Buzzi Unicem — Interim / Quarterly Report 2016

Aug 3, 2016

CONSOLIDATED FINANCIAL HIGHLIGHTS 30/6/2016

SALES VOLUMES and PRICES				Change (unfav)/fav
		H1 2016	H1 2015	abs. %
SALES VOLUME
	Cement, clinker and other products 000 tons	12.186	11.862	323 2,7%
	Ready-mix concrete 000 m³	5.569	5.598	(30) (0,5%)
	Cement, clinker and other products index
	Italy	97	100	(3,1%)
	USA	106	100	6,1%
	Germany/Lux/Netherlands	105	100	4,8%
	Czech Republic	101	100	0,7%
	Poland	108	100	8,1%
	Ukraina	102	100	2,2%
	Russia	98	100	(2,4%)
	Eliminations	(123)	(100)	(23,4%)
	Total group 000 tons	12.186	11.862	2,7%
	Total group, constant scope 000 tons	12.186	11.862	2,7%
Ready-mix concrete	index
	Italy	100	100	0,2%
	USA	93	100	(6,6%)
	Germany/Lux/Netherlands	104	100	4,4%
	Poland	103	100	3,2%
	Czech Republic/Slovakia	93	100	(6,8%)
	Ukraina	87	100	(13,4%)
	Total group 000 m³	5.569	5.598	(0,5%)
	Total group, constant scope
	000 m³	5.569	5.511	1,0%
CEMENT PRICE , metric ton	index
	Italy EUR	100,8	100,0	0,8%
	USA, short ton USD	106,5	100,0	6,5%
	Germany/Lux/Netherlands EUR	97,0	100,0	(3,0%)
	Czech Republic CZK	99,8	100,0	(0,2%)
	Poland PLN	88,2	100,0	(11,8%)
	Ukraina UAH	128,5	100,0	28,5%
	Russia RUB	99,2	100,0	(0,8%)
Exchange rates
USA	avg. EUR / USD	1,12	1,12	(0,0%)
	eop. EUR / USD	1,11	1,12	0,8%
Mexico	avg. EUR / MXN	20,17	16,89	(19,4%)
	eop. EUR / MXN	20,63	17,53	(17,7%)
	avg. USD / MXN	18,08	15,14	(19,4%)
	eop USD / MXN	18,59	15,67	(18,6%)
Czech Republic	avg. EUR / CZK	27,04	27,50	1,7%
Poland	avg. EUR / PLN	4,37	4,14	(5,5%)
Ukraina	avg. EUR / UAH	28,42	23,87	(19,0%)

Russia avg. EUR / RUB 78,30 64,64 (21,1%)

CONSOLIDATED FINANCIAL HIGHLIGHTS 30/6/2016

INCOME STATEMENT		H1 2016	H1 2015	Change (unfav)/fav
				abs.	%
SALES REVENUES	EURm	1.261,3	1.238,2	23,1	1,9%
	Italy	187,7 530,2	188,8 494,0	(1,1) 36,2	(0,6%) 7,3%
	USA Germany	271,2	269,4	1,8	0,7%
	Luxembourg/Netherlands	87,8	83,5	4,4	5,2%
	Czech Republic/Slovakia	60,6	60,1	0,4	0,7%
	Poland	43,6	48,2	(4,6)	(9,5%)
	Ukraine	31,6	29,2	2,4	8,2%
	Russia	67,2	83,4	(16,2)	(19,4%)
	Eliminations	(18,6)	(18,3)	(0,2)	(1,3%)
	Mexico (100%)	301,5	320,7	(19,2)	(6,0%)
	SALES, like-for-like @ constant scope and FX	1.283,2	1.233,8	49,4	4,0%
EBITDA		222,5	166,6	55,9	33,5%
	Group EURm (i) Italy	(9,3)	(15,1)	5,8	38,5%
	USA	142,7	104,8	37,8	36,1%
	Germany	29,7	24,1	5,7	23,5%
	Luxembourg/Netherlands	13,5	5,7	7,7	134,5%
	Czech Republic/Slovakia	12,8	12,4	0,5	4,0%
	Poland	11,7	10,0	1,6	16,2%
	Ukraine	4,6	1,5	3,1	208,6%
	Russia	16,8	23,2	(6,4)	(27,6%)
	Mexico (100%)	146,6	131,4	15,2	11,6%
	EBITDA like-for-like @ constant scope and FX	227,4	166,7	60,7	36,4%
	Breakdown of non recurring items included in EBITDA EURm (iii)	3,2 (0,2)	1,5 3,0	1,7 (3,2)	n.m. 0,0%
	Italy	-	(1,0)	1,0
	USA Luxembourg/Netherlands	3,4	-	3,4
	Russia	-	(0,5)	0,5
EBITDA	Net of non recurring items EURm
	Group (iv)=(i-iii)	219,3	165,2	54,1	32,8%
	Italy	(9,1)	(18,1)	9,0	n.m.
	USA	142,7	105,9	36,8	34,7%
	Germany	29,7	24,1	5,7	23,5%
	Luxembourg/Netherlands	10,1	5,7	4,3	75,5%
	Czech Republic/Slovakia	12,8	12,4	0,5	4,0%
	Poland	11,7	10,0	1,6	16,2%
	Ukraine	4,6	1,5	3,1	208,6%
	Russia	16,8	23,7	(6,9)	(29,1%)
EBITDA	Group @constant scope, net of non recurring	219,3	165,2	54,1	32,7%
	EBITDA margin - net of non recurring items, %			% pts
	Group	17,4%	13,3%	4,0
	Italy	-4,8%	-9,6%	4,7
	USA	26,9%	21,4%	5,5
	Germany	11,0%	8,9%	2,0
	Luxembourg/Netherlands	11,5%	6,9%	4,6
	Czech Republic/Slovakia Poland	21,2% 26,8%	20,5% 20,8%	0,7 5,9
	Ukraine	14,6%	5,1%	9,5
	Russia	25,0%	28,4%	(3,4)

CONSOLIDATED FINANCIAL HIGHLIGHTS 30/6/2016

INCOME STATEMENT (cont) and CASH FLOW	H1 2016	H1 2015	Change (unfav)/fav
			abs.	%
Depreciation, amortization & impairment charges	(93,5)	(96,5)	3,0	3,1%
EBIT	129,0	70,1	58,9	n.m.
Financial & adjustments	0,2	(16,0)	16,1	n.m.
PBT	129,2	54,1	75,0	n.m.
Income tax	(37,7)	(17,7)	(20,0)	(112,7%)
COMBINED NET INCOME	91,5	36,4	55,0	n.m.
Minorities	(1,1)	(1,5)	0,4	25,6%
CONSOLIDATED NET INCOME	90,3	34,9	55,4	n.m.
Financial & adjustments 1+2+3)	0,2	(16,0)	16,1	n.m.
• Gain/(losses) on disposal of investments 1)	0,2	5,7	(5,5)	n.m.
• Financial income/expense: 2)	(36,4)	(51,8)	15,4	29,8%
• Net interest cost	(35,3)	(34,6)	(0,7)	(2,1%)
• FX gains/(losses)	(1,0)	(16,5)	15,5	n.m.
• Delta Fair Value of derivatives	5,1	5,1	0,1	n.m.
• Interest cost of pension funds	(5,7)	(5,5)	(0,2)	(4,4%)
• Other interest cost	0,5	(0,4)	0,8	n.m.
• Equity in earnings of associates 3)	36,4	30,2	6,2	20,6%
CASH FLOW (Comb. net income + Depr. & Amo.) as % of revenues	185,0 14,7%	132,9 10,7%	52,0	39,1%
	June 2016	Dec. 2015	Change
NET FINANCIAL POSITION	(1.064,6)	(1.029,7)	(34,8)
thereof Cash from operations			444,9
Interest paid			(74,9)
Inome tax paid			(68,3)
Net Cash from operating activity Capex, Ordinary			301,6 (75,4)
" , Growth/Expansion/Projects			(51,6)
Equity investments, net of cash acquired			(0,0)
Dividends paid			(16,2)
" received (cashed-in) from ass.			27,8
Disposals of fixed assets & investments			13,0
Translation differences & derivatives			4,8
Acrrued interest payable			(20,8)
Interest received			3,1
Other			(2,5)
	June 2016	Dec. 2015	Change
TOTAL SHAREHOLDERS' EQUITY	2.589,8	2.579,4	10,4	0,4%
• Group • Minorities	2.561,4 28,4	2.553,0 26,4	8,4 2,0	0,3% 7,5%
NFP / SHAREHOLDERS' EQUITY	0,41	0,40
Exchange rates USA avg. EUR / USD	1,12	1,12		(0,0%)
eop. EUR / USD	1,11	1,12		0,8%
Mexico avg. EUR / MXN	20,17	16,89		(19,4%)
eop. EUR / MXN	20,63	17,53		(17,7%)
avg. USD / MXN eop USD / MXN	18,08 18,59	15,14 15,67		(19,4%) (18,6%)

Czech Republic avg. EUR / CZK 27,04 27,50 1,7% Poland avg. EUR / PLN 4,37 4,14 (5,5%) Ukraina avg. EUR / UAH 28,42 23,87 (19,0%) Russia avg. EUR / RUB 78,30 64,64 (21,1%)