Buzzi Unicem — Interim / Quarterly Report 2015

Aug 5, 2015

CONSOLIDATED FINANCIAL HIGHLIGHTS 30/6/2015

	SALES VOLUMES and PRICES		H1 2015	H1 2014	Change (unfav)/fav
				restated	abs.	%
SALES VOLUME
	Cement, clinker and other products	000 tons	11.844	11.659	185	1,6%
	Ready-mix concrete	000 m³	5.598	5.818	(219)	(3,8%)
	Cement, clinker and other products	000 tons
	Italy		101	100		0,5%
	USA		103	100		2,8%
	Germany		95	100		(5,1%)
	Luxembourg		94	100		(6,3%)
	Czech Republic		101	100		0,8%
	Poland		122	100		22,3%
	Ukraina		96	100		(4,4%)
	Russia		111	100		10,6%
	Eliminations		(95)	(100)		5,3%
	Total group		11.844	11.659		1,6%
	Total group, constant scope		11.521	11.659		(1,2%)
Ready-mix concrete		000 m³
	Italy		105	100		5,3%
	USA		93	100		(6,9%)
	Germany/Luxembourg		89	100		(10,9%)
	Luxembourg		121	100		20,7%
	Netherlands		117	100		16,5%
	Poland		99	100		(0,8%)
	Czech Republic/Slovakia		98	100		(2,0%)
	Ukraina		54	100		(46,0%)
	Total group		5.598	5.818		(3,8%)
	Total group, constant scope		5.598	5.818		(3,8%)
CEMENT PRICE , metric ton
	Italy	EUR	90,9	100,0		(9,1%)
	USA, short ton	USD	108,5	100,0		8,5%
	Germany	EUR	100,2	100,0		0,2%
	Luxembourg	EUR	98,4	100,0		(1,6%)
	Czech Republic	CZK	98,6	100,0		(1,4%)
	Poland	PLN	87,4	100,0		(12,6%)
	Ukraina	UAH	119,1	100,0		19,1%
	Russia	RUB	99,7	100,0		(0,3%)
Exchange rates
USA	avg. EUR / USD		1,12	1,37		18,6%
	eop. EUR / USD		1,12	1,37		18,1%
Mexico	avg. EUR / MXN		16,89	17,97		6,0%
	eop. EUR / MXN		17,53	17,71		1,0%
	avg. USD / MXN		15,14	13,12		(15,4%)
	eop USD / MXN		15,67	12,97		(20,8%)
Czech Republic	avg. EUR / CZK		27,50	27,44		(0,2%)
Poland	avg. EUR / PLN		4,14	4,18		0,8%
Ukraina	avg. EUR / UAH		23,87	14,34		(66,5%)
Russia	avg. EUR / RUB		64,64	47,99		(34,7%)

CONSOLIDATED FINANCIAL HIGHLIGHTS 30/6/2015

INCOME STATEMENT		H1 2015	H1 2014	Change (unfav)/fav
			restated	abs.	%
SALES REVENUES	(1) EURm	1.238,2	1.180,7	57,5	4,9%
	Italy	188,8	193,6	(4,9)	(2,5%)
	USA	494,0	368,9	125,0	33,9%
	Germany	269,4	296,4	(27,0)	(9,1%)
	Netherlands	31,8	28,8	2,9	10,2%
	Luxembourg	51,7	55,4	(3,7)	(6,7%)
	Czech Republic	60,1	61,4	(1,2)	(2,0%)
	Poland	48,2	43,6	4,5	10,4%
	Ukraine	29,2	43,3	(14,1)	(32,5%)
	Russia	83,4	102,6	(19,2)	(18,7%)
	Eliminations	(18,3)	(13,4)	(4,9)	(36,8%)
	Mexico (100%)	320,7	243,5	77,2	31,7%
	SALES, like-for-like @ constant scope and FX	1.179,9	1.180,7	(0,8)	(0,1%)
EBITDA	Group EURm (i)	166,6	138,5	28,2	20,3%
		(15,1)	(9,7)	(5,4)	(55,5%)
	Italy
	USA Germany	104,8 24,1	59,3 23,5	45,5 0,6	76,8% 2,7%
	Netherlands Luxembourg	(0,2) 5,9	(0,6) 7,8	0,4 (1,9)	69,0% (23,9%)
		12,4	9,1	3,3	36,3%
	Czech Republic Poland	10,0	8,4	1,6	19,3%
	Ukraine	1,5	5,4	(3,9)	(72,0%)
	Russia	23,2	35,4	(12,2)	(34,4%)
	Mexico (100%)	131,4	91,9	39,4	42,9%
	Breakdown of non recurring items included in EBITDA EURm (iii)	1,5	(7,0)	8,5	n.m.
	Italy	3,0	(2,4)	5,4	0,0%
	USA	(1,0)	-	(1,0)
	Germany Russia	- (0,5)	(4,6) -	4,6 (0,5)	0,0%
EBITDA	Net of non recurring items EURm
	Group (iv)=(i-iii)	165,2	145,4	19,7	13,6%
	Italy	(18,1)	(7,4)	(10,8)	n.m.
	USA	105,9	59,3	46,6	78,6%
	Germany	24,1	28,1	(4,0)	(14,1%)
	Netherlands Luxembourg	(0,2) 5,9	(0,6) 7,8	0,4 (1,9)	69,0% (23,9%)
	Czech Rep.	12,4	9,1	3,3	36,3%
	Poland	10,0	8,4	1,6	19,3%
		1,5	5,4		(72,0%)
	Ukraine Russia	23,7	35,4	(3,9) (11,7)	(33,0%)
EBITDA	Group @constant scope, net of non recurring (iv-ii)	165,1	145,4	19,6	13,5%
	EBITDA margin - net of non recurring items, %			% pts
	Group	13,3%	12,3%	1,0
	Italy	-9,6%	-3,8%	(5,8)
	USA	21,4%	16,1%	5,4
	Germany	8,9%	9,5%	(0,5)
	Netherlands	-0,6%	-2,0%	1,4
	Luxembourg	11,5%	14,0%	(2,6)
	Czech Republic	20,6%	14,8%	5,8
	Poland	20,8%	19,3%	1,5
	Ukraine	5,1%	12,4%	(7,2)
	Russia	28,4%	34,5%	(6,1)

CONSOLIDATED FINANCIAL HIGHLIGHTS 30/6/2015

Depreciation, amortization & impairment charges (96,5) (124,4) 27,9 22,4% EBIT 70,1 14,1 56,0 n.m. Financial & adjustments (16,0) (25,2) 9,2 36,6% n.m. PBT 54,1 (11,1) 65,2 Income tax (17,7) (9,7) (8,0) (82,5%) COMBINED NET INCOME 36,4 (20,8) 57,2 n.m. Minorities (1,5) (1,8) 0,3 15,5% CONSOLIDATED NET INCOME 57,5 n.m. 34,9 (22,6) Financial & adjustments (16,0) (25,2) 9,2 36,6% 1+2+3) 5,7 0,0 5,7 n.m. • Gain/(losses) on disposal of investments 1) (51,8) (47,0) (4,8) (10,3%) • Financial income/expense: 2) (37,5) (41,2) 3,7 8,9% • Net interest cost (16,5) (5,4) (11,1) n.m. • FX gains/(losses) 5,1 6,5 (1,5) n.m. • Delta Fair Value of derivatives (5,5) (6,8) 1,3 19,3% • Interest cost of pension funds 2,6 (0,2) 2,8 n.m. • Other interest cost 30,2 21,8 8,4 38,4% • Equity in earnings of associates 3) CASH FLOW (Comb. net income + Depr. & Amo.) 132,9 103,6 29,4 28,4% 10,7% 8,8% as % of revenues Jun. 2015 Dec. 2014 Change NET FINANCIAL POSITION (1.119,7) (1.062,7) (56,9) thereof Cash from operations 115,4 Interest paid (18,1) Inome tax paid (16,3) Net Cash from operating activity 81,0 Capex, Ordinary (70,5) " , Expansion/Growth/Projects (82,4) Equity investments, net of cash acquired (0,1) Dividends paid (11,2) " received (cashed-in) from ass. 22,6 Disposals of fixed assets & investments 11,8 Translation differences & derivatives 5,9 Acrrued interest payable (19,7) Interest received 4,5 Other 1,1 Jun. 2015 Dec. 2014 Change TOTAL SHAREHOLDERS' EQUITY 2.558,6 2.362,1 196,5 8,3% 2.589,3 2.335,1 254,2 10,9% • Group (30,7) 27,0 (57,7) (213,5%) • Minorities NFP / SHAREHOLDERS' EQUITY 0,44 0,45 Exchange rates USA avg. EUR / USD 1,12 1,37 18,6% eop. EUR / USD 1,12 1,37 18,1% Mexico avg. EUR / MXN 16,89 17,97 6,0% eop. EUR / MXN 17,53 17,71 1,0% avg. USD / MXN 15,14 13,12 (15,4%) eop USD / MXN 15,67 12,97 (20,8%) Czech Republic avg. EUR / CZK 27,50 27,44 (0,2%) Poland avg. EUR / PLN 4,14 4,18 0,8% Ukraina avg. EUR / UAH 23,87 14,34 (66,5%) Russia avg. EUR / RUB 64,64 47,99 (34,7%)	INCOME STATEMENT (cont) and CASH FLOW		H1 2015	H1 2014	Change (unfav)/fav
					restated	abs.	%