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Buzzi Unicem Interim / Quarterly Report 2016

Jun 23, 2016

4218_ip_2016-06-23_bddbd678-f72a-48c8-bf0e-159d7f3fe6ff.pdf

Interim / Quarterly Report

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Italian CEOs Conference 2016

Milan – 23 June 2016

Executive summary Q1 16

Volumes

  • –Cement up 2.8%, thanks mainly to a good start to the year in the United States; ready-mix concrete down 1.7%
  • –Italy: barely up with negative domestic shipments and positive export and clinker; ready-mix down some points
  • United States: strong cement volumes thanks to favorable weather conditions (adverse in 2015); also Texas positive despite continuing slowdown in oil-well cement shipments; favorable variance in ready mix
  • –Central Europe: stable volumes, with Germany weaker and Benelux stronger
  • –Eastern Europe: lower sales, mainly due to Russia and Ukraine; Poland stable and Czech Republic soft

Prices

  • – Q1 vs Q1: unfavorable variance in Poland, to a minor extent also in Luxembourg and Russia; favorable in the United States and Ukraine; stable or marginal weakness in other markets
  • – Q1 16 flat or above Q4 15 in all markets, with the exception of Russia and Luxembourg showing small unfavorable variance

Foreign Exchange

–Marginally negative impact on sales (€m 0.9) due to a much weaker ruble and hryvnia offsetting stronger dollar

Results

  • –Revenues at €m 540.3 versus €m 513.4 in Q1 2015
  • –EBITDA at €m 50.8 (recurring €m 47.4) versus €m 27.2 (recurring €m 23.4) in Q1 2015
  • –Outlook confirmed for financial year 2016

Volumes

Price trends by country

In local currency; FY13 = 100

FX changes

Q
1
1
6		 Q
1
1
5		 ∆ 2
0
1
5		 t
c
r
r
e
n
u
E
U
R
1
=		 a
v
g		 a
v
g		 % a
v
g
S
U
D		 1.
1
0		 1.
1
3		 2
1
+		 1.
1
1		 1.
1
3
R
U
B		 8
2
4
5		 7
0
9
6		 1
6
2
-		 6
8
0
7		 2
4
3
7
U
A
H		 2
8
3
5		 2
3
9
3		 1
8
5
-		 2
4
2
8		 2
8
0
0
C
Z
K		 2
7
0
4		 2
7
6
2		 2
1
+		 2
7
2
8		 2
0
7
7
P
L
N		 4
3
7		 4
1
9		 4
1
-		 4
1
8		 4
4
0
M
X
N		 1
9
9
0		 1
6
8
3		 1
8
2
-		 1
7
6
2		 2
1.
1
5

Net sales by country

Q
1
1
6		 Q
1
1
5		 ∆ ∆ F
o
r
e
x		 S
c
o
p
e		 l-
f-
l
∆
E
U
R
m		 b
a
s		 % b
a
s		 b
a
s		 %
I
l
t
a
y		 8
4
4		 8
4
2		 0
2		 0
2
+		 - - 0.
2
+
U
i
d
S
t
t
t
n
e
a
e
s		 2
4
3
5		 2
0
4
5		 3
9
0		 1
9
1
+		 5.
2		 - 1
6.
5
+
G
e
r
m
a
n
y		 1
1
2
0		 1
1
1
5		 (
3
1
)		 2
7
-		 - (
0.
8
)		 2.
0
-
L
/
N
h
l
d
t
u
x
e
e
r
a
n
s		 3
6
7		 3
9
5		 1.
8		 0
5
+		 - - 5.
0
+
C
h
R
/
S
l
k
i
z
e
c
e
p
o
v
a
a		 2
1.
5		 2
0
8		 0
7		 3
1
+		 0.
4		 (
)
0.
7		 4.
8
+
P
l
d
o
a
n		 1
4
5		 1
7
5		 (
)
3
1		 1
7
6
-		 (
0.
6
)		 - 1
4.
2
-
U
k
i
r
a
n
e		 9
0		 1
0
3		 (
)
1.
3		 1
2
3
-		 (
1.
)
7		 - 4.
0
+
R
i
s
s
a
u		 2
6
0		 3
3
7		 (
7
7
)		 2
2
8
-		 (
)
4.
2		 - 1
0.
4
-
E
l
i
i
i
t
m
n
a
o
n
s		 (
8.
1
)		 (
8.
)
5		 0.
5
T
t
l
o
a		 4
0
3
5		 1
3
4
5		 2
6
9		 2
5
+		 (
)
0.
9		 (
)
1.
5		 5.
7
+
M
i
(
1
0
0
%
)
e
x
c
o		 1
4
3
1		 1
9
0
5		 (
1
9
)
5		 1
0
0
-		 (
2
6.
2
)		 - 6.
4
+

EBITDA by country

Q
1
1
6		 Q
1
1
5		 ∆ ∆ F
o
r
e
x		 S
c
o
p
e		 l-
f-
l
∆
E
U
R
m		 b
a
s		 % b
a
s		 b
a
s		 %
I
l
t
a
y		 (
)
7
5		 (
8
2
)		 0
7		 8
4
+		 - - 8.
4
+
U
S
A		 4
6
1		 3
0
1		 1
6
0		 5
3
0
+		 1.
0		 - 4
9.
7
+
G
e
r
m
a
n
y		 (
0
2
)		 (
0
)
7		 0
6		 6
3
7
+		 - - 7
7.
4
+
/
L
N
t
h
l
d
u
x
e
e
r
a
n
s		 7
5		 (
1.
9
)		 9
4		 1
0
0
>		 - - 1
0
0
>
C
/
S
h
R
l
k
i
z
e
c
e
p
o
v
a
a		 0
3		 1.
0		 (
0
)
7		 6
6
4
-		 - - 6
6.
0
-
P
l
d
o
a
n		 0
0		 (
0
2
)		 0
2		 9
0
3
+		 - - 8
9.
9
+
U
k
i
r
a
n
e		 (
)
1.
2		 (
)
1.
4		 0
2		 1
4
5
+		 0.
2		 - 1.
3
-
R
i
u
s
s
a		 5
7		 8
5		 (
)
2
8		 3
2
8
-		 (
0.
9
)		 - 2
1.
9
-
T
t
l
o
a
i
r
e
c
r
r
n
g
u		 5
0
8
4
7.
4		 2
7
2
2
3.
4		 2
3
6
2
4.
0		 8
6
9
+
1
0
0
>		 0.
3
0.
3		 (
0.
1
)
(
)
0.
1		 8
6.
3
+
1
0
0
>
M
i
(
1
0
0
%
)
e
c
o
x		 6
8
2		 6
5
7		 2
5		 3
8
+		 (
1
2.
)
5		 - 2
2.
7
+

EBITDA variance analysis

Consolidated Income Statement

E
U
R
m		 Q
1
1
6		 Q
1
1
5		 ∆ ∆
b
a
s		 %
N
S
l
t
e
a
e
s		 4
0
3
5		 1
3
4
5		 2
6
9		 2
5
+
E
B
I
T
D
A		 5
0
8		 2
7
2		 2
3
6		 8
6
9
+
f
h
i
h,
i
o
c
n
o
n
r
e
c
r
r
n
g
w
u		 (
)
3.
4		 (
)
3.
8
%
f
(
)
l
i
o
s
a
e
s
r
e
c
r
r
n
g
u		 8.
8
%		 6
%
4.
D
i
i
d
i
i
t
t
t
e
p
r
e
c
a
o
n
a
n
a
m
o
r
a
o
n
z		 (
4
6
2
)		 (
4
6
4
)		 0
2
O
f
t
i
i
t
(
)
p
e
r
a
n
g
p
r
o
E
B
I
T		 4
5		 (
1
9
2
)		 2
3
8		 1
0
0
>
%
f
l
o
s
a
e
s		 %
0.
8		 (
%
)
3.
7
E
i
t
i
q
u
y
e
a
r
n
n
g
s		 1
4
6		 1
6
1		 (
)
1.
5
f
N
t
i
t
e
n
a
n
c
e
c
o
s
s		 (
)
1
3
7		 (
)
4
3
0		 2
9
3
P
f
i
t
b
f
t
r
o
e
o
r
e
a
x		 5
4		 (
4
6
2
)		 5
1.
6		 1
0
0
>
I
t
n
c
o
m
e
a
x
e
x
p
e
n
s
e		 (
1.
6
)		 4
7		 (
6
3
)
f
N
t
i
t
e
p
r
o		 3
8		 (
)
4
1.
4		 4
5
3		 1
0
0
>
M
i
i
t
i
n
o
r
e
s		 (
0
2
)		 (
0
1
)		 (
0
1
)
C
l
i
d
t
d
t
f
i
t
o
n
s
o
a
e
n
e
p
r
o		 3
6		 (
4
1.
5
)		 4
5
2		 1
0
0
>
C
h
f
l
(
1
)
a
s
o
w		 0
0
5		 0
5		 4
1
5		 1
0
0
>

(1) Net Profit + amortization & depreciation

Consolidated Cash Flow Statement

E
U
R
m		 Q
1
1
6		 Q
1
1
5		 2
0
1
5
C
h
t
d
f
t
i
a
s
g
e
n
e
r
a
e
r
o
m
o
p
e
r
a
o
n
s		 1
2
9		 4
5		 4
4
4
9
%
f
l
o
s
a
e
s		 2.
4
%		 0.
9
%		 1
6.
7
%
I
i
d
t
t
n
e
r
e
s
p
a		 (
6
4
)		 (
1
1.
)
7		 (
4
9
)
7
I
i
d
t
n
c
o
m
e
a
p
a
x		 (
1
3
)
7		 1.
6		 (
6
8
4
)
N
t
h
b
t
i
t
i
i
t
i
e
c
a
s
y
o
p
e
r
a
n
g
a
c
v
e
s		 (
1
0
8
)		 (
5
6
)		 3
0
1.
6
%
f
l
o
s
a
e
s		 %
2.
0
-		 %
1.
1
-		 %
1
1.
3
C
1
)
i
t
l
d
i
t
a
p
a
e
x
p
e
n
u
r
e
s		 (
6
9
3
)		 (
6
8
6
)		 (
3
0
)
4
7
E
i
t
i
t
t
q
u
y
n
v
e
s
m
e
n
s		 - - 0
5
D
i
i
d
d
i
d
e
n
s
p
a
v		 (
0
6
)		 (
0
8
)		 (
1
0
7
)
D
i
i
d
d
f
i
t
e
n
s
r
o
m
a
s
s
o
c
a
e
s
v		 3
7		 0
4		 3
9
9
D
i
l
f
f
i
d
d
i
t
t
t
s
p
o
s
a
o
e
a
s
s
e
s
a
n
n
e
s
m
e
n
s
x
v		 7
5		 3
6		 1
9
3
T
l
i
d
i
f
f
d
d
i
i
t
t
r
a
n
s
a
o
n
e
r
e
n
c
e
s
a
n
e
r
a
e
s
v
v		 9
1		 9
2		 (
3
0
6
)
A
d
i
b
l
t
t
c
c
r
u
e
n
e
r
e
s
p
a
y
a
e		 (
9
8
)		 (
1
1.
5
)		 1.
7
I
t
t
i
d
n
e
r
e
s
r
e
c
e
v
e		 1.
8		 3
4		 8
6
O
t
h
e
r		 0
1		 0
5		 7
4
C
h
i
d
b
t
t
a
n
g
e
n
n
e
e		 (
6
8
2
)		 (
0
6
)
7		 3
3
0
f
(
f
)
N
t
i
i
l
i
t
i
d
i
d
e
n
a
n
c
a
p
o
s
o
n
e
n
o
p
e
r
o		 (
)
1,
0
9
7
9		 (
)
1,
1
3
3
3		 (
)
1,
0
2
9
7

1) of which expansion projects 30.4

Net Financial Position

M
1
6
a
r		 D
1
5
e
c		 ∆ M
1
5
a
r
E
U
R
m		 b
a
s
C
f
h
d
t
h
i
i
l
t
a
s
a
n
o
e
r
n
a
n
c
a
a
s
s
e
s		 4
3
9
1		 5
1
8
4		 (
)
7
9
2		 4
4
6
5
S
h
t-
t
d
b
t
o
r
e
r
m
e		 (
)
5
4
5
1		 (
)
5
4
2
4		 (
)
2
7		 (
)
2
0
1.
6
N
t
h
t-
t
h
e
s
o
r
e
r
m
c
a
s		 (
1
0
6
0
)		 (
2
4
0
)		 (
)
8
2
0		 2
4
4
8
L
f
i
i
l
t
t
o
n
g
e
r
m
n
a
n
c
a
a
s
s
e
s
-		 1
6
2		 1
6
4		 (
0
1
)		 3
4
5
L
t
d
b
t
o
n
g
e
r
m
e
-		 (
)
1,
0
0
8
2		 (
)
1,
0
2
2
0		 1
3
9		 (
)
1,
4
1
2
6
N
t
d
b
t
e
e		 (
)
1,
0
9
7
9		 (
)
1,
0
2
9
7		 (
)
6
8
2		 (
)
1,
1
3
3
3

Gross debt breakdown (€m 1,553.3)

pag 10 Italian CEOs Conference | June 23, 2016

Debt maturity profile

  • Total debt and borrowings stood at €m 1,489 at March 2016
  • As at March 2016 available €m 438 of undrawn committed facilities (€m 400m for Buzzi Unicem, €m 38 for Dyckerhoff)

Focus on industrial capex

  • In the period 2007-2015 equal to €m 3,296, of which €m 1,174 for expansion projects(1)
  • Regular maintenance capex program to guarantee optimal efficiency levels

(1) Includes 50% of Corporación Moctezuma up to 2013.

Expansion projects

Maryneal, Texas – USA

  • On stream by June 2016
  • New line with a capacity of 1.2m tons per year (versus 0.6m currently)
  • Total cost: about \$m 290
  • Aimed at capturing demand coming from oil and gas, residential and infrastructure in Texas
  • Cost saving thanks to increased efficiency and environmental footprint reduction

Apazapan, Veracruz - Mexico

  • On stream end 2016/ beginning 2017
  • Second line with a capacity of 1.3m tons per year, to double the current 1.3m
  • Aimed at preserving market share in a growing consumption trend
  • Total cost: \$m 200

Expected trading in 2016

V
l
∆
o
m
e
u		 P
i
∆
r
c
e
I
l
t
a
y
S
f
U
i
t
d
t
t
A
i
n
e
a
e
s
o
m
e
r
c
a
G
e
r
m
a
n
y
L
b
e
m
o
r
g
u
x
u
C
h
R
b
l
i
z
e
c
e
p
u
c
P
l
d
o
a
n
U
k
i
r
a
n
e
R
i
u
s
s
a
M
i
e
x
c
o

Appendix

pag 15 Italian CEOs Conference | June 23, 2016

Buzzi Unicem at a Glance

  • International multi-regional, "heavy-side" group, focused on cement, ready-mix and aggregates
  • Dedicated management with a long-term vision of the business
  • Highly efficient, low cost producer with strong and stable cash flows
  • Successful geographic diversification with leading positions in attractive markets
  • Italy (# 2 cement producer), US (# 4 cement producer), Germany (# 2 cement producer), joint venture in Mexico (# 4 cement producer)
  • Significant positions in Luxembourg, The Netherlands, Poland, Czech Republic, Slovakia, Russia and Ukraine, as well as entry point in Slovenia and Algeria
  • High quality and environmentally friendly assets
  • Leading product and service offering
  • Conservative financial profile and balanced growth strategy

"Value creation through lasting, experienced know-how and operating efficiency"

Ownership structure

Cement plants location and capacity

2015 Consumption vs. Peak

pag19Italian CEOs Conference | June 23, 2016

Mexicom ton 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 United StatesRussiam ton

Historical series of cement consumption by country

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 GermanyItalyPolandUkraineCzech Rep.

Historical EBITDA development by country

EU
Rm		 20
08		 20
09		 20
10		 20
11		 20
12		 20
13		 20
14		 20
15
Ita
ly		 EB
ITD
A		 143
.4		 92
.7		 32
.5		 10
.3		 9
-5.		 -18
.1		 -18
.7		 -37
.2
in
ma
rg		 16.
9%		 13.
1%		 5.3
%		 %
1.8		 -1.
2%		 2%
-4.		 -4.
8%		 -9.
8%
Ge
rm
an		 EB
ITD
A		 102
.7		 116
.3		 76
.3		 90
.3		 72
.2		 108
.1		 88
.6		 72
.1
y in
ma
rg		 17.
3%		 22
.0%		 13.
9%		 14.
2%		 12.
0%		 18.
0%		 14.
7%		 12.
6%
Lu
x/		 EB
ITD
A		 24
.6		 18
.6		 17
.0		 35
.0		 8.3 11
.5		 15
.9		 19
.7
Ne
the
rla
nd
s		 in
ma
rg		 11.
1%		 9.5
%		 8.3
%		 15.
7%		 4.3
%		 6.3
%		 9.7
%		 11.
7%
Cz
Re
ec		 EB
ITD
A		 73
.2		 44
.2		 32
.8		 35
.2		 25
.4		 19
.2		 27
.0		 32
.6
h
/
p
Slo
kia
va		 in
ma
rg		 28
.1%		 25
.2%		 20
.5%		 20
.5%		 17.
0%		 14.
6%		 20
.2%		 24
.0%
EB
ITD
A		 70
.0		 31
.2		 33
.4		 36
.9		 21
.8		 27
.1		 18
.2		 22
.7
Po
lan
d		 in
ma
rg		 38
.1%		 25
.7%		 25
.8%		 26
.6%		 20
.0%		 26
.8%		 20
.4%		 .4%
20
Uk
rai		 EB
ITD
A		 49
.9		 -4.
5		 -10
.5		 6.9 15
.8		 12
.3		 11
.0		 4.0
ne in
ma
rg		 23
.8%		 -6.
0%		 -12
.8%		 6.2
%		 11.
8%		 10.
0%		 12.
5%		 %
5.7
EB
ITD
A		 173
.2		 42
.1		 39
.7		 65
.7		 96
.1		 92
.6		 73
.4		 48
.4
Ru
ia
ss		 in
ma
rg		 .8%
64		 42
.6%		 32
.0%		 37
.4%		 41
.0%		 37
.2%		 35
.0%		 29
.0%
EB
ITD
A		 20
5.8		 13
1.3		 88
.7		 71
.4		 123
.9		 15
1.0		 20
7.3		 31
1.7
US
A		 in
ma
rg		 .4%
27		 .4%
21		 14.
8%		 12.
8%		 18.
2%		 .7%
20		 .2%
24		 28
.1%
xic EB
ITD
A		 79
.9		 69
.9		 .2
77		 82
.6		 97
.5		 77
.5		 Ad
tio
f
op
n o
Me
o		 in
ma
rg		 38
.9%		 38
.7%		 36
.2%		 34
.7%		 36
.2%		 33
.2%		 S 1
IFR
1
EB
ITD
A		 92
2.7		 54
1.7		 38
7.0		 43
4.3		 45
5.1		 48
1.2		 42
2.7		 47
3.2
Co
oli
ns		 da
ted		 in
ma
rg		 26
.2%		 20
.3%		 .6%
14		 15
.6%		 .2%
16		 17
.5%		 .9%
16		 17
.8%

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