Buzzi Unicem — Interim / Quarterly Report 2016

Jan 5, 2017

Oddo Forum

Lyon – 6 January ²⁰¹⁷

Volumes

Price trends by country

In local currency; FY13 = 100

FX changes

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

Net sales by country

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

EBITDA by country

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

Consolidated Income Statement

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

(1) Net Profit + amortization & depreciation

Consolidated Cash Flow Statement

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

1) of which expansion projects 65.7 (125.5 in 9M 15; 164.3 in 2015)

Net Financial Position

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

Gross debt breakdown (€m 1,876.1)

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 since July ²⁰¹⁶
• New line with a capacity of 1.2m tons per year (versus 0.6m currently)
• Total cost: about \$m 315
• 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

Appendix

pag ¹¹ Oddo Forum | January 6, 2017

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

pag15Oddo Forum | January 6, 2017

m ton

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%
	Me xic	EB ITD A	79 .9	69 .9	.2 77	82 .6	97 .5 77 .5	Ad tio f op n o
	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 da ted ns		in ma rg	26 .2%	20 .3%	.6% 14	15 .6%	.2% 16	17 .5%	.9% 16	17 .8%