half year results 2004 holcim ltd

Half Year Results 2004 holcim ltd

3

Half-year results 2004

Balance s

1 African Basket (EGP, ZAR, MAD) 2 1.02 1.00 1.04 4.0%

1 Asian Basket (AUD, NZD, THB, PHP) 2 1.03 1.00 0.98 -2.0%

Statement of income

1 African Basket (EGP, ZAR, MAD) 1 1.02 1.00 1.05 5.0%

1 Asian Basket (AUD, NZD, THB, PHP) 1 1.13 1.00 1.02 2.0%

capacity + Proportionate consolidation of Cement

Australia (integration of Queensland Cement) June 1, 2003 –

– Eternit AG, Switzerland November 10, 2003 –

+ Alpha Cement, Russia December 31, 2003 4.3 million t

+ Rohrbach Zement / – Geisingen January 1, 2004 –

+/– Various smaller companies

1 weighted by net sales H1 2003

Half-year results 2004

Million t

H1 2004

9.4

9.9

12.4 11.7

6.9 6.2

∆ H1 03/H1 04 Volume Change in

Total structure Europe 4.0% 14.3% 18.3% North America 11.1% 0.0% 11.1% Latin America 5.3% 0.0% 5.3% Africa Middle East 9.7% 1.6% 11.3% Asia Pacific 6.0% 0.0% 6.0% Total 5.6% 4.4% 10.0%

5

Half-year results 2004

Aggregates sales in million t

Ready-mix concrete sales in million m3

48.6 42.3

+5.8%

42.9 +1.4%

+13.3%

+ 9.5%

+3.3%

H1 2002 H1 2003 H1 2004

6

Half-year results 2004

Net sales

Million CHF

5'804

Change in structure 188 2.9% 67 1.0% 45 0.8% Forex movements -361 -5.5% -568 -8.8% -58 -1.0%

7

Half-year results 2004

H1 2004

price structure Europe 6.2% 1.6% 3.1% 10.9% North America 11.4% 0.9% -3.8% 8.5% Latin America 9.4% 0.1% -6.7% 2.8% Africa Middle East 25.0% 2.5% 0.8% 28.3% Asia Pacific 15.5% -1.4% -1.8% 12.3% Total 9.0% 0.8% -1.0% 8.8%

8

Half-year results 2004

Net sales by region

Sales H1 2004

Europe 36%

North

America

17%

Latin

Asia Pacific 14%

America 22% Africa

Middle East 11%

9

Half-year results 2004

Million CHF

25.7%

1'656

Margin

1'720 1'527

Volume / price / cost 45 2.7% 7 0.4% 215 14.1% Change in structure 28 1.7% 41 2.5% 11 0.7% Forex movements -95 -5.7% -177 -10.7% -33 -2.2%

10

Half-year results 2004

EBITDA

Million CHF Margin

26.5%

1'706

-4.6%

27.0%

1'566

-8.2%

27.7%

1'752 +11.9%

11

Half-year results 2004

Operating profit

Million CHF

Margin 14.5% 15.2%

935

884

17.0% 1'071

Volume / price / cost 12 1.2% 31 3.3% 201 22.8% Change in structure -17 -1.7% 24 2.6% 8 0.9% Forex movements -57 -5.7% -106 -11.4% -22 -2.5%

12

Half-year results 2004

Operating profit by region

Million CHF

266

5 5 350

H1 2003 H1 2004

∆ H1 03/H1 04 Volume/ Change in Currency Total

price/cost structure Europe 24.0% 3.8% 3.8% 31.6% North America 117.8% 4.4% -11.1% 111.1% Latin America 2.8% 0.3% -6.5% -3.4% Africa Middle East 32.2% 2.5% 0.0% 34.7% Asia Pacific 31.3% -6.3% 0.0% 25.0% Total 22.8% 0.9% -2.5% 21.2%

13

Half-year results 2004

Before minority interests in million CHF After minority interests in million CHF

491 427

402

370

14

Half-year results 2004

602 688 14.3%

-342 -287 -16.1%

260 401 54.2%

-216 -155 -28.2%

-372 -1'104 196.8%

-260 -312 20.0%

-588 -1'170 99.0%

Cash flow f rom oper

Million CHF

12.1%

10.4%

781

10.9%

688

602

Volume / price / cost 187 30.3% -133 -17.0% 96 16.0%

Forex movements -48 -7.8% -79 -10.1% -18 -3.0%

15

Half-year results 2004

Investments to maintain productive

16

Half-year results 2004

Million CHF Full Year

2003 Cash flow from operating activities 2'619

capacity and to secure competitiveness -802

Free cash flow 1'817 Expansion investments -490

Financial investments net -442

Dividends paid -368

Financing surplus (requirement) 517

-588 -1'170 99.0%

- 1'456

6 -47

719 -436

140 -163 -216.4%

(De)Increase in cash

17

Half-year results 2004

Financial position

100.2%

9'651

9'672

87.4%

9'499

8'299

75.9%

10'623

8'061

30.06.2003 31.12.2003 30.06.2004

Equity in million CHF Net financial debt in million CHF Gearing

18

Half-year results 2004

Million CHF Full Year

2003

Financing surplus (requirement) 517

Capital paid-in 26

Movements of treasury shares net 4

(De)Increase in financing liabilities -676

Decrease in marketable securities 30

and cash equivalents -99

Strength Performance Passion.

19

Half-year results 2004

Contact information

Investor Relations

investor.relations@holcim.com

www.holcim.com/investors

Mailing list:

www.holcim.com/subscribe

Address:

Switzerland

Event calendar

May 2, 2005 First quarter results 2005 May 3, 2005 General Meeting of Shareholders May 6, 2005 Dividend payment

August 18, 2005 Half-year results 2005

20

Half-year results 2004

1.40 1.85 32.1% 39.3%

2.15 2.66 23.7% 28.4%

+/-2003 2004 in CHF in loc curr.

5'804 6'317 8.8% 9.8% 1'527 1'720 12.6% 14.8%

884 1'071 21.2% 23.6%

273 370 35.5% 42.9%

602 688 14.3% 17.3%

Strength Performance Passion.

Key financial figures

Million CHF

Group net income

Cash flow from

Cash EPS in CHF1

1 Excludes the amortization of goodwill and other intangible assets

2

Half-year results 2004

Full Year 2003

Net sales 12'600

Operating EBITDA 3'311

Operating profit 1'925

after minority interests 686

operating activities 2'619

EPS in CHF 3.51

4.96

Balance s

1 African Basket (EGP, ZAR, MAD) 2 1.02 1.00 1.04 4.0%

1 Asian Basket (AUD, NZD, THB, PHP) 2 1.03 1.00 0.98 -2.0%

Statement of income

1 African Basket (EGP, ZAR, MAD) 1 1.02 1.00 1.05 5.0%

1 Asian Basket (AUD, NZD, THB, PHP) 1 1.13 1.00 1.02 2.0%

capacity + Proportionate consolidation of Cement

Australia (integration of Queensland Cement) June 1, 2003 –

– Eternit AG, Switzerland November 10, 2003 –

+ Alpha Cement, Russia December 31, 2003 4.3 million t

+ Rohrbach Zement / – Geisingen January 1, 2004 –

+/– Various smaller companies

Major changes in the scope of consolidation

3

Half-year results 2004

1 weighted by net sales H1 2003

Half-year results 2004

Million t

H1 2004

9.4

9.9

12.4 11.7

6.9 6.2

∆ H1 03/H1 04 Volume Change in

Total structure Europe 4.0% 14.3% 18.3% North America 11.1% 0.0% 11.1% Latin America 5.3% 0.0% 5.3% Africa Middle East 9.7% 1.6% 11.3% Asia Pacific 6.0% 0.0% 6.0% Total 5.6% 4.4% 10.0%

5

Half-year results 2004

Sales volumes aggregates and ready-mix concrete

Aggregates sales in million t

Ready-mix concrete sales in million m3

48.6 42.3

+5.8%

42.9 +1.4%

+13.3%

+ 9.5% 0.0%

6

Half-year results 2004

Net sales

Million CHF

5'804

Change in structure 188 2.9% 67 1.0% 45 0.8% Forex movements -361 -5.5% -568 -8.8% -58 -1.0%

7

Half-year results 2004

+3.3%

Net sales by region

H1 2004

price structure Europe 6.2% 1.6% 3.1% 10.9% North America 11.4% 0.9% -3.8% 8.5% Latin America 9.4% 0.1% -6.7% 2.8% Africa Middle East 25.0% 2.5% 0.8% 28.3% Asia Pacific 15.5% -1.4% -1.8% 12.3% Total 9.0% 0.8% -1.0% 8.8%

8

Half-year results 2004

Sales H1 2004

Europe 36%

North

America

17%

Latin

Asia Pacific 14%

America 22% Africa

Middle East 11%

9

Half-year results 2004

Operating EBITDA

Million CHF

25.7%

1'656

Margin

1'720 1'527

Volume / price / cost 45 2.7% 7 0.4% 215 14.1%

Change in structure 28 1.7% 41 2.5% 11 0.7%

Forex movements -95 -5.7% -177 -10.7% -33 -2.2%

10

Half-year results 2004

EBITDA

26.5%

1'706

-4.6%

27.0%

1'566

-8.2%

27.7%

1'752 +11.9%

11

Half-year results 2004

Operating profit

Million CHF

Mar gin

14.5% 15.2%

935

884

17.0% 1'071

Volume / price / cost 12 1.2% 31 3.3% 201 22.8% Change in structure -17 -1.7% 24 2.6% 8 0.9% Forex movements -57 -5.7% -106 -11.4% -22 -2.5%

12

Half-year results 2004

Operating profit by region Million CHF

266

95 45

350

163

H1 2003 H1 2004

∆ H1 03/H1 04 Volume/ Change in Currency Total

price/cost structure Europe 24.0% 3.8% 3.8% 31.6% North America 117.8% 4.4% -11.1% 111.1% Latin America 2.8% 0.3% -6.5% -3.4% Africa Middle East 32.2% 2.5% 0.0% 34.7% Asia Pacific 31.3% -6.3% 0.0% 25.0% Total 22.8% 0.9% -2.5% 21.2%

13

Half-year results 2004

Before minority interests in million CHF After minority interests in million CHF

491 427

402

14

Half-year results 2004

Million CHF

12.1%

10.4%

781

10.9%

688 602

1.3%

Forex movements -48 -7.8% -79 -10.1%

-18 -3.0%

15

Half-year results 2004

Investments to maintain productive

602 688 14.3%

-342 -287 -16.1%

260 401 54.2%

-216 -155 -28.2%

-372 -1'104 196.8%

-260 -312 20.0%

-588 -1'170 99.0%

Million CHF Full Year

2003 Cash flow from operating activities 2'619

Half-year results 2004

Financing

(De)Increase in cash

17

Half-year results 2004

Financial position

100.2%

9'651

9'672

87.4%

9'499

8'299

75.9%

10'623

8'061

capacity and to secure competitiveness -802

Free cash flow 1'817 Expansion investments -490

Financial investments net -442

Dividends paid -368

Financing surplus (requirement) 517

Half-Year +/-2003 2004 -588 -1'170 99.0% - 1'456 6 -47 719 -436 3 34 140 -163 -216.4% Million CHF Full Year 2003 Financing surplus (requirement) 517

Capital paid-in 26

Movements of treasury shares net 4

(De)Increase in financing liabilities -676

Decrease in marketable securities 30

and cash equivalents -99

30.06.2003 31.12.2003 30.06.2004

Equity in million CHF Net financial debt in million CHF Gearing

18

Half-year results 2004

Contact information

Investor Relations

investor.relations@holcim.com

www.holcim.com/investors

Mailing list:

www.holcim.com/subscribe

Address:

Switzerland

Event calendar

May 2, 2005 First quarter results 2005 May 3, 2005 General Meeting of Shareholders May 6, 2005 Dividend payment

August 18, 2005 Half-year results 2005

Half-year results 2004