First quarter interim report 2010 holcim ltd strength performance passion

First Quarter Interim Report 2010 Holcim Ltd
Strength. Performance. Passion.

Key figures Group Holcim
January–March 2010 2009 ±% ±%
like-for-like
Annual cement production capacity million t 207.4 202.9
1
+2.2 +2.2
Sales of cement million t 31.0 29.7 +4.4 +3.4
Sales of mineral components million t 0.6 0.6 ––16.7
Sales of aggregates million t 29.5 25.1 +17.5 –2.8
Sales of ready-mix concrete million m
3
9.5 8.7 +9.2 –4.6
Sales of asphalt million t 1.6 1.6 ––
Net sales million CHF 4,741 4,523 +4.8 –3.3
Operating EBITDA million CHF 909 763 +19.1 +12.7
Operating EBITDA margin % 19.2 16.9
EBITDA million CHF 972 855 +13.7
Operating profit million CHF 460 343 +34.1 +27.7
Operating profit margin % 9.7 7.6
Net income million CHF 66 195 –66.2 –51.3
Net income margin % 1.4 4.3
Net (loss) income – shareholders of Holcim Ltd million CHF (68) 74 –191.9 –154.1
Cash flow from operating activities million CHF (257) (161) –59.6 –72.7
Cash flow margin % (5.4) (3.6)
Net financial debt million CHF 14,487 13,833
1
+4.7 +5.0
Total shareholders’ equity million CHF 22,756 22,044

1
+3.2
Gearing
2
% 63.7 62.8
1
Personnel 81,035 81,498
1
–0.6 –0.6
Basic earnings per share
3
CHF (0.21) 0.26 –180.8
Fully diluted earnings per share
3
CHF (0.21) 0.26 –180.8
Principal key figures in USD (illustrative)
4
Net sales million USD 4,473 3,933 +13.7
Operating EBITDA million USD 858 663 +29.4
Operating profit million USD 434 298 +45.6
Net (loss) income – shareholders of Holcim Ltd million USD (64) 64 –200.0
Cash flow from operating activities million USD (242) (140) –72.9
Net financial debt million USD 13,667 13,430
1
+1.8
Total shareholders’ equity million USD 21,468 21,402
1
+0.3
Basic earnings per share
3

USD (0.20) 0.23 –187.0
Principal key figures in EUR (illustrative)
4
Net sales million EUR 3,247 3,015 +7.7
Operating EBITDA million EUR 623 509 +22.4
Operating profit million EUR 315 229 +37.6
Net (loss) income – shareholders of Holcim Ltd million EUR (47) 49 –195.9
Cash flow from operating activities million EUR (176) (107) –64.5
Net financial debt million EUR 10,131 9,284
1
+9.1
Total shareholders’ equity million EUR 15,913 14,795
1
+7.6
Basic earnings per share
3
EUR (0.14) 0.17 –182.4
1
As of December 31,
2009.
2
Net financial debt
divided by total
shareholders’
equity.
3
EPS calculation
based on net
income attribut-
able to share-

holders of Holcim
Ltd weighted
by the average
number of shares.
Based on IAS 33,
the weighted
average number of
shares outstanding
was retrospectively
increased by 5 per-
cent to reflect the
1:20 ratio of the
stock dividend of
the previous year
and by an additional
3.6 percent to
reflect the discount
for existing share-
holders in the
previous year’s
rights issue for the
comparative period.
4
Statement of
income figures
translated at
average rate;
statement of
financial position
figures at closing

rate.
2
First Quarter 2010
The Group sold more cement, aggregates and ready-mix
concrete, achieved higher net sales and better operating
margins
March saw significant progress in terms of volumes
and operating results
Emerging markets, particularly in Asia, remained on track for
growth; however, heavy snowfall and a weak economy curbed
construction activity in Europe and North America
The consolidated result was supported by a strong presence in
the emerging markets, the expansion in Australia and rigorous
cost-cutting
The non-recurring cash-neutral tax charge in connection with
the restructuring of the Group’s interests in North America
reduced net income
3
Sh areholders’ Letter
Group Jan–March Jan–March ±% ±%
2010 2009 like-for-like*
Sales of cement in million t 31.0 29.7 +4.4 +3.4
Sales of aggregates in million t 29.5 25.1 +17.5 –2.8
Sales of ready-mix concrete in million m
3
9.5 8.7 +9.2 –4.6
Sales of asphalt in million t 1.6 1.6 ––
Net sales in million CHF 4,741 4,523 +4.8 –3.3
Operating EBITDA in million CHF 909 763 +19.1 +12.7
Net income in million CHF 66

1
195 –66.2 –51.3
Net (loss) income – shareholders of Holcim Ltd –
in million CHF (68)
1
74 –191.9 –154.1
Cash flow from operating activities in million CHF (257) (161) –59.6 –72.7
Dear Shareholder
It was a mixed picture in the global construction markets during the first quarter of 2010. While most emerging
markets continued to grow, heavy snowfall and a weak economy further restrained construction activity in
Europe and North America.
Holcim performed well and achieved organic growth. In March in particular, the Group produced significantly
better results than in 2009 and also improved its margins. There are several reasons for this:
The Group benefited from its strong presence in growth markets and primarily from brisk demand for building
materials in Asia. In India in particular, the market is booming and it is here that Holcim is engaged in the
largest number of projects to expand capacity.
A substantial contribution came from Australia. Holcim Australia is a wholly-owned subsidiary of the Group
since October 1, and Cement Australia has been fully consolidated since this date as well. Holcim Australia is
one of the continent’s leading suppliers of aggregates, ready-mix concrete and concrete elements. In the first
quarter, Australia contributed an additional operating EBITDA of CHF 37 million.
* Factoring out changes in the scope of consolidation and currency translation effects.
1
Including a non-recurring cash-neutral tax charge of CHF 182 million in connection with the restructuring of the Group’s interests in
North America.
4
First Quarter 2010
Consolidated cement sales grew by 4.4 percent to 31 million tonnes. Deliveries of aggregates and ready-mix
concrete increased substantially – by 17.5 percent to 29.5 million tonnes and 9.2 percent to 9.5 million cubic
meters respectively. The increases in volumes are largely a consequence of the new consolidation of Holcim
Australia. In the aggregates segment, several Group companies also contributed to the volume growth, includ-

ing Aggregate Industries UK as well as Group companies in Switzerland, Canada and Brazil. There was a sharp
decline in sales of aggregates in Eastern Europe. Nearly half of the Group companies managed to increase their
sales of ready-mix concrete. However, Europe in particular saw a decline in the concrete business. Overall, price
levels remained stable, with few exceptions.
Consolidated net sales increased by 4.8 percent to CHF 4.7 billion, mainly as a result of acquisitions, and
operating EBITDA rose by 19.1 percent to CHF 909 million. The related margin increased by 2.3 percentage
points to 19.2 percent. Holcim made improvements in the regions Europe, North America and Africa Middle
East. As expected, in Group region Asia Pacific, average operating EBITDA margin decreased because Holcim
Australia does not operate in the high-margin cement segment. Like-for-like operating EBITDA margin in this
region improved. Internal operating EBITDA growth of the Group came to an impressive 12.7 percent. The ongoing
cost-cutting program had a positive impact on the quarterly financial statement. As in the previous year’s
quarter, cash flow from operating activities was negative at CHF –257 million due to seasonal factors.
Net income declined 66.2 percent to CHF 66 million, and the share attributable to shareholders of Holcim Ltd
decreased by 191.9 percent to CHF –68 million. The lower earnings primarily reflect the non-recurring cash-
neutral tax charge of CHF 182 million which had already been announced in connection with the restructuring
of the Group’s interests in North America. Without this restructuring, net income would have increased by
27.2 percent.
Hard winter and slack demand in Europe
Large parts of Europe were affected by cold temperatures and heavy snowfall until mid-March. This compro-
mised construction activity in many markets, and particularly in the UK and Southern and Eastern Europe,
including Russia, the impact was compounded by weak conditions in the construction sector.
Europe Jan–March Jan–March ±% ±%
2010 2009 like-for-like*
Sales of cement in million t 4.3 5.1 –15.7 –17.6
Sales of aggregates in million t 15.7 16.2 –3.1 –3.1
Sales of ready-mix concrete in million m
3
3.1 3.7 –16.2 –16.2
Sales of asphalt in million t 1.4 1.3 +7.7 +7.7
Net sales in million CHF 1,334 1,511 –11.7 –11.7

Operating EBITDA in million CHF 137 119 +15.1 +14.3
* Factoring out changes in the scope of consolidation and currency translation effects.
5
Sh areholders’ Letter
Despite the sluggish start to the year, Aggregate Industries UK saw sales of aggregates increase in comparison
with the previous year. However, sales of ready-mix concrete declined.
In France, Holcim sold more cement, while deliveries decreased in Belgium. Shipments of aggregates decreased,
and sales of ready-mix concrete remained stable. The acquisition of a terminal near Nantes enabled Holcim to
strengthen its market presence in Western France. Holcim Germany saw a decrease in shipments across all seg-
ments. The shortage of new construction projects was a factor here. The trend of business was more positive
for the sister company in Southern Germany, and in Switzerland, the order situation in the construction sector
remained solid. Deliveries of cement, aggregates and ready-mix concrete increased.
The market in Southern Europe remained difficult. At least, major infrastructure projects in the Greater Milan
area led to a rise in deliveries of ready-mix concrete. Holcim Spain continued to see declining volumes in all
regions and product groups. Based on a new partnership, Corporación Turia’s grinding station near Valencia will
be supplied in the future with clinker by Holcim Spain.
In Eastern and Southeastern Europe, the winter months were marked by prolonged periods of frost and a
pronounced mood of caution in the construction sector. Despite an improvement in demand toward the end
of the quarter, this only compensated for the delivery cancellations to a limited extent. The pressure on prices
persisted. Thanks to two major projects, Slovakia reported volume growth in the cement segment, but the
other Group companies were unable to match the previous year’s quarter, with Bulgaria, Romania, Serbia and
Croatia seeing the highest percentage declines in volumes. Although major transport projects are underway,
there was also a marked decline in volumes of aggregates and ready-mix concrete.
While construction activity was muted in Russia, cement sales of Alpha Cement gained some support from
moderate construction activity in Moscow. Yet, the volumes shipped were down on the previous year’s quarter.
In Azerbaijan, demand for construction materials was significantly better. Despite import pressure, the cement
deliveries of Garadagh Cement were up on the previous year.
On a consolidated basis, cement sales in Europe declined by 15.7 percent to 4.3 million tonnes. Deliveries of
aggregates fell by 3.1 percent to 15.7 million tonnes, and sales of ready-mix concrete declined by 16.2 percent
to 3.1 million cubic meters. Asphalt deliveries increased by 7.7 percent to 1.4 million tonnes.

Operating EBITDA of Group region Europe increased by 15.1 percent to CHF 137 million. The consolidated result
includes CHF 65 million from the sale of CO2 emission certificates. After factoring out this additional income,
European Group companies fared worse overall than the previous year. The systematic continuation of cost-
cutting programs had a positive impact. Internal operating EBITDA growth reached 14.3 percent.
6
First Quarter 2010
North America – difficult market environment particularly in the US
While the US construction sector made no significant progress, the situation in Canada was better with
positive weather impact. Here, cement consumption in the first quarter was up on the previous year almost
everywhere – particularly in the provinces of Ontario and Quebec, which are especially important for Holcim.
North America Jan–March Jan–March ±% ±%
2010 2009 like-for-like*
Sales of cement in million t 1.7 1.8 –5.6 –5.6
Sales of aggregates in million t 4.4 4.5 –2.2 –2.2
Sales of ready-mix concrete in million m
3
0.9 0.8 +12.5 +12.5
Sales of asphalt in million t 0.2 0.3 –33.3 –33.3
Net sales in million CHF 454 517 –12.2 –10.6
Operating EBITDA in million CHF (29) (54) +46.3 +40.7
Holcim US posted weak cement sales in all sales regions, with construction activity hampered by heavy
snowfall in the north east of the country and prolonged rain in Texas.
Aggregate Industries US was also affected by the unfavorable weather conditions for construction. An addi-
tional factor was the general shortage of private construction projects, particularly in the commercial sector.
This reduced sales of aggregates, ready-mix concrete and asphalt.
Holcim Canada sold significantly more cement, aggregates and ready-mix concrete. Due to the Canadian
government’s stimulus programs, the construction sector shows increased signs of recovery.
Cement shipments in Group region North America fell by 5.6 percent to 1.7 million tonnes, and deliveries of
aggregates also decreased by 2.2 percent to 4.4 million tonnes. Sales of ready-mix concrete rose by 12.5 percent
to 0.9 million cubic meters.

The operating EBITDA of Group region North America remained negative at CHF –29 million; however, compared
with the first quarter of 2009, all Group companies improved their result, especially as a result of better
business conditions in March. Systematically implemented cost-cutting programs and lower production costs
due to the new cement plant Ste. Genevieve also contributed to the result. Internal operating EBITDA growth
reached 40.7 percent.
* Factoring out changes in the scope of consolidation and currency translation effects.
7
Sh areholders’ Letter
Unequal demand development in Latin America
In Latin America, developments in the construction sector differed from region to region. Whereas Mexico
and the Central American countries were under pressure, most South American countries benefited from
a solid economy and high demand for building materials. Especially in Brazil, demand on the construction
markets continued to rise.
Latin America Jan–March Jan–March ±% ±%
2010 2009 like-for-like*
Sales of cement in million t 5.5 5.5 ––
Sales of aggregates in million t 2.8 2.9 –3.4 –3.4
Sales of ready-mix concrete in million m
3
2.4 2.4 ––
Net sales in million CHF 822 820 +0.2 –1.3
Operating EBITDA in million CHF 248 253 –2.0 –2.4
Holcim Apasco in Mexico felt the impact of restrained investment in the private and public sectors. The start-up
of many projects was delayed which resulted in a decline in domestic cement sales. Moreover, there were
virtually no export opportunities. However, shipments of aggregates and ready-mix concrete increased. Work
on the new cement plant in Hermosillo continued according to plan. The plant, which will have an annual
capacity of 1.6 million tonnes, is due to start producing cement in the second half of the year.
El Salvador’s construction sector was, on top of the crisis, depressed by an increasingly difficult access to credit
which limited the cement sales of Holcim El Salvador. Clinker exports to neighboring countries came to a halt.
Progress on the Pirris dam project enabled Holcim Costa Rica to increase its cement volumes. However, after

February’s presidential elections, the construction sector lacked essential stimuli.
Holcim Colombia was able to increase its cement deliveries in a fiercely competitive market, but saw a decline
in sales of aggregates and ready-mix concrete. Rapid progress was made on the expansion of cement grinding
capacity at the Nobsa plant. Holcim Ecuador sold slightly less cement than the previous year. Delays in road
building projects led to temporary declines in volumes of aggregates and ready-mix concrete.
In Brazil, Holcim significantly increased its sales of cement and aggregates, mainly because of higher demand
for building materials in the infrastructure sector. Sales of ready-mix concrete were also higher. At Minetti in
Argentina, the positive trend in deliveries of cement and ready-mix concrete continued, while in Chile, sales at
Cemento Polpaico suffered a temporary setback in the wake of the major earthquake there with heavy damage
to the country’s transport infrastructure. The production facilities largely escaped without damage and the
employees are all well. The Group company will do its utmost to provide its customers and markets with the
best possible service as the reconstruction process gets underway.
Cement deliveries in Group region Latin America remained stable at 5.5 million tonnes. Sales of aggregates
decreased 3.4 percent to 2.8 million tonnes. In ready-mix concrete, volumes equalized previous year’s 2.4 million
cubic meters.
* Factoring out changes in the scope of consolidation and currency translation effects.
8
First Quarter 2010
Operating EBITDA of Group region Latin America decreased by 2 percent to CHF 248 million. The improved
results from Brazil and Argentina virtually cancelled out the decline in Mexico and the Central American
markets. Thanks to the efforts made on the cost front and a predominantly stable price level, internal operating
EBITDA development was only slightly negative at –2.4 percent.
The arbitration proceedings in connection with the nationalization of Holcim Venezuela are still pending
before the International Centre for Settlement of Investment Disputes (ICSID) in Washington D.C.
Group region Africa Middle East holding up well
The markets supplied by Holcim in this region have held up well. In Morocco and Lebanon in particular, the
construction sector benefited from brisk investment activity.
Africa Middle East Jan–March Jan–March ±% ±%
2010 2009 like-for-like*
Sales of cement in million t 2.1 2.1 – +14.3

Sales of aggregates in million t 0.5 0.4 +25.0 +25.0
Sales of ready-mix concrete in million m
3
0.2 0.2 ––
Net sales in million CHF 272 296 –8.1 +9.5
Operating EBITDA in million CHF 91 78 +16.7 +28.2
In Morocco, high demand for building materials for infrastructure projects and residential construction led to
good capacity utilization levels in the construction sector. Holcim sold more cement and increased its sales of
aggregates, despite a stagnating general market. Deliveries of ready-mix concrete declined.
In Lebanon, there was particularly brisk private house building activity, and Holcim Lebanon sold more cement
and ready-mix concrete. The Group company largely discontinued exports of cement in response to strong
domestic demand.
The West African group of countries, managed by Holcim Trading, maintained its position in a challenging
economic and political environment. The market conditions for the Group companies in the Indian Ocean region
were mixed, with sales in line with the previous year in Madagascar but declining in La Réunion due to weak
investment activity.
In Group region Africa Middle East, both cement sales of 2.1 million tonnes and sales of ready-mix concrete of
0.2 million cubic meters were stable. Deliveries of aggregates increased by 25 percent to 0.5 million tonnes due
to the additional production volumes in Morocco.
Group region Africa Middle East’s operating EBITDA rose by 16.7 percent to CHF 91 million. Apart from Holcim
Outre-Mer, all Group companies posted better results, reflecting a stable price situation and the successful
commissioning of two grinding stations in the Gulf region. At 28.2 percent, internal operating EBITDA growth
was also positive.
* Factoring out changes in the scope of consolidation and currency translation effects.
9
Sh areholders’ Letter
Dynamic construction sector in Asia Pacific
Group region Asia Pacific got off to a flying start at the beginning of the year, with virtually all Group companies
increasing their deliveries. In India in particular, the drive to make progress on infrastructure projects and rural
housing boosted demand for building materials. The construction sector also remained on track for growth in

Vietnam, the Philippines and Indonesia.
Asia Pacific Jan–March Jan–March ±% ±%
2010 2009 like-for-like*
Sales of cement in million t 18.2 16.8 +8.3 +5.4
Sales of aggregates in million t 6.1 1.1 +454.5 –9.1
Sales of ready-mix concrete in million m
3
2.9 1.6 +81.3 +6.2
Net sales in million CHF 2,004 1,519 +31.9 +5.1
Operating EBITDA in million CHF 507 419 +21.0 +8.4
In India, ACC saw a temporary dip in cement shipments owing to production bottlenecks, limited rail freight
capacity and a shortage of granulated blast furnace slag. By contrast, Ambuja Cements increased its domestic
sales significantly. In the first quarter of 2010, new cement and clinker grinding capacity was commissioned at
three production sites and more new capacity will be added during the course of the year. This means that the
Indian companies are ideally equipped for the predicted market growth.
The cement shipments of Holcim Lanka benefited from pre-election government investment and reached
double-digit growth rates, as did the shipments of Holcim Bangladesh. Cement sales also increased in Malaysia
and Thailand. Siam City Cement was able to export more cement to neighboring countries as well. Holcim
Vietnam sold larger volumes of cement and ready-mix concrete despite the emergence of new competitors.
In Singapore, Holcim increased its stake in Jurong Cement, which operates in the city state’s ready-mix concrete
sector, to 88 percent.
The Group companies in the Philippines and Indonesia significantly increased their domestic sales and had to
reduce exports of clinker and cement. Whereas in the Philippines government infrastructure investment ahead
of elections was strong, in Indonesia an increase in demand for building materials was driven by the favorable
regional economic climate.
Cement Australia’s shipments of cement were adversely affected by heavy rains, particularly in Queensland,
and sales volumes declined as a result. The volumes of aggregates and ready-mix concrete of Holcim Australia,
which has been fully consolidated since October 2009, developed in line with expectations.
Cement shipments in Group region Asia Pacific climbed by 8.3 percent to 18.2 million tonnes. Almost all Group
companies played a part in this increase in volumes. The sales of Cement Australia were also fully consolidated.

In the first quarter of 2009, they had only been 50 percent consolidated. Sales of aggregates increased by
454.5 percent to 6.1 million tonnes, and ready-mix concrete sales rose by 81.3 percent to 2.9 million cubic meters.
These marked rates of increase are explained by the acquisition of Holcim Australia as of October 1, 2009.
* Factoring out changes in the scope of consolidation and currency translation effects.
10
First Quarter 2010
Rolf Soiron Markus Akermann
Chairman of the Board of Directors Chief Executive Officer
May 4, 2010
Operating EBITDA of Group region Asia Pacific increased by 21 percent to CHF 507 million. The internal operating
EBITDA growth was at 8.4 percent.
Outlook
The market trend in Group regions Europe and North America remains uncertain. Only over the coming months
will it become clear whether the weak demand in the first quarter of 2010 was due more to the hard winter
or to the generally adverse economic conditions. However, in Latin America and Group region Africa Middle
East, Holcim expects business to develop on a stable footing. Asia Pacific will remain on track for growth.
In Asia, Latin America and Russia, Holcim will commission cement and grinding plants with an annual capacity
of around 8 million tonnes before the end of the year.
In 2010, the Group will benefit from the cost advantages gained last year and further strengthen the efficiency
of its processes and competitiveness.
11
Consolidated Fi nancial Statements
Consolidated statement of income of Group Holcim
January–March Notes 2010 2009 ±%
Million CHF Unaudited Unaudited
Net sales 5 4,741 4,523 +4.8
Production cost of goods sold (2,730) (2,733)
Gross profit 2,011 1,790 +12.3
Distribution and selling expenses (1,193) (1,088)
Administration expenses (358) (359)

Operating profit 460 343 +34.1
Other income 7 14 18
Share of profit of associates 45 56
Financial income 8 20 42
Financial expenses 9 (222) (192)
Net income before taxes 317 267 +18.7
Income taxes 10 (251) (72)
Net income 66 195 –66.2
Attributable to:
Shareholders of Holcim Ltd (68) 74 –191.9
Minority interests 134 121 +10.7
Earnings per share in CHF
Basic earnings per share
1
(0.21) 0.26 –180.8
Fully diluted earnings per share
1
(0.21) 0.26 –180.8
Million CHF
Operating EBITDA
2
6 909 763 +19.1
EBITDA
3
972 855 +13.7
1
EPS calculation based on net income attributable to shareholders of Holcim Ltd weighted by the average number of shares. Based on IAS 33, the weighted
average number of shares outstanding was retrospectively increased by 5 percent to reflect the 1:20 ratio of the stock dividend of the previous year
and by an additional 3.6 percent to reflect the discount for existing shareholders in the previous year’s rights issue for the comparative period.
2

Operating profit CHF 460 million (2009: 343) before depreciation, amortization and impairment of operating assets CHF 449 million (2009: 420).
3
Net income CHF 66 million (2009: 195) before interest earned on cash and marketable securities CHF 17 million (2009: 25), financial expenses
CHF 222 million (2009: 192), income taxes CHF 251 million (2009: 72) and depreciation, amortization and impairment CHF 450 million (2009: 421).
12
First Quarter 2010
Consolidated statement of comprehensive earnings of Group Holcim
January–March 2010 2009
Million CHF Unaudited Unaudited
Net income 66 195
Other comprehensive earnings
Currency translation effects 640 856
– Tax expense (1)
Available-for-sale securities
– Change in fair value (1) (24)
– Realized gain through statement of income (1)
– Tax expense
Cash flow hedges
– Change in fair value 3 (4)
– Realized gain through statement of income
– Tax expense
Net investment hedges
– Change in fair value
– Tax expense
Total other comprehensive earnings 641 827
Total comprehensive earnings 707 1,022
Attributable to:
Shareholders of Holcim Ltd 428 804
Minority interests 279 218
13

Consolidated statement of financial position of Group Holcim
Million CHF 31.3.2010 31.12.2009 31.3.2009
Unaudited Audited Unaudited
Cash and cash equivalents 3,809 4,474 4,155
Marketable securities 37 33 5
Accounts receivable 3,748 3,401 3,385
Inventories 2,259 2,162 2,515
Prepaid expenses and other current assets 547 493 469
Assets classified as held for sale 234 234 405
Total current assets 10,634 10,797 10,934
Long-term financial assets 670 677 701
Investments in associates 1,571 1,529 1,436
Property, plant and equipment 25,895 25,493 24,428
Intangible assets 10,185 9,983 9,757
Deferred tax assets 245 412 335
Other long-term assets 335 315 332
1
Total long-term assets 38,901 38,409 36,989
Total assets 49,535 49,206 47,923
Trade accounts payable 1,971 2,223 2,032
Current financial liabilities 4,622 4,453 5,923
Current income tax liabilites 473 531 294
Other current liabilities 1,806 1,821 1,744
Short-term provisions 229 252 205
Liabilities directly associated with assets classified as held for sale 0057
Total current liabilities 9,101 9,280 10,255
Long-term financial liabilities 13,674 13,854 14,890
Defined benefit obligations 378 376 364
Deferred tax liabilities 2,352 2,389 2,231
Long-term provisions 1,274 1,263 1,228

Total long-term liabilities 17,678 17,882 18,713
Total liabilities 26,779 27,162 28,968
Share capital 654 654 527
Capital surplus 9,367 9,368 6,868
Treasury shares (471) (455) (406)
Reserves 9,896 9,466 9,158
Total equity attributable to shareholders of Holcim Ltd 19,446 19,033 16,147
Minority interests 3,310 3,011 2,808
Total shareholders’ equity 22,756 22,044 18,955
Total liabilities and shareholders’ equity 49,535 49,206 47,923
Consolidated Fi nancial Statements
1
Reclassified from intangibles and other assets.
14
First Quarter 2010
Statement of changes in consolidated equity of Group Holcim
Million CHF Share Capital Treasury Retained
capital surplus shares earnings
Equity as at January 1, 2009 527 6,870 (401) 14,178
Share capital increase
Dividends
Change in treasury shares (12) (8)
Share-based remuneration (2) 7
Capital paid-in by minority interests
Change in participation in existing Group companies
Total comprehensive earnings 74
Equity as at March 31, 2009 (unaudited) 527 6,868 (406) 14,244
Equity as at January 1, 2010 654 9,368 (455) 15,019
Share capital increase
Dividends

Change in treasury shares (19) 2
Share-based remuneration (1) 3
Capital paid-in by minority interests
Change in participation in existing Group companies 2
Total comprehensive earnings (68)
Equity as at March 31, 2010 (unaudited) 654 9,367 (471) 14,955
15
Consolidated Fi nancial Statements
Available-for-sale Cash flow Currency Total Total equity Minority Total
equity reserve hedging translation reserves attributable to interests shareholders’
reserve effects shareholders equity
of Holcim Ltd
(3) 17 (5,830) 8,362 15,358 2,616 17,974
(23) (23)
(8) (20) (20)
55
(3) (3)
(25) (4) 759 804 804 218 1,022
(28) 13 (5,071) 9,158 16,147 2,808 18,955
(2) (2) (5,549) 9,466 19,033 3,011 22,044
(7) (7)
2 (17) (17)
22
19 19
(2) 88
(1) 3 494 428 428 279 707
(3) 1 (5,057) 9,896 19,446 3,310 22,756
16
First Quarter 2010
Consolidated statement of cash flows of Group Holcim

January–March Notes 2010 2009 ±%
Million CHF Unaudited Unaudited
Net income before taxes 317 267 +18.7
Other income (14) (18)
Share of profit of associates (45) (56)
Financial expenses net 8, 9 202 150
Operating profit 460 343 +34.1
Depreciation, amortization and impairment of operating assets 449 420
Other non-cash items 32 10
Change in net working capital (775) (638)
Cash generated from operations 166 135 +23.0
Dividends received 82
Interest received 37 51
Interest paid (223) (150)
Income taxes paid (241) (197)
Other expenses (4) (2)
Cash flow from operating activities (A) (257) (161) –59.6
Purchase of property, plant and equipment (333) (601)
Disposal of property, plant and equipment 26 57
Acquisition of participation in Group companies (60) (43)
Purchase of financial assets, intangible and other assets
1
(76) (367)
Disposal of financial assets, intangible and other assets
1
66 77
Cash flow used in investing activities (B) (377) (877) +57.0
Dividends paid to minority interests (14) (9)
Capital paid-in by minority interests 19 0
Movements of treasury shares (17) (20)

Proceeds from current financial liabilities 1,018 1,777
Repayment of current financial liabilities (904) (2,179)
Proceeds from long-term financial liabilities 307 2,530
Repayment of long-term financial liabilities (537) (817)
Increase in participation in existing Group companies
1
(31) (120)
Decrease in participation in existing Group companies
1
30 0
Cash flow (used in) from financing activities (C) (129) 1,162 –111.1
(De)Increase in cash and cash equivalents (A+B+C) (763) 124
Cash and cash equivalents as at January 1 4,261 3,611
(De)Increase in cash and cash equivalents (763) 124
Currency translation effects 70 113
Cash and cash equivalents as at March 31 (net)
2
3,568 3,848
1
Based on an amendment in IAS 7, cash flows arising from changes in ownership interests in a subsidiary that do not result in a loss of control are classified
as cash flows from financing activities, and is to be applied retrospectively.
2
Cash and cash equivalents at the end of the period include bank overdrafts of CHF 241 million (2009: 312), disclosed in current financial liabilities,
and CHF 0 million (2009: 5), disclosed in assets classified as held for sale.
17
1 Basis of preparation
The unaudited consolidated first quarter interim financial
statements (hereafter “interim financial statements”) are pre-
pared in accordance with IAS 34 In terim Financial Reporting.
The accounting policies used in the preparation and presenta-

tion of the interim financial statements are consistent with
those used in the consolidated financial statements for the
year ended December 31, 2009 (hereafter “annual financial
statements”) except for the adoption as of January 1, 2010 of
IAS 27 (revised) Consolidated and Separate Finan cial Statements,
IFRS 3 (revised) Business Combination s and IFRS 2 (amended)
S hare-based Payment. According to IAS 27 (revised), changes in
the ownership interest of a subsidiary that do not result in a
loss of control will now be accounted for as an equity trans-
action. The amendment to IFRS 3 (revised) introduces several
changes such as the choice to measure a minority interest in
the acquiree either at fair value or at its proportionate interest
in the acquiree’s identifiable net assets, the accounting for
step acquisitions requiring the remeasurement of a previously
held interest to fair value through profit or loss as well as the
expensing of acquisition costs directly to the income statement.
The effect of applying IFRS 2 (amended) clarifying the account-
ing of group cash-settled shared-based payment transactions
has no impact on the Group. The interim financial statements
should be read in conjunction with the annual financial
statements as they provide an update of previously reported
information.
The preparation of interim financial statements requires man-
agement to make estimates and assumptions that affect the
reported amounts of revenues, expenses, assets, liabilities and
disclosure of contingent liabilities at the date of the interim
financial statements. If in the future such estimates and
assumptions, which are based on management’s best judg-
ment at the date of the interim financial statements, deviate
from the actual circumstances, the original estimates and

assumptions will be modified as appropriate during the period
in which the circumstances change.
N otes to the C onsolidated Financial Sta tements
2 Changes in the scope of consolidation
On October 1, 2009, Holcim acquired 100 percent of the share
capital of Holcim Australia (formerly Cemex Australia), including
its 25 percent interest in Cement Australia.
As a result of the acquisition of Holcim Australia, Holcim’s
interest in Cement Australia increased from 50 percent to
75 percent. Until September 30, 2009, Holcim accounted for
Cement Australia as a joint venture and proportionately
consolidated its 50 percent interest. As from October 1, 2009,
Cement Australia has been fully consolidated.
The identifiable assets and liabilities arising from the acquisition
are as follows:
Assets and liabilities arising from the acquisition
of Holcim Australia and Cement Australia (consolidated)
Million CHF Fair Carrying
value amount
1
Current assets 648 648
Property, plant and equipment 1,852 1,635
Other assets 227 304
Short-term liabilities (492) (479)
Long-term provisions (238) (148)
Other long-term liabilities (372) (383)
Net assets 1,625 1,577
Previously held net assets
of Cement Australia (50 percent) (201)
Minority interest in Cement Australia

(25 percent) (100)
Net assets acquired 1,324
Total purchase consideration (cash) 1,725
Fair value of net assets acquired (1,324)
Goodwill 401
1
Excluding goodwill previously included in the accounts of Cement Australia.
The amounts disclosed above were determined provisionally.
Further adjustments may be made to the fair values assigned
to the identifiable assets acquired and liabilities assumed up to
twelve months from the date of acquisition.
18
First Quarter 2010
3 Seasonality
Demand for cement, aggregates and other construction mate-
rials and services is seasonal because climatic conditions affect
the level of activity in the construction sector.
Holcim usually experiences a reduction in sales during the
first and fourth quarters reflecting the effect of the winter
season in its principal markets in Europe and North America
and tends to see an increase in sales in the second and
third quarters reflecting the effect of the summer season.
This effect can be particularly pronounced in harsh winters.
The total goodwill arising from this transaction is CHF 401 mil-
lion of which CHF 98 million had been previously recognized
in the accounts of the former joint venture Cement Australia.
The goodwill is attributable to the favorable presence that
both Holcim Australia and Cement Australia enjoy in Australia,
including the good location and strategic importance of mineral
reserves.

Holcim Australia and Cement Australia (50 percent) contributed
net income of CHF 40 million to the Group for the period from
October 1, 2009 to December 31, 2009. If the acquisition had
occurred on January 1, 2009, Group net sales and net income for
the year 2009 would have been CHF 1,268 million and CHF 123
million higher respectively.
On April 1, 2009, United Cement Company of Nigeria Ltd was
deconsolidated as joint control ceased and recognized as an
investment in associate as a result of retaining significant
influence. The impact of the above resulted in Group Holcim
derecognizing its proportionate interest of total assets and
liabilities amounting to CHF 476 million and CHF 533 million
respectively and the recognition of an investment in an asso-
ciate at zero cost.
19
N otes to the C onsolidated Financial Sta tements
4 Information by reportable segment
Information Europe North Latin Africa Asia Corporate/ Total
by region America America Middle East Pacific Eliminations Group
January–March (unaudited) 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009
Capacity and sales
Million t
Annual production capacity
cement
1
49.4
49.4 20.6 20.6 31.0 31.0 11.2 11.2 95.2 90.7 207.4 202.9
Sales of cement 4.3 5.1 1.7 1.8 5.5 5.5 2.1 2.1 18.2 16.8 (0.8) (1.6) 31.0 29.7
– of which mature markets
3.0 3.4 1.7 1.8 1.1 0.7 (0.1) (0.1) 5.7 5.8

– of which emerging markets
1.3 1.7 5.5 5.5 2.1 2.1 17.1 16.1 (0.7) (1.5) 25.3 23.9
Sales of mineral components 0.2 0.3 0.2 0.2 0.2 0.1 0.6 0.6
Sales of aggregates 15.7 16.2 4.4 4.5 2.8 2.9 0.5 0.4 6.1 1.1 29.5 25.1
– of which mature markets
14.7 14.8 4.4 4.5 5.5 0.3 24.6 19.6
– of which emerging markets
1.0 1.4 2.8 2.9 0.5 0.4 0.6 0.8 4.9 5.5
Sales of asphalt 1.4 1.3 0.2 0.3 1.6 1.6
Million m
3
Sales of ready-mix concrete 3.1 3.7 0.9 0.8 2.4 2.4 0.2 0.2 2.9 1.6 9.5 8.7
– of which mature markets
2.9 3.2 0.9 0.8 1.3 0.1 5.1 4.1
– of which emerging markets
0.2 0.5 2.4 2.4 0.2 0.2 1.6 1.5 4.4 4.6
Statement of income and
statement of financial position
Million CHF
Net sales to external customers 1,305 1,495 454 517 822 815 272 294 1,888 1,402 4,741 4,523
Net sales to other segments 29 16 52116 117 (145) (140)
Total net sales 1,334 1,511 454 517 822 820 272 296 2,004 1,519 (145) (140) 4,741 4,523
– of which mature markets
1,171 1,268 454 517 525 125 (64) (57) 2,086 1,853
– of which emerging markets
163 243 822 820 272 296 1,479 1,394 (81) (83) 2,655 2,670
Operating EBITDA
2
137 119 (29) (54) 248 253 91 78 507 419 (45) (52) 909 763
– of which mature markets

101 69 (29) (54) 70 21 (7) (2) 135 34
– of which emerging markets
36 50 248 253 91 78 437 398 (38) (50) 774 729
Operating EBITDA margin in
% 10.3 7.9 (6.4) (10.4) 30.2 30.9 33.5 26.4 25.3 27.6 19.2 16.9
Operating (loss) profit (12) (56) (114) (128) 196 205 78 64 367 316 (55) (58) 460 343
Operating profit margin in % (0.9) (3.7) (25.1) (24.8) 23.8 25.0 28.7 21.6 18.3 20.8 9.7 7.6
Net operating assets
1
10,643 10,551 7,874 7,532 4,044 3,844 830 842 10,342 9,331 240 275 33,973 32,375
Total assets
1
16,553 16,430 9,043 9,240 5,903 5,561 1,418 1,407 15,325 14,434 1,293 2,134 49,535 49,206
1
Prior-year figures as of December 31, 2009.
2
Operating profit before depreciation, amortization and impairment of operating assets.
20
First Quarter 2010
Information Cement
1
Aggregates Other Corporate/ Total
by product line construction Eliminations Group
materials
and services
J
anuary–March (unaudited)
2010 2009 2010 2009 2010 2009 2010 2009 2010 2009
Statement of income
and statement of financial position

Million CHF
N
et sales to external customers 2,906 2,898 307 246 1,528 1,379 4,741 4,523
N
et sales to other segments 281 247 201 132 130 87 (612) (466)
Total net sales
3,187 3,145 508 378 1,658 1,466 (612) (466) 4,741 4,523
Operating EBITDA
2
884 770 54 22 (29) (29) 909 763
Operating EBITDA margin in
% 27.7 24.5 10.6 5.8 (1.7) (2.0) 19.2 16.9
Net operating assets
3
22,303 20,944 6,706 6,723 4,964 4,708 33,973 32,375
1
Cement, clinker and other cementitious materials.
2
Operating profit before depreciation, amortization and impairment of operating assets.
3
Prior-year figures as of December 31, 2009.
7 Other income
January–March 2010 2009
Million CHF
Dividends earned 11
Other ordinary income 14 18
Depreciation, amortization and impairment of non-operating assets (1) (1)
Total 14 18
6 Change in consolidated operating EBITDA
January–March 2010 2009

Million CHF
Volume, price and cost 97 (265)
Change in structure 36 (31)
Currency translation effects 13 (92)
Total 146 (388)
5 Change in consolidated net sales
January–March 2010 2009
Million CHF
Volume and price (151) (471)
Change in structure 283 (32)
Currency translation effects 86 (483)
Total 218 (986)
8 Financial income
January–March 2010 2009
Million CHF
Interest earned on cash and marketable securities 17 25
Other financial income 3 17
Total 20 42
The position “other financial income” relates primarily to
interest income from loans and receivables.
21
N otes to the C onsolidated Financial Sta tements
22
First Quarter 2010
9 Financial expenses
January–March 2010 2009
Million CHF
Interest expenses (204) (179)
Amortization on bonds and private placements (3) (1)
Unwinding of discount on provisions (6) (6)

Other financial expenses (20) (19)
Foreign exchange loss net (2) (23)
Financial expenses capitalized 13 36
Total (222) (192)
11 Contingencies and commitments
There have been no significant changes for contingencies and
commitments.
12 Events after the reporting period
There were no significant events after the reporting period.
10 Income taxes
As a last restructuring step following the buyout of the minority
interests in Holcim (Canada) Inc., Holcim (US) Inc. transferred
its entire stake in Holcim (Canada) Inc. to its parent company
Holcim Ltd. As a consequence, Holcim (US) Inc. realized a capital
gain in the amount of CHF 518 million, which is eliminated in
the Group’s consolidated accounts. The non-recurring tax
charge of CHF 182 million on the capital gain appears in the
first quarter 2010 consolidated statement of income under
deferred taxes. However, this charge is cash-neutral as it is
fully offset by tax losses carried forward.
The positions “Interest expenses” and “Other financial expenses”
relate primarily to financial liabilities measured at amortized cost.
The position “Financial expenses capitalized” comprises interest
expenditures on large-scale projects during the reporting period.
23
N otes to the C onsolidated Financial Sta tements
Holcim securities
The Holcim shares (security code number 1221405) are listed
on the SIX Swiss Exchange and traded on the Main Standard
of SIX Swiss Exchange. Telekurs lists the registered share under

HOLN. The corresponding code under Bloomberg is HOLN VX,
while Thomson Reuters uses the abbreviation HOLN.VX. Every
share carries one vote. The market capitalization of Holcim Ltd
amounted to CHF 25.7 billion at March 31, 2010.
Cautionary statement regarding forward-looking statements
This document may contain certain forward-looking state-
ments relating to the Group’s future business, development
and economic performance.
Such statements may be subject to a number of risks, uncer-
tainties and other important factors, such as but not limited
to (1) competitive pressures; (2) legislative and regulatory
developments; (3) global, macroeconomic and political trends;
(4) fluctuations in currency exchange rates and general finan-
cial market conditions; (5) delay or inability in obtaining
approvals from authorities; (6) technical developments; (7) liti-
gation; (8) adverse publicity and news coverage, which could
cause actual development and results to differ materially from
the statements made in this document.
Holcim assumes no obligation to update or alter forward-
looking statements whether as a result of new information,
future events or otherwise.
Financial reporting calendar
General meeting of shareholders May 6, 2010
Ex date May 10, 2010
Dividend distribution May 14, 2010
Half-year results for 2010 August 19, 2010
Press and analyst conference for the third quarter 2010 November 10, 2010
Press and analyst conference on annual results for 2010 March 2, 2011
Results for the first quarter 2011 May 4, 2011
General meeting of shareholders May 5, 2011

13 Principal exchange rates
Statement of income Statement of financial position
Average exchange rates in CHF Jan–March Closing exchange rates in CHF
2010 2009 ±% 31.3.2010 31.12.2009 31.3.2009
1 EUR 1.46 1.50 –2.7 1.43 1.49 1.52
1 GBP 1.65 1.65 – 1.60 1.66 1.63
1 USD 1.06 1.15 –7.8 1.06 1.03 1.14
1 CAD 1.02 0.92 +10.9 1.04 0.98 0.91
100 MXN 8.32 7.98 +4.3 8.57 7.88 8.01
100 INR 2.31 2.31 – 2.36 2.21 2.24
100 THB 3.21 3.24 –0.9 3.25 3.08 3.20
1 000 IDR 0.12 0.10 +20.0 0.12 0.11 0.10
100 PHP 2.31 2.41 –4.1 2.34 2.23 2.36
1 AUD 0.96 0.76 +26.3 0.97 0.93 0.79