Value Added Statement to Society


Impact assessment

Impact assessment is the monetization of positive and negative externalities derived from our operations that are not reflected in the Financial Statements.

At Cemenntos Argos, we have developed a model that we call the Value Added Statement to Society (VAS), based on the KPMG True Value methodology, which allows us to convert social, economic and environmental impacts to US Dollars and, thus, determine our value generation to society.

Principal objectives of the VAS


  • To offer extraordinary solutions to our clients.
  • To more accurately respond to the interests and needs of our Stakeholders.


  • To be more agile and adaptable in a changing world.
  • To ensure our sustainability.


  • To contribute to transparency in the sector.
  • To sensitize Stakeholders and society.

Scope of the business model

The VAS monetized the impacts generated due to:

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Our VAS is composed of eleven externalities classified in three dimensions.
These were chosen to be part of our model due to the magnitude of the impact generated and their relevance to our stakeholders:


The results of the Statement of Value Added to Society evidence the social and economic influences we face. Economic growth in the countries where we are present, the reactivation of construction and consumer confidence were reflected in meeting the goals established by Argos. During 2021, we continued begging on the generation of value for society and for the company, especially emphasizing our shareholders.


In this period, we reached the highest EBITDA in the company’s 84-year history, which is also evidenced in a substantial increase in our retained benefit, which is the starting point of our valuation exercise, which grew by 59% – compared to the previous year – passing from USD 188.9 million to USD 300.2 million. In turn, and consistent with our good corporate results, the net value to society also presented a considerable increase, as it passed from USD 631 million to USD 764.5 million, 21% more. Taking into account both values, during 2021, we achieved 2.5 times more value to society than the benefit we retained as a company, which is aligned with our commitment to create sustainable value.

Net value To Society



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The economic value generated in 2021 from externalities Wages and Benefits, Taxes and Interest and Dividends was USD 812,660,777. We continue to work with conviction so that our share price reflects the true value of the company and its multiple growth opportunities. At this point it is also worth mentioning our commitment to reduce the company’s leverage ratio from 4.5 times net debt as a proportion of EBITDA plus dividends at the beginning of 2021 to 3 at the end of the year. Thus achieving greater financial flexibility, which is a great achievement to highlight in our management during the year.

We generated social value equivalent to USD 4,626,039. In 2021, we continued with our desire to continue investing and generating development hand in hand with our communities, which explains the good performance of the externality “Investments in the community”, which, in line with the increase in our retained earnings, also presented an increase of 57%

In 2021 we generated environmental costs equivalent to USD -374,014,697, as a result of our greenhouse gas (GHG) emissions, atmospheric emissions, water consumption and impacts on biodiversity. In this dimension we also have a positive externality that evidences our efforts to replace traditional materials and fuels with less polluting ones, which was quantified at USD 20,985,071.



By paying salaries and benefits to our employees, we contribute to the revitalization of the economy and we support the development of our team. This externality of the model increased 4%, compared to the previous year, after a very challenging 2020 at the level of humanity and the company, where everyone – and especially our employees – worked with great enthusiasm and responsibility. Last year – 2021 – was the opportunity to recognize their abilities, their experience and their commitment.


By paying taxes, we contribute to the development of the countries where we operate. During 2021, there was a return to normal, which is seen in the excellent financial results for the company and a significant increase in sales and consumer confidence, which bring with them higher income evidenced by more contributions in the economies where we are present. The foregoing explains the 47% increase in the tax-payment externality in the countries, which is in line with our commitment to grow hand in hand with the territories.


By paying our financial obligations and paying our shareholders, we reward their trust in the company and we contribute to the revitalization of the economy. Between 2020 and 2021, we experienced a 5% decrease in this externality. We keep working with conviction so that the price of our shares reflects the company’s true value and its multiple growth opportunities. In this point, it is also necessary to mention our commitment to reduce the company’s leverage indicator, which spent 4.5 times the net debt as a proportion of EBITDA, as well as the dividends at the beginning of 2021 at 2.87 at the end of the year, thus achieving greater financial flexibility.


They represent the global impact that – as a company, we generate in all people. These are primarily referenced to our Scope 1 and Scope 2 CO2 emissions, which we monetize, taking into account the social cost of carbo, which is defined in USD 31.66/tCO2. During the year, we had greater levels of production compared to 2020, given that several of our operations stopped; this explains the increase in the cost of the externality, which was 12%.


According to the argument made in “greenhouse gas emissions”, these also had a lower performance compared to 2020, by increasing 22%


Our productive activities have an impact on ecosystems through water consumption and the effect on biodiversity. Although they are not the most representative of our operations, they have been prioritized by our stakeholders and that is why we quantify them as impacts on the VAS. By 2021, the cost associated with these externalities decreased by 24%, as a result of the divestment in Dallas, an operation with a significant impact on the water resource.


Our productive activities have an impact on ecosystems through water consumption and the effect on biodiversity. Although they are not the most representative of our operations, they have been prioritized by our stakeholders and that is why we quantify them as impacts on the VAS. By 2021, the cost associated with these externalities decreased by 24%, as a result of the divestment in Dallas, an operation with a significant impact on the water resource.


Materials and alternative fuels: One of our greatest wagers to face the challenges associated with climate change is the substitution of materials and traditional fuels for alternatives in our operations. Currently, our three regions use materials, such as ash and slag, and fuels, such as tires and biomass to reduce greenhouse-gas emissions in the production process.


The impact of this externality depends on the turnover of our employees, of the total hours of training offered and the ratio between men and women. During 2020, the pandemic brought with it a decrease in supply, for which the turnover item fell. In addition, virtuality changed the model of training hours, going from face-to-face to virtual, which – undoubtedly – was an enormous challenge in terms of training within the company. During 2021, we evidenced a positive increase of 4% in this externality, which is primarily explained by an increase in training hours for our employees, resuming face-to-face sessions and further strengthening the virtual model, for a total of 278,000 hours.


In 2021, we continued with our desire to continue investing in and generating development hand in hand with our communities, which explains the good performance of this externality, which – according to the increase in our benefit retained – also presented an increase of 57%, which reiterates our commitment to the territories. In this point, it is opportune to remember that, within the VAS model, there are specifically accounted for investment lines prioritized by the company: housing, educational and community infrastructure, scholarships and energy in Haiti; likewise, we want to point out that these lines carry out investments through three forms: commercial initiatives, community investments and donations.


For Argos, employee health and lift will always be the most important thing. After 2020, in which – unfortunately, we reported the fatality of one of our employees – our commitment in 2021 was to ensure the life and safety of all, thus achieving zero fatalities in our three regions, which is evidenced in an 82% improvement in the externality.

Cambio climático

En Argos somos conscientes de la evolución en la criticidad de los efectos del cambio climático en el tiempo, de las medidas impulsadas tanto a nivel global como local, por el sector público y privado para hacerle frente a este desafío de la humanidad, y del papel crucial que tiene nuestra compañía en el sector de los materiales de la construcción en tomar acciones innovadoras, contundentes y sostenidas que favorezcan tanto la mitigación como la adaptación al cambio climático. Asimismo, reconocemos que el cambio climático es una oportunidad para promover e impulsar la construcción sostenible y con ello contribuir a la creación de valor social en las geografías donde operamos.


Por eso, a través de nuestra Estrategia de Cambio Climático, nos hemos comprometido a actuar en toda nuestra cadena de valor, mitigando las emisiones directas e indirectas de CO2, generando las capacidades necesarias para la adaptación a sus impactos, e investigando y desarrollando iniciativas para avanzar en soluciones orientadas hacia la captura, almacenamiento y uso de carbono; buscando de esta manera contribuir a la competitividad y al crecimiento resiliente tanto de la compañía como de sus grupos de interés. 


Nos hemos adherido junto con las compañías más relevantes del sector de la producción de cemento y concreto del mundo, al Plan de Ambición Climática promovido por la Asociación Global de Cemento y Concreto (GCCA, por sus siglas en inglés) para ofrecer concreto carbono neutro a la sociedad al 2050. 

  • Para la compañía: Mitigar los riesgos relacionados con el cambio climático, generar las capacidades necesarias para la adaptación frente a los impactos de este fenómeno y potenciar las oportunidades derivadas de dicha problemática, a través de la gestión eficiente de nuestras operaciones y la investigación y desarrollo de mejores procesos, productos y soluciones, asegurando la competitividad y la permanencia de la compañía en el tiempo.


  • Para la sociedad: Contribuir a afrontar los desafíos derivados del cambio climático mediante el desarrollo de iniciativas de mitigación de emisiones de CO2, enfocadas en el uso de combustibles alternativos, la optimización del factor clínker cemento y la eficiencia energética, además de fortalecer los esfuerzos por generar productos y soluciones innovadoras con características de sostenibilidad que apalanquen las capacidades de adaptación al cambio climático y que contribuyan a una construcción sostenible.

Durante el 2021 construimos la Hoja de Ruta Técnica y Financiera para reducir las emisiones de CO2 y alcanzar la meta planteada al 2030, el resultado de esta hoja de ruta fue la sumatoria de esfuerzos de múltiples departamentos de la compañía que se alinearon con el OKR (Objetive Key Result, por sus siglas en inglés) establecido desde la presidencia y que hizo un llamado a la acción para: “Convertirnos en líderes en la industria en mitigación y adaptación de Cambio Climático en los próximos 3 años”.  


Igualmente, se estableció el mandato de hacer seguimiento constante al cumplimiento de las metas de reducción, hacer una revisión cíclica de la vigencia u optimización de los proyectos, y evaluar la inclusión de nuevos proyectos al interior del Comité de Sostenibilidad y Gobierno Corporativo de la Junta Directiva, la Célula de Cambio Climático y los comités de las tres Regionales, todo en pro del cumplimiento de los compromisos adquiridos con nuestros grupos de interés.  


A la fecha hemos aprobado las premisas y consideraciones técnicas que movilizan las palancas de reducción de emisiones de CO2 (1), los recursos de corto plazo dentro del CapEx de compañía, así como la reserva interna de los recursos para el mediano plazo (2) (que garanticen la destinación anual de recursos para el cumplimiento de la hoja de ruta).  


  1. Dentro de las iniciativas y proyectos que contiene la hoja de ruta técnica y financiera para la reducción de las emisiones de CO2 a 2030 se encuentran considerados:   
    • La continuidad operativa de instalaciones con bajo desempeño en términos de emisiones de CO2, debido a la naturaleza de su tecnología.  
    • La optimización del consumo calórico que depende en las adecuaciones operativas y de infraestructura que le permita de manera homogénea a las instalaciones de Argos ampliar y diversificar su mix de combustibles. 
    • La inclusión de tecnologías de enriquecimiento con oxígeno e inyección de hidrógeno. 
    • La optimización del factor clínker cemento bajo la premisa de diversificación y enriquecimiento del portafolio de la compañía con productos bajos en carbono. 
  2. Las inversiones aprobadas en esta hoja de ruta para reducir nuestras emisiones directas (alcance 1) ascienden a los 52.9 millones de dólares y serán distribuidas así:
    • El 44% del total será invertido en proyectos e iniciativas que optimicen el consumo calórico. 
    • El 40% en proyectos de coprocesamiento. 
    • El 9% en proyectos que viabilicen, dinamicen y mejoren el mix de combustibles para lograr la reducción de emisiones. 
    • El 7% será invertido en iniciativas para apalancar la reducción del factor clínker cemento.

La Estrategia de Cambio Climático guía nuestras acciones en mitigación, adaptación a los impactos del cambio climático e investigación y desarrollo de tecnologías para la captura, uso y almacenamiento de carbono (CCUS, por sus siglas en inglés) permitiéndonos minimizar los riesgos y potenciar las oportunidades asociadas a este fenómeno. Esta estrategia permea toda la cadena de valor y se construyó con escenarios de mitigación de emisiones de CO2, con las posibilidades de optimización de los procesos, y con los análisis de identificación y valoración de riesgos (físicos y de transición) y oportunidades de innovación y crecimiento sostenible que nos trae el sector de los materiales de la construcción.


El marco de acción de la estrategia de cambio climático considera: 


  • La Gestión de riesgos y oportunidades: La reducción de los riesgos y la potenciación de las oportunidades asociadas al cambio climático. 


  • La Innovación: La búsqueda de la innovación permanente. 


  • La Financiación verde: El uso de mecanismos de financiación que incluyan criterios de sostenibilidad.


  • El Gobierno: Conservando la transparencia en las decisiones y las buenas prácticas de gobierno corporativo.