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buzzi unicem s.p.a. via luigi buzzi, 6 ➝ casale monferrato (al) italy telephone + 39 0142 416.111 www.buzziunicem.it annual report 2009 report annual contents 09 Letter to the Shareholders 2 group profile 5 Directors and Statutory Auditors 6 Highlights by Country 8 review of operations 27 Shares and Shareholders 28 Business review 31 Human resources 55 “expansionand Research and development 57 Ecology, environment and safety 58 modernization Risk management and description of main risks 60 projects:afuture Outlook 62 growthdriver” financial information 65 Consolidated Financial Statements 66 Notes to the Consolidated Financial Statements 71 Appendixes 147 Certification of the consolidated financial statements 157 Auditors’ report 158 annual report 2009 buzzi unicem s.p.a. via luigi buzzi, 6 ➝ casale monferrato (al) italy telephone + 39 0142 416.111 www.buzziunicem.it annual report 2009 report annual contents 09 Letter to the Shareholders 2 group profile 5 Directors and Statutory Auditors 6 Highlights by Country 8 review of operations 27 Shares and Shareholders 28 Business review 31 Human resources 55 “expansionand Research and development 57 Ecology, environment and safety 58 modernization Risk management and description of main risks 60 projects:afuture Outlook 62 growthdriver” financial information 65 Consolidated Financial Statements 66 Notes to the Consolidated Financial Statements 71 Appendixes 147 Certification of the consolidated financial statements 157 Auditors’ report 158 annual report 2009 ➝ the group at a glance Key Figures International presence 2003 2004 1 2005 2006 2007 2008 2009 Cement sales t/000 14,196 31,936 32,245 33,320 34,067 32,093 25,548 Concrete sales cm /000 9,850 15,241 15,649 16,542 17,096 16,996 13,893 Aggregate sales t/000 5,939 7,873 7,794 9,442 14,050 12,280 10,031 russia usa Sales revenue € m 1,461.6 2,771.6 2,951.4 3,205.0 3,496.1 3,520.2 2,671.8 Capital expenditures € m 102.1 203.9 243.1 254.0 527.4 853.3 389.9 netherlands Headcount at year end no. 3,828 11,836 11,805 11,054 11,520 11,845 11,269 poland germany ukraine 1 first time Dyckerhoff consolidation luxembourg czech republic slovakia Sales Revenue by Line of Business Sales Revenue by Region mexico (in %) (in %) 3 9 10 8 italy 7 1 6 2 5 algeria 2009 2009 1 4 italy Buzzi Unicem, Unical, Cementi Moccia (50 %), Laterlite (33 %), Addiment Italia (50 %) germany Dyckerhoff, Deuna Zement, Dyckerhoff Beton 2 luxembourg Cimalux 3 netherlands Dyckerhoff Basal Nederland 1 Cement and clinker 61 1 Italy 26 poland Dyckerhoff Polska 2 usa 23 2 Ready-mix concrete and 38 czech republic and Cement Hranice, zapa beton aggregates slovakia 3 Germany 19 3 Related activities 1 ukraine Volyn-Cement, yugcement, Dyckerhoff Ukraina 4 Czech Republic and Slovakia 7 russia Sukholozhskcement 5 Mexico 7 usa Buzzi Unicem usa, Alamo Cement, Kosmos Cement (25 %) 6 Poland 5 mexico Corporación Moctezuma (50 %) 7 Netherlands 4 algeria Société des Ciments de Hadjar Soud (35%), Société des Ciments de Sour El Ghozlane (35%) 8 Russia 4 9 Luxembourg 3 10 Ukraine 3 Operating structure ita ger lux nld pol cze / svk ukr rus usa mex 1 Total Sales Revenue Capital expenditures (in million of eur) (in million of eur) Cement plants no. 14 7 2 – 1 1 2 1 9 2 39 2003 1,461.6 2003 102.1 of which grinding no. 3 2 1 – – – – – – – 6 2004 2,771.6 2004 203.9 Cement capacity Mio t / yr 10.8 7.2 1.2 – 1.6 1.1 3.0 2.4 10.2 5.0 42.5 2005 2,951.4 2005 243.1 Ready-mix batch plants no. 166 103 – 17 34 78 6 – 78 48 530 Aggregate quarries no. 14 1 – 2 – 10 – – 5 1 33 2006 3,205.0 2006 254.0 Terminals and deposits no. 6 – – – 2 – 3 – 30 – 41 2007 3,496.1 2007 527.4 ita / Italy, ger / Germany, lux / Luxembourg, nld / Netherlands, pol / Poland, cze / Czech Republic, svk / Slovakia, ukr / Ukraine, rus / Russia, 2008 3,520.2 2008 853.3 usa / United States of America, mex / Mexico 1 figures at 100 % 2009 2,671.8 2009 389.9 ➝ the group at a glance Key Figures International presence 2003 2004 1 2005 2006 2007 2008 2009 Cement sales t/000 14,196 31,936 32,245 33,320 34,067 32,093 25,548 Concrete sales cm /000 9,850 15,241 15,649 16,542 17,096 16,996 13,893 Aggregate sales t/000 5,939 7,873 7,794 9,442 14,050 12,280 10,031 russia usa Sales revenue € m 1,461.6 2,771.6 2,951.4 3,205.0 3,496.1 3,520.2 2,671.8 Capital expenditures € m 102.1 203.9 243.1 254.0 527.4 853.3 389.9 netherlands Headcount at year end no. 3,828 11,836 11,805 11,054 11,520 11,845 11,269 poland germany ukraine 1 first time Dyckerhoff consolidation luxembourg czech republic slovakia Sales Revenue by Line of Business Sales Revenue by Region mexico (in %) (in %) 3 9 10 8 italy 7 1 6 2 5 algeria 2009 2009 1 4 italy Buzzi Unicem, Unical, Cementi Moccia (50 %), Laterlite (33 %), Addiment Italia (50 %) germany Dyckerhoff, Deuna Zement, Dyckerhoff Beton 2 luxembourg Cimalux 3 netherlands Dyckerhoff Basal Nederland 1 Cement and clinker 61 1 Italy 26 poland Dyckerhoff Polska 2 usa 23 2 Ready-mix concrete and 38 czech republic and Cement Hranice, zapa beton aggregates slovakia 3 Germany 19 3 Related activities 1 ukraine Volyn-Cement, yugcement, Dyckerhoff Ukraina 4 Czech Republic and Slovakia 7 russia Sukholozhskcement 5 Mexico 7 usa Buzzi Unicem usa, Alamo Cement, Kosmos Cement (25 %) 6 Poland 5 mexico Corporación Moctezuma (50 %) 7 Netherlands 4 algeria Société des Ciments de Hadjar Soud (35%), Société des Ciments de Sour El Ghozlane (35%) 8 Russia 4 9 Luxembourg 3 10 Ukraine 3 Operating structure ita ger lux nld pol cze / svk ukr rus usa mex 1 Total Sales Revenue Capital expenditures (in million of eur) (in million of eur) Cement plants no. 14 7 2 – 1 1 2 1 9 2 39 2003 1,461.6 2003 102.1 of which grinding no. 3 2 1 – – – – – – – 6 2004 2,771.6 2004 203.9 Cement capacity Mio t / yr 10.8 7.2 1.2 – 1.6 1.1 3.0 2.4 10.2 5.0 42.5 2005 2,951.4 2005 243.1 Ready-mix batch plants no. 166 103 – 17 34 78 6 – 78 48 530 Aggregate quarries no. 14 1 – 2 – 10 – – 5 1 33 2006 3,205.0 2006 254.0 Terminals and deposits no. 6 – – – 2 – 3 – 30 – 41 2007 3,496.1 2007 527.4 ita / Italy, ger / Germany, lux / Luxembourg, nld / Netherlands, pol / Poland, cze / Czech Republic, svk / Slovakia, ukr / Ukraine, rus / Russia, 2008 3,520.2 2008 853.3 usa / United States of America, mex / Mexico 1 figures at 100 % 2009 2,671.8 2009 389.9 Buzzi Unicem is an international multiregional, “heavy-side“ group, focused on cement, ready-mix concrete and aggregates. The com- group profile pany’s dedicated management has a long-term view of the business and commitment towards a sustainable development, supported by high quality and environmentally friendly assets. review of operations Buzzi Unicem pursues value creation through lasting, experienced know-how and operating efficiency. financial information vision 2 letter to the shareholders Dear Shareholders, One reads in the newspapers and hears at conventions that the global crisis is coming to an end and that recovery is near. But are we relating this to the causes or to the effects of the crisis; and there is a tendency to confuse these two times – sometimes inten- tionally. In my opinion, while we may be at the end of the “sequence of causes” that generated the crisis, we are still right in the middle of the “effects” on the real economy and the consequences for our industry. A difficult 2009 passed by in a rush of continuous forecasts with everyone anxious to understand what the results of the “annus horribilis” would be. Now that the year had ended, we must take stock of the past events and look at what lies ahead to decide if we are able to see the light at the end of the tunnel. We now have the possibility to inter- pret the economic projections of 2010 already underway and also those of 2011 more clearly, enabling us to make better decisions for the present and, above all, to prepare for the future. We also know that we ourselves contribute in part to give a signal of hope, at least with our fervor of “entrepreneurial confidence” which we should not hold back even during such severe crises. The advancement of society and people – to which cement is closely linked – will undeniably start again. And I repeat to myself and to you shareholders – as a message of confidence – a fact, little known, that has always impressed me, i. e. after water, cement is the substance most used by man. Cement is part of the formidable trio – steel, oil, and cement – with which man has built the modern world. Confidence in our product is well placed but we also need to be aware that a large part of this world, in the West, has already been built and therefore that cement consumption’s center of gravity will shift – even more so after the crisis – to the East and to another hemisphere.