holcim strength performance passion third quarter interim report 2011 holcim ltd

Third Quarter Interim Report 2011 Holcim Ltd
Strength. Performance. Passion.

1
As of December 31,
2010.
2
Net financial debt
divided by total
shareholders’ equity.
3
EPS calculation based
on net income
attributable to
shareholders of
Holcim Ltd weighted
by the average
number of shares.
4
Statement of income
figures translated at
average rate;
statement of
financial position
figures at closing
rate.
Key figures Group Holcim
January–September 2011 2010 ±% ±%
like-for-
like
Annual cement production capacity million t 215.2 211.5

1
+1.8 +1.8
Sales of cement million t 108.1 102.8 +5.2 +5.2
Sales of mineral components million t 3.8 3.1 +22.9 +22.9
Sales of aggregates million t 130.4 118.8 +9.8 +5.1
Sales of ready-mix concrete million m
3
36.1 34.4 +5.0 +1.9
Sales of asphalt million t 7.6 7.8 –2.2 –2.2
Net sales million CHF 15,461 16,568 –6.7 +5.8
Operating EBITDA million CHF 2,971 3,577 –16.9 –4.4
Operating EBITDA margin % 19.2 21.6
EBITDA million CHF 3,167 3,897 –18.7
Operating profit million CHF 1,753 2,178 –19.5 –6.4
Operating profit margin % 11.3 13.1
Net income million CHF 1,004 1,223 –17.9 –5.1
Net income margin % 6.5 7.4
Net income – shareholders of Holcim Ltd million CHF 713 875 –18.5 –6.3
Cash flow from operating activities million CHF 930 2,053 –54.7 –47.1
Cash flow margin % 6.0 12.4
Net financial debt million CHF 12,127 11,363
1
+6.7 +9.0
Total shareholders’ equity million CHF 19,424 21,121
1
–8.0
Gearing
2
% 62.4 53.8
1

Personnel 82,432 80,310
1
+2.6 +2.1
Earnings per share
3
CHF 2.23 2.73 –18.3
Fully diluted earnings per share
3
CHF 2.23 2.73 –18.3
Principal key figures in USD (illustrative)
4
Net sales million USD 17,569 15,630 +12.4
Operating EBITDA million USD 3,376 3,375 0.0
Operating profit million USD 1,992 2,055 –3.1
Net income – shareholders of Holcim Ltd million USD 810 825 –1.8
Cash flow from operating activities million USD 1,057 1,937 –45.4
Net financial debt million USD 13,474 12,088
1
+11.5
Total shareholders’ equity million USD 21,582 22,469
1
–3.9
Earnings per share
3
USD 2.53 2.58 –1.9
Principal key figures in EUR (illustrative)
4
Net sales million EUR 12,469 11,834 +5.4
Operating EBITDA million EUR 2,396 2,555 –6.2
Operating profit million EUR 1,414 1,556 –9.1

Net income – shareholders of Holcim Ltd million EUR 575 625 –8.0
Cash flow from operating activities million EUR 750 1,466 –48.8
Net financial debt million EUR 9,940 9,090
1
+9.4
Total shareholders’ equity million EUR 15,921 16,897
1
–5.8
Earnings per share
3
EUR 1.80 1.95 –7.7
Due to rounding, numbers
presented throughout
this report may not add up
precisely to the totals
provided. All ratios and
variances are calculated
using the underlying
amount rather than the
presented rounded
amount.
428.indd 3 07.11.2011 14:52:13
2
Third Quarter 2011
Better results in third quarter and organic growth in four
of the five Group regions
Higher sales volumes in cement, aggregates and ready-mix
concrete over nine months and in the third quarter
Latin America and Asia/Pacific on growth path
Europe and North America lack key stimuli

As of end of September, operating EBITDA impacted by
CHF 458 Million, due to the strong Swiss franc
Declining operating EBITDA as per end of September due to
cost increases which could not yet be passed on completely
to sales prices
3.Quartal_e_2011.indd 2 07.11.11 14:50
3 2
Shareholders’ Letter
Dear Shareholder
As expected, many emerging markets enjoyed brisk construction activity. However, in the eurozone and in North
America, growth mainly remained restrained.
Despite this, Holcim increased its third quarter and nine months sales volumes for cement, aggregates and ready-
mix concrete. Only asphalt declined slightly.
The higher demand was accompanied by above-average inflation for energy, transport and raw materials.
These cost increases could for the time being only partially be passed on to sales prices. However, the Group’s
operating EBITDA was also negatively impacted in the amount of CHF 458 Million by the strong Swiss franc, and
by the fact that, contrary to last year, sales of CO2 emissions certificates in Europe are still outstanding. Costs
which could be influenced were kept well under control.
On a like-for-like basis, operating EBITDA was higher than last year in Latin America and Asia Pacific. Europe
fared less well, mainly because of the still outstanding sales of CO2 certificates. In the US, the ongoing insufficient
demand for construction materials and the stabilization of prices at a low level both impacted results.
Group Jan–Sept
2011
Jan–Sept
2010
±% ± %
like-for-like
Sales of cement in million t 108.1 102.8 +5.2 +5.2
Sales of aggregates in million t 130.4 118.8 +9.8 +5.1
Sales of ready-mix concrete in million m

3
36.1 34.4 +5.0 +1.9
Sales of asphalt in million t 7.6 7.8 –2.2 –2.2
Net sales in million CHF 15,461 16,568 –6.7 +5.8
Operating EBITDA in million CHF 2,971 3,577 –16.9 –4.4
Net income in million CHF 1,004
1,223
–17.9 –5.1
Net income – shareholders of Holcim Ltd
in million CHF 713 875 –18.5 –6.3
Cash flow from operating activities in million CHF 930 2,053 –54.7 –47.1
Group July–Sept
2011
July–Sept
2010
±% ± %
like-for-like
Sales of cement in million t 37.2 35.0 +6.2 +6.1
Sales of aggregates in million t 49.2 45.6 +8.0 +3.3
Sales of ready-mix concrete in million m
3
13.0 12.5 +3.8 +0.4
Sales of asphalt in million t 3.3 3.4 –3.5 –3.5
Net sales in million CHF 5,318 5,666 –6.1 +8.2
Operating EBITDA in million CHF 1,074 1,234 –13.0 +1.1
Net income in million CHF 418 612 –31,6 –21.0
Net income – shareholders of Holcim Ltd
in million CHF 356 544 –34.5 –25.0
Cash flow from operating activities in million CHF 858 1,147 –25.2 –14.5
3.Quartal_e_2011.indd 3 07.11.11 14:50

4
Third Quarter 2011
Development of sales volumes
Consolidated cement deliveries increased by 5.2 percent to 108.1 million tonnes by end of September 2011.
Shipments of aggregates increased by 9.8 percent to 130.4 million tonnes, and ready-mix concrete rose by
5 percent to 36.1 million cubic meters.
The cement segment in Group region Latin America achieved the strongest rise, followed by Asia Pacific and
Europe. Latin America also ranked first in terms of aggregates, while Asia Pacific too achieved double-digit
growth. North America experienced a particularly sharp rise in sales of ready-mix concrete.
Financial results
Consolidated net sales decreased by 6.7 percent to CHF 15.5 billion, mainly because of exchange rate factors. On
a like-for-like basis, it rose by 5.8 percent. Operating EBITDA fell by 16.9 percent to CHF 3 billion, but on a like-for-
like basis the decline came to a smaller 4.4 percent, and organic growth reached 1.1 percent in the third quarter.
In particular, the Group companies in Russia, Singapore, Indonesia, Colombia as well as Holcim Australia made
larger contributions in Swiss francs to the result. While many other Group companies improved their results in
local currency terms, in the consolidated financial statements these successes were cancelled out by the strong
Swiss franc however. The Group company in the Philippines was among those to see their performance hit by ris-
ing costs and regional falls in selling prices. The operating EBITDA margin reached 19.2 percent (nine months 2010:
21.6) despite the still outstanding sales of CO2 emissions certificates. Signs of a slight improvement in operating
EBITDA did start to emerge in the third quarter, as demand clearly increased, particularly in the emerging markets
and in North America. As a result of the increase in net current assets, one-off tax refunds in the previous year
and lower operating EBITDA, cash flow from operating activities came to CHF 930 million.
From January to September 2011, net income decreased by 17.9 percent to CHF 1 billion and net income attributable
to shareholders of Holcim Ltd declined by 18.5 percent to CHF 713 million.
In the past twelve months, net financial debt decreased by 4.7 percent from CHF 12.7 billion to CHF 12.1 billion, due
to cash flow from operating activities and the depreciation of various currencies against the Swiss franc.
Positive volume development in Europe in cement and aggregates
In Group region Europe demand increased. However, these was still a lack of building material intensive projects.
More construction work is ongoing in Russia, primarily in the greater Moscow area. In Group region Europe,
Holcim sold more cement and aggregates in the first nine months of 2011, despite the difficult market situation

in Spain. Ready-mix concrete deliveries nearly matched the previous year’s level.
Europe Jan–Sept
2011
Jan–Sept
2010
±% ± %
like-for-like
Sales of cement in million t 20.6 20.1 +2.3 +2.3
Sales of aggregates in million t 63.6 59.5 +6.9 +1.8
Sales of ready-mix concrete in million m
3
12.2 12.4 –1.4 –1.6
Sales of asphalt in million t 4.2 4.4 –6.5 –6.5
Net sales in million CHF 4,691 5,136 –8.7 +1.9
Operating EBITDA in million CHF 707 855 –17.3 –9.4
3.Quartal_e_2011.indd 4 07.11.11 14:50
5 4
Shareholders’ Letter
Aggregate Industries UK saw its shipments of aggregates fall back slightly amid declining exports to continental
Europe; asphalt volumes also decreased. Ready-mix concrete volumes were supported by supplies for major con-
struction projects in London.
Holcim France achieved higher delivery volumes in all segments, with the aggregates and ready-mix concrete
acquisitions made in Alsace at the beginning of the year having a positive effect. The price pressure eased slightly
in the course of the year. In Belgium, competition remained fierce, putting pressure on cement and ready-mix
concrete prices.
Holcim Germany benefited from infrastructure projects and increased its sales volumes in all segments. Primarily
in the ready-mix business sales prices remained under pressure. The Group company in southern Germany also
recorded higher sales across its entire product range, due in part to an increase in exports to Switzerland. In Swit-
zerland, where conditions for the construction sector were robust, Holcim achieved an increase in volumes in all
segments despite growing pressure on prices.

Due to slow construction activity and deconsolidations, sales volumes at Holcim Italy decreased. However, cement
prices started to recover slightly from the low level of 2010. Construction projects in preparation for the 2015
World Expo in Milan generated some positive stimuli. At Holcim Spain, demand was depressed by the lack of
activity in the private house-building sector and the decline in public spending on construction projects. Holcim
Spain decided to close 25 ready-mix concrete plants; this led to nonrecurring costs.
In Eastern and Southeastern Europe the construction sector mainly stagnated. A few infrastructure projects made
a positive impact on demand, so most Group companies increased their shipments of cement. The strongest vol-
ume increase was achieved in Romania and Slovakia. The aggregates segment also recorded an increase in sales
volumes, driven by the Group companies in the Czech Republic, Romania, Croatia and Bulgaria. Overall, volumes
of ready-mix concrete declined slightly despite positive trends in Croatia, Romania and Serbia. Due to the difficult
market conditions, Holcim Hungary lagged behind its previous-year figures in all segments.
In Russia, Holcim benefited from a revival in construction activity in the greater Moscow area and increased its
sales of cement significantly. Due to the brisk demand, prices also increased. At Garadagh Cement in Azerbaijan
cement deliveries declined in the face of a sharp rise in imports.
Cement sales in Group region Europe increased by 2.3 percent to 20.6 million tonnes in the first nine months of
2011. Deliveries of aggregates rose by 6.9 percent to 63.6 million tonnes. However, volumes of ready-mix concrete
decreased by 1.4 percent to 12.2 million cubic meters.
Europe July–Sept
2011
July–Sept
2010
±% ± %
like-for-like
Sales of cement in million t 7.8 8.1 –3.9 –3.9
Sales of aggregates in million t 22.4 22.0 +2.0 –3.5
Sales of ready-mix concrete in million m
3
4.2 4.6 –7.9 –7.6
Sales of asphalt in million t 1.4 1.5 –12.1 –12.1
Net sales in million CHF 1,605 1,832 –12.4 –0.9

Operating EBITDA in million CHF 329 355 –7.3 +1.5
3.Quartal_e_2011.indd 5 07.11.11 14:50
6
Third Quarter 2011
Operating EBITDA for Group region Europe decreased by 17.3 percent to CHF 707 million. In Swiss franc terms, the
results were depressed by a combination of the weak euro and the still outstanding sales of CO2 emissions cer-
tificates. These came to CHF 11 million, compared to CHF 75 million during the same period last year. Many Group
companies were only partially able to offset the rise in costs with price increases. Better results were achieved
primarily at Holcim Russia and Holcim Switzerland. Internal operating EBITDA development came to –9.4 percent,
and was positive with 1.5 percent in the third quarter.
Slightly better demand for building materials in North America
There is still a lack of important stimuli in the US construction sector. However, public road-building did create
some activity, primarily in the third quarter. Canada’s economy developed weakly in those markets relevant to us.
In August, cement sales by Holcim US exceeded one million tonnes for the first time since October 2008. Demand
remained weak in the southern US states.
Aggregate Industries US significantly increased its deliveries of aggregates, ready-mix concrete and asphalt. In the
aggregates segment, the Group company benefited from slightly stronger demand in the mid-Atlantic region and
in Minneapolis/St. Paul. Sales of asphalt increased in the northeast of the country and in the west central region.
The full takeover in March of Lattimore Materials strengthened the market presence in Texas.
Holcim Canada felt the decline in construction activity in all relevant markets. In Ontario, construction activity
increased again slightly in the house-building segment, but commercial construction remained sluggish. On bal-
ance, the Group company sold less cement and ready-mix concrete. Volumes increased in the aggregates seg-
ment, but there was less demand for high-grade gravel and prices came under pressure. However, like-for-like,
operating EBITDA of Holcim Canada improved by 3.8 percent in the third quarter.
Consolidated cement shipments in Group region North America increased by 1.2 percent to 8.5 million tonnes.
Primarily due to an acquisition, deliveries of aggregates increased by 11 percent to 31.9 million tonnes, and ready-
mix concrete sales were up by 21 percent to 5.1 million cubic meters.
North America Jan–Sept
2011
Jan–Sept

2010
±% ± %
like-for-like
Sales of cement in million t 8.5 8.4 +1.2 +1.2
Sales of aggregates in million t 31.9 28.8 +11.0 +2.2
Sales of ready-mix concrete in million m
3
5.1 4.2 +21.0 –3.3
Sales of asphalt in million t 3.5 3.4 +3.1 +3.1
Net sales in million CHF 2,151 2,449 –12.1 –1.0
Operating EBITDA in million CHF 264 366 –28.0 –17.1
North America July–Sept
2011
July–Sept
2010
±% ± %
like-for-like
Sales of cement in million t 3.5 3.4 +3.6 +3.6
Sales of aggregates in million t 14.4 13.3 +8.7 +1.7
Sales of ready-mix concrete in million m
3
2.2 1.7 +26.9 +2.1
Sales of asphalt in million t 1.9 1.9 +3.6 +3.6
Net sales in million CHF 962 1,044 –7.9 +5.0
Operating EBITDA in million CHF 172 226 –24.2 –12.1
3.Quartal_e_2011.indd 6 07.11.11 14:50
7 6
Shareholders’ Letter
Operating EBITDA for Group region North America fell by 28 percent to CHF 264 million. All three Group compa-
nies were unable to improve on their previous year’s results. Higher energy and distribution costs had a negative

impact on the operating result of Holcim US. Expenses were also incurred for the temporary closure of the Catskill
plant in New York State. Due to increased production costs Aggregate Industries US recorded lower results. At
Holcim Canada, rising price pressure, particularly in the ready-mix concrete business, and higher cement manu-
facturing costs had a negative impact on the income statement. Internal operating EBITDA development in Group
region North America came to –17.1 percent (third quarter 2011: –12.1).
Solid markets in Latin America
In Group region Latin America, the economy made positive headway in most countries. Numerous infrastructure
projects supported demand for building materials, particularly in Brazil, Argentina, Colombia and Chile. All Group
companies sold more cement than in the previous year and nearly all also increased their sales of aggregates and
ready-mix concrete.
The Mexican construction sector recovered a little due to the national infrastructure plan and private house-
building activity. However, commercial construction projects remained thin on the ground, and some public sector
construction projects continued to be postponed. However, Holcim Apasco sold more building materials in all seg-
ments, with aggregates exhibiting strong growth.
El Salvador enjoyed good levels of construction activity. The local Group company increased sales across all seg-
ments, in some cases significantly so. Holcim Costa Rica and Holcim Nicaragua combined increased shipments of
aggregates and ready-mix concrete.
The Colombian economy continued to develop well. There were particularly sharp increases in demand for build-
ing materials in the infrastructure segment, as well as in the residential and industrial construction sectors.
The expansion of grinding capacity at the Nobsa plant allowed the Group company to sell significantly more
cement, and sales of aggregates and ready-mix concrete also made good progress. Thanks to road-building and
infrastructure projects, Holcim Ecuador increased deliveries of construction materials in all segments. Indeed,
demand was such that clinker had to be bought in occasionally.
Latin America Jan–Sept
2011
Jan–Sept
2010
±% ± %
like-for-like
Sales of cement in million t 18.0 16.8 +6.7 +6.7

Sales of aggregates in million t 10.9 9.0 +21.4 +21.4
Sales of ready-mix concrete in million m
3
8.2 7.7 +7.1 +7.1
Net sales in million CHF 2,467 2,587 –4.6 +10.7
Operating EBITDA in million CHF 662 762 –13.1 +1.6
Latin America July–Sept
2011
July–Sept
2010
±% ± %
like-for-like
Sales of cement in million t 6.3 5.7 +9.2 +9.2
Sales of aggregates in million t 3.9 3.1 +25.8 +25.8
Sales of ready-mix concrete in million m
3
2.9 2.8 +8.0 +8.0
Net sales in million CHF 823 862 –4.5 +14.3
Operating EBITDA in million CHF 224 239 –6.3 +12.5
3.Quartal_e_2011.indd 7 07.11.11 14:50
8
Third Quarter 2011
In Brazil, the construction sector remained on its upward trend. Due to the high capacity utilization rate, Holcim
Brazil concentrated on sales of higher value cement types. Nevertheless, shipments also slightly increased.
With the commissioning of the second kiln line at the Barroso plant, from 2014, Holcim Brazil will increase its
cement capacity in this dynamic growth market by 2.6 million tonnes to a total of 7.9 million tonnes. Deliveries
of aggregates and ready-mix concrete remained stable.
Argentina’s construction sector benefited from public sector investment ahead of the country’s presidential
elections, but private investors tended to hold back. Minetti, which started marketing under the name Holcim
Argentina in September, increased sales of cement and aggregates. Shipments of ready-mix concrete declined

following the completion of infrastructure projects. In a difficult competitive environment, Cemento Polpaico in
Chile experienced good volume growth in all segments.
Consolidated cement sales in Group region Latin America increased by 6.7 percent to 18 million tonnes. Deliv eries
of aggregates rose by 21.4 percent to 10.9 million tonnes. Deliveries of ready-mix concrete also advanced by 7.1
percent to 8.2 million cubic meters.
As a result of rising energy costs, particularly for petcoke, higher distribution costs and the fact that price
increases could not yet be adjusted everywhere, operating EBITDA declined despite the volume growth by 13.1
percent to CHF 662 million. In Ecuador, higher maintenance costs and clinker purchases affected the income
statement. The strong Swiss franc impacted above all on the results of the Group companies in Mexico, Ecuador
and Argentina. Worthy of particular mention is the gratifying result achieved by Holcim Colombia. In Group region
Latin America, internal operating EBITDA growth came to 1.6 percent and reached 12.5 percent in the third quarter.
Unchanged market conditions in Africa Middle East
In Morocco and Lebanon, the two most important markets in this Group region, construction activity remained
brisk. Whereas in Morocco demand was supported by government stimulus programs in the social housing and
infrastructure sectors, in Lebanon sales of construction materials were supported by private house-building.
Africa Middle East Jan–Sept
2011
Jan–Sept
2010
±% ± %
like-for-like
Sales of cement in million t 6.5 6.8 –4.7 –4.7
Sales of aggregates in million t 1.7 1.9 –9.0 –9.0
Sales of ready-mix concrete in million m
3
0.8 0.8 +4.0 +4.0
Net sales in million CHF 706 849 –16.9 –3.1
Operating EBITDA in million CHF 237 286 –17.0 –3.7
Africa Middle East July–Sept
2011

July–Sept
2010
±% ± %
like-for-like
Sales of cement in million t 2.1 2.1 +2.8 +2.8
Sales of aggregates in million t 0.6 0.6 –2.7 –2.7
Sales of ready-mix concrete in million m
3
0.3 0.3 –6.7 –6.7
Net sales in million CHF 223 253 –12.0 +2.6
Operating EBITDA in million CHF 69 77 –10.9 +3.3
3.Quartal_e_2011.indd 8 07.11.11 14:50
9 8
Shareholders’ Letter
In an increasingly tight competitive environment, Holcim Morocco sold less cement and aggregates. However,
a clear increase was achieved in sales of ready-mix concrete, mainly in the region of Fès. Despite some project
delays at construction sites in Beirut, Holcim Lebanon sold slightly more cement and ready-mix concrete; exports
remained negligible.
The Indian Ocean companies sold more cement and ready-mix concrete. The Group companies in Mauritius and
La Réunion in particular witnessed positive volume development, as did the Group company in Madagascar.
Deliv eries of aggregates declined slightly. In West Africa and the Arabian Gulf, volumes sold by the operations
managed by Holcim Trading remained quite stable. Ivory Coast markets in particular firmed again slightly.
Cement sales in Group region Africa Middle East decreased by 4.7 percent to 6.5 million tonnes, mainly due to
the volume decline in Morocco. Aggregates also contracted by 9 percent to 1.7 million tonnes, while ready-mix
concrete sales rose by 4 percent to 0.8 million cubic meters.
Compared with the previous-year period, the operating EBITDA of Group region Africa Middle East declined prima-
rily due to the currency impact by 17 percent to CHF 237 million. The internal operating EBITDA development came
to –3.7 percent, but was positive in the third quarter with 3.3 percent.
Continuing volume growth in Asia Pacific
The Asian markets remained on their path of growth driven by brisk demand for building materials. Public spend-

ing on infrastructure was important in a number of countries, with cement consumption also increased by private
residential and commercial construction activity. In Oceania, construction activity failed to gain real momentum
due to a lack of concrete-intensive projects.
Asia Pacific Jan–Sept
2011
Jan–Sept
2010
±% ± %
like-for-like
Sales of cement in million t 56.2 53.2 +5.7 +5.7
Sales of aggregates in million t 22.3 19.6 +13.5 +13.5
Sales of ready-mix concrete in million m
3
9.8 9.3 +4.5 +4.5
Net sales in million CHF 5,929 6,020 –1.5 +12.4
Operating EBITDA in million CHF 1,264 1,439 –12.2 +1.1
Asia Pacific July–Sept
2011
July–Sept
2010
±% ± %
like-for-like
Sales of cement in million t 18.1 16.7 +8.7 +8.7
Sales of aggregates in million t 7.9 6.6 +19.2 +19.2
Sales of ready-mix concrete in million m
3
3.4 3.1 +5.1 +5.1
Net sales in million CHF 1,865 1,825 +2.2 +18.7
Operating EBITDA in million CHF 335 367 –8.6 +7.6
In India, demand in the private construction sector declined slightly, particularly in the south of the country, due

to higher interest rates and inflation. By contrast, the government’s extensive road-building program boosted the
construction sector in virtually all parts of the country. Due to the successful commissioning of additional capacity,
ACC achieved a significant increase in cement volumes. Sales of ready-mix concrete remained at previous year’s
level. Ambuja Cements increased cement deliveries further in the northern parts of the country. In September, the
Group company took a 60 percent majority stake in Dirk India, a fly ash dealer, thereby strengthening its activities
in the production of composite cements.
3.Quartal_e_2011.indd 9 07.11.11 14:50
10
Third Quarter 2011
In Sri Lanka, the construction boom continued in a favorable market environment. Holcim Lanka had to import
cement to meet the strong demand, but pressure on prices increased significantly. Holcim Bangladesh also
delivered more cement.
Siam City Cement in Thailand saw a rise in sales of cement in the growing domestic market. Deliveries of aggre-
gates and ready-mix concrete rose substantially. Holcim Malaysia also sold more cement and ready-mix concrete
amid positive market conditions. In Singapore shipments of ready-mix concrete declined slightly.
In Indonesia, the construction sector remained on track for growth due to government infrastructure projects
and expansion work in the industrial sector. Major projects in the transport and energy sectors, coupled with the
construction of office buildings, shopping centers and entire residential developments fuelled a dynamic market.
Across its whole product range Holcim Indonesia sold significantly more building materials than during the same
period last year.
The Philippine construction sector felt the lack of public sector investment activity. The situation improved
slightly from August onward as both the government and private investors increasingly returned to the market to
develop projects. During the first nine months of the year, cement deliveries nevertheless declined in a competi-
tive market. However, sales of aggregates and ready-mix concrete increased.
Construction activity in Oceania remained subdued. Despite a boom in Australia’s mining industry, there was
a clear lack of cement and concrete intensive projects. Road-building in the aftermath of the floods impacted
positively on cement demand only from the third quarter. On balance, Cement Australia sold less cement. Holcim
Australia delivered more aggregates on both the east and west coasts, and increased deliveries overall in this seg-
ment. In the third quarter, shipments of ready-mix concrete also picked up slightly. Sales were more moderate in
the pipe and concrete products segment at Humes due to project delays. Holcim New Zealand sold less building

materials in all segments. This reflects private investors’ uncertainty over the future development of the economy.
Consolidated cement shipments in Group region Asia Pacific climbed by 5.7 percent to 56.2 million tonnes. Aggre-
gates saw an increase of 13.5 percent to 22.3 million tonnes. Deliveries of ready-mix concrete rose by 4.5 percent to
9.8 million cubic meters.
Operating EBITDA in Group region Asia Pacific decreased by 12.2 percent to CHF 1.3 billion. Stronger results were
achieved above all by the Group companies in Thailand, Vietnam, Malaysia, Singapore and Indonesia. However,
negative currency effects depressed the results of all Group companies. Furthermore, at Cement Australia one-off
costs for the closure of the Kandos plant occurred. Like-for-like, ACC exceeded its previous year result, but it proved
impossible to pass on the full impact of inflation to prices. The internal operating EBITDA growth came to 1.1 per-
cent and even reached 7.6 percent in the third quarter.
3.Quartal_e_2011.indd 10 07.11.11 14:50
11 10
Shareholders’ Letter
Outlook
As a leading producer of construction materials, Holcim heavily depends on developments in economic activity.
In Europe, the demand for construction materials should remain solid in many places. In North America we expect
a slight improvement in the construction sector. Most emerging markets in Latin America and Asia should remain
on track for growth. No change is anticipated in business conditions in Group region Africa Middle East. The sharp
global rise in energy, raw material and transportation costs call for further price adjustments. This and continuous,
consistent cost management are focal points at all levels of the Group. For the current financial year, Holcim
expects a like-for-like operating EBITDA that will be close to last year’s level.
The Group will be successful in securing its share of future growth in the emerging countries due to its consis-
tently expanded presence in these markets. In Europe and North America, Holcim’s lean cost structure will enable
it to benefit more than average from economic recovery.
Rolf Soiron Markus Akermann
Chairman of the Board of Directors Chief Executive Officer
November 9, 2011
3.Quartal_e_2011.indd 11 07.11.11 14:50
12 12
Third Quarter 2011

3.Quartal_e_2011.indd 12 07.11.11 14:50
12
Consolidated
Financial Statements
13
Consolidated statement of income of Group Holcim
Million CHF Notes Jan–Sept Jan–Sept July–Sept July–Sept
2011 2010 2011 2010
Unaudited Unaudited Unaudited Unaudited
Net sales 6 15,461 16,568 5,318 5,666
Production cost of goods sold (8,827) (9,372) (3,036) (3,256)
Gross profit 6,633 7,196 2,282 2,410
Distribution and selling expenses (3,874) (3,988) (1,291) (1,338)
Administration expenses (1,007) (1,030) (323) (310)
Operating profit 1,753 2,178 669 762
Other income (expenses) 8 3 (6) 4 (35)
Share of profit of associates 104 119 24 42
Financial income 9 161 237 85 220
Financial expenses 10 (606) (682) (196) (216)
Net income before taxes 1,416 1,846 585 773
Income taxes 11 (412) (623) (166) (161)
Net income 1,004 1,223 418 612
Attributable to:
Shareholders of Holcim Ltd 713 875 356 544
Non-controlling interest 291 348 62 68
Earnings per share in CHF
Earnings per share
1
2.23 2.73 1.11 1.70
Fully diluted earnings per share

1
2.23 2.73 1.11 1.70
Million CHF
Operating EBITDA 4, 7 2,971 3,577 1,074 1,234
EBITDA 4 3,167 3,897 1,161 1,466
1
EPS calculation based on net income attributable to shareholders of Holcim Ltd weighted by the average number of shares.
428.indd 13 07.11.2011 14:52:13
14
Third Quarter 2011
Consolidated statement of comprehensive earnings of Group Holcim
Million CHF Notes Jan–Sept Jan–Sept July–Sept July–Sept
2011 2010 2011 2010
Unaudited Unaudited Unaudited Unaudited
Net income 1,004 1,223 418 612
Other comprehensive earnings
Currency translation effects
– Exchange differences on translation (1,693) (1,027) 299 (1,316)
– Realized through statement of income 9 10 10
– Tax effect 2 1 4 (1)
Available-for-sale financial assets
– Change in fair value (4) 423 424
– Realized through statement of income 9 (64) (174) (64) (174)
– Tax effect
Cash flow hedges
– Change in fair value (3) 12
– Realized through statement of income
– Tax effect (1) (1)
Net investment hedges in subsidiaries
– Change in fair value (1) 1

– Tax effect
Total other comprehensive earnings (1,754) (765) 249 (1,067)
Total comprehensive earnings (750) 458 667 (455)
Attributable to:
Shareholders of Holcim Ltd (752) 196 592 (344)
Non-controlling interest 2 262 75 (111)
428.indd 14 07.11.2011 14:52:13
14
Consolidated
Financial Statements
15
Consolidated statement of financial position of Group Holcim
Million CHF Notes 30.9.2011 31.12.2010 30.9.2010
Unaudited Audited Unaudited
Cash and cash equivalents 3,071 3,386 3,641
Marketable securities 22 30 27
Accounts receivable 3,212 2,590 3,796
Inventories 2,162 2,072 2,224
Prepaid expenses and other current assets 425 416 468
Assets classified as held for sale 18 18 36
Total current assets 8,910 8,512 10,192
Long-term financial assets 772 921 549
Investments in associates 1,339 1,432 1,425
Property, plant and equipment 22,017 23,343 24,144
Intangible assets 8,480 9,061 9,487
Deferred tax assets 448 385 263
Other long-term assets 500 605 603
Total long-term assets 33,557 35,747 36,471
Total assets 42,467 44,259 46,663
Trade accounts payable 1,988 2,303 2,035

Current financial liabilities 3,584 2,468 3,764
Current income tax liabilities 447 555 680
Other current liabilities 1,732 1,632 1,805
Short-term provisions 237 256 266
Total current liabilities 7,988 7,214 8,550
Long-term financial liabilities 12 11,614 12,281 12,600
Defined benefit obligations 293 317 346
Deferred tax liabilities 2,028 2,203 2,232
Long-term provisions 1,119 1,123 1,130
Total long-term liabilities 15,054 15,924 16,308
Total liabilities 23,042 23,138 24,858
Share capital 654 654 654
Capital surplus 8,892 9,371 9,369
Treasury shares (489) (476) (478)
Reserves 7,614 8,552 9,169
Total equity attributable to shareholders of Holcim Ltd 16,671 18,101 18,714
Non-controlling interest 2,753 3,020 3,091
Total shareholders’ equity 19,424 21,121 21,805
Total liabilities and shareholders’ equity 42,467 44,259 46,663
428.indd 15 07.11.2011 14:52:13
16
Third Quarter 2011
Statement of changes in consolidated equity of Group Holcim
Million CHF Share
capital
Capital
surplus
Treasury
shares
Retained

earnings
Available-for-sale
reserve
Cash flow
hedging
reserve
Currency
translation
adjustments
Total
reserves
Total equity
attributable to
shareholders
of Holcim Ltd
Non-controlling
interest
Total
shareholders’
equity
Equity as at January 1, 2011 654 9,371 (476) 15,688 249 7 (7,392) 8,552 18,101 3,020 21,121
Net income 713 713 713 291 1,004
Other comprehensive earnings (68) (4) (1,393) (1,465) (1,465) (289) (1,754)
Total comprehensive earnings 713 (68) (4) (1,393) (752) (752) 2 (750)
Payout (480) (480) (207) (687)
Change in treasury shares (23) 1 1 (22) (22)
Share-based remuneration 1 10 1 1 12 1 13
Capital paid-in by non-controlling interest 23 23
Acquisition and disposal of participation in Group companies 23 23
Change in participation in existing Group companies (188) (188) (188) (109) (297)

Equity as at September 30, 2011 (unaudited) 654 8,892 (489) 16,215 181 3 (8,785) 7,614 16,671 2,753 19,424

Equity as at January 1, 2010 654 9,368 (455) 15,019 (2) (2) (5,549) 9,466 19,033 3,011 22,044
Net income 875 875 875 348 1,223
Other comprehensive earnings 249 12 (940) (679) (679) (86) (765)
Total comprehensive earnings 875 249 12 (940) 196 196 262 458
Payout (480) (480) (480) (210) (690)
Change in treasury shares (30) 3 3 (27) (27)
Share-based remuneration 1 7 8 3 11
Capital paid-in by non-controlling interest 22 22
Change in participation in existing Group companies (10) (6) (16) (16) 3 (13)
Equity as at September 30, 2010 (unaudited) 654 9,369 (478) 15,407 247 10 (6,495) 9,169 18,714 3,091 21,805
428.indd 16 07.11.2011 14:52:13
16
Consolidated
Financial Statements
17
Statement of changes in consolidated equity of Group Holcim
Million CHF Share
capital
Capital
surplus
Treasury
shares
Retained
earnings
Available-for-sale
reserve
Cash flow
hedging

reserve
Currency
translation
adjustments
Total
reserves
Total equity
attributable to
shareholders
of Holcim Ltd
Non-controlling
interest
Total
shareholders’
equity
Equity as at January 1, 2011 654 9,371 (476) 15,688 249 7 (7,392) 8,552 18,101 3,020 21,121
Net income 713 713 713 291 1,004
Other comprehensive earnings (68) (4) (1,393) (1,465) (1,465) (289) (1,754)
Total comprehensive earnings 713 (68) (4) (1,393) (752) (752) 2 (750)
Payout (480) (480) (207) (687)
Change in treasury shares (23) 1 1 (22) (22)
Share-based remuneration 1 10 1 1 12 1 13
Capital paid-in by non-controlling interest 23 23
Acquisition and disposal of participation in Group companies 23 23
Change in participation in existing Group companies (188) (188) (188) (109) (297)
Equity as at September 30, 2011 (unaudited) 654 8,892 (489) 16,215 181 3 (8,785) 7,614 16,671 2,753 19,424

Equity as at January 1, 2010 654 9,368 (455) 15,019 (2) (2) (5,549) 9,466 19,033 3,011 22,044
Net income 875 875 875 348 1,223
Other comprehensive earnings 249 12 (940) (679) (679) (86) (765)

Total comprehensive earnings 875 249 12 (940) 196 196 262 458
Payout (480) (480) (480) (210) (690)
Change in treasury shares (30) 3 3 (27) (27)
Share-based remuneration 1 7 8 3 11
Capital paid-in by non-controlling interest 22 22
Change in participation in existing Group companies (10) (6) (16) (16) 3 (13)
Equity as at September 30, 2010 (unaudited) 654 9,369 (478) 15,407 247 10 (6,495) 9,169 18,714 3,091 21,805
428.indd 17 07.11.2011 14:52:13
18
Third Quarter 2011
Consolidated statement of cash flows of Group Holcim
Million CHF Notes Jan–Sept Jan–Sept July–Sept July–Sept
2011 2010 2011 2010
Unaudited Unaudited Unaudited Unaudited
Net income before taxes 1,416 1,846 585 773
Other (income) expenses 8 (3) 6 (4) 35
Share of profit of associates (104) (119) (24) (42)
Financial expenses net 9, 10 445 445 112 (4)
Operating profit 1,753 2,178 669 762
Depreciation, amortization and impairment of operating assets 1,218 1,399 405 472
Other non-cash items 178 223 60 86
Change in net working capital (1,341) (1,101) (39) (75)
Cash generated from operations 1,809 2,699 1,095 1,245
Dividends received 133 175 10 8
Interest received 92 115 32 47
Interest paid (494) (623) (116) (142)
Income taxes paid (581) (286) (154) 7
Other expenses (30) (27) (10) (18)
Cash flow from operating activities (A) 930 2,053 858 1,147
Purchase of property, plant and equipment (1,075) (1,174) (425) (414)

Disposal of property, plant and equipment 65 90 35 23
Acquisition of participation in Group companies (25) (60) (3) 0
Disposal of participation in Group companies 3 0 0 0
Purchase of financial assets, intangible and other assets (78) (312) (4) (193)
Disposal of financial assets, intangible and other assets 155 638 93 538
Cash flow used in investing activities (B) (955) (818) (304) (46)
Dividends paid on ordinary shares 14 (480) (480) 0 0
Dividends paid to non-controlling interest (223) (218) (104) (86)
Capital paid-in by non-controlling interest 23 22 19 2
Movements of treasury shares (22) (27) 0 (4)
Proceeds from current financial liabilities 4,355 4,622 1,317 1,492
Repayment of current financial liabilities (3,759) (5,208) (1,442) (1,560)
Proceeds from long-term financial liabilities 2,564 2,453 399 426
Repayment of long-term financial liabilities (2,512) (3,307) (965) (1,215)
Increase in participation in existing Group companies (322) (46) (5) (3)
Decrease in participation in existing Group companies 27 30 0 0
Cash flow used in financing activities (C) (349) (2,159) (782) (948)
(De)Increase in cash and cash equivalents (A+B+C) (375) (924) (227) 153
Cash and cash equivalents as at the beginning of the period (net) 3,069 4,261 2,701 3,237
(De)Increase in cash and cash equivalents (375) (924) (227) 153
Currency translation effects (154) (121) 67 (174)
Cash and cash equivalents as at the end of the period (net)
1
2,540 3,216 2,540 3,216
1
Cash and cash equivalents at the end of the period include bank overdrafts of CHF 531 million (2010: 425), disclosed in current financial liabilities.
428.indd 18 07.11.2011 14:52:13
18
Notes to the Consolidated
Financial Statements

19
1 Basis of preparation
The unaudited consolidated third quarter interim financial
statements (hereafter “interim financial statements”) are pre-
pared in accordance with IAS 34 Interim 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, 2010 (hereafter “annual financial
statements”) except for the adoption as of January 1, 2011 of
IAS 24 (amended) Related Party Disclosures, IFRIC 14 (amended)
IAS 19 – Prepayment of a minimum funding requirement and
Improvements to IFRSs. The amendments to IAS 24 (amended)
are disclosure-related only and have no impact on the Group’s
financial statements. The amendment to IFRIC 14 (amended)
clarifies that companies recognize the benefit of a prepayment
as a pension asset. The effect of applying this amendment has
no material effect on the Group’s financial statements. The
improvements to IFRSs relate largely to clarification issues only.
Therefore, the effect of applying these amendments has no
material impact on the Group’s financial statements.
The interim financial statements should be read in conjunction
with the annual financial statements as they provide an update
of previously reported information.
Due to rounding, numbers presented throughout this report
may not add up precisely to the totals provided. All ratios and
variances are calculated using the underlying amount rather
than the presented rounded amount.
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 assump-
tions, which are based on management’s best judgment 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 circum-
stances change.
2 Changes in the scope of consolidation
During the first nine months of 2011 and 2010, there were no
business combinations that were either individually material
or that were considered material on an aggregated basis.
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.
428.indd 19 07.11.2011 14:52:14
20
Third Quarter 2011
4 Information by reportable segment
Europe North
America
Latin
America

Africa
Middle East
Asia
Pacific
Corporate/
Eliminations
Total
Group
January–September (unaudited)
2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010
Capacity and sales
Million t
Annual cement production
capacity
1
50.0 50.0 23.2 23.2 33.4 33.4 11.2 11.2 97.4 93.7 215.2 211.5
Sales of cement 20.6 20.1 8.5 8.4 18.0 16.8 6.5 6.8 56.2 53.2 (1.7) (2.5) 108.1 102.8
– of which mature markets 12.7 12.4 8.5 8.4 3.5 3.6 (0.8) (0.4) 23.9 24.0
– of which emerging markets 7.9 7.7 18.0 16.8 6.5 6.8 52.7 49.6 (0.9) (2.1) 84.2 78.8
Sales of mineral
components 1.8 1.2 1.1 1.1 0.9 0.8 3.8 3.1
Sales of aggregates 63.6 59.5 31.9 28.8 10.9 9.0 1.7 1.9 22.3 19.6 130.4 118.8
– of which mature markets 55.6 53.6 31.9 28.8 19.4 17.4 106.9 99.8
– of which emerging markets 8.0 5.9 10.9 9.0 1.7 1.9 2.9 2.2 23.5 19.0
Sales of asphalt 4.2 4.4 3.5 3.4 7.6 7.8
Million m
3
Sales of ready-mix concrete 12.2 12.4 5.1 4.2 8.2 7.7 0.8 0.8 9.8 9.3 36.1 34.4
– of which mature markets 10.8 10.9 5.1 4.2 4.3 4.4 20.2 19.5
– of which emerging markets 1.4 1.5 8.2 7.7 0.8 0.8 5.5 4.9 15.9 14.9

Statement of income and
statement of financial position
Million CHF
Net sales to external customers 4,522 5,026 2,151 2,449 2,406 2,587 706 849 5,676 5,657 15,461 16,568
Net sales to other segments 169 110 62 253 363 (484) (473)
Total net sales 4,691 5,136 2,151 2,449 2,467 2,587 706 849 5,929 6,020 (484) (473) 15,461 16,568
– of which mature markets 3,858 4,247 2,151 2,449 1,784 1,732 (237) (234) 7,556 8,194
– of which emerging markets 833 889 2,467 2,587 706 849 4,145 4,288 (246) (239) 7,905 8,374
Operating EBITDA 707 855 264 366 662 762 237 286 1,264 1,439 (163) (131) 2,971 3,577
– of which mature markets 494 572 264 366 268 298 (81) (44) 945 1,192
– of which emerging markets 213 283 662 762 237 286 995 1,141 (81) (87) 2,027 2,385
Operating EBITDA margin in % 15.1 16.6 12.3 14.9 26.8 29.5 33.6 33.7 21.3 23.9 19.2 21.6
EBITDA 691 855 242 845 549 651 224 272 1,271 1,448 191 (174) 3,167 3,897
Operating profit 295 377 30 95 515 608 201 245 890 1,003 (178) (150) 1,753 2,178
Operating profit margin in % 6.3 7.3 1.4 3.9 20.9 23.5 28.5 28.9 15.0 16.7 11.3 13.1
Net operating assets
1
8,728 8,738 6,760 6,809 3,591 4,000 687 695 8,916 9,371 180 204 28,863 29,817
Total assets
1
14,807 14,379 7,972 7,882 4,747 5,315 1,363 1,250 13,259 14,095 318 1,338 42,467 44,259
1
Prior-year figures as of December 31, 2010.
428.indd 20 07.11.2011 14:52:14
20
Notes to the Consolidated
Financial Statements
21
Europe North
America

Latin
America
Africa
Middle East
Asia
Pacific
Corporate/
Eliminations
Total
Group
July–September (unaudited) 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010
Sales
Million t

Sales of cement 7.8 8.1 3.5 3.4 6.3 5.7 2.1 2.1 18.1 16.7 (0.6) (1.0) 37.2 35.0
– of which mature markets 4.4 4.6 3.5 3.4 1.3 1.3 (0.3) (0.2) 9.0 9.1
– of which emerging markets 3.3 3.5 6.3 5.7 2.1 2.1 16.8 15.4 (0.3) (0.8) 28.2 25.9
Sales of mineral
components 0.7 0.6 0.5 0.5 0.3 0.3 1.5 1.4
Sales of aggregates 22.4 22.0 14.4 13.3 3.9 3.1 0.6 0.6 7.9 6.6 49.2 45.6
– of which mature markets 18.9 19.4 14.4 13.3 6.8 5.8 40.1 38.5
– of which emerging markets 3.5 2.6 3.9 3.1 0.6 0.6 1.1 0.8 9.1 7.1
Sales of asphalt 1.4 1.5 1.9 1.9 3.3 3.4
Million m
3
Sales of ready-mix concrete 4.2 4.6 2.2 1.7 2.9 2.8 0.3 0.3 3.4 3.1 13.0 12.5
– of which mature markets 3.6 3.9 2.2 1.7 1.6 1.6 7.4 7.2
– of which emerging markets 0.6 0.7 2.9 2.8 0.3 0.3 1.8 1.5 5.6 5.3
Statement of income
Million CHF

Net sales to external customers
1,525 1,787 962 1,044 799 862 223 253 1,808 1,720 5,318 5,666
Net sales to other segments 79 45 24 56 105 (160) (150)
Total net sales 1,605 1,832 962 1,044 823 862 223 253 1,865 1,825 (160) (150) 5,318 5,666
– of which mature markets 1,257 1,455 962 1,044 629 595 (84) (81) 2,765 3,013
– of which emerging markets 348 377 823 862 223 253 1,235 1,230 (76) (69) 2,553 2,653
Operating EBITDA 329 355 172 226 224 239 69 77 335 367 (55) (30) 1,074 1,234
– of which mature markets 218 229 172 226 86 116 (29) (17) 446 554
– of which emerging markets 111 126 224 239 69 77 249 251 (26) (13) 628 680
Operating EBITDA margin in % 20.5 19.4 17.8 21.6 27.2 27.7 30.9 30.4 18.0 20.1 20.2 21.8
EBITDA 321 362 166 185 188 200 66 74 339 377 81 268 1,161 1,466
Operating profit 188 184 93 135 179 189 58 64 212 226 (60) (36) 669 762
Operating profit margin in % 11.7 10.0 9.6 12.9 21.7 21.9 25.8 25.3 11.4 12.4 12.6 13.4
428.indd 21 07.11.2011 14:52:14
22
Third Quarter 2011
Reconciling measures of profit and loss to the consolidated statement of income of Group Holcim
Million CHF Notes Jan–Sept Jan–Sept July–Sept July–Sept
(unaudited) 2011 2010 2011 2010
Operating profit 1,753 2,178 669 762
Depreciation, amortization and impairment of operating assets 1,218 1,399 405 472
Operating EBITDA 2,971 3,577 1,074 1,234
Dividends earned 8 3 4 2 1
Other ordinary income (expenses) 8 3 25 2 (4)
Share of profit of associates 104 119 24 42
Other financial income 9 85 172 59 193
EBITDA 3,167 3,897 1,161 1,466
Depreciation, amortization and impairment of operating assets (1,218) (1,399) (405) (472)
Depreciation, amortization and impairment
of non-operating assets 8 (3) (35) 0 (32)

Interest earned on cash and marketable securities 9 76 65 26 27
Financial expenses 10 (606) (682) (196) (216)
Net income before taxes 1,416 1,846 585 773
428.indd 22 07.11.2011 14:52:14
22
Notes to the Consolidated
Financial Statements
23
5 Information by product line
Million CHF Cement
1
Aggregates Other
construction
materials
and services
Corporate/
Eliminations
Total
Group
January–September (unaudited) 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010
Statement of income and statement of financial position
Net sales to external customers 9,015 9,644 1,223 1,197 5,222 5,727 15,461 16,568
Net sales to other segments 999 1,042 674 714 477 445 (2,150) (2,201)
Total net sales 10,015 10,686 1,897 1,911 5,699 6,172 (2,150) (2,201) 15,461 16,568
Operating EBITDA 2,452 2,990 396 396 123 191 2,971 3,577
Operating EBITDA margin in % 24.5 28.0 20.9 20.7 2.2 3.1 19.2 21.6
Net operating assets
2
18,882 19,907 5,685 5,822 4,295 4,088 28,863 29,817
1

Cement, clinker and other cementitious materials.
2
Prior-year figures as of December 31, 2010.
Million CHF Cement
1
Aggregates Other
construction
materials
and services
Corporate/
Eliminations
Total
Group
July–September (unaudited) 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010
Statement of income
Net sales to external customers 2,970 3,135 443 440 1,904 2,091 5,318 5,666
Net sales to other segments 345 377 232 254 148 128 (724) (759)
Total net sales 3,315 3,512 675 694 2,053 2,219 (724) (759) 5,318 5,666
Operating EBITDA 816 946 174 174 84 114 1,074 1,234
Operating EBITDA margin in % 24.6 26.9 25.8 25.1 4.1 5.1 20.2 21.8
1
Cement, clinker and other cementitious materials.
428.indd 23 07.11.2011 14:52:14