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View Annual Report BUILDING FOR GROWTH 2017 ANNUAL REPORT LAFARGEHOLCIM LAFARGEHOLCIM IS THE LEADING GLOBAL CONSTRUCTION MATERIALS AND SOLUTIONS COMPANY. FROM SMALL LOCAL PROJECTS TO THE BIGGEST, MOST TECHNICALLY CHALLENGING INFRASTRUCTURE ENDEAVORS, WE SUPPORT BUILDERS AROUND THE WORLD. TOWARD INTEGRATED REPORTING SUSTAINABILITY REPORT 7KLVLVRXUȴUVWVWHSRQRXUMRXUQH\WRGHOLYHUDQ integrated annual report. By applying the principles of integrated reporting, we aim to present a more holistic YLHZRIKRZZHFUHDWHYDOXHLQERWKȴQDQFLDODQGQRQ ȴQDQFLDOWHUPV2YHUWKHFRPLQJ\HDUVZHKRSHWKLV report will be an increasingly effective tool for all stakeholders to understand how LafargeHolcim contributes to our world. The Sustainability Report complements this report. FIND OUT MORE ABOUT It presents more detail on our sustainability achievements WHAT WE DO ONLINE as well as progress against our sustainability strategy, www.lafargeholcim.com The 2030 Plan. It will be published in April 2018. LAFARGEHOLCIM 1 ANNUAL REPORT 2017 KEY GROUP FIGURES FINANCIAL HIGHLIGHTS SALES CONTENTS Group at a glance 2 6.1 4.7 Chairman’s statement 4 RECURRING EBITDA GROWTH NET SALES GROWTH % % Chief Executive’s statement 6 2016: 8.7 2016: –1.7 Our Leadership 10 Around our business 12 Tailored solutions 14 5,990 209.5 Customer focus 16 RECURRING EBITDA SALES OF CEMENT Recycled materials 18 CHF M MILLION TONNES Unlocking value 20 2016: 5,950 2016: 233.2 Marketplace 22 Strategy 2022 24 By the numbers 26 1,685 278.7 Business review: FREE CASH FLOW SALES OF AGGREGATES > Asia Pacific 28 CHF M MILLION TONNES 2016: 1,660 2016: 282.7 > Europe 30 > Latin America 32 > Middle East Africa 34 5.8 50.6 > North America 36 Innovation 38 RETURN ON INVESTED CAPITAL SALES OF READY-MIX CONCRETE % MILLION M3 Our people 42 2016: 5.2 2016: 55.0 Health & Safety 44 Risk management 46 Notes: Recurring EBITDA replaces the former Operating EBITDA Adjusted. Recurring EBITDA excludes Capital market information 50 restructuring, litigation, implementation and other non-recurring costs. Free cash flow is defined as cash flow from operating activities less net maintenance and expansion Capex. Recurring EBITDA growth and Net Sales growth are both presented on a like-for-like basis. Corporate governance 54 Return On Invested Capital is defined as Net Operating Profit After Tax (NOPAT) divided by the average Invested Capital. The average is calculated by adding the Invested Capital at the Compensation report 84 beginning of the period to that at the end of the period and dividing the sum by 2 (based on a rolling 12 month calculation). Management discussion & analysis 108 The non-GAAP measures used in this report are defined on page 251. Financial information 121 2 LAFARGEHOLCIM GROUP AT A GLANCE GROUP AT A GLANCE As the leading global construction materials and solutions company, LafargeHolcim can help address challenges such as urbanization and climate change. We offer a strong asset base in around 80 countries, the most innovative cement, concrete, and aggregates solutions to meet our customers’ needs, and a commitment to health, safety, and sustainability. OUR GLOBAL PRESENCE NORTH AMERICA NET SALES [CHFm] 5,664 81,000 READ MORE EMPLOYEES WORLDWIDE P36 — 37 2,300 OPERATING SITES LATIN Top 3 AMERICA POSITION IN 80% NET SALES [CHFm] OF OUR MARKETS 2,944 READ MORE P32 — 33 CEMENT AGGREGATES OUR BUSINESSES From classic masonry cements to high- Our aggregates serve as raw materials for performance products tailored for specialized concrete, masonry and asphalt as well settings, we offer an extensive line of cements as base materials for buildings, roads and and hydraulic binders. Customers range from landfills. Our recycled aggregates use individuals buying bag cement to businesses crushed concrete and asphalt from undertaking major construction projects. deconstruction. SALES MILLION TONNES SALES MILLION TONNES 209.5 2016: 233.2 278.7 2016: 282.7 LAFARGEHOLCIM 3 ANNUAL REPORT 2017 EUROPE NET SALES [CHFm] 7,167 READ MORE P30 — 31 ASIA PACIFIC NET SALES [CHFm] 7,441 READ MORE P28 — 29 MIDDLE EAST AFRICA NET SALES [CHFm] 3,374 READ MORE P34 — 35 READY-MIX SOLUTIONS & PRODUCTS READ MORE Concrete is the world’s second most Supported by technical expertise and CHIEF EXECUTIVE’S STATEMENT consumed substance by volume after water. generations of experience, we create P6 — 9 In this highly competitive and decentralized innovative solutions that meet our customers’ STRATEGY market, we stand apart through the quality specific needs and requirements. P24 — 25 and consistency of our products, the breadth of our portfolio and our innovative solutions. SALES MILLION M3 NET SALES 50.6 2016: 55.0 2.1 2017: CHF bn 4 LAFARGEHOLCIM CHAIRMAN’S STATEMENT CHAIRMAN’S STATEMENT Dear shareholders, A time for reflection We hope you will see evidence of this Any review of 2017 must also address the strength and differentiation as you look 2017 was a year of progress for events that took place in our operations in through this report. In keeping with our LafargeHolcim. Syria in 2014 and that have been reported by commitment to integrated reporting, our In performance terms we delivered various news outlets during the year. The aim with this 2017 edition is to demonstrate continued growth in net sales and margins Board and I condemn the mistakes that were to all our stakeholders how LafargeHolcim leading to an increase in Recurring EBITDA made in no uncertain terms. They are creates value in both financial and non- and cash flow. This solid operational result unacceptable and we have taken decisive financial terms. In the coming editions we once again highlights the underlying steps to prevent this happening again. Such hope to do this more and more as we seek to strength of our asset base combined with events impact our reputation. find the right way to improve our disclosures our ability to deliver in all types of market and track our progress. They also affect our people. That’s why our conditions. focus has been squarely on our employees. I hope I have managed to convey some of But, like you, we have high expectations and Speaking on behalf of the Board, we are my excitement for the years ahead. Please believe that LafargeHolcim has the potential determined to ensure that our employees read Jan’s letter to learn about the course to achieve even more. I’m excited, therefore, continue to take pride in the work we do and that will guide us. that Jan Jenisch joined us as Chief Executive the way we do it. I would like to take this opportunity to Officer in September last year. The speed To underline the importance of these aims express my gratitude to my fellow Board with which he has identified the we took a number of actions in 2017. Among members for their commitment and wise opportunities to grow our company is the most notable was the establishment of a counsel and to the members of the Executive impressive. The Board and I have full faith Health, Safety and Sustainability Committee Committee under whose leadership we in Jan’s approach to leading LafargeHolcim, of the Board (see page 63) and an Ethics, made real progress in 2017. which you can read in his own words on Integrity and Risk Committee at operational page 6. Guided by our Strategy 2022 we are I also extend my sincere thanks and level (see page 46). In keeping with our confident we can deliver long-term year-on- admiration to our employees around the commitment to good corporate citizenship, year success. world who make a difference every day and the Board has also endorsed a strategy for who will take us to the next level of LafargeHolcim is the global leader in dealing with our carbon emissions. performance in the coming years. building materials and solutions. We employ These actions reinforce the underlying truth: the most talented people in the industry and Most of all, I thank you for your continued LafargeHolcim is a first-class company that apply the right technology and solutions to confidence in this great company. holds itself to the highest standards help our customers achieve their goals, wherever it operates. We work every day to thereby helping to meet global challenges create a safe, healthy and ethical workplace such as urbanization and climate change. for the people who truly create value for all The future of LafargeHolcim looks bright. our stakeholders, including you, our Beat Hess shareholders. Chairman Today’s LafargeHolcim is a global company. We draw from a long history of operations around the world, using our diversity as a strength and driver of differentiation from our peers. At the same time we are a local company, close to our customers and vital contributors to the communities in which we live and work. LAFARGEHOLCIM 5 ANNUAL REPORT 2017 We are confident we can deliver long-term year-on-year success. LafargeHolcim is the global leader in building materials and solutions. We employ the most talented people in the industry and apply the right technology and solutions to help our customers achieve their goals, thereby helping to meet global challenges such as urbanization and climate change. The future of LafargeHolcim looks bright. CORPORATE GOVERNANCE Our approach to assuring the long-term value of the Group Find out more P54 THE 2030 PLAN For complete results of our progress against The 2030 Plan, see our 2017 Sustainability Report, to be published in April 2018. 6 LAFARGEHOLCIM CHIEF EXECUTIVE’S STATEMENT CHIEF EXECUTIVE’S STATEMENT Dear shareholders, My review of the business underlined the opportunities and made our priorities as a In 2017 we made good progress across all company clear. While we delivered strong key metrics. The growth in sales and the annual results in 2017, they do not reflect over-proportional increase in EBITDA the full potential of this business.
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