first quarter results 2005 strength performance passion holcim ltd
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First Quarter Results 2005
Strength.
Performance.
Passion.
Key financial figures
Million
CHF
Cash
flow
from
1
Excludes the amortization of goodwill and other intangible assets
* restated
2
First quarter results 2005
0.23
0.56
143.5%
154.0%
0.63
0.61
-3.2%
-5.4%
1st
Quarter
+/-
2004
*
2005
in
CHF in
loc.
curr.
2,760
2,730
-1.1%
2.1%
694
658
-5.2%
-1.3%
375
411
9.6%
14.4%
101
169
67.3%
73.3%
60
77
28.3%
33.3%
Full
Year
2004
Net
sales
13,215
Operating
EBITDA
3,588
Operating
profit
2,251
Net
income
1,153
operating
activities
2,622
EPS
in
CHF
4.32
Cash
EPS
in
CHF
1
5.95
1
Balance sheet only no statement of income
3
First quarter results 2005
1)
weighted by net sales Q1 2004
2)
weighted by net sales full year 2004
4
First quarter results 2005
Cement and clinker sales volumes by region
Million t
6.1
5.5
Q1 2004
3.0 3.0
Q1 2005
6.2
6.8
5.0
5.4
3.1
3.2
∆ Q1 04/Q1 05
LFL
Change in
Total
structure
Europe -9.8% 0.0% -9.8%
North America 0.0% 0.0% 0.0%
Effective
as
at
Cement
capacity
+
Cemento de El Salvador S.A. de C.V.
December 31, 2004 1.7 million t
+
Aggregate Industries plc
March
31,
2005
1
–
+/–
Various smaller companies
31/12/03
31/12/04
31/3/05
+/-
1 EUR 1.56 1.55 1.55 0.0%
1 USD 1.24 1.14 1.20 5.3%
1
African
Basket
(EGP,
ZAR,
MAD)
2)
0.95 1.00 0.98 -2.0%
1
Asian
Basket
(AUD,
NZD,
THB,
PHP)
2)
1.02 1.00 1.02 2.0%
Statement
of
income
average
exchange
rates
in
CHF
Q1
03
Q1
04
Q1
05
+/-
1 EUR 1.47 1.57 1.55 -1.3%
1 USD 1.36 1.26 1.18 -6.3%
1
African
Basket
(EGP,
ZAR,
MAD)
1)
0.96 1.00 1.02 2.0%
1
Asian
Basket
(AUD,
NZD,
THB,
PHP)
1)
0.97 1.00 0.96 -4.0%
Major changes in the scope of consolidation
Exchange rates
Latin America 2.0% 6.0% 8.0%
Africa Middle East 3.2% 0.0% 3.2%
Asia Pacific 9.7% 0.0% 9.7%
Total 0.5% 1.3% 1.8%
5
First quarter results 2005
Sales volumes aggregates and ready-mix concrete
Aggregates sales in million t
Ready-mix concrete sales in million m
3
20.2
17.8
- 0.6%
+ 13.5%
18.2
- 9.9%
5.6
+ 1.8%
6.1
+ 8.9%
6.3
+ 3.3%
Q1 2003 Q1 2004 Q1 2005
6
First quarter results 2005
Net sales
Million CHF
2,760
2,730
2,467
Like-for-like (LFL) -73 -2.5% 283
11.5% 19 0.7%
Change in structure 3 0.1% 20 0.8% 40 1.4%
Forex movements -310
-10.9% -10 -0.4% -89 -3.2%
Total
change -380
-13.3% 293 10.6% -30 -1.1%
Q1 2003 Q1 2004 Q1 2005
7
First quarter results 2005
Net sales by region
Million
CHF
981
381 405
914
Q1 2004
Q1 2005
715
675
325
379
466
495
∆ Q1 04/Q1 05
LFL
Change in
Currency
Total
structure
Europe -5.2% -0.7% -0.9%
-6.8%
North America 10.8% 0.0% -4.5%
6.3%
Latin America -4.6% 5.3% -6.3%
-5.6%
Africa Middle East
14.5% 2.7% -0.6%
16.6%
Asia Pacific 11.8% -0.2% -5.4%
6.2%
Total 0.7% 1.4% -3.2%
-1.1%
8
First quarter results 2005
Net sales by region
Sales Q1 2005
North
America
14%
Europe
32%
Latin
Asia
Pacific
17%
America
24%
Africa
Middle East
13%
9
First quarter results 2005
Operating EBITDA
Million CHF
24.2%
597
Margin
25.1%
694
24.1%
658
Like-for-like (LFL) 15 2.3% 109
18.2% -31 -4.5%
Change in structure 5 0.8% 7 1.2% 22 3.2%
Forex movements -89 13.5% -19 -3.2% -27 -3.9%
Total
change -69
-10.4% 97 16.2% -36 -5.2%
Q1
2003 Q1
2004 Q1
2005
10
First quarter results 2005
Operating EBITDA by region
Million CHF
216
Q1 2004*
Q1 2005
175
29 43
284
250
117
117
92
127
∆ Q1 04/Q1 05
LFL
Change in
Currency
Total
structure
Europe -19.4% 1.4% -1.0%
-19.0%
North America 62.1% 0.0%
-13.8%
48.3%
Latin America
-12.3% 6.3% -6.0%
-12.0%
Africa Middle East
34.8% 2.2% 1.0%
38.0%
Asia Pacific 6.0% -0.9% -5.1%
0.0%
Total
-4.5% 3.2% -3.9%
-5.2%
* restated
11
First quarter results 2005
Operating profit
Million CHF
Margin
13.6%
15.1%
11.6%
411
375
287
Like-for-like
(LFL) 26 8.4% 99
34.5% -23 -6.1%
Goodwill
amortization 59
15.7%
Change
in
structure -2 -0.6% 5 1.7% 18 4.8%
Forex
movements -47
-15.2% -16 -5.5% -18 -4.8%
Total
change -23 -7.4% 88 30.7% 36 9.6%
Q1 2003 Q1 2004 Q1 2005
12
First quarter results 2005
Operating profit by region
Million CHF
100
2
-16
92
Q1 2004*
Q1 2005
207
192
59
72
70
107
∆ Q1 04/Q1 05
LFL
Goodwill
Change in
Currency
Total
amort.
structure
Europe -43.0%
32.0% 4.0% -1.0%
-8.0%
North America 125.0% 6.3% -6.3%
-12.5%
112.5%
Latin America
-14.5% 6.8% 6.8% -6.3%
-7.2%
Africa Middle East 44.3% 4.3% 2.9% 1.4%
52.9%
Asia Pacific 13.6%
15.3% -1.7% -5.2%
22.0%
Total
-6.1%
15.7
% 4.8% -4.8%
9.6%
* restated
13
First quarter results 2005
Group net income
Net income in million CHF
Attributable to Equity holders of Holcim Ltd
169
+ 67.3%
128
+ 184.4%
101
+ 74.1%
58
- 55.0%
45
+ 350.0%
10
- 87.0%
* restated
Q1 2003
Q1 2004 *
Q1 2005
14
First quarter results 2005
Cash flow from operating activities
Million CHF
1st
Quarter +/-
2004 2005
60 77
28.3%
-125 -147 17.6%
-65 -70
7.7%
-63 -98 55.6%
-880 -3,586 307.5%
-19 -50 163.2%
-1,027 -3,804
270.4%
98
77
60
Like-for-like (LFL) 20 18.5% -
24
-24.5% -4 -6.7%
Change in structure -5 -4.6% -1
-1.0%
24
40.0%
Forex movements -25
-23.2%
-
13
-13.3%
-3 -5.0%
Total
change -10 -9.3% -
38
-38.8% 17
28.3%
Q1 2003 Q1 2004 Q1 2005
15
First quarter results 2005
Cash flow statement
Investments to maintain productive
16
First quarter results 2005
Financing
Million
CHF
Full
Year
2004
Cash
flow
from
operating
activities
2,622
capacity and to secure competitiveness -755
Free
cash
flow
1,867
Expansion investments -368
Financial investments net -1,279
Dividends paid -392
Financing
requirement
-172
1st
Quarter +/-
2004 2005
-1,027 -3,804
270.4%
– –
2 430
354 4,789
28 16
-643 1,431
-322.6%
In(De)crease
in
cash
and
17
First quarter results 2005
Financial position
111.7%
101.0%
13,027
9,441
9,538
10,661
11,659
64.2%
* restated
6,846
31/03/2004
31/12/2004
*
31/03/2005
Shareholders'
equity
in
million
CHF
Net
financial
debt
in
million
CHF
Gearing
18
First quarter results 2005
+
/
-
Q1
04/Q1
05
Million
CHF
Full
Year
2004
Financing
requirement
-172
Capital paid-in 1,458
Movements of treasury shares net -40
Increase in financing liabilities 74
Decrease in marketable securities 20
cash
equivalents
1,340
Europe
Belgium
France
Germany
Switzerland
Italy
Hungary
Czech
Republic
Slovak
Republic
Croatia
Romania
Bulgaria
Serbia
Spain
North
America
Canada
USA
Latin
America
Mexico
Costa
Rica
Nicaragua
Panama
Venezuela
Colombia
Ecuador
Brazil
Chile
Argentina
Domestic
cement
pric
es
+
/
-
Q1
04/Q1
05
-2.8%
5.0%
27.9%
-1.4%
-1.4%
4.7%
-0.7%
1.9%
0.4%
19.5%
7.6%
16.2%
9.6%
Domestic
cement
prices
+
/
-
Q1
04/Q1
05
*
8.1%
13.4%
-2.9%
11.5%
6.7%
4.3%
28.0%
-28.1%
1.8%
-10.0%
-2.2%
-0.3%
Price / volume variances per region
Domestic
cement
volumes
-14.8%
-10.8%
-37.8%
6.5%
-10.3%
-17.8%
-1.0%
-58.6%
-17.8%
8.6%
65.7%
-39.7%
-1.3%
19
First quarter results 2005
+
/
-
Q1
04/Q1
05
-9.2%
1.1%
-8.5%
-13.2%
-12.0%
-20.0%
6.3%
5.7%
5.7%
3.7%
9.6%
14.1%
20
First quarter results 2005
+
/
-
Q1
04/Q1
05
-0.6%
10.4%
-5.4%
* Calculation based on local currencies
Price / volume variances per region
Domestic
cement
volumes
* Calculation based on local currencies
Africa
Middle
East
Morocco
Egypt
Lebanon
Indian
Ocean
South
Africa
Domestic
cement
pric
es
+
/
-
Q1
04/Q1
05
4.1%
19.0%
17.3%
-0.4%
9.4%
Asia
Pacific
Azerbaijan
Sri
Lanka
Bangladesh
Thailand
Vietnam
Malaysia
Singapore
Indonesia
Philippines
Australia
New
Zealand
Domestic
cement
prices
+
/
-
Q1
04/Q1
05
*
18.7%
24.7%
10.0%
-16.2%
0.0%
-16.8%
0.7%
-1.7%
22.0%
1.3%
9.0%
Price / volume variances per region
Domestic
cement
volumes
-13.7%
14.0%
21
First quarter results 2005
+
/
-
Q1
04/Q1
05
-2.1%
-1.1%
9.4%
26.4%
23.7%
-7.8%
55.6%
12.8%
-15.9%
4.5%
2.7%
22
First quarter results 2005
* Calculation based on local currencies
Price / volume variances per region
Domestic
cement
volumes
* Calculation based on local currencies
0.23
0.56
143.5%
154.0%
0.63
0.61
-3.2%
-5.4%
1st
Quarter
+/-
2004
*
2005
in
CHF in
loc.
curr.
2,760
2,730
-1.1%
2.1%
694
658
-5.2%
-1.3%
375
411
9.6%
14.4%
101
169
67.3%
73.3%
60
77
28.3%
33.3%
Strength.
Performance.
Passion.
Key financial figures
Million
CHF
Cash
flow
from
1
Excludes the amortization of goodwill and other intangible assets
* restated
2
First quarter results 2005
Full
Year
2004
Net
sales
13,215
Operating
EBITDA
3,588
Operating
profit
2,251
Net
income
1,153
Cash
EPS
in
CHF
1
5.95
EPS
in
CHF
4.32
operating
activities
2,622
1
Balance sheet only no statement of income
3
First quarter results 2005
1)
weighted by net sales Q1 2004
2)
weighted by net sales full year 2004
4
First quarter results 2005
Cement and clinker sales volumes by region
Million t
6.1
5.5
Q1 2004
3.0 3.0
Q1 2005
6.2
6.8
5.0
5.4
3.1
3.2
∆ Q1 04/Q1 05
LFL
Change in
Total
structure
Europe -9.8% 0.0% -9.8%
North America 0.0% 0.0% 0.0%
Effective
as
at
Cement
capacity
+
Cemento de El Salvador S.A. de C.V.
December 31, 2004 1.7 million t
+
Aggregate Industries plc
March
31,
2005
1
–
+/–
Various smaller companies
31/12/03
31/12/04
31/3/05
+/-
1 EUR 1.56 1.55 1.55 0.0%
1 USD 1.24 1.14 1.20 5.3%
1
African
Basket
(EGP,
ZAR,
MAD)
2)
0.95 1.00 0.98 -2.0%
1
Asian
Basket
(AUD,
NZD,
THB,
PHP)
2)
1.02 1.00 1.02 2.0%
Statement
of
income
average
exchange
rates
in
CHF
Q1
03
Q1
04
Q1
05
+/-
1 EUR 1.47 1.57 1.55 -1.3%
1 USD 1.36 1.26 1.18 -6.3%
1
African
Basket
(EGP,
ZAR,
MAD)
1)
0.96 1.00 1.02 2.0%
1
Asian
Basket
(AUD,
NZD,
THB,
PHP)
1)
0.97 1.00 0.96 -4.0%
Major changes in the scope of consolidation
Exchange rates
Latin America 2.0% 6.0% 8.0%
Africa Middle East 3.2% 0.0% 3.2%
Asia Pacific 9.7% 0.0% 9.7%
Total 0.5% 1.3% 1.8%
5
First quarter results 2005
Sales volumes aggregates and ready-mix concrete
Aggregates sales in million t
Ready-mix concrete sales in million m
3
20.2
17.8
- 0.6%
+ 13.5%
18.2
- 9.9%
5.6
+ 1.8%
6.1
+ 8.9%
6.3
+ 3.3%
Q1 2003 Q1 2004 Q1 2005
6
First quarter results 2005
Net sales
Million CHF
2,760
2,730
2,467
Like-for-like (LFL) -73 -2.5% 283
11.5% 19 0.7%
Change in structure 3 0.1% 20 0.8% 40 1.4%
Forex movements -310
-10.9% -10 -0.4% -89 -3.2%
Total
change -380
-13.3% 293 10.6% -30 -1.1%
Q1 2003 Q1 2004 Q1 2005
7
First quarter results 2005
Net sales by region
Million
CHF
981
381 405
914
Q1 2004
Q1 2005
715
675
325
379
466
495
∆ Q1 04/Q1 05
LFL
Change in
Currency
Total
structure
Europe -5.2% -0.7% -0.9%
-6.8%
North America 10.8% 0.0% -4.5%
6.3%
Latin America -4.6% 5.3% -6.3%
-5.6%
Africa Middle East
14.5% 2.7% -0.6%
16.6%
Asia Pacific 11.8% -0.2% -5.4%
6.2%
Total 0.7% 1.4% -3.2%
-1.1%
8
First quarter results 2005
Net sales by region
Sales Q1 2005
North
America
14%
Europe
32%
Latin
Asia
Pacific
17%
America
24%
Africa
Middle East
13%
9
First quarter results 2005
Operating EBITDA
Million CHF
24.2%
597
Margin
25.1%
694
24.1%
658
Like-for-like (LFL) 15 2.3% 109
18.2% -31 -4.5%
Change in structure 5 0.8% 7 1.2% 22 3.2%
Forex movements -89 13.5% -19 -3.2% -27 -3.9%
Total
change -69
-10.4% 97 16.2% -36 -5.2%
Q1
2003 Q1
2004 Q1
2005
10
First quarter results 2005
Operating EBITDA by region
Million CHF
216
Q1 2004*
Q1 2005
175
29 43
284
250
117
117
92
127
∆ Q1 04/Q1 05
LFL
Change in
Currency
Total
structure
Europe -19.4% 1.4% -1.0%
-19.0%
North America 62.1% 0.0%
-13.8%
48.3%
Latin America
-12.3% 6.3% -6.0%
-12.0%
Africa Middle East
34.8% 2.2% 1.0%
38.0%
Asia Pacific 6.0% -0.9% -5.1%
0.0%
Total
-4.5% 3.2% -3.9%
-5.2%
* restated
11
First quarter results 2005
Operating profit
Million CHF
Margin
13.6%
15.1%
11.6%
411
375
287
Like-for-like
(LFL) 26 8.4% 99
34.5% -23 -6.1%
Goodwill
amortization 59
15.7%
Change
in
structure -2 -0.6% 5 1.7% 18 4.8%
Forex
movements -47
-15.2% -16 -5.5% -18 -4.8%
Total
change -23 -7.4% 88 30.7% 36 9.6%
Q1 2003 Q1 2004 Q1 2005
12
First quarter results 2005
Operating profit by region
Million CHF
100
2
-16
92
Q1 2004*
Q1 2005
207
192
59
72
70
107
∆ Q1 04/Q1 05
LFL
Goodwill
Change in
Currency
Total
amort.
structure
Europe -43.0%
32.0% 4.0% -1.0%
-8.0%
North America 125.0% 6.3% -6.3%
-12.5%
112.5%
Latin America
-14.5% 6.8% 6.8% -6.3%
-7.2%
Africa Middle East 44.3% 4.3% 2.9% 1.4%
52.9%
Asia Pacific 13.6%
15.3% -1.7% -5.2%
22.0%
Total
-6.1%
15.7
% 4.8% -4.8%
9.6%
* restated
13
First quarter results 2005
Group net income
Net income in million CHF
Attributable to Equity holders of Holcim Ltd
169
+ 67.3%
128
+ 184.4%
101
+ 74.1%
58
- 55.0%
45
+ 350.0%
10
- 87.0%
* restated
Q1 2003
Q1 2004 *
Q1 2005
14
First quarter results 2005
Cash flow from operating activities
Million CHF
1st
Quarter +/-
2004 2005
60 77
28.3%
-125 -147 17.6%
-65 -70
7.7%
-63 -98 55.6%
-880 -3,586 307.5%
-19 -50 163.2%
-1,027 -3,804
270.4%
98
77
60
Like-for-like (LFL) 20 18.5% -
24
-24.5% -4 -6.7%
Change in structure -5 -4.6% -1
-1.0%
24
40.0%
Forex movements -25
-23.2%
-
13
-13.3%
-3 -5.0%
Total
change -10 -9.3% -
38
-38.8% 17
28.3%
Q1 2003 Q1 2004 Q1 2005
15
First quarter results 2005
Cash flow statement
Investments to maintain productive
16
First quarter results 2005
Financing
Million
CHF
Full
Year
2004
Cash
flow
from
operating
activities
2,622
capacity and to secure competitiveness -755
Free
cash
flow
1,867
Expansion investments -368
Financial investments net -1,279
Dividends paid -392
Financing
requirement
-172
1st
Quarter +/-
2004 2005
-1,027 -3,804
270.4%
– –
2 430
354 4,789
28 16
-643 1,431
-322.6%
In(De)crease
in
cash
and
17
First quarter results 2005
Financial position
111.7%
101.0%
13,027
9,441
9,538
10,661
11,659
64.2%
* restated
6,846
31/03/2004
31/12/2004
*
31/03/2005
Shareholders'
equity
in
million
CHF
Net
financial
debt
in
million
CHF
Gearing
18
First quarter results 2005
+
/
-
Q1
04/Q1
05
Decrease in marketable securities 20
Increase in financing liabilities 74
Movements of treasury shares net -40
Capital paid-in 1,458
Financing
requirement
-172
2004
Million
CHF
Full
Year
cash
equivalents
1,340
Europe
Belgium
France
Germany
Switzerland
Italy
Hungary
Czech
Republic
Slovak
Republic
Croatia
Romania
Bulgaria
Serbia
Spain
North
America
Canada
USA
Latin
America
Mexico
Costa
Rica
Nicaragua
Panama
Venezuela
Colombia
Ecuador
Brazil
Chile
Argentina
Domestic
cement
pric
es
+
/
-
Q1
04/Q1
05
-2.8%
5.0%
27.9%
-1.4%
-1.4%
4.7%
-0.7%
1.9%
0.4%
19.5%
7.6%
16.2%
9.6%
Domestic
cement
prices
+
/
-
Q1
04/Q1
05
*
8.1%
13.4%
-2.9%
11.5%
6.7%
4.3%
28.0%
-28.1%
1.8%
-10.0%
-2.2%
-0.3%
Price / volume variances per region
Domestic
cement
volumes
-14.8%
-10.8%
-37.8%
6.5%
-10.3%
-17.8%
-1.0%
-58.6%
-17.8%
8.6%
65.7%
-39.7%
-1.3%
19
First quarter results 2005
+
/
-
Q1
04/Q1
05
-9.2%
1.1%
-8.5%
-13.2%
-12.0%
-20.0%
6.3%
5.7%
5.7%
3.7%
9.6%
14.1%
20
First quarter results 2005
+
/
-
Q1
04/Q1
05
-0.6%
10.4%
-5.4%
* Calculation based on local currencies
Price / volume variances per region
Domestic
cement
volumes
* Calculation based on local currencies
Africa
Middle
East
Morocco
Egypt
Lebanon
Indian
Ocean
South
Africa
Domestic
cement
pric
es
+
/
-
Q1
04/Q1
05
4.1%
19.0%
17.3%
-0.4%
9.4%
Asia
Pacific
Azerbaijan
Sri
Lanka
Bangladesh
Thailand
Vietnam
Malaysia
Singapore
Indonesia
Philippines
Australia
New
Zealand
Domestic
cement
prices
+
/
-
Q1
04/Q1
05
*
18.7%
24.7%
10.0%
-16.2%
0.0%
-16.8%
0.7%
-1.7%
22.0%
1.3%
9.0%
Price / volume variances per region
Domestic
cement
volumes
-13.7%
14.0%
21
First quarter results 2005
+
/
-
Q1
04/Q1
05
-2.1%
-1.1%
9.4%
26.4%
23.7%
-7.8%
55.6%
12.8%
-15.9%
4.5%
2.7%
22
First quarter results 2005
Strength. Performance. Passion.
* Calculation based on local currencies
Price / volume variances per region
Domestic
cement
volumes
* Calculation based on local currencies
23
First quarter results 2005
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 2, 2005 First quarter results 2005
May 3, 2005 General meeting of shareholders
May 6, 2005 Dividend payment
August 25, 2005 Half-year results 2005
November 9, 2005
Third quarter results 2005
Conferences for press and analysts
March 1, 2006
Annual results 2005
Conferences for press and analysts
24
First quarter results 2005
Strength. Performance. Passion.
23
First quarter results 2005
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 2, 2005 First quarter results 2005
May 3, 2005 General meeting of shareholders
May 6, 2005 Dividend payment
August 25, 2005 Half-year results 2005
November 9, 2005
Third quarter results 2005
Conferences for press and analysts
March 1, 2006
Annual results 2005
Conferences for press and analysts
24
First quarter results 2005
