Debt Investor Update March 2013

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1 Strength. Performance. Passion. Debt Investor Update March 2013 IFZ - MAS Corporate Finance 20_10 Funding December 7, 2012, Debt Investor Update 2013 Holcim Ltd

2 Agenda Strategy and positioning based on long-term growth Holcim Leadership Journey Footprint in North America 2012 results and outlook Financial position and financing Debt Investor Update, March Holcim Ltd 2

3 Building on a proven strategy Goal Creation of Value Strategy Product Focus Geographic Diversification Local Management Global Standards Mindsets Sustainable Environmental Performance Better Cost Management Permanent Marketing Innovation Human Resources Excellence Corporate Social Responsibility Base People Debt Investor Update, March Holcim Ltd 3

4 and increasing the focus on ROIC Value Creation Outside view Internal view ROIC & EV (Enterprise Value) - Credit Rating TSR (Total Shareholder Return) Op. EBITDA / Op. EBITDA - Margin ROIC & HVA (Holcim Value Added) Market capitalization (incl. minority interests) + financial debt (Dividend paid + share price appreciation) / Share Price Key operational indicator focused on cash-generation/ efficiency Company result after consideration of cost of capital, incl. cost of equity Debt Investor Update, March Holcim Ltd 4

5 Sustainable growth through the execution of a 14.3 million tonne pipeline provides the basis for better returns Current projects Capital expansion investments (CHF m) Production capacity cement (mt) Debt Investor Update, March Holcim Ltd 5

6 Construction demand is linked to size and growth of GDP 40% Average investment ratio (Investments / GDP) 35% 30% Emerging Economies 25% Emerging Economies GDP: E 20% 15% 10% Developed Economies Developed Economies GDP: E Developed Economies GDP: Emerging Economies GDP: % 0% 0% 1% 2% 3% 4% 5% 6% 7% Average GDP growth Source: IMF (World Economic Outlook, October 2012), World Bank (Population Statistics, November 2012) Debt Investor Update, March Holcim Ltd 6

7 in addition to Popurbanization representing a considerable source of steady demand globally Asia 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Latin America 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Rural Urban Rural Urban Europe 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% North America 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Rural Urban Rural Urban Source: United Nations (Population Division - November 2012) Debt Investor Update, March Holcim Ltd 7

8 Global construction growth is strongly driven by emerging markets Construction Market Outlook until 2016E (USD bn) 1'600 1'400 1'200 Share of market E Emerging markets: 28% 49% Developed markets: 72% 51% CAGR 2012E 2016E Asia Pacific (emerging markets) 12.0% 1' Europe (mature markets) North America Asia Pacific (developed markets) Latin America Europe (emerging markets) Africa Middle East 2.5% 2.7% 1.0% 11.8% 11.9% 12.3% E 2013E 2014E 2015E 2016E Source: BMI Market Outlook, 2012 Debt Investor Update, March Holcim Ltd 8

9 Agenda Strategy and positioning based on long-term growth Holcim Leadership Journey Footprint in North America 2012 results and outlook Financial position and financing Debt Investor Update, March Holcim Ltd 9

10 The Holcim Leadership Journey and its two pillars Customer Excellence Holcim Leadership Journey Cost Leadership Customer focus Energy and AFR Value management Logistics Pricing policies Procurement Marketing and sales Fixed cost Capture demand through advice & service CHF 500 m Optimization of cost base > CHF 1 bn Operating profit increase of at least CHF 1.5 bn and ROIC AT > 8%* by 2014 * Corresponds to a ROIC BT of > 11.8% Debt Investor Update, March Holcim Ltd 10

11 Differentiation and de-commoditization Evolution of VALUE ADDED SOLUTION Competitive Price Reliable Supplier Early Supplier Involvement Technical Consulting & Sales Sustainability Consistent Quality Innovative Solutions Range of Products & Services Customer Care Solid Quote-to- Cash Processes Differentiation of product & service offer in all segments Tailor-made solutions for customer segments and single projects => increase value content An opportunity to create value for our customers and us Debt Investor Update, March Holcim Ltd 11

12 Driving innovation on a global scale through our network Niagara Tunnel Ceneri tunnel Innovative flooring Road mobility Supertrees Working closely with the customer, Holcim Apasco tailormade a number of mix designs with specialized application methodologies to deliver highly durable and attractive industrial concrete floors Holcim Canada offered the solutions for the Niagara Tunnel project in terms of innovative concrete types, the transportation and several additional process innovations built to last for 100 years without maintenace Holcim Canada developed a special concrete for road repairs. A high-early-strength concrete mix and the dedication of Holcim s crews guaranteed continuous mobility Holcim Switzerland is supplying the concrete solution for the 15 km long Ceneri base tunnel. Part of this solution is a unique concrete batching plant in a cavern deep inside the mountain Holcim Singapore delivers the green lablled and high-density concretes for the construction of manmade supertrees in a new tropical garden Debt Investor Update, March Holcim Ltd 12

13 Agenda Strategy and positioning based on long-term growth Holcim Leadership Journey Footprint in North America 2012 results and outlook Financial position and financing Debt Investor Update, March Holcim Ltd 13

14 Net sales by region Net sales 2012 North America 14.7% Europe 26.1% Latin America 15.7% Africa Middle East 4.3% Asia Pacific 39.2% Debt Investor Update, March Holcim Ltd 14

15 North America continues to grow US economy picks up and Canada remains on high level North America with substantial rise in sales of cement Aggregate Industries US increases sales of ready-mix concrete All three Group companies with better performance Strong organic growth Consolidated key figures 2012 Cement capacity (m t) 22.0 Cement and grinding plants 17 Aggregates plants 117 Ready-mix concrete plants 225 Asphalt plants 42 Net sales (CHF m) 3'276 Personnel Cement plant Grinding plant/ terminal Aggregates North America /- +/- LFL Sales of cement in million t % +5.0% Sales of aggregates in million t % -7.3% Sales of ready-mix concrete in million m % +8.7% Operating EBITDA in million CHF % +32.4% Operating profit in million CHF Debt Investor Update, March Holcim Ltd 15

16 Agenda Strategy and positioning based on long-term growth Holcim Leadership Journey Footprint in North America 2012 results and outlook Financial position and financing Debt Investor Update, March Holcim Ltd 16

17 Holcim at a glance Higher consolidated cement sales despite lower demand in Europe Higher turnover, operating EBITDA and net income Price adjustments and Holcim Leadership Journey support result Increased payout per registered share, despite restructuring costs Significant net debt reduction of CHF 1.2 billion Group /- +/- LFL Sales of cement in million t % +2.0% Sales of aggregates in million t % -8.5% Sales of ready-mix concrete in million m % -3.2% Operating EBITDA in million CHF 3,958 3, % +0.9% Operating EBITDA adjusted in million CHF 3,975 4, % +6.4% Operating profit in million CHF 1,933 1, % -5.0% Operating profit adjusted in million CHF 2,308 2, % +11.4% Net income in million CHF 682 1, % Debt Investor Update, March Holcim Ltd 17

18 Asia Pacific the key growth region Higher cement sales in Asia, but slight decrease in the Pacific Rim Significant rise in operating EBITDA and solid organic growth Targeted capacity increase in important emerging markets Holcim remains a strategic partner in Siam City Cement Company Asia Pacific /- +/- LFL Sales of cement in million t % +4.4% Sales of aggregates in million t % -6.3% Sales of ready-mix concrete in million m % +0.9% Operating EBITDA in million CHF 1,700 1, % +12.6% Operating profit in million CHF 1,185 1, % +15.1% Debt Investor Update, March Holcim Ltd 18

19 Dynamic Latin America Infrastructure projects and residential construction increase demand of building materials Higher cement sales Once again, a rise in operating EBITDA Sale of minority shareholding in Guatemala Selective capacity increase Latin America /- +/- LFL Sales of cement in million t % +3.0% Sales of aggregates in million t % -3.6% Sales of ready-mix concrete in million m % -7.9% Operating EBITDA in million CHF % +7.2% Operating profit in million CHF % +2.5% Debt Investor Update, March Holcim Ltd 19

20 Key growth drivers lacking in Europe Difficult market situation in Europe, solid demand in CIS/Caspian Decrease in sales volumes in all segments Restructuring costs impact financial results Europe /- +/- LFL Sales of cement in million t % -3.9% Sales of aggregates in million t % -11.1% Sales of ready-mix concrete in million m % -8.8% Operating EBITDA in million CHF % -32.8% Operating EBITDA adjusted in million CHF % -13.4% Operating profit in million CHF Operating profit adjusted in million CHF % -28.9% Debt Investor Update, March Holcim Ltd 20

21 Africa Middle East overshadowed by political tension Reduction in sales volumes of cement and ready-mix concrete, higher shipments of aggregates Holcim maintains its position in the Near East; West Africa improves Stable development in the Indian Ocean Lower operating results in Lebanon due to higher production costs and lower sales volumes because of turmoil in Syria Africa Middle East /- +/- LFL Sales of cement in million t % -4.4% Sales of aggregates in million t % +1.3% Sales of ready-mix concrete in million m % -2.0% Operating EBITDA in million CHF % -11.1% Operating profit in million CHF % -16.4% Debt Investor Update, March Holcim Ltd 21

22 Key financial figures Full year 2012 Million CHF (if not otherwise stated) +/ LFL CIS FX Total Sales volumes - Cement (mt) % 0.5% 2.5% - Aggregates (mt) % 0.9% -7.7% - Ready-mix (mm 3 ) % 0.1% -3.1% Net sales 21,653 20,744 21, % -0.1% -0.2% 3.9% Operating EBITDA 4,513 3,958 3, % 0.0% -0.2% 0.7% Operating EBITDA adjusted 1 4,513 3,975 4, % 6.2% Operating profit 2,619 1,933 1, % -0.9% -0.2% -6.0% Operating profit adjusted 2 2,619 2,308 2, % 10.6% Net income 1' ' % Net income - shareholders of Holcim Ltd 1' % Cash flow 3,659 2,753 2, % 0.1% -0.9% -2.6% EPS CHF % Dividend / payout per share CHF % 1 Excluding one-off restructuring costs of CHF 17 million in 2011 and CHF 239 million in Excluding one-off restructuring costs of CHF 375 million in 2011 and CHF 736 million in Calculated on the weighted average number of shares outstanding. 4 Proposed by the Board of Directors for a payout from capital contribution reserves Debt Investor Update, March Holcim Ltd 22

23 Operating EBITDA by region Million CHF , , , /2012 LFL Change in Currency Total structure Asia Pacific 12.6% -0.1% -2.2% 10.3% Latin America 7.2% -0.2% 0.8% 7.9% Europe -32.8% 0.4% -0.3% -32.6% North America 32.4% 0.2% 6.2% 38.8% Africa Middle East -11.1% 0.2% -0.1% -11.0% Total 0.9% 0.0% -0.2% 0.7% Debt Investor Update, March Holcim Ltd 23

24 Statement of cash flows Million CHF Cash flow from operating activities 3,659 2,753 2, % Net investments to maintain productive capacity and to secure competitiveness % Free cash flow 3,249 2,001 1, % Expansion investments -1' % Financial investments net % Dividends paid % Financing surplus 1, % +/- Debt Investor Update, March Holcim Ltd 24

25 Outlook for 2013 Asia Pacific: Unchanged positive development in Asia, stable Pacific Rim Latin America: Higher demand for construction materials Europe: Only slight decrease in sales volumes; positive development of construction activity in Russia and Azerbaijan North America: Increase in sales volumes in the US and Canada Africa Middle East: Muted demand at previous year s level Turning to operating EBITDA and operating profit, the Board of Directors and Executive Committee expect a further improvement of margins. The Holcim Leadership Journey, which will gain further momentum in all streams as planned, will also contribute to this development. Under similar market conditions, significant organic growth in operating EBITDA and operating profit should be achieved in Debt Investor Update, March Holcim Ltd 25

26 Agenda Strategy and positioning based on long-term growth Holcim Leadership Journey Footprint in North America 2012 results and outlook Financial position and financing Debt Investor Update, March Holcim Ltd 26

27 Financial position Million CHF Net financial debt Total shareholders' equity Gearing 53.8% 58.8% 52.2% 21,121 19,656 19,837 11,363 11,549 10, Debt ratios FFO 1 /Net financial debt 31.3% 26.4% 30.9% Net financial debt/ebitda 2.3x 2.7x 2.3x 1 Net income plus depreciation, amortization and impairment Debt Investor Update, March Holcim Ltd 27

28 Main financing projects concluded in 2012 CAD 300 m bond CAD 250 m RCF CHF 450 m bond EUR 500 m bond USD 235 m RCF USD 1 bn CP program CHF 950 m multicurrency loans THB 1.5 bn bilateral loan NZD 150 m bilateral loans MXN 4 bn bonds BRL 1 bn capex financing AUD 700 m bonds AUD 200 m bilateral loans Debt Investor Update, March Holcim Ltd 28

29 Overall debt reduced by CHF 5.1 billion since 2008 bank debt replaced by capital market financing Financial liabilities CHF million 20'000 16'000 12'000 8'000 4'000 Share of capital market financing 100% 80% 60% 40% 20% % Loans Capital markets Share of capital market financing (r.h. scale) Debt Investor Update, March Holcim Ltd 29

30 Access to a wide range of capital markets Capital markets funding distribution as per Capital market maturities USD IRB THB Bonds CRC Bonds MAD Bond INR Bonds MXN Bonds CAD PP EUR SSD USD CP CAD Bonds CHF Bonds Date CHF m Currency Feb-13 Apr-13 Jun-13 Aug-13 Dec CHF 155 m 129 USD 141 m 395 CAD 300 m, THB 4 bn 114 USD 125 m 1'013 CHF 1 bn, INR 750 m USD PP AUD Bonds Mar-14 May-14 Jul-14 Oct-14 Dec EUR 650 m 15 CRC 8.5 bn 151 USD 165 m 14 INR 820 m 724 EUR 600 m GBP Bonds USD Bonds EUR Bonds Mar-15 Apr-15 Jul-15 Nov-15 Dec AUD, MXN 540 USD 317 m, CHF 250 m 18 CRC 10 bn 59 THB 2 bn 162 MAD 1.5 bn Corporate Holdings Operating Company Debt Investor Update, March Holcim Ltd 30

31 Financial debt, maturities and liquidity as of December 31, 2012 Maturity profile (CHF million) 1 4'000 3'000 Capital markets Loans 2'000 1' >2022 Liquidity summary Cash + marketable securities: CHF 3,146 million Cash + marketable securities + unused committed credit lines: CHF 8,515 million Debt summary Current financial liabilities 1 : CHF 3,185 million Fixed to floating ratio: 55% fixed Capital markets 81%; Loans 19% Corporate vs. subsidiary debt: 79% corporate Ø total maturity: 4.2 years No financial covenants in Corporate credit lines Rating: BBB/stable, Baa2/stable, BBB/stable 1 After risk-related adjustments of CHF 414 m from current financial liabilities to long-term financial liabilities Debt Investor Update, March Holcim Ltd 31

32 Conclusions Holcim s strategy has proven successful in the past and will continue to do so going forward The Holcim Leadership Journey will leverage the benefits of the strategy Discipline, incentive and performance management will ensure growth and improved returns Higher turnover and operating EBITDA, significantly better net income and lower net financial debt in 2012 Holcim has high upside potential on cash flow generation and is well financed, with a balanced maturity profile, a strong cash position and access to a wide range of capital markets Debt Investor Update, March Holcim Ltd 32

33 Contact information and event calendar Contact information Event calendar Corporate Finance & Treasury Phone Investor Relations Phone Fax April 17, 2013 General meeting of shareholders May 8, 2013 Results for the first quarter 2013 August 15, 2013 Half-year results 2013 November 5, 2013 Press and analyst conference for the third quarter 2013 Mailing list: Debt Investor Update, March Holcim Ltd 33

34 Disclaimer THIS PRESENTATION NEITHER CONSTITUTES NEITHER AN OFFER TO SELL NOR A SOLICITATION TO BUY ANY SECURITIES, AND IT DOES NOT CONSTITUTE AN OFFERING PROSPECTUS WITHIN THE MEANING OF ARTICLE 652a OR ARTICLE 1156 OF THE SWISS CODE OF OBLIGATIONS, AN OFFERING PROSPECTUS WITHIN THE MEANING OF THE SWISS FEDERAL ACT ON COLLECTIVE INVESTMENT SCHEMES OR A LISTING PROSPECTUS WITHIN THE MEANING OF THE LISTING RULES OF THE SIX SWISS EXCHANGE. INVESTORS SHOULD TAKE THEIR INVESTMENT DECISION TO BUY OR SUBSCRIBE ANY SECURITIES OF HOLCIM LTD SOLELY ON THE BASIS OF THE RELEVANT OFFERING CIRCULAR. THESE MATERIALS ARE NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES. THESE MATERIALS DO NOT CONSTITUTE OR FORM A PART OF ANY OFFER OR SOLICITATION TO PURCHASE OR SUBSCRIBE FOR SECURITIES IN THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA. THE SECURITIES MENTIONED HEREIN HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE SECURITIES ACT ). THE SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, US PERSONS (AS SUCH TERM IS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THERE WILL BE NO PUBLIC OFFER OF SECURITIES IN THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA. IN MEMBER STATES OF THE EEA THAT AS OF THE DATE OF THIS PRESENTATION HAVE IMPLEMENTED THE DIRECTIVE 2003/71/EC (THE PROSPECTUS DIRECTIVE ), THIS PRESENTATION AND ANY SUBSEQUENT OFFER IS DIRECTED ONLY AT PERSONS WHO ARE QUALIFIED INVESTORS WITHIN THE MEANING OF ARTICLE 2(1)(E) OF THE PROSPECTUS DIRECTIVE ( QUALIFIED INVESTORS ). ANY PERSON IN A RELEVANT MEMBER STATE WHO ACQUIRES THE SECURITIES DESCRIBED HEREIN IN ANY OFFER OR TO WHOM ANY OFFER OF SUCH SECURITIES IS MADE WILL BE DEEMED TO HAVE REPRESENTED AND AGREED THAT IT IS A QUALIFIED INVESTOR AND THAT IN THE CASE OF ANY SUCH SECURITIES ACQUIRED BY IT AS A FINANCIAL INTERMEDIARY, AS THAT TERM IS USED IN ARTICLE 3(2) OF THE PROSPECTUS DIRECTIVE, (I) SUCH SECURITIES HAVE NOT BEEN ACQUIRED BY IT ON BEHALF OF, NOR HAVE THEY BEEN ACQUIRED WITH A VIEW TO THEIR OFFER OR RESALE TO, PERSONS IN ANY RELEVANT MEMBER STATE OTHER THAN QUALIFIED INVESTORS, OR (II)WHERE SUCH SECURITIES HAVE BEEN ACQUIRED BY IT ON BEHALF OF PERSONS IN ANY RELEVANT MEMBER STATE OTHER THAN QUALIFIED INVESTORS, THE OFFER OF SUCH SECURITIES TO IT IS NOT TREATED UNDER THE PROSPECTUS DIRECTIVE AS HAVING BEEN MADE TO SUCH PERSONS. THE SECURITIES DESCRIBED IN THIS DOCUMENT WILL NOT BE OFFERED IN AUSTRALIA EXCEPT TO CERTAIN PERSONS TO WHOM AN OFFER MAY BE MADE WITHOUT DISCLOSURE UNDER SECTION 708(8) OR SECTION 708(11) OF THE CORPORATIONS ACT THIS PRESENTATION IS NOT INVESTMENT OR FINANCIAL PRODUCT ADVICE AND IS NOT INTENDED TO BE THE BASIS OF AN INVESTMENT DECISION. IT DOES NOT TAKE INTO ACCOUNT THE INVESTMENT OBJECTIVES, FINANCIAL SITUATION OR NEEDS OF ANY INVESTOR. BEFORE MAKING ANY INVESTMENT IN HOLCIM, INVESTORS SHOULD CONSIDER WHETHER SUCH AN INVESTMENT IS APPROPRIATE TO THEIR PARTICULAR INVESTMENT NEEDS, OBJECTIVES AND FINANCIAL CIRCUMSTANCES AND OBTAIN PROFESSIONAL ADVICE IF NECESSARY. THIS DOCUMENT IS BEING DISTRIBUTED ONLY TO, AND IS DIRECTED AT (a) PERSONS WHO ARE OUTSIDE THE UNITED KINGDOM OR (b) INVESTMENT PROFESSIONALS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE ORDER ) OR (c) HIGH NET WORTH ENTITIES, AND OTHER PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED, FALLING WITHIN ARTICLE 49(2)(a) TO (d) OF THE ORDER (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS RELEVANT PERSONS ). THE SECURITIES TO WHICH THIS DOCUMENT RELATES ARE AVAILABLE ONLY TO, AND ANY INVITATION, OFFER OR AGREEMENT TO SUBSCRIBE, PURCHASE OR OTHERWISE ACQUIRE SUCH SECURITIES WILL BE AVAILABLE ONLY TO OR WILL BE ENGAGED IN ONLY WITH, RELEVANT PERSONS. ANY PERSON WHO IS NOT A RELEVANT PERSON SHOULD NOT ACT OR RELY ON THIS DOCUMENT OR ANY OF ITS CONTENTS. FORWARD-LOOKING STATEMENTS: THIS PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS. NO ASSURANCE CAN BE GIVEN THAT SUCH EXPECTATIONS WILL PROVE TO HAVE BEEN CORRECT. ACCORDINGLY, RESULTS COULD DIFFER MATERIALLY FROM THOSE SET OUT IN THE FORWARD-LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. YOU ARE ADVISED TO READ THIS PRESENTATION AND, ONCE AVAILABLE, THE OFFERING CIRCULAR IN THEIR ENTIRETY FOR A FURTHER DISCUSSION OF THE FACTORS THAT COULD AFFECT THE GROUP S FUTURE PERFORMANCE. IN LIGHT OF THESE RISKS, UNCERTAINTIES AND ASSUMPTIONS, THE EVENTS DESCRIBED IN THE FORWARD-LOOKING STATEMENTS IN THIS PRESENTATION MAY NOT OCCUR. Debt Investor Update, March Holcim Ltd 34

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