holcim strength performance passion 3rd quarter results 2012 and outlook presentation of november 7 2012

Presentation of November 7, 2012

The spoken word prevails.



Strength. Performance. Passion.
3
rd
quarter results 2012 and outlook

2


2) Holcim sold more cement than in the first nine months of last year. This confirms that the unique
geographic diversification of the Group is supporting results. In the aggregates segment and to a lesser
extent in the ready-mix concrete business, volumes declined. This is primarily the result of the crisis in
Europe and the weaker demand for these construction materials in Oceania. Positive is the fact that over the
course of the year Holcim was increasingly able to pass on cost increases to prices. Compared with the
volumes and net sales, financial results developed over proportionately positive and the Group also achieved
slightly better margins. Furthermore, I would like to highlight the solid cash flow from operating activities and
the better gearing compared with year-end 2011. The Holcim Leadership Journey, our Group-wide program
introduced in May, is progressing positively. Regions and Group companies have already started to
implement measures and organizational adjustments at Group level have been made. These include the
introduction of a leaner management structure for Europe, and the creation of a Project Management Office
to monitor the progress of the Holcim Leadership Journey. Guidelines to measure the operational and
financial progress of the program have also been put in place. The detailed financial impact of the entire
Holcim Leadership Journey will be released together with the year-end results 2012. The like-for-like
operating EBITDA compared with last year increased by 6.4 percent. This includes restructuring costs of 58
million Swiss francs linked to the Holcim Leadership Journey. Adjusted for the costs and eliminating the
favorable impact of CO2 sales this year, the like-for-like operating EBITDA increased by 8 percent.

3) Furthermore, Asia's construction industry benefitted from robust demand, primarily in the big markets.
Major private and public construction projects supported our sales volumes. Due to the combination of
innovative products and related services, Holcim is a preferred supplier on many big construction sites.
However, construction activity was subdued in the Pacific rim, where demand in the non-resource regions
remained weak. In the Group region Asia Pacific Holcim sold more cement than last year, primarily
supported by rising cement sales volumes in India, the Philippines, Indonesia and Thailand. Due to the
excellent business climate in Singapore, deliveries of ready-mix concrete did not decline significantly in this
Group region. The drop in aggregates shipments is a consequence of the subdued construction activity in
the Pacific region. The construction of the new cement plant in Tuban in East Java made considerable
headway. The facilities will commence cement production at the end of 2013 and resolve current capacity
bottlenecks. In view of the positive development of the Indonesian market, Holcim has approved the
construction of a second identical kiln line in Tuban which will go into operation by end of 2014. Despite
heavy competitive pressure, Holcim was able to pass on inflationary-induced cost increases to prices and to
generate better margins. In absolute terms, Ambuja Cements achieved the largest improvement in results,
followed by Holcim Indonesia, Holcim Australia and Holcim Philippines.

© 2012 Holcim Ltd
• Rising cement deliveries in the first nine months of 2012
• Price increases support earnings, slightly better margins
• Higher operating EBITDA
• Solid cash flow from operating activities
• Net income significantly higher than last year
• Holcim Leadership Journey progresses according to plan
Holcim at a glance
2
Group
January-
Sept

2012
January-
Sept
2011
+/-
%
+/-
%
like-for-
like
Sales of cement
in million t
111.4
108.1
+3.0
+2.4
Sales
of aggregates in million t
120.3
130.4
-
7.7
-
8.7
Sales
of ready-mix concrete in million m
3
35.5
36.1
-

1.7
-
2.8
Operating EBITDA
in million CHF
3,147
2
,971
+5.9
+6.4
Net income in million CHF
1,108
1
,004
+10.3
© 2012 Holcim Ltd
• Robust demand in Asia, but subdued building activity in the Pacific rim
• Rising cement deliveries, but declining aggregates and ready-mix
concrete sales volumes due to Australia
• Inflation-induced cost increases have been passed on to customers
• Higher operating EBITDA primarily due to India, Indonesia, Holcim
Australia and the Philippines
• Solid organic growth at operating EBITDA level
Asia Pacific continues its growth track
3
Asia
Pacific January-
Sept
2012
January-

Sept
2011
+/-
%
+/-
%
like-for-
like
Sales of cement
in million t
59.5
56.2
+5.9
+5.4
Sales
of aggregates in million t
21.2
22.3
-
4.7
-
4.7
Sales
of ready-mix concrete in million m
3
9.7
9.8
-
0.5
-

0.5
Operating EBITDA
in million CHF
1,446
1
,264
+14.5
+17.5

3


4) In most Latin American markets the construction industry remained robust. This includes countries like El
Salvador, Ecuador or Colombia. In Mexico however, building activity declined slightly in the aftermath of the
July presidential elections, and in Brazil, the overheated economy cooled down. The economic situation in
the inflationary driven Argentina was difficult. Holcim Apasco in Mexico and Holcim El Salvador increased
sales volumes in all segments. Holcim also achieved higher cement shipments in Costa Rica, Nicaragua,
Colombia, Ecuador, Brazil and Chile. In the ready-mix concrete area, the reduction in volumes is primarily
the result of optimizing margins in this business at Holcim Brazil. Due to weaker demand, sales volumes
declined in all segments in Argentina. The operating EBITDA of the Group region Latin America increased
despite higher input costs and the weaker Brazilian currency. Operating margins also improved. This reflects
not only the higher cement sales volumes and the better price situation, but also ongoing efforts to control
costs.



5) In the European Union the debt crisis and austerity budgets also impacted business development in the
construction sector. Countries in the south and east of the continent were hit particularly hard by the
recession. However, economic activity developed positively in Russia and Azerbaijan. Aggregate Industries
UK could not escape the negative market development. Holcim also experienced declining sales volumes in

Belgium, the Netherlands and France. Despite lower demand in Spain, Holcim Spain was more or less able
to maintain sales of cement and clinker due to exports. In Italy, construction markets remained subdued.
Holcim Germany sold slightly less cement, but more aggregates and ready-mix concrete. Due to increasing
imports, Holcim Switzerland experienced lower sales volumes in all segments. In all markets of this Group
region, the price situation remained difficult. In Eastern and Southeastern Europe public and private
investment activity remained modest. Due to the integration of VSH in Slovakia, cement shipments in
Eastern Europe practically achieved the previous year’s level. In the ready-mix concrete business the Group
companies in Romania, Croatia and the Czech Republic increased deliveries. Bulgaria was hit particularly
hard by the present difficult market situation. The situation of the construction industry in Russia and
Azerbaijan was very different: solid growth in the construction industry supported demand for cement in both
markets and price increases could be implemented in Russia. Holcim has also decided to modernize the
Volsk plant in the Volga region with a new kiln line which will go on stream in the third quarter of 2016.
Including restructuring measures of 47 million Swiss francs, consolidated operating EBITDA declined in
Europe. A substantially lower performance was achieved at Holcim Switzerland, Aggregate Industries UK
and Holcim France. Better operating results were primarily achieved by the Group companies in Azerbaijan
and Russia. The new and leaner management structure of Europe is deployed and in place to handle the
difficult economic situation in that Group region.

© 2012 Holcim Ltd
• Demand for building materials remains predominantly steady
• House building and infrastructure expansion are growth drivers
• Higher cement sales and partially better market prices
• Significantly better operating results in Colombia, Ecuador and
El Salvador
• Increasing operating EBITDA and better margin, despite higher
energy costs
Latin America remains a pillar of the Group’s success
4
Latin
America January-

Sept
2012
January-
Sept
2011
+/-
%
+/-
%
like-for-
like
Sales of cement
in million t
18.5
18.0
+3.0
+3.0
Sales
of aggregates in million t
10.6
10.9
-
3.3
-
3.3
Sales
of ready-mix concrete in million m
3
7.8
8.2

-
5.2
-
5.2
Operating EBITDA
in million CHF
721
662
+8.8
+8.4
© 2012 Holcim Ltd
• Debt crisis and restrictive budgetary policies weaken demand
• Declining sales in all segments and further price pressure
• Restructuring costs impact performance
• Better results in Russia and Azerbaijan
• Weaker operating results in Group region Europe
Europe’s economy is suffering from the debt crisis
5
Europe
January-
Sept
2012
January-
Sept
2011
+/-
%
+/-
%
like-for-

like
Sales of cement
in million t
20.1
20.6
-
2.3
-
4.6
Sales
of aggregates in million t
56.2
63.6
-
11.7
-
12.4
Sales
of ready-mix concrete in million m
3
11.1
12.2
-
8.7
-
8.8
Sales
of asphalt in million t
3.5
4.2

-
16.6
-
16.6
Operating EBITDA
in million CHF
577
707
-
18.4
-
18.2

4


6) In North America the economy continued to expand at a moderate pace. Development in the US
construction sector differed considerably from region to region. In the northern states with a Holcim market
presence, demand for residential and commercial real estate increased. In Canada, investment activity
remained lively. Holcim US sold more cement. Aggregate Industries US increased deliveries of ready-mix
concrete. Shipments of aggregates remained below the previous year's level, and asphalt sales declined.
Holcim Canada also sold more cement and ready-mix concrete, partly due to favorable weather conditions
for construction. Due to delays in projects, sales of aggregates decreased. Sales of asphalt remained stable.
Operating EBITDA for Group region North America improved significantly. All three Group companies
achieved better financial results, and the operating results of Holcim US and Holcim Canada improved
strongly. Aside from increases in sales volumes, the reasons for the improvement in margin included lower
energy costs and better prices.

7) Over the course of the year, Africa Middle East lost some momentum due to the lack of dynamism in
important markets such as Morocco and Lebanon. Social housing remained the main pillar of growth. The
Lebanese economy felt the conflict and turmoil in Syria. This had an impact on construction activity
particularly in the north of the country, while it remained lively in the region of Beirut. In all segments, delivery
volumes of Holcim Morocco almost reached the level of the previous year, but market prices weakened over
the course of 2012. At Holcim Lebanon, shipments of cement declined. However, due to several construction
projects in the region of Beirut, deliveries of ready-mix concrete slightly rose. In the Indian Ocean region, the
Group companies recorded slightly lower sales of cement. In West Africa and the Arabian Gulf local grinding
stations increased their deliveries of cement. The reduction in operating EBITDA can be attributed largely to
adverse market conditions and higher production costs in Lebanon.

© 2012 Holcim Ltd
• Moderate economic growth continues in the US with regional
differences; in Canada, investment activity remains lively
• Higher cement and ready-mix concrete shipments, but declining
aggregates business
• Lower energy costs and partially higher prices
• All Group companies achieved higher operating EBITDA
North America with higher cement and ready-mix concrete
deliveries
6
North
America January-
Sept
2012
January-
Sept
2011
+/-
%

+/-
%
like-for-
like
Sales of cement
in million t
8.9
8.5
+4.2
+4.2
Sales
of aggregates in million t
30.6
31.9
-
4.2
-
6.9
Sales
of ready-mix concrete in million m
3
6.0
5.1
+17.8
+10.5
Sales
of asphalt in million t
3.1
3.5
-

10.5
-
10.5
Operating EBITDA
in million CHF
348
264
+32.0
+25.2
© 2012 Holcim Ltd
• In Morocco, construction activity decreased over the course of the
year, and Lebanon was affected by the political unrest in the region
• Stable construction markets in the Indian Ocean and in West Africa
• Lower sales volumes of cement, but higher deliveries of aggregates
and ready-mix concrete
• Decreasing operating EBITDA due to Lebanon, but stable results in
Morocco, West Africa and Indian Ocean
Lack of activity in Africa Middle East
7
Africa
Middle East January-
Sept
2012
January-
Sept
2011
+/-
%
+/-
%

like-for-
like
Sales of cement
in million t
6.4
6.5
-
0.9
-
0.9
Sales
of aggregates in million t
1.8
1.7
+6.0
+6.0
Sales
of ready-mix concrete in million m
3
0.9
0.8
+1.4
+1.4
Operating EBITDA
in million CHF
221
237
-
7.1
-

7.4

5


8) Let us begin with the review of the key financial figures of the third quarter before turning to the nine
months 2012 results. Net sales increased by 9.8 percent driven by like-for-like growth of 3.2 percent and
foreign currency developments contributing 6.2 percent. While Cement recorded a flat volume growth and
Aggregates and Ready-Mix concrete continued to witness negative volume developments compared to last
year, all three product categories continued to record mid- to high-single digit price that contributed
substantially to the overall sales growth. Continued efforts on the operating cost base resulted in fixed costs
growing at a lower rate than sales, offsetting parts of the proportional increase in variable costs driven by
higher raw material and energy costs. As a result of this and above all the higher prices, the operating
EBITDA increased to 1.2 billion Swiss francs, expanding the operating EBITDA margin on a like-for-like base
from 20.2 percent in the third quarter 2011 to 20.8 percent in the third quarter 2012. Adjusting for the 21
million Swiss francs restructuring costs related to Hungary and the 3 million Swiss francs lower CO2 sales,
the margin even reached 21.2 percent. The operating profit benefited from the aforementioned
developments and together with a slightly reduced depreciation and amortization increased by 13.9 percent
to 762 million Swiss francs. Adjusting for the 3 million Swiss francs lower CO2 sales in Europe and the one-
off costs of 60 million Swiss francs related to the Holcim Leadership Journey, the operating profit margin
improved to 14.1 percent, up from 12.6 percent a year ago. The net income attributable to Holcim
shareholders increased by 10.5 percent to 394 million Swiss francs, while the cash flow from operating
activities, driven by the improved operating EBITDA, increased to 896 million Swiss francs.



9) Let us now cover the key financial figures for the first nine months of 2012. Net sales amounted to 16.2
billion Swiss francs, up 4.8 percent compared to the first nine months of 2011. On the pricing side all three
product groups recorded encouraging results, hence contributing to top line growth. Volume developments
offered a somewhat different picture, with volumes in Cement softening during the course of the nine months

compared to last year prompted mainly by lower demand in Argentina and Morocco. Aggregates and Ready-
mix concrete recorded negative year-on-year volume developments mainly in mature markets. Continued
efforts on the cost side resulted in fixed costs increasing under proportionally, hence partially compensating
for the increase in variable costs related to an increase mainly in raw material and energy. As a result the
operating EBITDA increased by 5.9 percent, or a good 6.4 percent on a like-for-like base. Adjusting for the
higher CO2 sales of 11 million Swiss francs and the 58 million Swiss francs restructuring costs, the operating
EBITDA increased to nearly 3.2 billion Swiss francs, yielding a margin of 19.7 percent compared to the
stated 19.4 percent. Excluding the one-off impacts from the Holcim Leadership Journey of 98 million Swiss
francs on operating profit level and the aforementioned CO2 sales, the operating profit margin reached 12.1
percent compared to the stated 11.6 percent. Cash flow from operating activities improved by a good 19.1
percent to 1.1 billion Swiss francs, driven by a higher operating EBITDA and lower taxes paid.
© 2012 Holcim Ltd
Key financial figures – Q3 2012
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.
2011 2012
LFL CIS FX Total
Sales volumes
- Cement (mt)
37.2 37.3 -0.4% 0.7% 0.3%
- Aggregates (mt)
49.2 44.8 -9.6% 0.7% -8.9%
- Ready-mix (mm
3
)
13.0 12.7 -2.9% 0.5% -2.5%
Net sales
5'318 5'841 3.2% 0.4% 6.2% 9.8%
Operating EBITDA
1'074 1'214 6.7% 0.3% 6.1% 13.0%

Operating profit
669 762 8.7% -0.7% 6.0% 13.9%
Net income
418 484 9.6% 0.4% 5.6% 15.6%
Net income - shareholders
of Holcim Ltd
356 394 4.6% 0.4% 5.4% 10.5%
Cash flow
858 896 4.3% 0.4% -0.2% 4.4%
Million CHF
(if not otherwise stated)
Q3
+/-
8
© 2012 Holcim Ltd
Key financial figures – 9M 2012
1 Calculated on the weighted average number of shares outstanding.
F
Full Year
2011 2011 2012
LFL CIS FX Total
Sales volumes
- Cement (mt)
144.3 108.1 111.4 2.4% 0.7% 3.0%
- Aggregates (mt)
173.0 130.4 120.3 -8.7% 1.0% -7.7%
- Ready-mix (mm
3
)
48.4 36.1 35.5 -2.8% 1.1% -1.7%

Net sales
20'744 15'461 16'198 4.9% 0.2% -0.3% 4.8%
Operating EBITDA
3'958 2'971 3'147 6.4% 0.1% -0.7% 5.9%
Operating profit
1'933 1'753 1'879 9.4% -1.0% -1.3% 7.2%
Net income
682 1'004 1'108 12.2% -0.6% -1.2% 10.3%
275 713 783 10.3% -0.9% 0.3% 9.8%
Cash flow
2'753 930 1'107 22.7% 0.1% -3.8% 19.1%
EPS in CHF
1
0.86 2.23 2.42 8.5%
Million CHF
(if not otherwise stated)
9M
+/-
Net income - shareholders
of Holcim Ltd
9

6

© 2012 Holcim Ltd
Cement – Sales volumes by region
Million t
53.2
56.2
59.5
16.8
18.0
18.5
20.1
20.6
20.1
8.4
8.5
8.9
6.8
6.5
6.4
∆ 9M 11/9M 12
LFL
Change in
structure
Total
Asia Pacific 5.4% 0.5% 5.9%
Latin America 3.0% 0.0% 3.0%
Europe -4.6% 2.3% -2.3%
North America 4.2% 0.0% 4.2%
Africa Middle East -0.9% 0.0% -0.9%

Total 2.4% 0.7% 3.0%
Total Group
9M 2010 102.8
9M 2011 108.1
9M 2012 111.4
10
© 2012 Holcim Ltd
Aggregates – Sales volumes by region
Million t
∆ 9M 11/9M 12
LFL
Change in
structure
Total
Asia Pacific -4.7% 0.0% -4.7%
Latin America -3.3% 0.0% -3.3%
Europe -12.4% 0.7% -11.7%
North America -6.9% 2.7% -4.2%
Africa Middle East 6.0% 0.0% 6.0%
Total -8.7% 1.0% -7.7%
19.6
22.3
21.2
9.0
10.9
10.6
59.5
63.6
56.2
28.8

31.9
30.6
1.9
1.7
1.8
Total Group
9M 2010 118.8
9M 2011 130.4
9M 2012 120.3
11
© 2012 Holcim Ltd
Ready-mix concrete and asphalt – Sales volumes by region
Million m
3
/t
9.4
9.8
9.7
7.7
8.2
7.8
Total Asphalt
9M 2010 7.8
9M 2011 7.6
9M 2012 6.6
12.4
12.2
11.1
4.4
4.2

3.5
4.2
5.1
6.0
3.4
3.5
3.1
0.8
0.8
0.9
∆ 9M 11/9M 12
LFL
Change in
structure
Total
Asia Pacific -0.5% 0.0% -0.5%
Latin America -5.2% 0.0% -5.2%
Europe -8.8% 0.1% -8.7%
North America 10.5% 7.3% 17.8%
Africa Middle East 1.4% 0.0% 1.4%
Total -2.8% 1.1% -1.7%
Total Ready-mix
9M 2010 34.4
9M 2011 36.1
9M 2012 35.5
12
© 2012 Holcim Ltd
Exchange rates
1 Weighted by net sales 9M 2012,
2 Weighted by net sales full year 2011

Statement of income
average exchange rates in CHF
9M 10 9M 11 9M 12 +/-
1 EUR 1.40 1.24 1.21 -2.6%
1 GBP 1.63 1.42 1.48 4.2%
1 USD 1.06 0.88 0.94 6.4%
1 LATAM Basket (MXN, BRL, ARS, CLP)
1
1.15 1.00 0.96 -4.0%
1 Asian Basket (AUD, IDR, INR, THB, PHP)
1
1.14 1.00 0.98 -1.6%
Statement of financial position
exchange rates in CHF
30/09/11 31/12/11 30/09/12 +/-
1 EUR 1.22 1.22 1.21 -0.7%
1 GBP 1.40 1.45 1.52 4.5%
1 USD 0.90 0.94 0.93 -0.7%
1 LATAM Basket (MXN, BRL, ARS, CLP)
2
1.18 1.00 1.04 4.0%
1 Asian Basket (AUD, IDR, INR, THB, PHP)
2
1.13 1.00 1.03 2.6%
13

7

16) Net sales amounted ot 16.2 billion Swiss francs, representing an overall increase of 4.8 percent.
Excluding changes in the scope of consolidation amounting to 0.2 percent and foreign exchange movements
contributing a negative 0.3 percent, the like-for-like change amounted to an increase of 4.9 percent. On a
like-for-like base Group sales benefitted from solid cement volume growth in Group region Asia Pacific,
North America and Latin America, while on Group region Africa Middle East recorded sound volume growth
in aggregates. Group region North America recorded good growth in ready-mix concrete volumes. On a like-
for-like base cement prices increased in Group region Asia Pacific, Latin America and to a lesser extent
North America, Africa Middle East and Europe. Aggregates pricing on a like-for-like base was mainly driven
by Group region Asia Pacific, followed by Europe, North America and Latin America.

© 2012 Holcim Ltd
-178
-228
-435
-916
-854
-508
-244
-140
331
-32
-41
-73
-203
-181
-98
-47

-38
65
-3.1%
-4.3%
-9.2%
-14.9%
-15.1%
-9.0%
-5.2%
-2.6%
6.2%
-2.2%
-4.1%
-8.0%
-14.2%
-14.7%
-10.5%
-6.2%
-3.3%
6.1%
Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12
Net sales impact Operating EBITDA impact
Foreign exchange rate impact
14
Million CHF
© 2012 Holcim Ltd
Net sales
9M 10
9M 11
9M 12

16,568
15,461
16,198
Like-for-Like (LFL) -358 -2.3% 967 5.8% 757 4.9%
Change in structure
1'106 7.0% 130 0.8% 33 0.2%
Forex movements 46 0.3% -2'205 -13.3% -53 -0.3%
Total change
794 5.0% -1'107 -6.7% 737 4.8%
15
Million CHF
© 2012 Holcim Ltd
Net sales by region
9M 2010
9M 2011
9M 2012
6020
5929
6579
2587
2467
2613
5136
4691
4434
2449
2151
2394
849
706

726
Million CHF
∆ 9M 11/9M 12
LFL
Change in
structure
Currency Total
Asia Pacific
12.8% 0.2% -2.0% 11.0%
Latin America
7.4% -0.8% -0.7% 5.9%
Europe
-5.2% 0.1% -0.4% -5.5%
North America 3.7% 1.8% 5.8% 11.3%
Africa Middle East
2.4% -0.3% 0.8% 2.9%
Total 4.9% 0.2% -0.3% 4.8%
16

8




18) Operating EBITDA nearly reached 3.2 billion Swiss francs, an increase of 5.9 percent. This was mainly
driven by better prices and a favorable development of the cost base that more than offset the impact from
the overall slight volume decline in Aggregates and Ready-mix concrete. Adjusting for the slightly negative
currency impact of minus 0.7 percent and the changes in the scope of consolidation of 0.1 percent, the
operating EBITDA increased by a solid 6.4 percent. Excluding the impact from higher CO2 sales of 22 million
Swiss francs compared to the previous year’s 11 million Swiss francs and deducting the 58 million Swiss

francs related to the Holcim Leadership Journey one-off cash costs, the like-for-like operating EBITDA
increased by some 8 percent.



19) The Group region Asia Pacific improved its operating EBITDA by 14.5 percent to roughly 1.5 billion
Swiss francs despite the weak Indian rupee. On a like-for-like base the growth even reached 17.5%. Key
contributors were Ambuja Cements, Holcim Indonesia, Holcim Australia and Holcim Philippines. While
slightly lower volumes prevented Holcim Vietnam from reaching last years level, higher costs impacted the
financial result of Holcim Malaysia. The operating EBITDA in Group region Latin America increased by a
good 8.8 percent to 721 million Swiss francs despite inflationary cost pressures in Argentina in addition to
higher energy costs in some countries. On a like-for-like base the increase amounted to a solid 8.4 percent.
This result was achieved from a combination of volume growth, partially improved market prices and last but
not least the continued cost focus. While the Group companies in Colombia, Ecuador, El Salvador and Chile
© 2012 Holcim Ltd
Net sales by region
Net sales 9M 2012
Europe
26.5%
Asia
Pacific
39.3%
Africa
Middle
East
4.3%
Latin
America
15.6%
North

America
14.3%
17
© 2012 Holcim Ltd
Operating EBITDA
21.6%
19.2%
19.4%
Margin
Million CHF
9M 10
9M 11
9M 12
3'577
2'971
3'147
Like-for-Like (LFL) -241 -6.7% -156 -4.4% 191 6.4%
Change in structure
183 5.1% 8 0.2% 4 0.1%
Forex movements 21 0.6% -458 -12.8% -20 -0.7%
Total change
-37 -1.0% -605 -16.9% 175 5.9%
3'577
2'971
3'147
18
© 2012 Holcim Ltd
Operating EBITDA by region
9M 2010
9M 2011

9M 2012
1439
1264
1446
762
662
721
855
707
577
366
264
348
286
237
221
Million CHF
∆ 9M 11/9M 12
LFL
Change in
structure
Currency Total
Asia Pacific
17.5% 0.1% -3.1% 14.5%
Latin America
8.4% -0.2% 0.7% 8.8%
Europe
-18.2% 0.4% -0.6% -18.4%
North America 25.2% 0.3% 6.6% 32.0%
Africa Middle East

-7.4% 0.2% 0.1% -7.1%
Total 6.4% 0.1% -0.7% 5.9%
19

9
posted substantially better operating results compared to last year, Mexico, Brazil and Argentina were not
able to match previous year’s levels due to increasingly challenging market conditions. Brazil’s operating
result was particularly impacted by adverse currency developments. The Group region Europe witnessed an
18.4 percent decline of its operating EBITDA to 577 million Swiss francs. On a like-for-like base this decline
was only slightly lower at minus 18.2 percent. Restructuring costs of 47 million Swiss francs in Spain,
Hungary and UK negatively impacted the operating EBITDA development, while higher CO2 sales of 11
million Swiss francs had a positive impact. While the Group companies in Russia and Azerbaijan posted
significantly better operating results, Holcim Switzerland, Aggregate Industries UK and Holcim France
recorded lower results compared to last year due to weaker demand. Group region North America posted
the highest operating EBITDA growth at 32.0 percent and 25.2 on a like-for-like base to 348 million Swiss
francs. The strengthening of the US Dollar contributed some 6.6 percent to this performance. All Group
companies posted better operating results. Operating EBITDA in Group region Africa Middle East declined
by 7.1 percent to 221 million Swiss francs. The decline was largely driven by adverse market conditions and
higher production costs in Lebanon. The Group companies in Morocco and West Africa managed to match
last year's levels.







22) Below operating profit, other income amounted to 20 million Swiss francs, up 17 million Swiss francs.
The contribution from associated companies declined to 73 million Swiss francs, down from 104 million
© 2012 Holcim Ltd

Operating profit
13.1%
11.3%
11.6%
9M 10
9M 11
9M 12
2'178
1'753
1'879
Margin
Like-for-Like (LFL) -292 -12.5% -139 -6.4% 165 9.4%
Change in structure
103 4.4% -6 -0.3% -17 -1.0%
Forex movements 30 1.3% -280 -12.8% -22 -1.3%
Total change
-159 -6.8% -425 -19.5% 126 7.2%
20
Million CHF
© 2012 Holcim Ltd
Operating profit by region
1
9M 2010
9M 2011
9M 2012
1003
890
1044
608
515

557
377
295
159
95
30
110
245
201
184
∆ 9M 11/9M 12
LFL
Change in
structure
Currency Total
Asia Pacific
21.2% 0.2% -4.0% 17.3%
Latin America
7.0% -0.2% 1.1% 8.0%
Europe
-42.9% -4.1% 1.1% -45.9%
North America 278.9% -20.2% 12.9% 271.5%
Africa Middle East
-9.2% 0.5% -0.2% -8.9%
Total 9.4% -1.0% -1.3% 7.2%
21
Million CHF
© 2012 Holcim Ltd
Net income
1,223

1,004
1,108
875
713
783
-22.4%
-17.9%
10.3%
-27.1%
-18.5%
9.8%
9M 10 9M 11 9M 12
Net income Net income - shareholders of Holcim Ltd
22
Million CHF

10
Swiss francs over first nine months in 2011 with the main driver being the lower profit from the stake in China
and Egypt. Financial income increased by 28 million Swiss francs to 189 million Swiss francs mainly driven
by higher interest on cash and marketable securities. Financial expenses decreased from 606 million to 572
million Swiss francs mainly as a result of lower foreign exchange losses and lower unwinding of discounts on
provisions. After a tax charge of 482 million Swiss francs, Group net income increased from 1,004 million
Swiss francs to 1,108 million Swiss francs. Adjusting for non-controlling interests, the net income improved
by 9.8 percent to 783 million Swiss francs.





24) The financing requirement for the first nine months of 2012 amounted to 229 million Swiss francs. Higher

operating EBITDA and lower income taxes more than offset higher working capital needs and financial
expenses, thus resulting in a cash flow from operating activities of 1,107 million Swiss francs, up 19.1
percent. On a like-for-like base the increase reached 22.7 percent. For the first nine months, investments to
sustain the asset base decreased to 394 million Swiss francs on a net base, with roughly 75 percent of this
being allocated to Cement. Expansion investments at 469 million Swiss francs, was down 19.6 percent.
While around 80 percent of this was invested in Cement, Aggregates and Ready-mix concrete each
accounted for 10 percent. These lower investments combined with the dividends paid supported the overall
increase of the cash flow generation capacity in the first nine months 2012.



© 2012 Holcim Ltd
Cash flow from operating activities
9M 10
9M 11
9M 12
2'053
12.4%
6.0%
6.8%
Like-for-Like (LFL) -279 -12.7% -968 -47.1% 211 22.7%
Change in structure
135 6.2% -16 -0.8% 1 0.1%
Forex movements 5 0.2% -140 -6.8% -35 -3.8%
Total change
-139 -6.3% -1'123 -54.7% 177 19.1%
1'107
930
23
Million CHF

© 2012 Holcim Ltd
Statement of cash flows
Full Year
2011 2011 2012
Cash flow from operating activities 2,753 930 1'107 19.1%
Net investments to maintain productive
capacity and to secure competitiveness
-752
-427 -394 7.7%
Free cash flow 2,001
502 713 41.8%
Expansion investments -886 -583 -469 19.6%
Financial investments net -153 54 61 12.7%
Dividends paid -713 -703 -535 23.9%
Financing surplus/(requirement) 248 -729 -229 68.5%
+/-
Million CHF
9M
24
© 2012 Holcim Ltd
Financial position
Million CHF
12,127
11,549
11,579
19,424
19,656
20,570
62.4%
58.8%

56.3%
30.9.2011 31.12.2011 30.9.2012
Net financial debt Total shareholders' equity Gearing
25

11
25) Total shareholders’ equity increased to 20.6 billion Swiss francs, up 4.6 percent since the beginning of
the year and up 5.9 percent compared to the first nine months 2011. Net financial debt remained more or
less flat compared to year-end 2011 and even decreased by 4.5 percent over the last twelve months mainly
due to a higher cash flow generation. As a result of the lower net financial debt and the increased cash flow
generation capacity key credit metrics continued to strengthen throughout the year and recorded a
improvement compared to the levels recorded a year ago. This development together with the maintained
high level of cash and marketable securities of 2.8 billion Swiss francs or 7.8 billion Swiss francs when
including the committed unused credit lines supports the Group’s overall credit profile. The change in
currencies had a slight negative impact of minus 69 million Swiss francs on the net financial debt, while
increasing shareholders’ equity by 93 million Swiss francs. Driven by the continued increase in equity and
the flattish debt development, the gearing decreased to a sound 56.3 percent, down from 58.8 percent.at
year-end 2011 and 62.4 percent in the previous year.





27) Holcim expects demand for building materials to rise in 2012 in emerging markets in Asia and Latin
America, as well as in Russia and Azerbaijan. In North America, cement volumes will also increase. In
Europe however, sales volumes are expected to decrease in all segments. In any case, Holcim will accord
cost management the closest attention, and pass on inflation-induced cost increases. Holcim’s approach to
new investments will be cautious. Holcim expects the Group to achieve organic growth in 2012 on the level
of operating EBITDA, and additionally to reap the first positive effects of the Holcim Leadership Journey this
year.

© 2012 Holcim Ltd
Financial debt, maturities and liquidity as of Sep 30, 2012
Liquidity summary
• Cash + marketable securities: CHF 2,842 million
• Cash + marketable securities + unused committed
credit lines: CHF 7,758 million
Debt summary
• Current financial liabilities
1
: CHF 3,431 million
• Fixed to floating ratio: 56% fixed
• Capital markets 77%; Loans 23%
• Corporate vs. subsidiary debt: 77% corporate
• Ø total maturity: 4.0 years
• CP borrowings: CHF 394 million
• No material financial covenants at Corporate level
ST/LT ratings summary as of November 6, 2012
• S&P Credit Rating: A-2 / BBB, outlook stable
• Fitch Credit Rating: F2 / BBB, outlook stable
• Moody’s Credit Rating: P-2 / Baa2, outlook negative
Maturity profile
1
(CHF million)
1
After risk-related adjustment from current financial liabilities to long-term financial liabilities
0
1'000
2'000

3'000
4'000
5'000
<1y 1-2y 2-3y 3-4y 4-5y 5-6y 6-7y 7-8y 8-9y 9-10y >10y
Loans
Capital markets
26
© 2012 Holcim Ltd
• Asia Pacific: increasing demand for construction materials
• Latin America: higher cement demand
• Europe: decreasing sales volumes in all segments, but Russia and
Azerbaijan clearly positive
• North America: higher volumes in cement and ready-mix concrete
• Africa Middle East: subdued development, above all in Lebanon
Outlook 2012
27
In any case,
Holcim will accord cost management the closest attention, and
pass on inflation
-induced cost increases. Holcim’s approach to new
investments will
be cautious. Holcim expects the Group to achieve organic
growth in 2012 on the level of operating EBITDA, and additionally to reap
the first positive effects of the
Holcim Leadership Journey this year.

12

© 2012 Holcim Ltd
Cost and capex guidance for 2012
• Energy costs per tonne of cement produced below CHF 17.00 per
tonne
• Fixed costs to benefit from the measures taken by the Leadership
Journey program
• Average interest rate slightly above the 4.4 percent level recorded
in 2011
• Long term expected tax rate of 27 percent
• Maintenance capex of CHF 0.75 billion net due to lower utilization
levels mainly in Europe
• Expansion capex of CHF 1.1 billion
28
© 2012 Holcim Ltd
Asia Pacific – regional overview
2011
2012
LFL CIS FX Total
Cement volumes (mt)
56.2 59.5 5.4% 0.5% 5.9%
3.5 3.5 -0.5% 0.0% -0.5%
52.7 56.0 5.8% 0.5% 6.3%
22.3 21.2 -4.7% 0.0% -4.7%
19.4 18.3 -5.4% 0.0% -5.4%
2.9 2.9 0.4% 0.0% 0.4%

9.8 9.7 -0.5% 0.0% -0.5%
4.3 4.2 -3.4% 0.0% -3.4%
5.5 5.6 1.7% 0.0% 1.7%
Net sales
5,929 6,579 12.8% 0.2% -2.0% 11.0%
1,784 1,960 3.4% 0.0% 6.5% 9.9%
4,145 4,619 16.8% 0.2% -5.6% 11.4%
Operating EBITDA
1,264 1,446 17.5% 0.1% -3.1% 14.5%
268 324 13.6% 0.0% 7.1% 20.6%
995
1,122
18.5% 0.1% -5.8% 12.8%
- of which emerging markets
- of which mature markets
- of which emerging markets
- of which mature markets
- of which emerging markets
- of which mature markets
+/-
Million CHF
(if not otherwise stated)
9M
- of which mature markets
- of which emerging markets
- of which mature markets
- of which emerging markets
Aggregates volumes (mt)
Ready-mix volumes (mm
3

)
29
© 2012 Holcim Ltd
Latin America – regional overview
2011
2012
LFL CIS FX Total
Cement volumes (mt)
18.0 18.5 3.0% 0.0% 3.0%
10.9 10.6 -3.3% 0.0% -3.3%
8.2 7.8 -5.2% 0.0% -5.2%
Net sales
2,467 2,613 7.4% -0.8% -0.7% 5.9%
Operating EBITDA
662 721 8.4% -0.2% 0.7% 8.8%
Million CHF
(if not otherwise stated)
9M
+/-
Aggregates volumes (mt)
Ready-mix volumes (mm
3
)
30
© 2012 Holcim Ltd
Europe – regional overview
2011
2012
LFL CIS FX Total
Cement volumes (mt)

20.6 20.1 -4.6% 2.3% -2.3%
12.7 11.5 -9.1% 0.0% -9.1%
7.9 8.6 2.8% 6.0% 8.8%
63.6 56.2 -12.4% 0.7% -11.7%
55.6 49.0 -11.9% 0.0% -11.9%
8.0 7.2 -15.7% 5.5% -10.2%
12.2 11.1 -8.8% 0.1% -8.7%
10.8 9.8 -9.0% -0.6% -9.6%
1.4 1.4 -6.5% 5.6% -0.9%
Net sales
4,691 4,434 -5.2% 0.1% -0.4% -5.5%
3,858 3,529 -7.9% -0.9% 0.2% -8.5%
833 904 7.3% 4.6% -3.4% 8.5%
Operating EBITDA
707 577 -18.2% 0.4% -0.6% -18.4%
494 343 -30.8% 0.1% 0.0% -30.7%
213 235 11.0% 1.3% -2.0% 10.2%
Ready-mix volumes (mm
3
)
- of which emerging markets
- of which mature markets
- of which emerging markets
- of which mature markets
- of which emerging markets
- of which mature markets
Million CHF
(if not otherwise stated)
- of which mature markets
- of which emerging markets

- of which mature markets
- of which emerging markets
Aggregates volumes (mt)
9M
+/-
31

13








© 2012 Holcim Ltd
North America – regional overview
2011
2012
LFL CIS FX Total
Cement volumes (mt)
8.5 8.9 4.2% 0.0% 4.2%
31.9 30.6 -6.9% 2.7% -4.2%
5.1 6.0 10.5% 7.3% 17.8%
Net sales
2,151 2,394 3.7% 1.8% 5.8% 11.3%
Operating EBITDA
264 348 25.2% 0.3% 6.6% 32.0%
Million CHF

(if not otherwise stated)
9M
+/-
Aggregates volumes (mt)
Ready-mix volumes (mm
3
)
32
© 2012 Holcim Ltd
Africa Middle East – regional overview
2011
2012
LFL CIS FX Total
Cement volumes (mt)
6.5 6.4 -0.9% 0.0% -0.9%
1.7 1.8 6.0% 0.0% 6.0%
0.8 0.9 1.4% 0.0% 1.4%
Net sales
706 726 2.4% -0.3% 0.8% 2.9%
Operating EBITDA
237 221 -7.4% 0.2% 0.1% -7.1%
Million CHF
(if not otherwise stated)
9M
+/-
Aggregates volumes (mt)
Ready-mix volumes (mm
3
)
33

© 2012 Holcim Ltd
Cement – Price/volume variances per region
* If not otherwise indicated calculation based on local currencies
1
Weighted average like-for-like
2
Locally not published yet
Asia Pacific
1
9.2% 5.4%
India 15.3% 4.7%
Sri Lanka 11.8% 7.9%
Bangladesh 15.2% 9.8%
Thailand
2
-8.1% 13.2%
Vietnam 2.5% -16.7%
Malaysia 0.0% 11.5%
Indonesia 7.9% 15.8%
Philippines 2.1% 20.2%
Australia 0.9% -1.4%
New Zealand -1.6% 8.6%
Domestic cement prices
∆ 9M 11/9M 12 *
Domestic clinker and
cement volumes
∆ 9M 11/9M 12
34
© 2012 Holcim Ltd
Cement – Price/volume variances per region

* If not otherwise indicated calculation based on local currencies
1
Weighted average like-for-like
2
Calculation in USD
3
Locally not published yet
Latin America
1
3.0%
Mexico 4.5%
El Salvador 5.3%
2
7.6%
Costa Rica -5.4%
2
4.7%
Nicaragua 4.1%
2
14.3%
Colombia 23.6% 4.3%
Ecuador 5.0%
2
5.9%
Brazil 1.4% 2.2%
Chile
3
0.6% 1.2%
Argentina
3

22.0% -9.4%
6.3%
2.9%
Domestic cement prices
Domestic clinker and
cement volumes
∆ 9M 11/9M 12 *
∆ 9M 11/9M 12
35

14








© 2012 Holcim Ltd
Cement – Price/volume variances per region
* If not otherwise indicated calculation based on local currencies
1
Weighted average like-for-like
Europe
1
-4.6%
Belgium 0.9% -11.5%
France 0.0% -9.2%
Germany -2.2% -8.8%

Switzerland -3.4% -10.0%
Italy 23.2% -23.7%
Hungary 3.4% -5.6%
Czech Republic -5.9% -6.3%
Slovakia -1.4% -20.1%
Croatia -0.7% -11.6%
Romania 2.1% -2.6%
Bulgaria 4.4% -24.7%
Serbia 16.0% -7.5%
Russia 8.0% 26.6%
Azerbaijan 0.8% 32.8%
Spain 0.9% -34.6%
1.9%
Domestic clinker and
cement volumes
∆ 9M 11/9M 12
Domestic cement prices
∆ 9M 11/9M 12 *
36
© 2012 Holcim Ltd
Cement – Price/volume variances per region
* If not otherwise indicated calculation based on local currencies
1
Weighted average like-for-like
2
Locally not published yet
North America
1
4.2%
Canada -0.4% 7.6%

USA 2.9% 4.4%
Africa Middle East
1
3.0% -0.9%
Morocco
2
-3.5% -0.8%
Lebanon
2
2.3% -7.2%
Indian Ocean 8.5% -6.1%
Group
1
6.1% 2.4%
3.0%
Domestic cement prices
Domestic clinker and
cement volumes
∆ 9M 11/9M 12 *
∆ 9M 11/9M 12
37
© 2012 Holcim Ltd
Aggregates – Price/volume variances per region
* If not otherwise indicated calculation based on local currencies
1
Weighted average like-for-like
Asia Pacific
1
11.0% -4.7%
Indonesia 16.5% -2.9%

Australia 12.2% -5.6%
Latin America
1
2.7% -3.3%
Mexico -1.2% 2.5%
Brazil 6.0% 3.6%
Domestic aggregates
volumes
Domestic aggregates
prices
∆ 9M 11/9M 12 *
∆ 9M 11/9M 12
38
© 2012 Holcim Ltd
Aggregates – Price/volume variances per region
* If not otherwise indicated calculation based on local currencies
1
Weighted average like-for-like
Europe
1
4.1% -12.4%
United Kingdom 2.1% -9.3%
Belgium -0.7% -4.7%
France 5.8% -7.7%
Germany 6.1% 8.4%
Switzerland 3.2% -17.0%
Italy 0.7% -30.7%
Romania 7.3% 4.1%
Bulgaria -2.9% -8.8%
Spain 4.6% -44.1%

North America
1
3.9% -6.9%
Canada 3.3% -5.1%
United States 3.1% -3.7%
Domestic aggregates
prices
∆ 9M 11/9M 12 *
∆ 9M 11/9M 12
Domestic aggregates
volumes
39

15







© 2012 Holcim Ltd
Contact information and event calendar
Contact information
Corporate Communications
Phone +41 58 858 87 10
Fax +41 58 858 87 19

Investor Relations
Phone +41 58 858 87 87

Fax +41 58 858 80 09

www.holcim.com/investors
Mailing list:
www.holcim.com/subscribe
Event calendar
February 27, 2013 Press and analyst conference
annual results for 2012
April 17, 2013 General meeting for shareholders
May 8, 2013 Results for the first quarter 2013
15 August, 2013 Half-year results for 2013
5 November, 2013 Press and analyst conference third
quarter results for 2013
40
© 2012 Holcim Ltd
Disclaimer
Cautionary statement regarding forward-looking statements
This presentation may contain certain forward-looking statements relating to
the Group’s future business, development and economic performance.
Such statements may be subject to a number of risks, uncertainties 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
financial market conditions; (5) delay or inability in obtaining approvals from
authorities; (6) technical developments; (7) litigation; (8) adverse publicity and
news coverage, which could cause actual development and results to differ
materially from the statements made in this presentation. Holcim assumes no
obligation to update or alter forward-looking statements whether as a result of
new information, future events or otherwise.
41

© 2012 Holcim Ltd
Strength. Performance. Passion.
42