Buzzi Unicem — Investor Presentation 2016

Apr 7, 2016

Engineering & Construction Conference

Milan – 7 April 2016

Volumes

Cement volumes and prices

Price trends by country

In local currency; FY12 = 100

FX changes

	2 0 1 5	2 0 1 4	∆	2 0 1 3	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 1	1. 3 3	1 6 5 +	1. 3 3	1. 1 3
R U B	6 8 0 7	0 9 5 5	3 3 6 -	4 2 3 4	7 8 0 8
U A H	2 4 2 8	1 5 8 6	3 1 5 -	1 0 9 7	2 9 8 4
C Z K	2 2 8 7	2 4 7 5	0 9 +	2 5 9 8	2 7 0 2
P L N	4 1 8	4 1 8	--	4 2 0	4 2 7
M X N	1 7 6 2	1 7 6 5	0 2 +	1 6 9 6	2 0 1 7

Net sales by country

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

EBITDA by country

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

Net sales and EBITDA development

• In 2015, United States account for 2/3 of the consolidated EBITDA
• Decreasing contribution from emerging markets, from 33% to 22% of EBITDA due to forex and economic troubles

EBITDA bridge by region

Headcount trend

n o. a	t d y e a r- e n	2 0 1 0	2 0 1 1	2 0 1 2	2 0 1 3	2 0 1 4	2 0 1 5
	I t l a y	1, 9 6 3	1, 8 8 7	1, 8 8 7	1, 6 9 0	1, 8 8 4	1, 3 4 5
	S U i t d t t n e a e s	2 4 1 0 ,	2 2 9 0 ,	2 2 8 2 ,	2 2 7 4 ,	2 3 1 2 ,	2 3 0 5 ,
	G e r m a n y	1, 7 5 6	1, 8 2 2	1, 8 8 8	1, 8 5 1	1, 7 6 3	1, 7 5 8
	L b u x e m o u r g	1 5 6	1 5 7	1 5 8	1 8 5	1 8 8	1 8 8
	N h l d t e e r a n s	2 8 7	2 8 7	2 8 0	2 5 3	1 8 0	1 6 7
	C / S h R l k i z e c e p o v a a	9 0 8	8 1 7	8 5 5	8 0 3	7 8 4	7 4 7
	P l d o a n	4 1 1	3 8 9	3 8 7	3 7 4	3 7 1	3 6 5
	U k i r a n e	1, 6 3 5	1, 6 1 7	1, 6 6 5	1, 0 6 5	1, 4 2 0	1, 3 0 4
	R i u s s a	1, 1 9 0	1, 0 4 9	1, 0 2 8	1, 0 1 5	1, 6 1 1	1, 4 6 9
	T t l o a	1 0 7 3 4 ,	1 0 3 6 9 ,	1 0 2 3 2 ,	9 9 5 1 ,	1 0 1 1 7 ,	9 3 8 7 ,
	M i e x c o ( 100 % )	1, 1 6 4	1, 1 7 4	1, 2 0 9	1, 1 5 6	1, 1 0 5	1, 1 2 1

Consolidated Income Statement

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

Consolidated Cash Flow Statement

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

Net Financial Position

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

Gross debt breakdown (€m 1,564.2)

Debt maturity profile

• Total debt and borrowings stood at €m 1,500 at December 2015
• As at December 2015 available €m 437m of undrawn committed facilities (€m 400m for Buzzi Unicem, €m37 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 plant running at optimal efficiency levels

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

Expansion capex

Maryneal, Texas – USA

• To be completed in 1H 2016
• New line with a capacity of 1.2m tons per year (versus 0.6m currently)
• Total cost: \$m 285
• Aimed at capturing the demand growth of Texas in oil and gas, residential and infrastructure
• Cost saving thanks to increased efficiency and environmental footprint reduction

Apazapan, Veracruz - Mexico

• To be completed in 4Q 2016
• 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 u m e	P i ∆ r c e
I t l a y
U i d S f A i t t t 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 s s a u
M i e x c o

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), 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

MexicoGermanyItalyPolandUkrainem ton ^{2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015} United StatesRussiam ton

Czech Rep.

^{2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015}

Historical series of cement consumption by country

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	-5. 9	-18 .1	-18 .7	-37 .2
		in ma rg	16. 9%	13. 1%	5.3 %	1.8 %	-1. 2%	-4. 2%	-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	3% 17.	22 .0%	13. 9%	14. 2%	0% 12.	0% 18.	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%
	Po lan d	EB ITD A	70 .0	31 .2	33 .4	36 .9	21 .8	27 .1	18 .2	22 .7
		in ma rg	38 .1%	25 .7%	25 .8%	26 .6%	20 .0%	26 .8%	20 .4%	20 .4%
	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%	0% -6.	-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	64 .8%	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	27 .4%	21 .4%	14. 8%	12. 8%	18. 2%	20 .7%	24 .2%	28 .1%
	Me xic	EB ITD A	79 .9	69 .9	77 .2	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%	IFR S 1 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
	Gr ou p	in ma rg	26 .2%	20 .3%	14 .6%	15 .6%	16 .2%	17 .5%	16 .9%	17 .8%