
Hardware and software 9,405 10,896
Geology and mining rights 5,249 5,390
Environment and security 4,816 2,275
Co-processing lines (iii) 1,683 1,153
Expansion of cement production capacity (iv) 470 586
Other 2,540 9,298
97,885 99,654
(i) Investments in sustaining made for the acquisition or replacement of industrial machinery and equipment
linked to the operation of factories and mines, with the purpose of guaranteeing the continuity of the parks
with the application of the same or new technologies.
(ii) Investments in industrial modernization, mainly for the generation of financial benefits through the use of
new technologies or the optimization of equipment and processes leading to reductions in costs and/or the
leveraging of revenue.
(iii) Investment in co-processing, a technology that consists of the use of industrial waste, used tires and other
inputs or materials as a substitute for fuel in cement plants properly licensed for this purpose. It is also a
form of final disposal of waste, eliminating various environmental liabilities.
(iv) Investments in Expansion are mainly related to the construction, growth or improvement of the Company’s
assets, aiming the increase of the installed capacity, launch of new products and enter new markets.
31
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8 Intangible assets
1/1/2021 to 1/1/2020 to
3/3 1/202 1 3/31/2020
Customer
Rights over Asset retirement contracts and
natural resources Goodwill obligation agreements Software Other Total Total
Balance at the beginning of the quarter
Cost 496,639 919,867 72,492 74 ,152 40 ,546 7 ,637 1,6 11,333 1,564 ,990
Accumu lated depreciation and depletion (1 29,012) (31,208) (6 1,886) (32 ,728) (6,460) (261 ,294) (238 ,1 02)
Net balance 367,627 919,867 4 1,284 12 ,266 7,818 1,177 1,350,039 1,326 ,888
Acqu isitions 19 83 102 27

Disposals (19) (19) (13)
Amortization and depletion (1,396) (979) (1 ,297) (839) (7 1) (4,582) (4,605)
Exchange variations (1 ,306) (19,746) (633) (28) (155) (33) (21 ,90 1) (27,475)
Reversal of impairment 118
Transfers (i) 846 1,780 2 ,626 456
Balance at the end of the quarter 365,77 1 900,121 39,672 10 ,94 1 8 ,604 1,156 1,326 ,265 1,295 ,396
Cost 495,594 900,121 71,242 74 ,080 4 1,747 7 ,822 1,590 ,606 1,532 ,359
Accumu lated amortization and depletion (1 29,823) (31,570) (63 ,139) (33 ,143) (6 ,666) (264 ,341 ) (236 ,963)
Balance at the end of the quarter 365,771 900,121 39,672 10,94 1 8,604 1,156 1,326 ,265 1,295 ,396
Average annual amortization and depletion rates - % 3 7 8 22
(i) Transfers relate to reclassifications from “Construction in progress” to “Software” and “Rights over natural resources” on intangible assets, as well as other property, plant
and equipment classes.
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(b) Goodwill arising on acquisitions
3/31/2021 12/31/2020
North America 565,66 1 564,947
Europe , Asia and Africa 332 ,139 352,477
Latin America 2,32 1 2,443
900 ,121 919 ,867
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9 Right-of-use assets and lease agreements
(a) Analysis and changes of right-of-use assets
1/1/2021 to 1/1/2020 to
3/3 1/2021 3/3 1/2020
Land and Machinery and
improvements eguiement Buildi ngs Vehicles IT equipment Barges Total Total
Balance at the beginning of the quarter
Cost 23 ,343 8,523 4,918 29,870 48 61,759 128,461 120,965
Accumu lated depreciation and depletion (5,578) (7,314) (1,443) (16,904) (32) (14,434) (45 ,705) (22 ,100)
Net balance 17,765 1,209 3,475 12,966 16 47 ,325 82 ,756 98 ,865
Add itions 1,852 8,577 63 1 178 11,238 796

Remeasurement of principal 76
Amortization (730) (2,107) (212) (888) (4) (1,841) (5,782) (5,522)
Disposals (6)
Exchange variations (130) (205) (1 34) (77) (547) (914)
Balance at the end of the quarter 18,757 7,474 3,760 12,179 12 45,483 87 ,665 93 ,295
Cost 24,978 16,665 5,358 29,960 46 61 ,758 138,765 120,441

Accumulated amortization (6,22 1) (9,191) (1 ,598) (1 7,78 1) (34) (16,275) (51 ,100) (27,146)
Balance at the end of the quarter 18,757 7,474 3,760 12,179 12 45,483 87 ,665 93 ,295
Average annual depreciation rates - % 3 20 14 18 33 9
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(b) Analysis and changes of lease agreements
1/1/2021 to 1/1/2020 to
3/31/2021 3/31/2020
Balance at the beg inning of the quarter 85,666 100 ,699
Additions 11 ,238 796
Pa yments (5,650) (5,736)
Present value adjustment 168 151
Disposals (6)
Exchange variations (395) (698)
Balance at the end of the qu arter 91,027 95,206
Current 20,216 19,466

Non-current 70,8 11 75,740
91,027 95,206
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10 Borrowing
(a) Analysis and fair value

Current Non-c urre nt Total Fai r value
e Ave rage annual cost 3/31/2021 12/31/2020 3/31/202 1 12/3 1/2020 3/31/202 1 12/31/2020 3/31/202 1 12/31/2020
Eurobonds - USO 6.57% Fixed USO 25 ,286 21,433 1,102,725 1,102,394 1,128,011 1,123,827 1,382,872 1,439,460
LIBOR + 0.99% / 5.54% Fixed BOB/ 15.40% Fixed TRY/
Syndicated loans / Bilateral agreements COOR+ 0.99%/ 9.83% UYU/ EURIBOR 2.33% 19.478 17,241 292,952 254,028 312.430 271 ,269 330,658 295.447
Local issuance in Bolivia 5.38% Fixed BOB 1,237 187 78,112 78,234 79,349 78,421 79,349 78,421
Other 1,552 1,525 4,296 4,556 5,848 6 ,081 5,852 6 ,085
47,553 40,386 1,478,085 1,439,212 1,525,638 1,479,598 1,798,731 1,819,413
Accrued interest 32,032 25,199

Current portion of long-term borrowing (principal ) 12,995 12,603
Short-term borrowing (principal ) 2,526 2,584
47,553 40,386
LIBOR – London Interbank Offered Rate

CDOR – Canadian Dollar Offered Rate
BOB – Bolivianos
EUR – Euro
TRY – Turkish Lira
UYU – Uruguayan pesos
USD – United States Dollar.
EURIBOR – Euro InterBank Offered Rate.
The fair value of non-current borrowings is based on discounted cash flows using a current market borrowing rate (Note D4 (b)).
(b) Maturity profile
2021 2022 2023 2024 2025 2026 2027 2028 2029 onwards Total
Eurobonds - USO (i) 25 ,617 (1 ,355) (1,441) (1,53 1) (1,628) (1,730) 499,861 610,218 1,128,011
Syndicated loans/Bilateral agreements 16,833 12,915 12,926 73 ,180 186,606 5,698 4,272 312,430
Local issuance in Bolivia 1,237 2,533 6,754 10,660 12,245 21,429 12,245 12,246 79,349
Other 1,222 1,282 1,268 1,570 506 5,848
44 ,909 12,842 15,286 79 ,973 196,144 16,213 525,562 12,245 622,464 1,525,638
% amortized per year 2.94% 0.84% 1.00% 5.24% 12.86% 1.06% 34.45% 0.80% 40.80% 100.00%
(i) The negative balances refer to amortization of upfront fees.
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(c) Changes
1/ 1/2021 to 1/1/2020 to
3/31 /2021 3/31 /2020
Balance at the beginning of the quarter 1,479,598 1,703,960
New borrowing 50,596 272 ,174
Accrued interest (Note 18) 22 ,015 24,393
Amortization of borrow ing fees, net of additi ons 350 527
Interest paid (15 ,21 5) (15,923)
Payments (1 ,881) (26,854)
Exchange variation (9,825) (12,040)
Balance at the end of the quarter 1,525,638 1,946,237
(d) Analysis by currency
Current Non-current Total

3/31 /2021 12/31 /2020 3/31 /2021 12/3 1/2020 3/31 /2021 12/31 /2020
US Dollar 25,318 21.433 1,117,725 1,102,394 1,143,043 1,123,827
Euro 1,159 514 175,745 183,614 176,904 184,128
Boliviano 7,730 4,951 109,451 110,939 117,181 115,890
Canad ian dollar 1,585 1.456 52 ,056 16,322 53,641 17,780
Uruguayan peso 8,049 7,884 19,359 20,382 27.408 28 ,264
Turkish Lira 3,712 4,148 3,749 5,561 7,461 9,709
47, 553 40,386 1,478,085 1,439,212 1,525,638 1,479,598
(e) Guarantees
As of March 31, 2021, USD 1,377,148 (December 31, 2020 – USD 1,329,434) of the borrowings balance
of the Company and its subsidiaries was guaranteed by sureties from related parties, as shown in Note
E5 (b), while USD 50,071 (December 31, 2020 – USD 50,078) was collateralized by liens on property,
plant and equipment items and mortgage, and there are no bank guarantees.
(f) New borrowings and repayments
The main new borrowings and repayments occurred in the quarter were as follows:
Main new borrowing:

Principal Pri nci pa l USO
Date Comeany e Maturity Currency !thousa nds) (thousa nd s) Cost
jan/2 1 SMCI Syndicated loans/bilatera l agreements 2024 CAD 20 ,000 15,758 CDOR 03M + 0 .99%
jan/2 1 SMCI Syndicated loans/bilateral agreements 2024 USD 15,000 15,000 LIBOR 03M + 0 .99%
feb/21 SMCI Syndicated loans/bilateral agreements 2024 CAD 25 ,000 19,767 CDOR 03M + 0.99%
The repayments were immaterial in the period, refer to Note E10(c).
(g) Credit line

Withdrawn Remai nder
Credit line Comea ny Date of start Maturi!}': Credit limit a mou nt amount
Global Revolving Credit Facitily VCSA/ VCNNE/ VCI/ VCEAA St. Marys Aug/ 18 Aug/23 500 ,000 500 ,000
Commited Credit Facility VCI/ VCEAA/ St. Marys Aug/ 19 Aug/24 290 ,000 (62 ,759) 227 ,241
790 ,000 !62 ,759! 727 ,241
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11 Confirming payables
Deadline 3/31/2021 12/31/2020

Up to 180 da ys 69 ,176 84,832
Up to 360 days 46,097 38,527
11 5,272 123,359
12 Current and deferred income taxes
(a) Reconciliation of income taxes expenses
The income tax amounts presented in the condensed consolidated interim statement of income for the
periods ended March 31, 2021 are reconciled as follows:
1/1/2021 to 1/1/2020 to
3/31/2021 3/31/2020
Profit (loss) before taxes 4,35 1 (55,471)
Standard rate 24.94% 24. 94%
Income tax at standard rates (1 ,085) 13,834
Adjustments for the calculation of income tax at effective rate

Tax incentives 2,07 1 196
Share of net profit of assoc iates and joint ventures 1,65 1 1,355
Deferred tax assets over goodwill impairment 1,172 1,325
Exempt gain on land sale 1,447
Rate differences of foreign companies 300 (383)
Tax losses without creation of deferred tax assets (5,856) (6,974)
Adjustment to tax base due to the conversion of
the intercompan y credits into investment (2,834)
Non-taxab le incomes 2,585 884
Non-deductible expenses (470) (3.471l
Income tax 1,815 3,933
Current (4,657) (2,428)
Deferred 6,472 6,36 1
Income tax in the income statement 1,815 3,933
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(b) Analysis of deferred tax balances
3/31/2021 12/31/2020
Tax credits on tax losses 94 ,864 86,846
Tax credits on temporary differences

Provision for employee participation in earnings/ results 8,138 6,406
Provision fo r soc ial security obligations 6,773 6,969
Market value adjustment 5,768 6,11 7
Deductions - Moroccan and Spain law (Government benefit) 5,137 5,368
Provision for inventory losses 5,454 5,421
Pension plan 1,272 1,21 9
Asset retirement obligation 1,153 1,25 1
Allow ance for doubtful accounts 478 928
Provision fo r legal claims 164 175
Provision fo r taxes under litigation 67 85
Provision fo r indemnities 11 3 279
Asset impairment provision 23 24
Other cred its 2,428 3,680
Tax debts on temporary differences

Adjustment to useful life of property, plant and equipment (1 35,886) (1 32,21 6)
Fair value uplift on property, plant and equipment (52 ,171) (53,732)
Other debts (41) (42)
Net (56,266) (61,222)
Net deferred tax assets of the same legal entity 47,069 49,763
Net deferred tax liabilities of the same legal entity (103,335) (11 0,985)
(c) Effects of deferred income taxes on income statement and other comprehensive income
1/1/2021 to 1/1 /2020 to

3/31 /2021 3/31 /2020
Balance at the beginning of the quarter (61 ,222) (46,304)
Effect on income 6,472 6,36 1
Effect on other comprehensive income - hedge accounting (874) 656
Effect of fo reign exchange of variations on other
components of comprehensive income (894) 2,638
Other 252 314
Balance at the end of the qu arter (56,266) (36,335)
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13 Provision
1/1/2021 t o 1/1/2020 t o
3/31 /2021 3/31 /2020
Legal claim s
ARO(i) Tax Civil Total Total
Balan ce at the beginning of the quarter 49,469 1,216 395 51,080 47,764
Additions 47
Reversals (46) (46) (32)
Settlements (1, 171) (32) (1,203) (842)
Disposals (122)
Excha nge vari ation (1,064) (11) (38) (1,11 3) (1, 543)
Present value adjustment 404 404 462
Balance at the end of the quarter 47,638 1,173 311 49,122 45,734
(i) Asset Retirement Obligation.
(b) Lawsuits with likelihood of loss considered possible
The Company is party to lawsuits with expectation of loss classified as less than 51% likelihood, and for
which the recognition of a provision is not considered necessary by the Management Board, based on
legal advice.
3/31 /2021 12/31 /2020

Civil 936 981
Tax 2,475 2,618
Oth er 977 816
4,388 4,4 15
14 Shareholders’ equity
(a) Share capital and share premium
As of March 31, 2021, the Company’s fully subscribed and paid-up capital is USD 99,915 (December
31, 2020 – USD 99,915), consisting of 99,915,432 common shares (December 31, 2020 – 99,915,432
common shares).
As of March 31, 2021, the amount of share premium is USD 1,140,130 (December 31, 2020 –
USD 1,134,094), after the share premium increase indicated in the condensed consolidated interim
statement of changes in equity.
(b) Other comprehensive income

Curre ncy translat ion
Currency translatton hedge accounting of Inflatio n adj u stm e nt
of Inv estments In net Investm ents In for hyperlnflatlonary Rem easurement of Other comprehensiv e
fo reign oeerations foreign oeerations economies retirement benefits Income Total
At January 1. 2020 (1,008.994) (1 5,053) 150,708 (4,849) (4 ,288) (882.476)
Currencytranslationof investeesabroad (26,891 ) (26,891 )
Currencytranslation inhedgeaccountingofnet
investments in foreign operations (30,198) (30,198)
Interest in other comprehensive income of investees (621 ) (621 )
Inflation adjustment for hyperinflationary econom ies 13,560 13,560
Deferred taxes (Note E12 (c)) 656 656
At March 31 . 2020 , 1,035,885 j (44 ,595! 164,268 j 4,849j !4 ,909 j (925,970 j
At January 1, 2021 {1,041 ,578) (26.431 ) 222.482 (3,058) (4.484) (853,069)

Currenc ytranslationof investeesabroad (47,257) (47,257)
Currency tran slation in hedge accounting of net
investments in fore ign operations 6,965 6 ,965
Interest in other comprehensive income of investees 799 799
Inflation adjustment for hyperinflatlonary economies 17,251 17,251
Oeferredtaxes (Note E12 (c)) (874) (874)
At March 31 . 2021 , , .o8B.835l ! 20,340! 239.733 p. o5al p. s85l ,a1s.1a5l
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15 Expenses by nature
1/1/2021 to 1/1/2020 to
Note 3/31/2021 3/31 /2020
Employee be nefit expenses E16 78,555 76,200
Raw materials and consumables used 72,582 49,328
Depreciation, amortization and depletion 41 ,326 40,830
Freight costs 38,997 35,906
Maintenance and upkeep 26,225 28,093
Electric power 24,111 19,492
Services , miscellaneous 19,828 12,716
Fuel costs 6,378 7,920
Taxes, fees and contributions 5,950 6,104
Packag ing materials 3,149 2,713
Rents and leases 1,518 1,156
Technology and communication 1,479 1,026
Insurance 1,727 2,264
Other expe nses 13,943 11 ,211
335,768 294,959
Reconciliation
Cost of sales and se rvices 303,449 258,745
Selling 10,173 11 ,764
General and administrative 22 ,146 24,450
335,768 294,959
16 Employee benefit expenses
1/1/2021 to 1/1/2020 to
3/31/2021 3/31 /2020
Direct remuneration 55,448 54,148
Social changes 15,515 15,022
Benefits 7,592 7,030
78, 555 76,200
17 Other operating income (expenses), net
1/1/2021 to 1/1/2020 to
Note 3/31 /2021 3/31 /2020
Gain on sa les of PP&E and intangible assets , net 13,290 492
Reversal of impairment of PP&E and intangible
assets and right-of-use assets E7, E8 665
Expenses and donations - COVID-19 (258) (3,497)
Inventory obsolesce nce (572) (2,153)
Great Lake Slag Settlement 4,962
Reversal (provision) 634 (4,776)
Other operating expenses, net 1,613 (227)
14,707 (4,534)
41
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18 Financial income (expense), net
1/1/2021 t o 1/1/2020 t o
Note 3/31/2021 3/31/2020
Financial in come
AIR securitization fees 5,1 57
Income from financial investments 441 818
Interest on financial assets 32 101
Discounts obtained 60 54
Other financial income 468 375
6,158 1,348
Financia l expenses
Interest payable on borrowing E10 (c) (22 ,015) (24,393)
AIR Securitizations fees (1, 00 1) (99 1)
Commissions on financ ial transactions (1, 560) (458)
Funding expenses (406) (923)
Present va lue adjustment (367) (369)
Inflation adjustment charges on provision and other liabilities (261 ) (323)
Other financial expenses (691 ) (1 ,922)
(26,30 1) (29,379)
Derivative financial instruments

Income 161 83
161 83
Exchange rate variations (652) (1 5,488)

(20,634) (43,436)
19 Events after the reporting period
(a) Withdrawal of committed credit facility by SMCI
During the month of April the subsidiary SMCI made additional withdrawals from the committed credit
facility for a total amount of USD 127.8 million. As at the date of issuance of these condensed
consolidated interim financial statements the available amount for use of this credit line was USD 99.4
million.
(b) Business combination with McInnis Cement Inc (“McInnis”)
As detailed in the year end 2020 consolidated financial statements, on December 10, 2020 the Company
entered into an agreement to acquire the cement business of McInnis Cement Inc (“McInnis”) and
combine it with the Company’s existing business. McInnis’ is a cement producer responsible for the
manufacture, distribution and sale of building materials in the U.S and Canada. Its business assets
include a recent and modern plant in Port-Daniel-Gascons, Quebec, Canada, with an annual capacity
of 2.2 million tons, as well as a deep-water marine terminal, adjacent to the plant, and a distribution
network consisting of 10 terminals (marine, rail and truck) strategically located in the U.S. and Canada.
The completion of this business acquisition was subject to customary closing requirements, including
the approval by regulatory authorities in Brazil, Canada, and the United States. Such approvals were
obtained, as well as other conditions precedent were fulfilled, and the business combination has now
been consummated on April 30, 2021. As a result of the transaction, the Company has issued 170,000
shares in consideration for the purchase of McInnis.
This transaction will result in the creation of a combined business which is better able to supply cement
to customers in Canada and the U.S. In addition to strengthening the Company’s presence in North
42 of 44
•v Votorantim
Cimentos
America by expanding its current cement production and combining the Company’s Great Lakes-
focused distribution network with McInnis’ complementary distribution network in Eastern Canada and
the North-eastern U.S., the Company anticipates the transaction will result in synergies.
As at the date these condensed consolidated financial statements were authorized for issue, the
remainder of the required information to be disclosed in accordance with IFRS 3 Business
Combinations, including the initial accounting for the business combination, is still ongoing and not yet
available, due to the completion of the transaction having occurred shortly before the date these financial
statements were approved for issuance, and the necessary time required to prepare such information.
Therefore, complete disclosures will be presented in the condensed consolidated financial statements
for the period ended in June 30, 2021.
(c) Capital contributions to the Company
Subsequently to the quarter closing, the Company received cash contributions from its sole shareholder
VCSA amounting to USD 14,959. The full amount was accounted for as an increase in share premium
account, with no shares being issued by the Company.
These condensed consolidated interim financial statements were approved for issue by the
Management Board on May 6, 2021 and were signed on behalf by:
Nuno Alves Carlos Boggio
Management Board Member Management Board Member
43 of 44
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Demonstracões Financeiras - 1T21 - VCI

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Financial

To the Management Board of

We have reviewed the accompanying condensed consolidated interim financial statements of

Management Board’s responsibility for the condensed consolidated interim financial

Responsibility of the “Réviseur d’entreprises agréé”

Our responsibility is to express a conclusion on these condensed consolidated interim financial

Restriction on Distribution and Use

PricewaterhouseCoopers, Société coopérative Luxembourg, 6 May 2021

Non-current assets Non-current liabilities

Operating income (expenses)

Resu lts of investees

Profit (loss) before income tax 4,351 (55,47 1)

Income tax E12 1,815 3,933

Profit (loss) for the quarter from continuing operations 6 ,1 66 (51,538 )

Profit (loss) for the quarter 6,166 (51,506 )

Profit (loss) for the quarter 6,166 (51,506)

Components of other comprehensive income for

Attributable to the owners of the Company

Attributable to non-controlling shareholders

Total comprehensive income for the quarter (20 ,962) (106,139)

Comprehensive income (loss) from

Condensed consolidated interim statement of changes in equity

Contributions by and distributions to stockholders

Condensed consolidated interim statement of cash flow

Condensed consolidated interim statement of cash flows

Cash flow from investing activities

Cash flow from financing activities

Effect of exc hange rate changes (6,425) (1,225)

Notes to the condensed consolidated interim financial statements

Section A - General information

2 Approval of the condensed consolidated interim financial statements

3 Main events which occurred in the three-months ended on March 31,2021

3.2 Commencement of cement mill project in Cementos Artigas (project Molcemin)

Notes to the condensed consolidated interim financial statements

Section B - Supplementary information

1 Information by operating segment

(a) Latin America: Operations in Bolivia and Uruguay.

Notes to the condensed consolidated interim financial statements

(b) North America: Operations in Canada and United States of America.

1/1/2021 to 3/31 /2021

Operating income (ex penses) (14,517) 1,326 (3 ,880) (541 ) (17,612 )

Operating profit (loss) before equity interest

Financial resu lts 1 net

Income tax 7,773 (5,727 ) (23 1) 1,815

Depreciation , amortization and depletion 25,504 12,086 3,732 41 ,326

Dividends rece ived 5,304 3,899 9,203

A djusted EBITDA 7,633 45,449 16 ,378 (537) 68 ,923

PP& E and intangible assets additions 13,926 2,615 5,373 21 ,914

Notes to the condensed consolidated interim financial statements

Operati ng expenses (20.568) (1 5.089 ) (4.600) (491 ) (40.748 )

Operating profit (loss) before equity interest

Re sults of inve stees

Financial results 1 net

Inco me tax 9.579 (5.369) (277) 3.933

Profit from discontinued operations 32 32

Dividends received 1.000 1.000

Adjusted EB ITDA !979) 21.333 7.326 !488) 27.192

PP&E an d inta ngible assets additions 14.283 4.153 1.670 20.106

Notes to the condensed consolidated interim financial statements

The following table reconciles the adjusted EBITDA:

1/1/2021 a 1/1/2020 a 4/1/2020 a 1/1/2020 a

Adj ustments for non-recurring items

Note 3/31 /2021 12/31 /2020