2007 results and outlook presentation of february 27 2008 markus akermann ceo theophil h schlatter cfo

©2008 Holcim Ltd/Switze rland
2007 results and outlook


Presentation of February 27, 2008
Markus Akermann, CEO
Theophil H. Schlatter, CFO

The spoken word prevails.


2
1
2007 results©2008 H olcim Ltd/Switzerland
2007: Another record year for Holcim
 Excellent operating results
 Solid construction activity in most markets
 Excellent geographical positioning
 Strategy is strengthening Group growth
 Proposal for substantial dividend increase


1) Holcim had another record year in 2007. In a favorable, but increasingly
challenging economic environment, the Group's fundamental strengths were in
full view. This gratifying development is confirmed by strong internal operating
EBITDA growth of 10.8 percent and a remarkable improvement in net income.
Holcim is excellently positioned in the emerging markets with high development
potential, especially given that some three quarters of our cement capacity is
located there. We succeeded in largely offsetting the decrease in demand
experienced in a few markets. Once again, we could reap the fruits of a strategy
which has been consistently implemented over the years. And we will continue to
focus on our goals in order to remain just as successful going forward. Based on
the good results, the Board of Directors will be proposing to the annual general
meeting on May 7 that the gross dividend be increased from 2 Swiss francs to 3
Swiss francs 30 per share. We are thus meeting the target we set in 2003 of

achieving in the medium term a payout ratio of one third of net income
attributable to equity holders of Holcim Ltd.

2
2007 results©2008 Holcim Ltd/Switzerland
Europe: Rise in earnings from eastern Europe
 Construction activity and capacity utilization good
 Eastern Europe, Russia and Azerbaijan on the up
 Foster Yeoman bolsters aggregates sales in UK
 High level of efficiency, stable sales, attractive prices
 Europe making biggest contribution to Group result


2) I now turn to the key facts in the individual Group regions: The robust global economy
also provided numerous stimuli for the European building industry. In most countries of
eastern Europe as well as in Russia and Azerbaijan cement deliveries increased. We
also lifted sales volumes in France. However, demand was lower in Central Europe and
Spain. Our sales of aggregates also increased – bolstered by the full-year inclusion of
Foster Yeoman in the UK. By contrast, sales of ready-mix concrete showed a moderate
decline. That said, lower sales volumes in Spain and Switzerland were virtually offset by
the excellent sales trends seen in other markets. Thanks to greater operational
efficiency, generally stable sales patterns and largely attractive prices, practically all

3
Group companies improved their financial results. Good results were achieved above all
by Holcim France Benelux and Aggregate Industries UK as well as the Group
companies in eastern Europe, including Russia and Azerbaijan. Overall, Europe made
the biggest contribution to the Group result.

3

2007 results©2008 Holcim Ltd/Switzerland
North America: Cement production at record level
 Weak US housing construction straining building industry
 Higher cement output and fewer imports
 Meyer Material bolsters Aggregate Industries US
 Stable earnings despite weak US dollar
 Optimized market organization from 2008


3) The US economy cooled considerably in the second half. Housing construction saw a
sharp decline, contrasted with a renewed increase in infrastructure and industrial
building activity. Canada turned in a generally solid performance. The high plant capacity
utilization resulted in a new production record at Holcim US. Cement imports were
virtually halted. In Canada, cement sales remained at a high level. But in northeastern
US, St. Lawrence Cement sold less cement. Aggregate Industries US felt the impact of a
tougher market coupled with some poor building weather. Deliveries of aggregates were
down throughout the market. Higher sales volumes in Canada and the first-time full-year
consolidation of Meyer Material absorbed the decline to some extent. Ready-mix
concrete sales increased thanks to new consolidations. Holcim US and St. Lawrence
Cement virtually matched their good previous-year performance. Aggregate Industries
US, on the other hand, reported weaker results. Cost-cutting measures, temporary plant
closures and a sound price situation meant that the decline in operating EBITDA was
considerably smaller than the decrease in volumes. Following the buyout of minority
interests at St. Lawrence Cement, the latter's activities in the northeastern US were
integrated into Holcim US at the start of 2008, leading to an improvement in customer
service and market development.

4
2007 results©2008 Holcim Ltd/Switzerland
Latin America: Solid organic growth

 Economy positive and building activity increasing
 Cement and ready-mix concrete sales up
 Higher volumes and somewhat better prices in Brazil
 Sharp increase in raw material and energy prices
 Alternative fuels ease energy outlays


4) Turning to Latin America: 2007 was a successful year for this Group region.
Practically all Group companies increased or maintained their sales levels. Remarkable
volume increases were achieved in Costa Rica, Colombia and Ecuador. In Brazil too,
significantly more cement was sold. While in this country sales prices picked up a little in

4
the second half, they are still insufficient. Although consolidated cement and ready-mix
concrete sales increased in this Group region, sales of aggregates saw a moderate
decline owing to project delays. The sharp increase in raw material and energy prices
had a negative impact on the financial results of several Group companies. However,
thanks to extensive operational improvements and the increased use of alternative fuels,
the higher expenditure could be partly offset. Virtually all Group companies contributed
to the region's improved financial result and the solid organic growth. After roughly 15
years' management responsibility for Holcim Apasco in Mexico, I have decided to hand
this task over to Thomas Knöpfel with effect from April 1 this year. As of this date, he will
be the Executive Committee member responsible for the whole of Latin America.

5
2007 results©2008 Holcim Ltd/Switzerland
Africa Middle East: High capacity utilization
 Construction sector bolsters economic development
 Higher sales volumes in all segments and markets
 South Africa deconsolidated

 Better operating results across the board
 Equity accounting for Egyptian Cement


5) The general economic situation remained good in Group region Africa Middle East. All
Group companies lifted cement sales. Capacity utilization rates were very good at
Holcim Morocco, and Egyptian Cement posted a new sales record. In Lebanon, we
benefited from booming demand for cement in adjoining areas of neighboring countries.
Domestic construction activity remained muted. The Group companies in the Indian
Ocean enjoyed a dynamic sales environment. Under the South African Black Economic
Empowerment program, the Group has sold the bulk of its majority stake in Holcim
South Africa. The company was deconsolidated with effect from June 2007. This also
had an impact on the Group region's sales volumes and financial results. On a like-for-
like basis, however, sales increased in all segments. All Group companies posted better
results. Like-for-like, operating EBITDA showed an impressive year-on-year increase,
confirming the robust state of the market and the good market positioning of our Group
companies. Orascom Cement, a joint venture partner of Holcim at Egyptian Cement,
was taken over by Lafarge at the beginning of 2008. Egyptian Cement – in which Holcim
continues to hold a 44 percent stake – is therefore being accounted for according to the
equity method with effect from January 23.

6
2007 results©2008 Holcim Ltd/Switzerland
Asia Pacific: Results significantly higher
 Economy on strong growth path
 Housing and infrastructure deficit boosts building volumes
 Sharp rise in sales across all segments
 ACC and Ambuja Cements consolidated for full year
 Stake in Huaxin Cement raised to 40 percent

5

6) And now to Group region Asia Pacific. The region grew in 2007. Construction activity
was higher than average, and cement consumption rose virtually across the board.
Building activity saw a strong increase above all in India, Bangladesh, Vietnam, the
Philippines and Indonesia. Holcim achieved impressive growth in volumes of cement
sold. This increase is attributable mainly to the first-time full-year consolidation of ACC
and Ambuja Cements in India. Malaysia was the only country where we delivered less
cement. Sales of aggregates were also significantly higher. New aggregates plants in
Thailand and the solid market trend in Indonesia had a positive impact. The increase in
sales of ready-mix concrete reflects the stronger market presence in Singapore and
other important regional metropolises. Practically all Group companies contributed to the
substantial improvement in the Group region's operating results. In the Philippines, we
benefited from rising domestic demand and a solid price environment. The full-year
consolidation of the Indian Group companies also had a very positive effect. Just over a
week ago, Huaxin Cement concluded a capital increase through a private placement.
We now hold just under 40 percent of one of China's most important cement manu-
facturers. We are also the biggest shareholder of this dynamically expanding group.

7
2007 results©2008 Holcim Ltd/Switzerland
Sustainable development: Broad recognition
 Innovative and sustainable construction solutions
 Concrete: an efficient building material much in demand
 Composite cements gaining in significance
 Growing use of alternative fuels
 “Leader of the Industry” in the DJSI

7) Sustainability is part of our strategy. I would like to remind you of the main
thrusts of our efforts in this area: buildings are responsible for some 40 percent of
global energy consumption. New approaches to construction are therefore of
major ecological significance. Together with the Holcim Foundation for
Sustainable Construction, we thus support research and development for
innovative solutions in the construction industry. Globally, concrete is the second
most used commodity by volume after water. It is of enormous significance for
economic development. A functioning infrastructure would be inconceivable
without it. Given its long life cycle, concrete is one of the most energy-efficient
and eco-friendly building materials. We also invest in process and product
optimization at the semi-finished clinker and cement stages. For instance, by
using alternative fuels and developing new types of cement. Holcim is thus
making a major contribution to reducing the level of CO2 per tonne of cement
produced. What is more, we are on course to meet our voluntary reduction
target. Sustainable development also embraces measures in the social area. The
annual report contains more information on innovation and sustainable
development. Last year, we were named "Leader of the Industry" in the Dow
Jones Sustainability Index for the third time in succession. And at the World
Economic Forum in Davos, the Sustainable Asset Management Group (SAM)
and PricewaterhouseCoopers presented us with the "Sector Leader" prize and a
"Gold Class" distinction. Such recognition strengthens us in our resolve.


6
8
2007 results©2008 Holcim Ltd/Switzerland
Cement capacity in million tonnes * 2008 2009 2010 2011 Total
Europe 1.8 1.2 2.5 1.7 7.2
North America 4.0 4.0
Latin America 0.2 1.6 1.8

Africa Middle East 1.2 1.2
Asia Pacific 0.9 11.7 2.1 14.7
Total Group 3.9 17.1 6.2 1.7 28.9
* Approved Gro up company projects; some under construction
 7 million tonnes cement capacity already commissioned in
2007
 By 2011 there will follow a further 29 million tonnes for
around CHF 6.5 billion
 Additional contribution of CHF 1.1 billion to EBITDA from
2012; CHF 550 million already from 2010
Capacity expansion: Growing with the market


8) In the year under review, Holcim commissioned just under 7 million tonnes of
cement capacity worldwide – including almost 5 million tonnes in India alone. In
Morocco, we successfully commissioned the Settat plant, which already
produces at full capacity. A further 29 million tonnes are to be added by the end
of 2011. The Group is creating a strong foundation for future growth. The new
facilities will make Holcim more cost-efficient and strengthen its environmental
profile. The investment costs for this extensive capacity expansion are estimated
at around 6.5 billion Swiss francs. At all locations, we have the necessary permits
and capacity is built, where we already have guaranteed reserves of raw
materials and robust market positions. Holcim expects this extra capacity to
produce an additional contribution of around 1.1 billion Swiss francs per year to
EBITDA from 2012, with around half of this figure generated already from 2010.
Investments are also being made in the aggregates segment. Projects and
acquisitions are focusing mainly on Europe and North America. In the ready-mix
concrete sector, new capacity is being created in practically all markets along the
entire value chain.

9
2007 results©2008 Holcim Ltd/Switzerland
Key financial figures
1
Adju ste d in li ne wi th rev ised I FRS
2
Including a ca pital g ain on the sal e of a stake i n Hol cim Sout h Afr ica of CHF 1,110 million and a spe cial dividend of CHF 15 0 m ill ion , net
3
Calcul ated on the weighted a verag e number of sha res outstandi ng
4
Excluding the non-re currin g capital g ain o n the sa le of a sta ke i n Holcim South Africa
5
Proposal of th e B oard of Dire cto rs
L FL CIS FX in CH F
Net sales 18,468 23,969 27,052 8.1% 3.2% 1.6% 12.9%
Operating EBITDA 4,627 6,086 6,930 10.8% 1.8% 1.3% 13.9%
Operating profit 3,316 4,385 5,024 13.0% 0.5% 1.1% 14.6%
Net income 1,789 2,719 4,545
2
62.8% 3.2% 1.2% 67.2%
Cash flow from
operating activities 3,405 4,423 5,323 16.0% 3.1% 1.2% 20.3%
6.61 8.64 14.86 72.0%
10.02
4
Dividend per share
in CHF 1.65 2.00 3.30
5
65.0%
Dividend payment

382 522 868
5
66.3%
EPS in CHF
3
Million CHF
+/-
2005
1
2006 2007


9) Net sales increased by 13 percent and operating EBITDA by 14 percent.
Operating profit improved by 15 percent and cash flow from operating activities
advanced 20 percent. In 2007, we have had only a few changes in the scope of
consolidation and foreign exchange rates only had a minor impact. However, on
June 5, 2007, we have sold a stake in Holcim South Africa which led to a non-
recurring gain of 1,260 million Swiss francs and to the deconsolidation of the
South African Group. The remaining participation in Holcim South Africa amounts

7
to 15 percent and is equity accounted. The income statement and balance sheet
were affected by a mixture of strengthening and weakening currencies against
the Swiss franc. The US dollar in particular continued to weaken.

10
2007 results©2008 Holcim Ltd/Switzerland
Major changes in the scope of consolidation
Effective as at
+

ACC, India January 24, 2006
+
Ambuja Cements, India May 3, 2006
+
Meyer Material, US July 21, 2006
+
Foster Yeoman, UK September 7, 2006
-
Holcim South Africa June 5, 2007
+/-
Various smaller companies


11
2007 results©2008 Holcim Ltd/Switzerland
Exchange rates
Statement of income
average exchange rates in CHF
2005 2006 2007 +/-
1 EUR 1.55 1.58 1.65 4.4%
1 GBP 2.27 2.31 2.40 3.9%
1 USD 1.25 1.25 1.20 -4.0%
1 LATAM Basket (MXN, BRL, ARS, CLP)
1
0.98 1.00 0.97 -3.0%
1 African Basket (EGP, ZAR, MAD)
1
1.03 1.00 0.95 -5.0%
1 Asian Basket (AUD, IDR, INR, THB, PHP)
1

1.00 1.00 1.05 5.0%
Balance sheet
exchange rates in CHF
31/12/05 31/12/06 31/12/07 +/-
1 EUR 1.56 1.61 1.66 3.1%
1 GBP 2.26 2.40 2.25 -6.3%
1 USD 1.32 1.22 1.13 -7.4%
1 LATAM Basket (MXN, BRL, ARS, CLP)
1
1.08 1.00 0.95 -5.0%
1 African Basket (EGP, ZAR, MAD)
1
1.13 1.00 0.96 -4.0%
1 Asian Basket (AUD, IDR, INR, THB, PHP)
1
1.03 1.00 1.03 3.0%
1
Weighte d by net sales full year 200 6


12
2007 results©2008 Holcim Ltd/Switzerland
Exchange rates – Translation gains / losses
Million CHF 2005
1
2006 2007
Net sales 189 246 391
Operating EBITDA 55 39 74
Operating profit 42 22 47
Net income - equity holders of Holcim Ltd 25 16 17

Cash flow from operating activities 38 30 53
Total shareholders' equity 1,474 -619 -450
Net financial debt 1,070 11 -342
1
Adju ste d in li ne wi th rev ised I FRS



8
13
2007 results©2008 Holcim Ltd/Switzerland
Currency sensitivity
USD sensitivity
Million CHF
USD/CHF
at 1.20
USD/CHF
at 1.19
+/-
Net sales 27,052 27,013 -39
Operating EBITDA 6,930 6,919 -11
Net income 4,545 4,531 -14
Cash flow from operating activities 5,323 5,314 -9
Euro sensitivity
Million CHF
Euro/CHF
at 1.65
Euro/CHF
at 1.64
+/-

Net sales 27,052 27,025 -27
Operating EBITDA 6,930 6,924 -6
Net income 4,545 4,542 -3
Cash flow from operating activities 5,323 5,319 -4


14
2007 results©2008 Holcim Ltd/Switzerland
Cement – Sales volumes by region
 2006/2007 LFL Change in
structure
Total
Europe 0.3% 4.0% 4.3%
North America -7.3% 0.0% -7.3%
Latin America 2.7% 0.0% 2.7%
Africa Middle East 13.7% -18.9% -5.2%
Asia Pacif ic 8.2% 9.8% 18.0%
Total 3.6% 2.7% 6.3%
16.4
17.7
18.2
34.3
31.8
32.9
64.9
55.0
28.9
14.5
15.3
14.8

26.6
23.7
25.9
Total Group
2005 110.6
2006 140.7
2007 149.6
Million t


14) Consolidated cement sales volumes increased 6 percent to 150 million tonnes with
all regions attaining positive internal growth with the exception of North America.

15
2007 results©2008 Holcim Ltd/Switzerland
Aggregates – Sales volumes by region
° 2006/2007 LFL Change in
structure
Total
Europe 4.7% 9.3% 14.0%
North America -15.8% 3.2% -12.6%
Latin America -1.6% 0.0% -1.6%
Africa Middle East 0.9% -50.0% -49.1%
Asia Pacific 25.0% 0.0% 25.0%
Total -2.7% 2.9% 0.2%
56.9
65.1
65.0
4.0
3.23.2

5.7
11.2
9.7
12.5
11.7
12.7
Total Group
2005 169.3
2006 187.6
2007 187.9
Million t
108.8
79.7
95.4


15) Aggregates sales volumes reached 188 million tonnes and remained stable
compared to the previous year despite the sluggish US construction market.


9
16
2007 results©2008 Holcim Ltd/Switzerland
15.3
14.8
38.2
44.2
45.2
13.3
2005 2006 2007

Ready-mix concrete and asphalt – Sales volumes
-3.3%
+15.7%
Ready-mix concrete in million m
3
Asphalt in million t
+2.3%
+30.4%
+15 .0%n.a.


16) Shipments of ready-mix concrete increased by 2 percent to 45 million cubic meters.
Total asphalt volumes sold decreased by 3 percent to 15 million tonnes mainly due to
lower deliveries in the US and the UK.

17
2007 results©2008 Holcim Ltd/Switzerland
27,052
23,969
18,468
2005 2006 2007
Net sales
Like-for-Like (LFL) 1,329 10.1% 1,647 9.0% 1,933 8.1%
Change in structure 3,735 28.2% 3,608 19.5% 759 3.2%
Forex movements 189 1.5% 246 1.3% 391 1.6%
Total change 5,253 39.8% 5,501 29.8% 3,083 12.9%
Million CHF


17) Total consolidated net sales amounted to 27 billion Swiss francs resulting in a

growth of 13 percent on an overall basis and 8 percent like-for-like.

18
2007 results©2008 Holcim Ltd/Switzerland
Net sales by region
°
2006/2007 LFL Change in
structure
Currency Total
Europe 8.2% 6.8% 4.9% 19.9%
North America -3.6% 3.3% -2.5% -2.8%
Latin America 11.3% 0.4% -2.6% 9.1%
Africa Middle East 16.9% -26.6% -2.5% -12.2%
Asia Pacific 16.6% 11.0% 5.0% 32.6%
Total 8.1% 3.2% 1.6% 12.9
%
5365
55 20
4704
4010
3675
3158
1 87 3 20 86
1831
6292
47 4 5
2288
Million CHF
2005
2006

2007
10401
7037
86 7 3



10
19
2007 results©2008 Holcim Ltd/Switzerland
North America
19.2%
Europe
37.3%
Asia Pacific
22.5%
Africa Middle East
6.6%
Latin America
14.4%
Net sales by region
Net sales 2007


19) Europe’s share in net sales increased to 37 percent of Group total while North
America contributed 19 percent. 14 percent of net sales were generated in Latin America
and 7 percent in Africa Middle East. The region Asia Pacific gained importance by
expanding its share from 19 percent to 23 percent.

20

2007 results©2008 Holcim Ltd/Switzerland
4, 627
6,086
6,930
25.1%
25.4%
25.6%
26.0%
2005 2006 2007
Operating EBITDA
Margin
Like-for-Like (LFL) 377 10.5% 611 13.2% 660 10.8%
Change in structure 607 16.9% 809 17.5% 110 1.8%
Forex movements 55 1.6% 39 0.8% 74 1.3%
Total change 1,039 29.0% 1,459 31.5% 844 13.9%
Million CHF
1
1
Margin on a like-f or-like basi s


20) Operating EBITDA grew from 6.1 billion Swiss francs to 7 billion Swiss francs. It
increased by 14 percent on an overall basis or by 11 percent excluding changes in
structure and currency effects. The overall EBITDA margin improved further to 25.6
percent or to 26 percent on a like-for-like basis thanks to performance improvements
despite energy cost rises and a slowdown in construction activity in some of the markets.

21
2007 results©2008 Holcim Ltd/Switzerland
Operating EBITDA by region

π
2006/2007 LFL Change in
structure
Currency Total
Europe 11.5% 5.5% 5.0% 22.0%
North America -1.9% 1.5% -2.9% -3.3%
Latin America 4.7% 0.0% -3.7% 1.0%
Africa Middle East 25.1% -27.5% -3.2% -5.6%
Asia Pacific 16.5% 12.9% 5.6% 35.0%
Total 10.8
%
1.8% 1.3% 13.9
%
999
928
1033
1256
1244
1126
653
692
614
1844
1366
570
Million CHF
2005
2006
2007
2399

1605
1966



11
21) Four out of five Group regions posted positive internal growth in operating EBITDA.
In Europe, operating EBITDA reached 2.4 billion Swiss francs. In North America,
operating EBITDA of 1 billion Swiss francs just fell short of the previous year’s level. This
was despite significantly lower volumes and higher energy prices in the US which could
be compensated by favorable market prices, productivity gains, high capacity utilization
and lower imports. In Latin America, operating EBITDA was 1.3 billion Swiss francs and
internal growth stood at 4.7 percent. Lower volumes and higher energy prices impacted
negatively our Mexican operations. Brazil showed improvement in terms of prices and
volumes. Thanks to better sales volumes and prices throughout the region, operating
EBITDA reached 653 million Swiss francs in Group region Africa Middle East. Internal
growth was 25 percent. Operating EBITDA for Group region Asia Pacific increased
significantly to 1.8 billion Swiss francs, with strong contributions from our Indian
subsidiaries ACC and Ambuja Cements. Internal growth reached 17 percent with further
contributions also from Indonesia, the Philippines, Singapore and Vietnam.

22
2007 results©2008 Holcim Ltd/Switzerland
6. 3%
6.0%
7. 5%
5.3%
7.0%
0%
10 %

2003 2 004 200 5 20 06 2007
0
200
400
600
800
1'000
1'200
1'400
1'600
32.6%32.3%
31 . 4 %
32.6%
31.4%
20%
30%
20 03 2004 2005 2006 2 007
0
2'000
4'000
6'000
8'000
Operating EBITDA margin target by segment
Cement and Mineral
Components: 33 percent
20.6% 20.7%
21 . 2 %
20.9%
20.3%
0%

10 %
20 %
30 %
2003 2 004 200 5 20 06 2007
0
20 0
40 0
60 0
80 0
1'0 00
1'2 00
1'4 00
Aggregates:
27 percent
Other Con struction Mater ials
and Services: 8 percent
% of net sales
in million CHF
% of net sales
in million CHF
% of n et s ale s
in milli on C HF


22) I would now like to update you on the status with regard to our 2010 operating
EBITDA margin targets per segment. In the segment Cementitious Materials we were
able to maintain the operating EBITDA margin at 32.6 percent. In the Aggregates
segment we saw a slight margin decrease of 0.4 percentage points to 20.4 percent
mainly attributable to the first-time consolidation of the traditionally weak first quarters of
Foster Yeoman and Meyer Material. Internal growth impacted the margin positively by

0.5 percentage points and the margin trend shows for Q4 a further improvement. In the
Other Construction Materials and Services segment we experienced a margin increase
of 1 percentage point to 7 percent.

23
2007 results©2008 Holcim Ltd/Switzerland
5,024
4,385
3,316
18.6%
18.3%18.0%
2005 2006 2007
Operating profit
Like-for-Like (LFL) 401 16.0% 564 17.0% 569 13.0%
Change in structure 362 14.4% 483 14.6% 23 0.5%
Forex movements 42 1.7% 22 0.6% 47 1.1%
Total change 805 32.1% 1,069 32.2% 639 14.6%
Margin
Million CHF



12
24
2007 results©2008 Holcim Ltd/Switzerland
Operating profit by region
1001993
866
577
602

524
1341
933
362
π
2006/2007 LFL Change in
structure
Currency Total
Europe 12.0% 5.3% 4.9% 22.2%
North America -5.3% 0.0% -2.7% -8.0%
Latin America 4.9% 0.0% -4.1% 0.8%
Africa Middle East 28.9% -29.7% -3.4% -4.2%
Asia Pacific 24.0% 13.6% 6.1% 43.7%
Total 13.0% 0.5% 1.1
%
14.6
%
Million CHF
623
677
639
2005
2006
2007
1713
1125
1402


25

2007 results©2008 Holcim Ltd/Switzerland
Net income
4,545
2,719
1,789
3,865
2,104
1,511
2005 2006 2007
Net income
Net income - equity holders of Holcim Ltd
+66.0%
+83.7%
+55.7%
+67.2%
1
+39.2%
+52.0%
Million CHF
1
Adju ste d in li ne wi th rev ised I FRS
2
Including a ca pital g ain on the sal e of a stake i n Hol cim Sout h Afr ica of CHF 1,110 million and a spe cial dividend of CHF 15 0 m ill ion , net
2


25) The strong operating performance and earnings from the sale of a stake in Holcim
South Africa resulted in Group net income increasing by 67 percent to 4.6 billion Swiss
francs. Net income attributable to equity holders of Holcim Ltd reached 3.9 billion Swiss
francs, an improvement of 84 percent or 24 percent excluding the non-recurring gain

from the sale of a stake in Holcim South Africa.

26
2007 results©2008 Holcim Ltd/Switzerland
3,405
4,423
5,323
18.4%
18.5%
19.7%
2005 2006 2007
Cash flow from operating activities
Like-for-Like (LFL) 244 9.3% 695 20.4% 710 16.0%
Change in structure 501 19.2% 293 8.6% 137 3.1%
Forex movements 38 1.4% 30 0.9% 53 1.2%
Total change 783 29. 9% 1, 018 29.9% 900 20. 3%
Million CHF
Margin


26) Cash flow from operating activities moved up by 20 percent to 5.3 billion Swiss
francs. This increase is mainly attributable to the rise in operating EBITDA due to better
pricing, higher cement volumes, efficiency gains and good management of net working
capital. Taxes paid increased due to higher operating results while financial expenses
almost remained unchanged. Internal growth of cash flow from operating activities was
up by 16 percent. The margin improved to 19.7 percent.

13

27

2007 results©2008 Holcim Ltd/Switzerland
Cash flow statement
Cash flow from operating activities 3,405 4,423 5,323
20.3%
Net investments to maintain productive
capacity and to secure competitiveness -879 -1,062 -1,043 -1.8%
Free cash flow 2,526 3,361 4,280
27.3%
Expansion investments -607 -1,265 -2,245 77.5%
Financial investments net -4,853 -2,054 -2,277 10.9%
Dividends paid -558 -703 -872 24.0%
Financing requirement -3,492 -661 -1,114
68.5%
Million CHF +/-2005 2006 2007


27) Net investments to maintain productive capacity and to secure competitiveness
reached 1 billion Swiss francs. For expansion investments 2.3 billion Swiss francs were
spent and net financial investments required a further 2.3 billion Swiss francs. The most
significant investments were carried out for the four million tonnes plant under
construction in the US, clinker and grinding capacity expansions in India and Romania
as well as the plant in Morocco. The major financial investments include further
purchases of shares in ACC and Ambuja Cements in India, the minority buyout at St.
Lawrence Cement in Canada, as well as other smaller acquisitions in the aggregates
and ready-mix concrete segments. Financial investments net also include the proceeds
from the sale of a stake in Holcim South Africa.

28
2007 results©2008 Holcim Ltd/Switzerland
Financing

Financing requirement -3,492 -661 -1,114
68.5%
Share capital paid-in – 1,705 -8
Capital paid-in by (repaid to) minority
interests
21 -548 -11
Movements of treasury shares net 435 -42 -12
In(De)crease in financial liabilities 2,433 -544 1,293
(De)Increase in cash and
cash equivalents -603 -90 148
-264.4%
Million CHF +/-20072005 2006


29
2007 results©2008 Holcim Ltd/Switzerland
Million CHF
12,693 12,837
12,873
14,250
18,725
21,945
89.1%
68.6%
58.7%
31.12.2005 31.12.2006 31.12.2007
Net financial debt Total shareholders' equity Gearing
FFO / Net financial debt 24.6 34.6 50.2
EBITDA net interest coverage 6.0 6.8 11.0
EBIT net interest coverage 4.3 5.0 8.5

Financial position
1
1
Adju ste d in li ne wi th rev ised I FRS



14
30
2007 results©2008 Holcim Ltd/Switzerland
Financial indicators
2005
1
2006 2007 Target
- Cementitious materials 31.4 32.6 32.6 33
- Aggregates 21.2 20.7 20.3 27
- Other construction materials and services 7.5 6.0 7.0 8
ROE (%) 15.1 15.8 22.8 13-15
RONOA (%) 15.7 15.4 15.8 15-18
Gearing (%) 89.1 68.6 58.7 80- 100
24.6 34.6 50.2 > 25
EBITDA net interest coverage 6.0 6.8 11.0 > 5
EBIT net interest coverage 4.3 5.0 8.5 > 3
Standard & Poor's Rating BBB+ BBB+ BBB+
Fitch Rating BBB+ BBB+ BBB+
Funds from operations /
Net financial debt (%)
Operating EBITDA margin (%) for:
1
Adju ste d in li ne wi th rev ised I FRS

31
2007 results©2008 Holcim Ltd/Switzerland
Outlook for 2008: Further growth
Holcim enjoys excellent geographical diversification and
in 2008 is expected to again reach its long-term growth
target of five percent in internal operating EBITDA.


31) Before we move on to the discussion, I would just like to say a few words on the
outlook: It is not easy to judge how far the turbulence in the financial markets will affect
the real economy. We expect the emerging markets to continue to grow. As a globally
active company, we can also look forward to the future with confidence. Holcim enjoys
excellent geographical positioning, offers innovative products and services, has expert
teams, efficient plants and excellent market positions. The multi-year capacity expansion
program testifies to our confidence, because especially in the emerging markets there is
a huge potential in infrastructure and housing. We estimate developments in the
individual Group regions as follows: In Europe, the economy will perform positively
overall in 2008. The moderate decline in demand seen in a number of markets in
western Europe should be offset by the favorable economic climate in eastern and
southeastern Europe. We are therefore looking for stable sales volumes and improved
operating margins. In North America, the tight situation on the real estate market will
affect conditions in the US construction sector in 2008 as well. However, we are
expecting positive stimuli from infrastructure projects. The outlook for Canada remains
sound. Overall, we expect this Group region to generate solid results. In Latin America,
domestic demand will remain encouraging. The construction sector should once again
derive stimuli from housing construction and infrastructural expansion. We are therefore
expecting to see solid sales volumes and higher operating results. In Africa Middle East,
economic trends are likely to be favorable. After factoring out changes in the scope of

consolidation, we should again see an increase in delivery volumes and operating
results. Asia Pacific will witness further growth. With the exception of Thailand, we are
expecting robust growth in all emerging markets of Asia. Overall, cement deliveries and
ready-mix concrete volumes are likely to increase in this Group region. The operating
results will also continue to improve. This brings me to my conclusion: In 2008, the
Group is expecting to again reach its long-term growth target of five percent in internal
operating EBITDA.

15

32
2007 results©2008 Holcim Ltd/Switzerland
Cement – Price/volume variances per region
Europe
Belgium 7.1% -6.5%
France 5.4% 5.8%
Germany
11
Switzerland 3.4% -4.9%
Italy 1.1% -0.3%
Hungary 7.2% -8.7%
Czech Republic 2.5% 10.2%
Slovakia 9.2% -3.3%
Croatia 1.9% 8.1%
Romania 10.3% 21.2%
Bulgaria 9.7% 19.2%
Serbia 4.9% 4.7%
Russia 67.6% 7.4%
Azerbaijan 39.6% 5.3%
Spain 6.3% -3.7%

Domestic cement volumes
+/- 2006/2007 +/- 2006/2007 *
Dom es tic c em ent pric es
* If not otherwise in dicate d calcul ation based on l ocal cu rrencies
1
Loca lly not pu bli shed yet; w ill be upd at ed as soon as l ocal re sults are public


33
2007 results©2008 Holcim Ltd/Switzerland
North America
Canada 5.8% -0.4%
USA 5.0% -9.0%
Latin America
Mexico 1.9% -0.9%
El Salvador 4.9%
1
-0.2%
Costa Rica 9.5%
1
13.8%
Nicaragua 7.0%
1
-0.7%
Panama 6.6%
1
13.9%
Venezuela 9.6%
1
33.0%

Colombia 18.2% 14.8%
Ecuador 3.7%
1
9.6%
Brazil 12.5% 11.1%
Chile 0.5% 1.2%
Argentina 19.2% 4.9%
Domestic cement volumes
+/- 2006/2007 +/- 2006/2007 *
Dom es tic c em ent pric es
* If not otherwise in dicate d calcul ation based on l ocal cu rrencies
1
Calcul ati on in USD
Cement – Price/volume variances per region


34
2007 results©2008 Holcim Ltd/Switzerland
Africa Middle East
Morocco
1
Egypt 6.8% 21.9%
Lebanon
1 2
Indian Ocean 8.3% 7.0%
Domestic cement volumes
+/- 2006/2007 +/- 2006/2007 *
Dom es tic c em ent pric es
* If no t otherw ise in dicate d calcu lation based o n local currencies
1

Loca ll y not pu bli shed ye t; will be updated as soon as l ocal r esults are pu blic
2
Cal cul ati on i n U S D
Cement – Price/volume variances per region



16
35
2007 results©2008 Holcim Ltd/Switzerland
Asia Pacific
India
1
11.7% 7.6%
Sri Lanka 9.2% 11.6%
Bangladesh 9.8% 9.8%
Thailand -1.0% -6.0%
Vietnam 3.3% 21.4%
Malaysia 7.6% -2.2%
Indonesia
2
Phili
pp
ines
2
Australia 3.0% 4.1%
New Zealand 3.4% 1.7%
Domestic cement volumes
+/- 2006/2007 +/- 2006/2007 *
Dom es tic c em ent pric es

* If no t otherw ise in dicate d calcu lation based o n local currencies
1
Twelve m onths ACEL, eleven month s ACC, eight months ACL
2
Loca ll y not pu bli shed ye t; will be updated as soon as l ocal r esults are pu blic
Cement – Price/volume variances per region


36
2007 results©2008 Holcim Ltd/Switzerland
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
May 6, 2008 First quarter results 2008
May 7, 2008 Annual General Meeting
May 13, 2008 Dividend payment
August 21, 2008 Half-year results 2008
November 12, 2008 Third quarter results 2008
Conferences for press and analysts

March 4, 2009 Annual results 2008
Conferences for press and analysts


©2008 Holcim Ltd/Switzerland
Strength. Performance. Passion.