Buzzi Unicem — Earnings Release 2015

Mar 24, 2016

CONSOLIDATED FINANCIAL HIGHLIGHTS 31/12/2015

					Change (unfav)/fav
SALES VOLUMES and PRICES			FY 2015	FY 2014 restated	abs. %
SALES VOLUME
	Cement, clinker and other products	000 tons	25.557	25.122	435 1,7%
	Ready-mix concrete	000 m³	11.936	12.048	(112) (0,9%)
	Cement, clinker and other products	index
	Italy		98	100	(2,3%)
	USA		102	100	2,4%
	Germany		97	100	(2,8%)
	Luxembourg		98	100	(1,8%)
	Czech Republic		101	100	0,9%
	Poland		121	100	21,1%
	Ukraina		101	100	0,6%
	Russia		108	100	8,4%
	Eliminations		(104)	(100)	(4,2%)
	Total group	000 tons	25.557	25.122	1,7%
	Total group, constant scope	000 tons	24.885	25.122	(0,9%)
Ready-mix concrete		index
	Italy		101	100	1,2%
	USA		95	100	(5,2%)
	Germany		95	100	(5,1%)
	Luxembourg/Netherlands		116	100	15,7%
	Poland		110	100	9,8%
	Czech Republic/Slovakia		103	100	3,0%
	Ukraina		77	100	(23,1%)
	Total group	000 m³	11.936	12.048	(0,9%)
	Total group, constant scope 000 m³		11.936	12.048	(0,9%)
CEMENT PRICE , metric ton index
	Italy	EUR	96,3	100,0	(3,7%)
	USA, short ton	USD	107,7	100,0	7,7%
	Germany	EUR	98,9	100,0	(1,1%)
	Luxembourg	EUR	99,9	100,0	(0,1%)
	Czech Republic	CZK	100,1	100,0	0,1%
	Poland	PLN	88,3	100,0	(11,7%)
	Ukraina	UAH	119,5	100,0	19,5%
	Russia	RUB	99,0	100,0	(1,0%)
Exchange rates
USA	avg. EUR / USD		1,11	1,33	16,5%
	eop. EUR / USD		1,09	1,21	10,3%
Mexico	avg. EUR / MXN		17,62	17,66	0,2%
	eop. EUR / MXN		18,91	17,87	(5,9%)
	avg. USD / MXN		15,88	13,29	(19,5%)
	eop USD / MXN		17,37	14,72	(18,1%)
Czech Republic	avg. EUR / CZK		27,28	27,54	0,9%
Poland	avg. EUR / PLN		4,18	4,18	0,0%

Ukraina avg. EUR / UAH 24,28 15,86 (53,1%) Russia avg. EUR / RUB 68,07 50,95 (33,6%)

CONSOLIDATED FINANCIAL HIGHLIGHTS 31/12/2015

INCOME STATEMENT		FY 2015	FY 2014	Change (unfav)/fav
			restated	abs.	%
SALES REVENUES	EURm	2.662,1	2.506,4	155,7	6,2%
	Italy	381,1	391,5	(10,4)	(2,7%)
	USA	1.108,7	856,1	252,6	29,5%
	Germany	573,6	603,4	(29,8)	(4,9%)
	Luxembourg/Netherlands	169,0	163,5	5,5	3,3%
	Czech Republic/Slovakia	135,6	133,6	2,0	1,5%
	Poland	96,8	89,0	7,7	8,7%
	Ukraine	69,8	88,1	(18,3)	(20,8%)
	Russia	166,7	209,9	(43,3)	(20,6%)
	Eliminations	(39,2)	(28,9)	(10,3)	(35,8%)
	Mexico (100%)	625,9	521,9	104,0	19,9%
	SALES, like-for-like @ constant scope and FX	2.532,8	2.506,4	26,4	1,1%
EBITDA	Group EURm (i)	473,2	422,7	50,5	11,9%
	Italy	(37,2)	(18,7)	(18,5)	(98,7%)
	USA	311,7	207,3	104,4	50,4%
	Germany	72,1	88,6	(16,5)	(18,6%)
	Luxembourg/Netherlands	19,7	15,9	3,8	24,2%
	Czech Republic/Slovakia	32,6	27,0	5,6	20,5%
	Poland	21,9	18,2	3,8	20,8%
	Ukraine	4,0	11,0	(7,0)	(63,8%)
	Russia	48,4	73,4	(25,0)	(34,1%)
	Mexico (100%)	256,1	187,8	68,3	36,4%
	EBITDA like-for-like @ constant scope and FX	435,3	422,7	12,6	3,0%
	Breakdown of non recurring items included in EBITDA EURm (iii)	(5,6)	18,0	(23,6)	n.m.
	Italy	(0,7)	(0,4)	(0,3)	0,0%
	USA	(4,5)	3,5	(8,0)
	Germany	-	20,0	(20,0)	0,0%
	Luxembourg/Netherlands	(0,5)	(1,2)	0,8
	Russia	-	(3,9)	3,9
EBITDA	Net of non recurring items EURm
	Group (iv)=(i-iii)	478,8	404,7	74,1	18,3%
	Italy	(36,5)	(18,3)	(18,2)	n.m.
	USA	316,2	203,8	112,4	55,2%
	Germany	72,1	68,5	3,5	5,1%
	Luxembourg/Netherlands	20,2	17,1	3,1	18,0%
	Czech Republic/Slovakia	32,6	27,0	5,6	20,5%
	Poland	21,9	18,2	3,8	20,8%
	Ukraine Russia	4,0 48,4	11,0 77,4	(7,0) (29,0)	(63,8%) (37,4%)
EBITDA	Group @constant scope, net of non recurring	475,4	404,7	70,6	17,5%
	EBITDA margin - net of non recurring items, %			% pts
	Group	18,0%	16,1%	1,8
	Italy	-9,6%	-4,7%	(4,9)
	USA	28,5%	23,8%	4,7
	Germany	12,6%	11,4%	1,2
	Luxembourg/Netherlands	11,9%	10,5%	1,5
	Czech Republic/Slovakia	24,0%	20,2%	3,8
	Poland	22,7%	20,4%	2,3
	Ukraine Russia	5,7% 29,0%	12,5% 36,9%	(6,8) (7,8)

CONSOLIDATED FINANCIAL HIGHLIGHTS 31/12/2015

INCOME STATEMENT (cont) and CASH FLOW		FY 2015	FY 2014	Change (unfav)/fav
			restated	abs.	%
Depreciation, amortization & impairment charges		(209,2)	(244,0)	34,9	14,3%
EBIT	264,0	178,7	85,4	n.m.
Financial & adjustments		(41,9)	(3,1)	(38,9)	n.m.
PBT		222,1	175,6	46,5	n.m.
Income tax		(94,0)	(55,1)	(38,9)	(70,5%)
COMBINED NET INCOME		128,1	120,5	7,6	n.m.
Minorities		(2,8)	(3,9)	1,1	28,6%
CONSOLIDATED NET INCOME		125,3	116,6	8,7	n.m.
Financial & adjustments	1+2+3)	(41,9)	(3,1)	(38,9)	n.m.
• Gain/(losses) on disposal of investments	1)	5,7	0,1	5,6	n.m.
• Financial income/expense:	2)	(105,1)	(53,1)	(52,0)	(97,9%)
• Net interest cost		(66,7)	(79,8)	13,2	16,5%
• FX gains/(losses)		(5,7)	(18,3)	12,6	n.m.
• Delta Fair Value of derivatives		(20,4)	57,3	(77,7)	n.m.
• Interest cost of pension funds		(11,0)	(13,6)	2,7	19,6%
• Other interest cost		(1,4)	1,3	(2,7)	n.m.
• Equity in earnings of associates	3)	57,4	49,9	7,5	15,1%
CASH FLOW (Comb. net income + Depr. & Amo.)		337,3	364,5	(27,2)	(7,5%)
as % of revenues		12,7%	14,5%
		Dec. 2015	Dec. 2014	Change
NET FINANCIAL POSITION		(1.029,7)	(1.062,7)	33,0
thereof Cash from operations				444,9
Interest paid				(74,9)
Inome tax paid				(68,3)
Net Cash from operating activity				301,6

Net Cash from operating activity	301,6
Capex, Ordinary	(140,4)
" , Growth/Expansion/Projects	(164,3)
Equity investments, net of cash acquired	0,5
Dividends paid	(10,7)
" received (cashed-in) from ass.	39,9
Disposals of fixed assets & investments	19,3
Translation differences & derivatives	(30,6)
Acrrued interest payable	1,7

	Dec. 2015	Dec. 2014	Change
TOTAL SHAREHOLDERS' EQUITY	2.579,4	2.362,1	217,3	9,2%
• Group	2.553,0	2.335,1	218,0	9,3%
• Minorities	26,4	27,0	(0,6)	(2,4%)
NFP / SHAREHOLDERS' EQUITY	0,40	0,45

Interest received 8,6 Other 7,4

Exchange rates
USA	avg.	EUR / USD	1,11	1,33	16,5%
	eop.	EUR / USD	1,09	1,21	10,3%
Mexico	avg.	EUR / MXN	17,62	17,66	0,2%
	eop.	EUR / MXN	18,91	17,87	(5,9%)
	avg.	USD / MXN	15,88	13,29	(19,5%)
	eop	USD / MXN	17,37	14,72	(18,1%)
Czech Republic	avg.	EUR / CZK	27,28	27,54	0,9%
Poland	avg.	EUR / PLN	4,18	4,18	0,0%
Ukraina	avg.	EUR / UAH	24,28	15,86	(53,1%)
Russia	avg.	EUR / RUB	68,07	50,95	(33,6%)