Buzzi Unicem — Audit Report / Information 2014

Mar 30, 2015

CONSOLIDATED FINANCIAL HIGHLIGHTS 31/12/2014

SALES VOLUMES and PRICES			FY 2014	FY 2013	Change (unfav)/fav
				restated	abs. %
SALES VOLUME
	Cement, clinker and other products	000 tons	25.097	24.665	432 1,8%
	Ready-mix concrete	000 m³	12.048	11.887	161 1,4%
	Cement, clinker and other products	000 tons
	Italy		92	100	(7,6%)
	USA		110	100	9,5%
	Germany		104	100	3,7%
	Luxembourg		98	100	(1,6%)
	Czech Republic		115	100	14,6%
	Poland		82	100	(17,6%)
	Ukraina		102	100	2,3%
	Russia		100	100	0,0%
	Eliminations		(99)	(100)	1,1%
	Total group		25.097	24.665	1,8%
	Total group, constant scope		25.053	24.665	1,6%
Ready-mix concrete		000 m³
	Italy		101	100	0,7%
	USA		109	100	9,3%
	Germany/Luxembourg		100	100	(0,0%)
	Luxembourg		93	100	(6,6%)
	Netherlands		88	100	(12,1%)
	Poland		106	100	6,1%
	Czech Republic/Slovakia		102	100	2,0%
	Ukraina		73	100	(27,5%)
	Total group		12.048	11.887	1,4%
	Total group, constant scope		12.048	11.887	1,4%
CEMENT PRICE , metric ton
	Italy		93,4	100,0	(6,6%)
	USA, short ton	EUR USD	106,7	100,0	6,7%
	Germany	EUR	100,2	100,0	0,2%
	Luxembourg		99,1	100,0	(0,9%)
	Czech Republic	EUR CZK	97,1	100,0	(2,9%)
	Poland	PLN	98,7	100,0	(1,3%)
	Ukraina	UAH	103,1	100,0	3,1%
	Russia	RUB	102,7	100,0	2,7%
Exchange rates
USA	avg. EUR / USD		1,33	1,33	(0,0%)
	eop. EUR / USD		1,21	1,38	12,0%
Mexico	avg. EUR / MXN		17,66	16,96	(4,1%)
	eop. EUR / MXN		17,87	18,07	1,1%
	avg. USD / MXN		13,29	12,77	(4,0%)
	eop USD / MXN		14,72	13,10	(12,3%)
Czech Republic	avg. EUR / CZK		27,54	25,98	(6,0%)
Poland	avg. EUR / PLN		4,18	4,20	0,3%
Ukraina	avg. EUR / UAH		15,86	10,79	(47,1%)
Russia	avg. EUR / RUB		50,95	42,34	(20,3%)

CONSOLIDATED FINANCIAL HIGHLIGHTS 31/12/2014

	INCOME STATEMENT		FY 2013	Change (unfav)/fav
			restated	abs.	%
SALES REVENUES	(1) EURm	2.506,4	2.510,1	(3,7)	(0,1%)
	Italy	391,5	431,6	(40,1)	(9,3%)
	USA	856,1	729,9	126,2	17,3%
	Germany	603,4	593,4	10,1	1,7%
	Netherlands	57,9	73,2	(15,3)	(20,9%)
	Luxembourg	105,7	109,1	(3,5)	(3,2%)
	Czech Republic	133,6	131,8	1,8	1,4%
	Poland	89,0	101,0	(12,0)	(11,9%)
	Ukraine	88,1	123,8	(35,7)	(28,9%)
	Russia	209,9	248,6	(38,7)	(15,6%)
	Eliminations	(28,9)	(32,3)	3,4	10,6%
	Mexico (100%)	521,9	467,5	54,4	11,6%
	SALES, like-for-like @ constant scope and FX	2.594,9	2.510,0	84,9	3,4%
EBITDA	Group EURm (i)	422,7	403,2	19,5	4,8%
	Italy	(18,7)	(18,5)	(0,3)	n.m.
	USA	207,3	151,0	56,3	37,3%
	Germany	88,6	108,0	(19,4)	(18,0%)
	Netherlands	(1,9)	(8,2)	6,3	76,9%
	Luxembourg	17,8	19,7	(1,9)	(9,7%)
	Czech Republic	27,0	19,2	7,9	40,9%
	Poland	18,2	27,1	(8,9)	(32,9%)
	Ukraine	11,0	12,3	(1,3)	(10,6%)
	Russia	73,4	92,6	(19,2)	(20,7%)
	Mexico (100%)	187,8	155,0	32,8	21,2%
	EBITDA like-for-like @ constant scope and FX	444,6	403,7	41,0
					10,2%
	Breakdown of non recurring items included in EBITDA EURm (iii)	17,7	25,3	(7,6)	n.m.
	Italy	2,9	(2,3)	5,1
	Germany	20,0	27,1	(7,1)
	Netherlands	(1,2)	(3,4)	2,2
	Luxembourg	-	2,5	(2,5)
	Czech Rep.	-	0,3	(0,3)
	Poland	-	3,5	(3,5)
	Ukraine Russia	- (3,9)	(2,5) 0,2	2,5 (4,1)
	Net of non recurring items EURm
EBITDA	Group (iv)=(i-iii)	405,0	377,9	27,1
	Italy	(21,6)	(16,2)	(5,4)	0,0% 0,0% 0,0% 0,0% 0,0% 7,2% n.m.
	USA	207,3	151,0	56,3
	Germany	68,5	80,9	(12,4)
	Netherlands	(0,7)	(4,9)	4,2
	Luxembourg	17,8	17,2	0,5
	Czech Rep.	27,0	18,9	8,1
	Poland	18,2	23,6	(5,4)
	Ukraine Russia	11,0 77,4	14,8 92,4	(3,8) (15,1)
EBITDA	Group @constant scope, net of non recurring (iv-ii)	405,1	378,3	26,8
	EBITDA margin - net of non recurring items, %			% pts
	Group	16,2%	15,1%	1,1
	Italy	-5,5%	-3,8%	(1,8)
	USA	24,2%	20,7%	3,5
	Germany	11,4%	13,6%	(2,3)
	Netherlands	-1,2%	-6,7%	5,5
	Luxembourg	16,8%	15,8%	1,0	37,3% (15,3%) 85,9% 3,2% 42,8% (23,0%) (25,5%) (16,3%) 7,1%
	Czech Republic	20,2%	14,4%	5,9
	Poland	20,4%	23,4%	(3,0)
	Ukraine	12,5%	11,9%	0,6
	Russia	36,9%	37,2%	(0,3)

CONSOLIDATED FINANCIAL HIGHLIGHTS 31/12/2014

INCOME STATEMENT (cont) and CASH FLOW		FY 2014	FY 2013	Change (unfav)/fav
			restated	abs.	%
Depreciation, amortization & impairment charges		(244,0)	(316,7)	72,7	23,0%
EBIT		178,7	86,5	92,2	106,7%
Financial & adjustments		(3,1)	(70,4)	67,4	95,7%
PBT		175,6	16,0	159,6	n.m.
Income tax		(55,1)	(59,2)	4,1	6,8%
COMBINED NET INCOME				163,6	n.m.
Minorities		(3,9)	(7,5)	3,6	48,1%
CONSOLIDATED NET INCOME		116,6	(50,7)	167,3	n.m.
Financial & adjustments	1+2+3)	(3,1)	(70,4)	67,4	95,7%
• Gain/(losses) on disposal of investments	1)	0,1	4,6	(4,4)	n.m.
• Financial income/expense:	2)	(53,1)	(110,8)	57,7	52,1%
• Net interest cost		(77,9)	(83,9)	5,9	7,1%
• FX gains/(losses)		(18,3)	2,8	(21,1)	n.m.
• Delta Fair Value of derivatives		57,3	(11,9)	69,2	n.m.
• Interest cost of pension funds		(13,6)	(13,9)	0,3	1,8%
• Other interest cost		(0,6)	(4,0)	3,4	n.m.
• Equity in earnings of associates	3)	49,9	35,9	14,1	39,2%
CASH FLOW (Comb. net income + Depr. & Amo.)		364,5	273,6	90,9	33,2%
as % of revenues		14,5%	10,9%
		Dec. 2014	Dec. 2013 rest.	Change
NET FINANCIAL POSITION		(1.062,7)	(1.097,2)	34,5

NET FINANCIAL POSITION	(1.062,7)	(1.097,2)	34,5
thereof Cash from operations Interest paid Inome tax paid Net Cash from operating activity Capex, Ordinary " , Expansion/Growth/Projects Equity investments, net of cash acquired Dividends paid " received (cashed-in) from ass. Disposals of fixed assets & investments Translation differences & derivatives Acrrued interest payable Interest received Other			390,7 (87,2) (58,9) 244,6 (122,2) (55,5) (136,8) (11,9) 40,3 58,6 0,9 2,4 11,0 3,2
TOTAL SHAREHOLDERS' EQUITY • Group • Minorities NFP / SHAREHOLDERS' EQUITY	Dec. 2014 2.362,1 2.335,1 27,0 0,45	Dec. 2013 rest. 2.298,7 2.260,9 37,9 0,48	Change 63,4 74,2 (10,8)	2,8% 3,3% (28,6%)
Exchange rates

avg.	EUR / USD	1,33	1,33	(0,0%)
eop.	EUR / USD	1,21	1,38	12,0%
avg.	EUR / MXN	17,66	16,96	(4,1%)
eop.	EUR / MXN	17,87	18,07	1,1%
avg.	USD / MXN	13,29	12,77	(4,0%)
eop	USD / MXN	14,72	13,10	(12,3%)
avg.	EUR / CZK	27,54	25,98	(6,0%)
avg.	EUR / PLN	4,18	4,20	0,3%
avg.	EUR / UAH	15,86	10,79	(47,1%)
avg.	EUR / RUB	50,95	42,34	(20,3%)