Heidelberg Materials AG

Interim / Quarterly Report • Aug 10, 2006

Interim Report January to June 2006

• Group turnover rises by 22%
• Positive trend in results: OIBD (+52%) and operating income (+93%)
• Market development and noticeable efficiency increase led to a significantly improved quality of results
• Market entry in Georgia and expansion of market positions in India and Russia
• Double-digit growth in results for the whole year confirmed

Overview January - June 2006

EURm	April - June		January - June
	2005	2006	2005	2006
Turnover	2,142	2,532	3,498	4,276
Operating income before depreciation (OIBD)	449	624	534	814
Operating income	325	498	291	562
Additional ordinary result	36	39	15	61
Results from participations	42	55	53	82
Earnings before interest and income taxes (EBIT)	403	592	359	705
Profit before tax	342	535	244	603
Profit for the financial year	235	378	138	415
Group share in profit	218	346	113	375
Investments	281	142	421	304

Letter to the shareholders

Ladies and Gentlemen, 1

The global economic recovery has broadened. The US, China and India are continuing to show strong growth; demand and production have also recovered to a noticeable extent in Europe. High energy prices, imbalances in the global economy and the development of the US dollar exchange rate and US property market remain ongoing risks.

In the first half of the year, cement and clinker sales volumes rose by 16% to 36.6 million tonnes (previous year: 31.5). Excluding changes in the consolidation scope, the increase amounted to 10.8%. Demand in the European countries and the Africa-Asia-Mediterranean Basin Group area experienced particularly lively development. In North America, sales volumes in the second quarter increased only slightly, but remained at a high level overall.

Ready-mixed concrete sales volumes grew by just under 14% in total to 14.2 million cubic metres; a pleasing increase of 17.2% was recorded in sales volumes of aggregates, which reached 44.6 million tonnes.

In the first half of the year, turnover rose by 22.3% compared with the previous year to EUR 4,276 million (previous year: 3,498). Excluding exchange rate and consolidation effects, Group turnover grew by 16.7%. All major countries achieved double-digit growth.

The positive development of the first quarter also continued in operating income before depreciation (OIBD) and operating income. OIBD rose by 52.4% to EUR 814 million (previous year: 534). Operating income increased to EUR 562 million (previous year: 291) in the first half of the year. The increases in results are, on the one hand, attributable to the broad recovery in the European countries and the continuing high level of demand in North America. On the other hand, the positive effects of the consistent implementation of the "win" project are markedly reflected in our results. Clear organisation structures, consistent leadership and streamlined hierarchies with short reporting processes contributed significantly to the noticeably increased productivity, markedly reduced administrative costs and extended running times of the kilns.

Our French participation Vicat exerted a considerable influence on the growth in results from participations, to EUR 82 million (previous year: 53). The additional ordinary result of EUR 61 million (previous year: 15) includes sales of CO2 emission permits. One of our primary environmental protection goals is to continuously decrease our specific carbon dioxide emissions. Our financial results improved, with a decrease in interest cost. Taxes on income rose to EUR 188 million (previous year: 106) as a result of the improved development of results in all Group areas. In the first half of the year, the profit for the financial year reached EUR 415 million (previous year: 138), with the Group share in profit increasing to EUR 375 million (previous year: 113).

Change in the Supervisory Board

Mrs Waltraud Hertreiter stepped down from the Supervisory Board after the Annual General Meeting on 23 May 2006. Mr Tobias Merckle was elected by the Annual General Meeting as shareholder representative on the Supervisory Board for the remainder of the period of office of the current Supervisory Board.

2 Expansion strategy continued

In recent months, HeidelbergCement has continued its expansion in growth markets. Important steps were taken to expand the Group's strong market position in Eastern Europe and Central Asia, with the market entry in Georgia and further investments in Russia. In May, we acquired a participation of 51% in the Georgian cement company Kartuli Tsementi, which operates a grinding plant with a capacity of 100,000 tonnes; by the beginning of 2008, the plant's production capacity is expected to be increased to 500,000 tonnes. In July, we signed an agreement for the acquisition of a majority participation in the Volsk cement plant in the Volga region of Russia with a capacity of 210,000 tonnes. Together with a local partner, we will modernise the production facilities and, by the end of 2008, construct a new cement plant with a capacity of 2 million tonnes.

In addition, we intend to further expand our presence in India and take over the majority share in the cement manufacturer Mysore Cements. The company based in Bangalore operates two cement plants and a grinding plant in central and southern India with a total capacity of 2.6 million tonnes. Mysore Cements provides a good base for supplying the rapidly developing markets in the western part of India.

Employees

In the first half of the year, the number of employees rose to 43,050 (previous year: 42,055). The increase from the consolidation of our activities in Kazakhstan and the expansion in the Ukraine outweighed the decrease resulting from restructuring measures in Europe and Asia.

Investments

In the first half of the year, cash flow investments amounted to EUR 304 million (previous year: 421). Investments in tangible fixed assets, which primarily relate to maintenance and optimisation measures in our cement plants, totalled EUR 213 million (previous year: 208). Investments in financial fixed assets decreased to EUR 91 million (previous year: 213). The impact of our expansion measures in growth markets, which we have already published, will not be seen until the second half of the year.

■ Turnover by business lines January to June

Europe
EURm	2005	2006
Cement	994	1,214
Concrete	585	718
Building materials	62	65
Intra-Group eliminations	-104	-129
Total turnover	1,537	1,868

North America
EURm	2005	2006
Cement	540	703
Concrete	442	595
Building materials
Intra-Group eliminations	-71	-93
Total turnover	912	1,205

Europe experiences strong growth 3

The euro zone's economy expanded strongly in the first half of the year. A significant increase was recorded in consumption and exports in particular. The economic situation in the new EU member countries remains sound. Growth also increased noticeably in Poland. The forecast for construction activity has been raised from 1.5% to 2.6%. In Germany, a rise of 1% is expected as a result of increasing residential and commercial construction. However, the growth rate should level out again in 2007.

As a result of the stronger demand and, to some extent, new consolidations, our cement deliveries in all countries increased in the first half of the year, with significant growth in most cases. The highest growth rates were recorded by the countries of Eastern Europe, with the exception of the Czech Republic. Germany, Sweden, the Benelux countries and the United Kingdom also achieved noticeable increases in sales volumes. In total, our cement and clinker sales volumes in Europe rose by 20.7% to 17.8 million tonnes (previous year: 14.8). Excluding the new consolidations, this corresponds to a growth of 12.4%. Sales volumes of ready-mixed concrete and aggregates also developed positively in almost all countries, with considerable increases in most cases.

The turnover of the Europe Group area rose by 21.5% to EUR 1,868 million (previous year: 1.537).

North America maintains a high level

In the US, the economic dynamics weakened only slightly. High energy prices and a regionally varying slowdown on the property market are dampening private consumption and will do so over the next few months. Canada continues to benefit from the international raw materials boom. In our market regions, construction demand in the US is supported primarily by commercial and public construction and, in Canada, by residential construction. In the first half of the year, the cement and clinker sales volumes of our plants were 8.8% above the previous year's level, with 7.4 million tonnes (previous year: 6.8). With full utilisation of production capacities, sales volumes rose slightly once again in the second quarter. Around a quarter of the total sales volumes are imported from other Group areas. Deliveries of ready-mixed concrete and aggregates also increased; however, this is partly attributable to consolidation effects.

The turnover of the North America Group area rose by 32.2% to EUR 1,205 million (previous year: 912).

Africa-Asia-Mediterranean Basin
EURm	2005	2006
Cement	470	586
Concrete	39	39
Building materials
Intra-Group eliminations	-13	-14
Total turnover	496	611

maxit Group
EURm	2005	2006
Cement
Concrete
Building materials	529	562
Intra-Group eliminations
Total turnover	529	562

4 Strong dynamics in the Africa-Asia-Mediterranean Basin Group area

Varied economic development was observed in the individual regions during the first half of the year. While the Chinese economy is still experiencing unbridled growth, Turkey had to cope with a massive currency devaluation in the second quarter.

The cement and clinker sales volumes of the Africa-Asia-Mediterranean Basin Group area rose by a total of 14.1% in the first half of the year to 11.4 million tonnes (previous year: 10.0). Excluding the consolidation effect from the inclusion of the new joint venture Fufeng in China, the increase amounted to 9.7%. With a rise in sales volumes of just under 47% on a like-for-like basis, China recorded the biggest growth, followed by Bangladesh and Turkey. Our Indonesian subsidiary Indocement was able to more than compensate for the weak cement demand by increasing its exports of clinker. In the middle of June, the foundation was laid for a second production line at the Turkish Çanakkale plant. This will increase the clinker capacity of our joint venture Akçansa to 5.7 million tonnes and the cement grinding capacity to 9 million tonnes. Our African countries presented a varied picture as regards sales volumes; however, deliveries were slightly above the previous year's level overall.

The turnover of the Africa-Asia-Mediterranean Basin Group area improved by 23.3% to EUR 611 million (previous year: 496).

Good development for maxit Group

In the first half of 2006, most of maxit Group's markets, including the countries of Northern Europe in particular, experienced good development. The situation in Germany, the Group's biggest market, is still not satisfactory. With the new management the effects of the restructuring measures will be evident this year. The turnover and results of the last few months confirm this expectation. In the Benelux countries and Portugal, results were improved through cost reductions; the restructuring measures in Italy will have an impact in the second half of the year. In view of the rising raw material and fuel prices, cost optimisation remains the focus for the management. We want to increasingly introduce innovative products and processes more quickly in several countries at the same time.

In the first six months, maxit Group's turnover rose by 6.3% to EUR 562 million (previous year: 529).

Group Services 5

The trade volume of our subsidiary HC Trading grew significantly by 16.1% in the first half of the year to 6.8 million tonnes (previous year: 5.9). Declines in dry mortar and related materials were more than compensated for by the considerable increase in cement and clinker trade volumes.

Turnover in the Group Services business unit, which also includes our trading in fossil fuels, increased by 19.3% to EUR 334 million (previous year: 280).

Prospects

In 2006, the global economic environment will remain positive despite the increasing volatility of the financial markets and tension on the oil markets. As regards further development, a slight weakening is forecast. The risks arising from the development of the energy prices, US dollar exchange rate and US property market remain high. HeidelbergCement has seen improved development during the second quarter; we can therefore confirm our forecast for the whole year – double-digit growth in turnover and results. We are making good progress in the implementation of our "win" project. In 2006, we will noticeably increase the efficiency of the company. The resulting markedly improving earnings power forms a sound basis for our growth strategy.

Heidelberg, 4 August 2006

Yours sincerely,

Dr. Bernd Scheifele Chairman of the Managing Board

6

Group profit and loss accounts

EUR '000s	April - June		January - June
	2005	2006	2005	2006
Turnover	2,142,279	2,531,800	3,497,637	4,276,079
Change in stocks and work in progress	-14,565	-25,625	19,550	-14,583
Own work capitalised	284	515	454	637
Operating revenues	2,127,998	2,506,690	3,517,641	4,262,133
Other operating income	50,173	31,240	92,255	75,925
Material costs	-796,033	-939,032	-1,382,748	-1,699,614
Employees and personnel costs	-371,762	-375,682	-711,735	-730,550
Other operating expenses	-561,337	-598,953	-981,153	-1,093,547
Operating income before depreciation (OIBD)	449,039	624,263	534,260	814,347
Depreciation and amortisation of tangible fixed assets	-121,097	-123,660	-238,614	-247,701
Depreciation and amortisation of intangible assets	-2,447	-2,394	-4,843	-4,612
Operating income	325,495	498,209	290,803	562,034
Additional ordinary result	36,284	38,598	15,200	60,502
Results from associated companies1)	37,316	59,791	46,575	85,796
Results from other participations	4,401	-4,781	6,482	-3,315
Earnings before interest and income taxes (EBIT)	403,496	591,817	359,060	705,017
Interest and similar income	6,207	6,515	13,792	12,700
Interest and similar expenses	-65,532	-60,878	-129,062	-118,695
Exchange rates gains and losses	-1,675	-2,653	24	3,864
Profit before tax	342,496	534,801	243,814	602,886
Taxes on income	-107,990	-156,726	-105,794	-187,780
Profit for the financial year	234,506	378,075	138,020	415,106
Minority interests	-16,698	-31,868	-24,990	-39,624
Group share in profit	217,808	346,207	113,030	375,482
Earnings per share in EUR (IAS 33)	2.09	3.00	1.07	3.25
1) Net result from associated companies	24,896	47,575	31,836	70,546

Group cash flow statement

EUR '000s	January - June
	2005	2006
Operating income before depreciation (OIBD)	534,260	814,347
Additional ordinary result before depreciation	14,494	59,748
Dividends received	16,906	12,972
Interest paid	-168,250	-127,303
Taxes paid	-65,789	-148,713
Elimination of non-cash items	17,121	8,685
Cash flow	348,742	619,736
Changes in operating assets	-397,190	-407,653
Changes in operating liabilities	42,161	18,825
Cash flow from operating activities	-6,287	230,908
Intangible assets	-3,479	-908
Tangible fixed assets	-205,065	-212,108
Financial fixed assets	-212,606	-90,510
Investments (cash outflow)	-421,150	-303,526
Proceeds from fixed asset disposals	99,597	85,031
Cash from changes in consolidation scope	19,999	9,641
Cash flow from investing activities	-301,554	-208,854
Capital increase	271,512	229
Dividend payments - HeidelbergCement AG	-55,491	-132,938
Dividend payments - minority shareholders	-20,448	-22,734
Proceeds from bond issuance and loans	580,008	219,498
Repayment of bonds and loans	-391,003	-169,833
Cash flow from financing activities	384,578	-105,778
Net change in cash and cash equivalents	76,737	-83,724
Effect of exchange rate changes	-28,959	35,234
Cash and cash equivalents at 1 January	305,009	316,816
Cash and cash equivalents at 30 June1)	352,787	268,326

1) In the balance sheet, the item "Securities and similar rights" also lists the market value of hedging transactions and the "available for sale financial assets" amounting to EUR 51.8 million (previous year: 70.1).

Group balance sheet

	8

Assets
EUR '000s	31 Dec. 2005	30 June 2006
Long-term assets
Intangible assets	2,454,657	2,622,241
Tangible fixed assets
Land and buildings	2,039,467	2,009,218
Plant and machinery	2,982,037	2,813,989
Fixtures, fittings, tools and equipment	190,109	184,014
Payment on account and assets under construction	283,107	342,361
	5,494,720	5,349,582
Financial fixed assets
Shares in associated companies	759,950	784,898
Shares in other participations	334,531	257,256
Loans to participations	17,722	28,247
Other loans	45,279	37,251
	1,157,482	1,107,652
Fixed assets	9,106,859	9,079,475
Deferred taxes	170,490	161,417
Other long-term receivables	77,618	79,990
	9,354,967	9,320,882
Short-term assets
Stocks
Raw materials and consumables	491,348	493,087
Work in progress	90,454	81,830
Finished goods and goods for resale	275,153	284,055
Payments on account	12,686	15,930
	869,641	874,902
Receivables and other assets
Short-term financial receivables	185,955	94,923
Trade receivables	920,971	1,273,842
Other short-term operating receivables	193,320	210,039
Current income tax assets	45,067	55,795
	1,345,313	1,634,599
Short-term investments and similar rights	64,744	74,431
Cash at bank and in hand	299,986	245,689
	2,579,684	2,829,621
Balance sheet total	11,934,651	12,150,503

Liabilities
EUR '000s	31 Dec. 2005	30 June 2006
Shareholders' equity and minority interests
Subscribed share capital	296,065	296,077
Capital reserves	2,512,679	2,512,896
Revenue reserves	1,999,286	2,244,527
Currency translation	-174,938	-311,176
Company shares	-2,936	-2,934
Capital entitled to shareholders	4,630,156	4,739,390
Minority interests	427,709	447,788
	5,057,865	5,187,178
Long-term provisions and liabilities
Provisions
Provisions for pensions	736,010	692,421
Deferred taxes	493,409	509,632
Other long-term provisions	493,509	502,720
	1,722,928	1,704,773
Liabilities
Debenture loans	1,473,966	747,289
Bank loans	878,530	853,891
Other long-term financial liabilities	391,842	406,858
	2,744,338	2,008,038
Other long-term operating liabilities	8,144	6,825
	2,752,482	2,014,863
	4,475,410	3,719,636
Short-term provisions and liabilities
Provisions	116,271	115,792
Liabilities
Debenture loans		727,389
Bank loans (current portion)	643,900	601,702
Other short-term financial liabilities	521,523	601,619
	1,165,423	1,930,710
Trade payables	568,731	558,760
Current income taxes payables	72,248	83,183
Other short-term operating liabilities	478,703	555,244
	2,285,105	3,127,897
	2,401,376	3,243,689
Balance sheet total	11,934,651	12,150,503

Statement of recognised income and expense

EUR '000s January - June
	2005	2006
IAS 39 Financial instruments	7,869	-6,495
IAS 28 Investments in Associates	19,077
IFRS 2 Share-based Payment	-1,160
Currency translation	111,856	-172,547
Other consolidation adjustments	-270	7,976
Income and expense directly recognised in equity	137,372	-171,066
Profit for the financial year	138,020	415,106
Total earnings for the period	275,392	244,040
Part of minorites	2,157	2,099
Part of shareholders HeidelbergCement AG	273,235	241,941

Group equity capital grid	Subscribed	Capital
EUR '000s	share capital	reserves
1 January 2005	258,421	1,930,491
Effect of adopting
IAS 28 Investments in Associates
IFRS 2 Share-based Payment
1 January 2005 (restated)	258,421	1,930,491
Profit for the financial year
Capital increase from issuance of new shares	36,583	544,551
Dividends
Changes without effects on results
Consolidation adjustments
Financial instruments IAS 39
Exchange rate
30 June 2005	295,004	2,475,042
1 January 2006	296,065	2,512,679
Profit for the financial year
Capital increase from issuance of new shares	12	217
Issuance of company shares
Dividends
Changes without effects on results
Consolidation adjustments
Financial instruments IAS 39
Exchange rate
30 June 2006	296,077	2,512,896

Revenue	Currency	Company	Capital entitled	Minority	Total
reserves	translation	shares	to shareholders	interests
1,720,735	-372,498	-2,936	3,534,213	429,110	3,963,323
19,077			19,077		19,077
-1,160			-1,160		-1,160
1,738,652	-372,498	-2,936	3,552,130	429,110	3,981,240
113,030			113,030	24,990	138,020
			581,134		581,134
-55,491			-55,491	-20,448	-75,939
-270			-270	25,201	24,931
7,869			7,869		7,869
	134,689		134,689	-22,833	111,856
1,803,790	-237,809	-2,936	4,333,091	436,020	4,769,111
1,999,286	-174,938	-2,936	4,630,156	427,709	5,057,865
375,482			375,482	39,624	415,106
			229		229
		2	2		2
-132,938			-132,938	-22,734	-155,672
7,976			7,976	40,714	48,690
-5,279			-5,279	-1,216	-6,495
	-136,238		-136,238	-36,309	-172,547
2,244,527	-311,176	-2,934	4,739,390	447,788	5,187,178

11

Notes to the interim accounts

12 The Group's half year accounts were prepared according to the International Financial Reporting Standards (IFRS) applicable at the balance sheet date. There were no significant changes in the accounting and valuation methods compared with 31 December 2005. Results from participations comprise both income from other participations and amounts written off financial fixed assets. As a result of the organisational streamlining of responsibilities and reporting structures within the HeidelbergCement Group, the subgroups Central Europe West, Western Europe, Northern Europe and Central Europe East were combined to form the new Europe reporting area. Regional weather conditions are reflected in HeidelbergCement's production and sales position. In the following Group areas, there were changes in the consolidation scope in comparison with 31 December 2005 as detailed below. The percentage of shares owned by the Group in each case is given in brackets. ■ Europe In Germany, TBG Transportbeton Mittelsachsen GmbH & Co. KG, Chemnitz (100%), TBG Transportbeton Berlin-Brandenburg GmbH & Co. KG, Niederlehme (100%), TBG Transportbeton Thüringen GmbH & Co. KG, Weimar (100%), and HSK Kieswerk Forchheim GmbH & Co. KG, Rheinstetten (100%), are fully included in the Group's scope of consolidation for the first time. Haniel Baustoff-Industrie Kieswerke Niederrhein GmbH, Duisburg (51.0%), KVB Kölbl Verwaltungsund Beteiligungsgesellschaft mbH, Essen (49.0%), Kölbl GmbH & Co. KG, Duisburg (36.8%), Hanse Asphalt GmbH, Wismar (50.0%), and GAM Greifswalder Asphaltmischwerke GmbH & Co. KG, Rostock (51.0%), are proportionately consolidated for the first time. The companies Lagergren & Wik AB, Gothenburg/Sweden (100%), and Amvrosiyivske Open Joint Stock Company "Doncement", Novoamvrosiyivske village/Ukraine (100%), both acquired in 2006, as well as the newly founded Recyfuel S.R.L., Bucharest/Romania (99.5%), are also fully consolidated for the first time. The consolidation scope was expanded with the addition of the Belgian company Betonex NV, Heist-op-den-Berg (100%), acquired in December 2005. In Kazakhstan, Bukhtarminskaya Cement Company, Zyryanovskiy (75.1%), acquired in 2005, and its subsidiaries are included in the Group accounts for the first time as fully consolidated companies. The resulting goodwill amounts to EUR 65.7 million. ■ Asia The share in the Chinese company Fufeng Cement Company Limited (45.8%) was acquired for a purchase price of EUR 11.5 million and is proportionately consolidated. The resulting goodwill amounts to EUR 3.2 million. The share in the Chinese company Jingyang Cement Company Limited (50.0%), which was acquired for EUR 2.5 million, is also proportionately consolidated. The goodwill amounts to EUR 1.8 million. ■ Segment reporting ■ Accounting and consolidation principles ■ Seasonal nature of the business ■ Scope of consolidation

■ Group Services

The Maltese companies HC Trading Malta Limited, Valletta (100%), and HCT Holding Malta Limited, Valletta (100%), founded in December 2005, are fully consolidated for the first time as of 1 January 2006.

The goodwill comprises market shares purchased that cannot be assigned to any other determinable and separable intangible fixed assets. The opening balance sheet values and results from the first half of 2006 of companies acquired and included for the first time in the Group annual accounts (Business Combinations) are as follows, in accordance with IFRS 3.67 ff.:

Assets
EUR '000s
Long-term assets
Intangible assets	1,295
Tangible fixed assets	61,656
Financial fixed assets	634
Fixed assets	63,585
Deferred taxes	158
	63,743
Short-term assets
Stocks	19,166
Receivables and other assets	26,462
Cash at bank and in hand	10,523
	56,151
Balance sheet total	119,894

Liabilities

EUR '000s
Shareholders' equity and minority interests
Capital entitled to shareholders	39,079
Minority interests	3,792
	42,871
Long-term provisions and liabilities
Provisions	7,010
Liabilities	14,053
	21,063
Short-term provisions and liabilities
Provisions	513
Liabilities	55,447
	55,960
Balance sheet total	119,894

Results for the companies consolidated for the first time in the first half of 2006 EUR '000s

Profit for the financial year	3,929
Minority interests	-58
Group share in profit	3,871

For reasons of materiality, we refrained from individual disclosures (IFRS 3.68). In accordance with IFRS 3.61 ff., the acquired assets and liabilities of Bukhtarminskaya Cement Company, Zyryanovskiy/ Kazakhstan, and its subsidiaries as well as of the German companies Haniel Baustoff-Industrie Kieswerke Niederrhein GmbH, Duisburg, KVB Kölbl Verwaltungs- und Beteiligungsgesellschaft mbH, Essen, and Kölbl GmbH & Co. KG, Duisburg, are included in the Group accounts of Heidelberg-Cement AG on the basis of provisional information.

¹⁴ Segment reporting

Group areas January to June 2006 (Primary reporting format under IAS 14 No. 50 ff.)

EURm	Europe		North America
	2005	2006	2005	2006
External turnover	1,497	1,816	912	1,205
Inter-area turnover	40	52
Turnover Change to previous year in %	1,537	1,868 21.5%	912	1,205 32.2%
Operating income before depreciation (OIBD) in % of turnover	235 15.3%	352 18.8%	154 16.9%	249 20.6%
Depreciation	133	137	47	49
Operating income in % of turnover	102 6.6%	214 11.5%	107 11.7%	199 16.5%
Results from participations	41	76	-1	1
Additional ordinary result
Earnings before interest and income taxes (EBIT)	143	291	106	200
Investments 1)	107	95	56	70
Employees	20,408	21,989	6,022	6,104

1) Investments = in the segment columns: tangible and intangible fixed asset investments;

in the reconciliation column: financial fixed asset investments

Turnover development by Group areas and business lines January to June 2006

EURm	Cement		Concrete
	2005	2006	2005	2006
Europe	994	1,214	585	718
North America	540	703	442	595
Africa-Asia-Mediterranean Basin	470	586	39	39
maxit Group
Total	2,004	2,503	1,067	1,353
Group Services
Inter-area turnover
Total Group

Africa-Asia Mediterranean Basin			maxit Group	Group Services			Reconciliation	Group
2005	2006	2005	2006	2005	2006	2005	2006	2005	2006
467	567	528	561	94	127			3,498	4,276
29	45	1	1	186	207	-256	-304
496	611	529	562	280	334	-256	-304	3,498	4,276
	23.3%		6.3%		19.3%				22.3%
81	131	59	71	5	11			534	814
16.3%	21.5%	11.2%	12.7%	1.7%	3.3%			15.3%	19.0%
35	39	27	26					243	252
45	92	32	46	5	11			291	562
9.2%	15.1%	6.1%	8.1%	1.6%	3.2%			8.3%	13.1%
12	5	1	0					53	82
						15	61	15	61
57	97	34	46	5	11	15	61	359	705
24	32	21	16			213	91	421	304
10,607	9,986	4,961	4,922	57	48			42,055	43,050

	Building materials		Intra Group Eliminations	Total
2005	2006	2005	2006	2005	2006
62	65	-104	-129	1,537	1,868
		-71	-93	912	1,205
		-13	-14	496	611
529	562			529	562
591	627	-188	-237	3,474	4,247
				280	334
				-256	-304
				3,498	4,276

	A

16	Exchange rates		Exchange rates at Average exchange rates
			31 Dec. 2005	30 June 2006	01-06/2005	01-06/2006
		Country	EUR	EUR	EUR	EUR
	USD	US	1.1840	1.2789	1.2850	1.2310
	CAD	Canada	1.3762	1.4288	1.5862	1.4010
	GBP	Great Britain	0.6879	0.6922	0.6857	0.6872
	HRK	Croatia	7.3704	7.2424	7.4228	7.3201
	IDR	Indonesia	11,638.72	11,893.77	12,140.08	11,282.92
	KZT	Kazakhstan	158.24	151.47	161.57	156.12
	NOK	Norway	7.9843	7.9673	8.1436	7.9361
	PLN	Poland	3.8422	4.0624	4.0730	3.8928
	RON	Romania	3.6841	3.5795	3.6615	3.5434
	SEK	Sweden	9.4026	9.2129	9.1460	9.3313
	CZK	Czech Republic	29.0483	28.4811	30.0486	28.5089
	HUF	Hungary	252.2512	283.2380	247.0403	260.8126
	TRY	Turkey	1.5984	2.0239	1)	1.7199

1) In accordance with IAS 21.42 (a) all amounts were translated using the closing rate at the date of the most recent balance sheet.

Financial calendar

Interim Report January to September 2006	6 November 2006
First overview of the financial year 2006	February 2007
Press and analysts' conference on annual accounts	22 March 2007
Annual General Meeting	9 May 2007

Cover picture: www.sergebrison.com

HeidelbergCement AG

Berliner Strasse 6 69120 Heidelberg, Germany www.heidelbergcement.com