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Buzzi Unicem Interim / Quarterly Report 2019

Dec 3, 2019

4218_ip_2019-12-03_6a11bea9-4341-400f-9449-afb1d960d6ee.pdf

Interim / Quarterly Report

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Executive summary Q3 2019

Volumes

  • – Cement improving in Q3 and up +5.7% YTD. In Q3, strong trading in Ukraine and the USA. Positive trend in Italy and Luxembourg. Volumes reduction in Poland, Czech Republic, Russia and Germany. Ready mix concrete improving in Q3 and up 0.4% YTD.
  • – Italy: YTD cement volume up and stable ready-mix.
  • – United States: substantial YTD growth in cement, thanks to demand recovery in Q3 and an easy comparison base. Favorable trend for ready mix concrete too.
  • – Central Europe: the progress realized in Germany more than offsets the YTD decline in Luxembourg; Ready mix concrete stable in Germany and down in Benelux.
  • – Eastern Europe: robust YTD growth thanks to strong results achieved in Ukraine and Russia, despite some weakness in the Czech Republic and Poland. Ready mix concrete down YTD.

Prices

– Favorable variances in all countries of operations, particularly in Poland, Ukraine and Italy

Foreign Exchange

– Positive impact on sales (€m 61.8) mainly due to a stronger dollar and the revaluation of the hryvnia.

Results

  • – Net sales at €m 2,423.6 (€m 2,137.4 in 2018), +13,4% (+9.9% lfl)
  • – Raising of the guidance for the full year 2019

Volumes

Price Index by country

In local currency; FY16 = 100

FX changes

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

Net sales by country

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

Net sales by country

Net sales – country consolidated at equity

EBITDA by country

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

EBITDA variance analysis

Consolidated Cash Flow Statement

H
1
1
9		 H
1
1
8		 2
0
1
8
C
h
d
f
i
t
t
a
s
g
e
n
e
r
a
e
r
o
m
o
p
e
r
a
o
n
s		 1
9
5.
2		 9
6.
0		 4
5
3.
4
%
f
les
o
sa		 1
3.
0
%		 7.
2
%		 1
5.
8
%
I
i
d
t
t
n
e
r
e
s
p
a		 (
1
9.
3
)		 (
1
1
)
5.		 (
4
4
)
5.
I
t
i
d
n
c
o
m
e
a
p
a
x		 (
2
)
7.
5		 (
2
)
7.
7		 (
6.
)
7
4
N
t
h
b
t
i
t
i
i
t
i
e
c
a
s
o
p
e
r
a
n
g
a
c
e
s
y
v		 1
4
8.
4		 3.
2
5		 3
3
1.
6
%
f
les
o
sa		 %
9.
8		 %
4.
0		 %
1
1.
5
C
i
t
l
d
i
t
a
p
a
e
x
p
e
n
u
r
e
s		 (
1
2
6.
3
)		 (
1
0
7.
8
)		 (
2
1
5.
3
)
E
i
t
i
t
t
q
u
y
n
v
e
s
m
e
n
s		 (
0.
5
)		 (
5
4.
5
)		 (
2
2
8.
5
)
P
h
f
t
h
u
r
c
a
s
e
o
r
e
a
s
u
r
y
s
a
r
e
s		 (
1
1
8.
7
)
R
f
i
b
l
b
d
t
t
e
p
a
m
e
n
o
c
o
n
e
r
e
o
n
y
v		 1
1
4.
8
f
S
1
6
A
d
t
i
I
F
R
o
p
o
n
o		 (
9
3.
)
7
D
i
i
d
d
i
d
e
n
s
p
a
v		 (
2
6.
8
)		 (
2
8.
3
)		 (
2
8.
6
)
f
D
i
i
d
d
i
t
e
n
s
r
o
m
a
s
s
o
c
a
e
s
v		 9.
1
4		 1.
9
5		 8
0.
9
f
f
D
i
l
i
d
t
d
i
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		 5.
7		 2
6.
3		 2
4
5.
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
a
e
s
v
v		 (
0.
9
)		 2
9
7.		 9
0.
1
A
d
i
t
t
b
l
c
c
r
e
n
e
r
e
s
p
a
a
e
u
y		 (
)
4.
9		 (
)
5.
7		 3.
5
I
t
t
i
d
n
e
r
e
s
r
e
c
e
e
v		 0.
8		 6.
4		 1
4.
4
C
h
i
l
i
d
t
i
d
t
h
a
n
g
e
n
c
o
n
s
o
a
o
n
a
r
e
a
a
n
o
e
r		 (
)
3.
6		 (
)
0.
9		 (
)
2.
6
C
h
i
t
d
b
t
a
n
g
e
n
n
e
e		 7
1.
9		 (
)
3
1.
6		 (
)
2
8.
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		 (
)
8
1
9.
0		 (
)
8
9
4.
0		 (
)
8
9
0.
5

Consolidated Income Statement

1
1
9
H		 1
1
8
H		 ∆ ∆
b
a
s		 %
N
S
l
t
e
a
e
s		 1,
5
1
8.
7		 1,
3
3
7.
4		 1
8
1.
3		 1
3.
6
+
O
f
t
i
h
l
p
e
r
a
n
g
c
a
s
o
w
(
E
B
I
T
D
A
)		 2
8
8.
6		 2
2
7.
4		 6
1.
2		 2
6.
9
+
f w
h
ic
h,
ing
o
no
n r
ec
ur
r		 1
2.
3		 1
1.
0
%
f s
les
(
ing
)
o
a
re
cu
rr		 1
8.
2
%		 1
6.
2
%
(
1)
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		 (
1
2
3.
0
)		 (
1
0
4.
0
)		 (
1
9.
0
)
O
i
f
i
t
t
p
e
r
a
n
g
p
r
o
(
E
B
I
T
)		 1
6
6
5.		 1
2
3.
5		 4
2.
2		 3
4.
2
+
%
f s
les
o
a		 1
0.
9
%		 9.
2
%
E
i
i
t
q
u
y
e
a
r
n
n
g
s		 3
4.
2		 4
0.
2		 (
6.
0
)
N
f
i
t
t
e
n
a
n
c
e
c
o
s
s		 (
2
9.
0
)		 (
4.
4
)		 (
2
4.
6
)
P
f
i
t
b
f
t
r
o
e
o
r
e
a
x		 1
7
0.
8		 1
5
9.
3		 1
1.
5		 7.
2
+
I
t
n
c
o
m
e
a
x
e
x
p
e
n
s
e		 (
3
6.
1
)		 (
3
5.
8
)		 (
0.
2
)
N
t
f
i
t
e
p
r
o		 1
3
4.
7		 1
2
3.
4		 1
1.
3		 9.
1
+
M
i
i
i
t
n
o
r
e
s		 (
0.
1
)		 (
0.
4
)		 0.
3
C
l
i
d
t
d
t
f
i
t
o
n
s
o
a
e
n
e
p
r
o		 1
3
4.
6		 1
2
3.
0		 1
1.
6		 9.
4
+

Net Financial Position

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

Gross debt breakdown (€m 1,419.5)

Expected trading in 2019

V
l
∆
o
u
m
e		 P
i
∆
r
c
e
I
t
l
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
u
x
e
m
o
u
r
g
C
h
R
b
l
i
e
c
e
p
c
z
u
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
B
i
l
r
a
z

Appendix

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), United States (# 4 cement producer), Germany (# 2 cement producer), joint venture in Mexico and Brazil
    • 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"

Shares & Shareholders

As at 30 November 2019

Cement plants location and capacity

2018 Consumption vs. Peak

Historical series of cement consumption by country

Historical EBITDA development by country

2
0
1
0		 2
0
1
1		 2
0
1
2		 2
0
1
3		 2
0
1
4		 2
0
1
5		 2
0
1
6		 2
0
1
7		 2
0
1
8
I
ta
ly		 E
B
I
T
D
A		 3
2.
5		 1
0.
3		 -5
9		 -1
8.
1		 -1
8.
7		 -3
7.
2		 -2
2.
2		 -7
9.
7		 -1
7
in
ma
rg		 5.
3
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8
%		 -1
2
%		 -4.
2
%		 -4.
8
%		 -9
8
%		 -5.
9
%		 -1
8.
6
%		 -0
4
%
Ge
rm
an
y		 E
B
I
T
D
A		 7
6.
3		 9
0.
3		 7
2.
2		 1
0
8.
1		 8
8.
6		 7
2.
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6.
8		 7
8.
1		 8
2.
5
in
ma
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3.
9
%		 1
4.
2
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8.
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7
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2.
6
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3.
4
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3.
3
%		 1
3.
0
%
/
Lu
x
Ne
t
he
lan
ds
r		 E
B
I
T
D
A		 1
7.
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5.
0		 8.
3		 1
1.
5		 1
5.
9		 1
9.
7		 2
5.
8		 1
7.
6		 2
3.
1
in
ma
rg		 8.
3
%		 1
5.
7
%		 4.
3
%		 6.
3
%		 9.
7
%		 1
1.
7
%		 1
4.
7
%		 9.
4
%		 1
1.
7
%
Cz
h
Re
/
ec
p
S
lov
k
ia
a		 E
B
I
T
D
A		 3
2.
8		 3
2
5.		 2
5.
4		 1
9.
2		 2
0
7.		 3
2.
6		 3
4.
4		 3
6.
5		 3.
6
4
in
ma
rg		 %
2
0.
5		 %
2
0.
5		 %
1
7.
0		 %
1
4.
6		 %
2
0.
2		 %
2
4.
0		 %
2
5.
2		 %
2
4.
7		 %
2
6.
5
Po
la
d
n		 E
B
I
T
D
A		 3
3.
4		 3
6.
9		 2
1.
8		 2
7.
1		 1
8.
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2.
7		 2
3.
4		 2
4.
1		 3
1.
9
in
ma
rg		 2
5.
8
%		 2
6.
6
%		 2
0.
0
%		 2
6.
8
%		 2
0.
4
%		 2
0.
4
%		 2
4.
6
%		 2
4.
9
%		 2
8.
6
%
E
B
I
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U
kra
ine
ma
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A		 -1
0.
5		 6.
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2.
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1.
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0		 1
2.
8		 1
6.
0		 7.
0
in -1
2.
8
%		 6.
2
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1.
8
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0.
0
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2.
5
%		 5.
7
%		 1
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1
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6.
9
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0
%
Ru
ia
ss		 E
B
I
T
D
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9.
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5.
7		 9
6.
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8.
4		 4
3.
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6.
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0.
1
in
ma
rg		 3
2.
0
%		 3
4
%
7.		 4
1.
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2
%
7.		 3
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9.
0
%		 2
8.
0
%		 2
4.
9
%		 2
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%
7.
U
S
A		 E
B
I
T
D
A		 8
8.
7		 1.
7
4		 1
2
3.
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1.
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3
7.		 3
1
1.
7		 3
6.
5
5		 3
6
9.
6		 3
1.
2
4
in
ma
rg		 1
4.
8
%		 1
2.
8
%		 1
8.
2
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7
%		 2
4.
2
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8.
1
%		 3
1.
9
%		 3
3.
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%		 3
1.
9
%
Me
ico
x		 E
B
I
T
D
A		 2
7
7.		 8
2.
6		 9
7.
5		 7
7.
5		 f
A
do
t
ion
p
o
in
ma
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6.
2
%		 3
4.
7
%		 3
6.
2
%		 3
3.
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%		 I
F
R
S
1
1
Gr
ou
p		 E
B
I
T
D
A		 3
8
7.
0		 4
3
4.
3		 4
5
5.
1		 4
8
1.
2		 4
2
2.
7		 4
7
3.
2		 5
5
0.
6		 5
0
8.
2		 5
7
7.
2
in
ma
rg		 1
4.
6
%		 1
5.
6
%		 1
6.
2
%		 1
7.
5
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6.
9
%		 1
7.
8
%		 2
0.
6
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8.
1
%		 2
0.
1
%

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