A concrete plan in a fragile planet by sdfgsg234

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									A concrete plan in a fragile planet


Giovanni Ferrario – COO




Mediobanca
Milan, 26 October 2010
                                                       Italian Pavilion at Expo 2010 Shanghai China
                          featuring the new “transparent cement” expressly developed by Italcementi

Italcementi Group                       Mediobanca – Milan, 26 October 2010                0 0 Title
       Group overview


       Key strategic guidelines and actions


       Medium term financials


       Debt management – 2010 actions


       Concluding remarks



Italcementi Group                     Mediobanca – Milan, 26 October 2010   1
  Group overview
  Global leader in cement
                                                                                  Revenues Breakdown
  World‟s fifth largest global cement producer                                         (after eliminations)

                                                                                 Others
   with a capacity of ~71 mt/y
                                                                                             5%

                                                              Ready mix &
  Family-driven company, founded in Italy in                 Aggregates
                                                                                  22%

   1864 and listed since 1925                                                                          73%
                                                                                                               Cement



  Operations in 22 countries across 4 continents
   with a headcount of ~21,000 people                                    2009 Revenues: EURbn 5.0


  59 cement plants, 15 grinding centres, 5                                           Capacity Breakdown

   terminals, 92 aggregates quarries and 373
                                                                               Asia
   concrete batching units                                                                                     Central Western
                                                                                       18%
                                                                                                               Europe
                                                                                                       37%

  Leadership positions within most of its markets                                34%
                                                            Emerging Europe,
                                                            Middle East,                          11%
                                                            North Africa
  Total revenues of EURbn 5.0 in 2009 and                                                              North America

   recurring EBITDA of EURm 972                                       2009 Cement Capacity: ~71 mt/y

All operating figures as of 31st December 2009
Source for 2009 market position: broker reports


  Italcementi Group                                  Mediobanca – Milan, 26 October 2010                                         2
 Italcementi Group Structure
                                                                                                                                                                                                Diversified activities

                                                                                              Italcementi S.p.A.                   Holding company also operating                               Support activities

                                                                                                                                   Italian cement activities



                                                                                                                     Additives and
     100%                                                                                                             other Italian                                                                   100%
                     Italcementi Finance S.A.                                                                         operations                                     Italgen S.p.A.
                                                                                                  81.9%

                         Group financing (Issuer)                                                                                                                            Power production

     100%              Société Internationale                                             Ciments Français S.A.                                                        Affiliates
                    Italcementi (Luxembourg)
                                S.A.

                             Captive reinsurance                                                                                                                                                      83%
                                                                                                                                                              BravoSolution S.p.A.
                                                                 50%                 France                           Bulgaria
     50%                       CTG S.p.A.
                                                                                   Belgium                              Turkey                                               E-business initiatives

                R&D, engineering and technical support                                                                                                                 Affiliates
                                                                                     Spain                             Egypt(*)

                     Interbulk Trading S.p.A.
     15%                                                         85%                 Greece                          Morocco(*)

                               50%                   Trading Co                       U.S.                               India

                             Medcem S.r.l.                                          Canada                           Thailand(*)

                                                                                   Others(**)                           China
                                   Shipping
                                                                     International cement, RMC,
                                                                  aggregates and additives activities               Kazakhstan

All figures as of 31st December 2009, pro-forma for redenomination of Italcementi Finance S.A.
(*)     Controlling presence with significant minority interests
(**)    Italcementi is also present in Cyprus and Saudi Arabia, as well operating terminals in Albania, Gambia, Kuwait, Sri Lanka and Mauritania (grinding centre)



 Italcementi Group                                                                                                      Mediobanca – Milan, 26 October 2010                                                          3
We rank 5th among international cement player with a clear
focus on cement…
               Cement + Clinker, Ready-mix, Aggregates volumes sold, 2000-2009

                                       Cement Sales    Ready-mix                  Aggregates
                                       Mt              Mm3                        Mt

    Player                             2000     2009   2000     2009               2000       2009


                                        68      141     29         37              176          196



                                        82      132     25         42               87         143




                                        47       79     26         35               76          239


                                        52       65     16         54               NA          168



                                        39       56     18       11*                53          39*




Source: Company data; annual reports                                                 (*) Calcestruzzi not included

Italcementi Group                                      Mediobanca – Milan, 26 October 2010                  4
… and profitability ahead of immediate peers, in spite of lower
size and exposure to aggregates
         EBITDA margin (percent)

           Company                     20092009                       H1-2010
                                                                    H1-2010


                                          22.7                           21.4


                                          21.9                           21.5


                                         18.9                          15.8


                                         18.3                           17.3


                                          19.4                          17.7



Source: Italcementi; Company reports


Italcementi Group                                 Mediobanca – Milan, 26 October 2010   5
 Italcementi Group country ranking and market shares
 Leadership positions in principal Group markets

BELGIUM                                                                                                                              BULGARIA
                  3rd - 15%                                                                                   36% - 1st


CANADA                                                                                                                                   TURKEY
                   5th - 4%                                                                                    6% - 8th

U.S.A.                                                                                                                            KAZAKHSTAN
                   7th - 5%       2nd -15% (*)                                                                14% - 4th
MOROCCO
                  2nd - 25%                                                                                 3%          n.m.
                                                                                                                                            CHINA
                                             2009 Revenues: Breakdown by Geography
                                                          (after eliminations)

SPAIN                                              Other Emerging Markets,
                                                                                                                                     THAILAND
                   7th - 6%                           Trading & Others
                                                            14%                                               15% - 4th

FRANCE                                                                                                                                       INDIA
                  2nd - 32%                                                                       5%              n.m.

ITALY                                                                                                                                      EGYPT
                  1st - 25%                                                                                   24% - 1st
      Market Share in regions                                                                                                           GREECE
       where the Group operates                                                                                7% - 3rd
      (Italcementi estimates)

(*) excluding Puerto Rico                                                                    Source: Italcementi analysis based on brokers‟ reports


 Italcementi Group                                                           Mediobanca – Milan, 26 October 2010                               6
Key Historical Financials
Long term earnings growth affected by downturn. Shifting focus from acquisitions
to organic CapEx, while M&A valuations were at peak
       Revenues(*) (EURm)                                   CAGR 96-09: +5.0%                            Rec. EBITDA (*) (EURm)                                            -
                                                                                                                                                                     CAGR 9609: +4.4%

                                                                                                                                                         24.7%
                                                                                                                            24.5%     24.1%                      23.4%
                                                                                                                                              23.1%                                       19.4%
                                                                                                               20.9%                                    1 447      1,404          19.3%

                                                                                                                                     1 091    1 153                         1,113
                                                                                                                                                                                       972
                                                                                                                            934

                                                                                                               556




                                                                                                               1996         2000     2004     2005      2006       2007     2008     2009
                                                                                                                                                                       Rec. EBITDA margin


      Cash Flow (*) (EURm)                                  CAGR 96-09: +4.6%                           Net Investments (EURm)
                                                                                                        1400
                                               1 066                                                                                1 100
                                                                                                        1200
                                                         918                                                                                                 950           870
                                                                   796                                  1000
                            782       786
                                                                             722                                                               730                                        710
                                                                                                         800
                   641
                                                                                                         600
                                                                                                         400          320
         402
                                                                                                         200

                                                                                                           0
                                                                                                        -200
                                                                                                                     2004           2005       2006         2007           2008        2009
         1996     2000      2004      2005     2006      2007      2008     2009
                                                                                                                             Industrial              Financial             Disposals
(*) Local GAAP before 2004. 2009 figures prepared in compliance with IAS 23 and 2008 figures restated accordingly


Italcementi Group                                                                                       Mediobanca – Milan, 26 October 2010                                                       7
       Group overview


       Key strategic guidelines and actions


       Medium term financials


       Debt management – 2010 actions


       Concluding remarks



Italcementi Group                     Mediobanca – Milan, 26 October 2010   8
Global forces and long term trends will continue to drive
the growth of our industry
  Forces                                           Most relevant for
                          Trends                   construction/cement

                          Growing life sciences and healthcare

   Changing               Emerging new consumers
   demographics           Changing social values
                          Shifting centers of economic activity
                          Increasing link of world economies
   Experiencing
   Earth's limits         Growing infrastructure congestion
                          Continuing urbanization and the rise of mega cities
                          Entering a second "agricultural revolution"
   Proliferating
   technology and         Accelerating green economy
   knowledge              Increasing weight of public sector
                          Rebounding regulation

      Key uncertainties/decisions               Emerging uncertainties
      ▪ Market economy reversal                 ▪ Green new normal
      ▪ A post-crisis "new normal"              ▪ Battle for resources
      ▪ Inflation or deflation                  ▪ Africa rising

Italcementi Group                                  Mediobanca – Milan, 26 October 2010   9
A persisting divide between developed and emerging
economies
               Developed area                              Emerging area

        Macroeconomic environment                  Macroeconomic environment

      Recovery ongoing; risks of another          Robust growth across the whole
       very weak year (2011) not negligible         period
      Growth remaining moderate also              Asia remains in the lead
       over the outer forecast years               Risks of overheating in some
      The US continues to outperform               countries (China, India …); political
       Europe                                       risks in other nations not clearly
                                                    measurable


                 Construction                                Construction

      Only tepid recovery in sight, in some       Activity continuing at close-to-7%
       cases after 2011                             average growth pace
      No industrial country (except               Reduced differences in
       Canada) expected to regain pre-              performances expected among
       crisis levels within the Plan horizon        countries
      The US expected to far outshine             Construction intensity set to
       Europe                                       increase further in the Group
                                                    emerging

Italcementi Group                              Mediobanca – Milan, 26 October 2010          10
Construction prospects between Europe and North America
should diverge remarkably in the medium term whilst
remaining buoyant for emerging countries
             Construction in ITC Developed                                      Construction in ITC Emerging
                Countries* (CAGR, % ch.)                                           Countries* (CAGR, % ch.)

                                                        3.2                                                      5.5
    North          -4.7                                                      Other                                                   9.8
   America                                                    4.3           Emerging                                 6.3




                                                      2.3                                             2.4
      Euro                                                                  Emerging
                                 -0.7                                                                                   7.2
      Area                                                                    Asia
                                     -0.2                                                                                  7.4




                                                      2.5                                                      4.6
   Total                      -1.4                                            Total                                              9
 Developed                                      0.5                         Emerging                                   6.7

                                  1995-2004       2005-2009     2010-2014              1995-2004   2005-2009    2010-2014


* Weighted by ITC cement volume sales in 2009

Italcementi Group                                                           Mediobanca – Milan, 26 October 2010                            11
Expected cement demand trend by country
            Cement demand trend in ITC domestic markets (CAGR 2009-2014 percent)

                       Country                 Construction market                    Cement market
                            France                  0.4                                0.4
                            Belgium                 0.2                                0.4
                            Italy            -0.3                                      0.6                     0.6%
    Mature
                            Spain           -1.5                                       1.0
    markets
                            Greece          -2.0                                      0.0
                                                                                                   2
                            North America                4.3                                 5.9                5.9%



                            Egypt                         6.2                                5.7                        4.9%

                            Morocco                      5.0                                4.2
                            India                           8.6                                   8.3 2
                            Bulgaria                     5-71                                5.9
    Emerging                Thailand                      5.6                             3.7                   6.3%
    countries                                                                                          2
                            China                   NA                   21.0                  7.2
                            Kuwait                              8-101                     3.3
                            Kazakhstan                          6-81                              9.2
                            Turkey                        5.4                                5.3

                                                                            1 Based on gross fixed investments growth
 Source: Italcementi
                                                                            2 ITC local market



Italcementi Group                                                      Mediobanca – Milan, 26 October 2010                 12
Cement price assumptions for Italcementi markets
                    Country                       Price                     Rationale

                      France-Belgium                             Continuing stable dynamic in
                                                                 line with inflation
                      Italy                                      Price recovery from 2010 very
                                                                 weak levels
Mature
markets               Spain
                                                                 Negative trend of real prices in a
                      Greece                                     scenario of slow recovery of the
                                                                 utilization rate
                      North America

                      Thailand
                      Turkey                                     Price recovery from 2009-2010 level
                      China
                                                                 Week real price trend because of
                      Bulgaria                                   overcapacity in the regional area
Emerging              Morocco
markets                                                          Price dynamics lower than inflation due
                      India                                      to pressure from new players in the
                                                                 market
                      Kuwait
                                                                 Price trend under inflation rate
                      Kazakhstan
                                                                 Pressure on real prices from new
                      Egypt                                      players and governmental control

                    Expected trend    stability    increase



Italcementi Group                                      Mediobanca – Milan, 26 October 2010                 13
Upward trend is expected for petcoke,steam coal and power
prices
           API 4 & High Pace Index + 50 HGI – FOB yearly average 2006-2014 ($/t)
                                           120
 160                                                         Steam Coal
                                                             CAGR 09-14=7.2%
                                           86                                                               87          90
                                                                                   80           84
 140
                                                                      73                                    70          72
                        63                              64                         62           66
 120
              51               55                                     56
                   46
                                                        34
 100                                                                  Petcoke
                                                                      CAGR 09-14=16.2%
   80
              2006       2007        2008         2009          2010         2011         2012        2013        2014



            ITC Group average power cost (index 2006 = 100)
  140




160

140
  120


120

100
  100
 80
            2006        2007        2008         2009          2010         2011         2012        2013        2014

Source: Italcementi

 Italcementi Group                                                    Mediobanca – Milan, 26 October 2010                14
Overview of Group strategic guidelines
                                    Strategic guidelines


                       Strengthen performance on
                       Sustainable Development



                     Improve product portfolio and
                     technologies through innovation
                                                            Improve Group
                                                            Organizational
                      Focus on industrial efficiency        performance
                      (“the cost leader is the industry
                      leader”)


                    Be prepared to capture growth
                    opportunities in emerging markets




          Target: deliver significant recovery in Group‟s performance
                   and prepare for the next wave of growth

Italcementi Group                                     Mediobanca – Milan, 26 October 2010   15
Strengthen performance on Sustainable Development

          Main actions                                                Targets

Reduce CO2 emissions per
  clinker ton:                                               904            870              843
    Alternative fuels/biomass          CO2
                                        Kg/t clinker
    Thermal consumption
Roll out best technologies to
  reduce dust, SO2, NOx emissions                           209             193
                                        Dust
                                        g/t clinker                                           46

Clinker content in cement (fly ashes,
slag, limestone, pozzolan cement):                          633
Base line decrease not satisfactory;    SO2                                 481
                                                                                              294
dedicated action plan still to be       g/t clinker
identified

Strengthen renewable power              NOx                 1,595           1,543
                                                                                             1,255
generation: Italgen projects to         g/t clinker
supply green and cost competitive
energy to ITC plants (i.e. Wind farm
in Turkey, Morocco, Bulgaria, Egypt                         2007          2010 E             2014
and hydro revamping in Italy)


Italcementi Group                                      Mediobanca – Milan, 26 October 2010           16
Innovation: improve product portfolio and technologies
                                            Technology improvements
                  ▪   Low temperature clinkerization                                         ▪   Reduced water consumption
                  ▪   Recyclable raw materials for clinker production                        ▪   Carbon capture and
                  ▪   Biotechnological production of clinker                                     sequestration


        Continuing innovation                                                         Improve product portfolio towards a more
                                                                                         “green” offer, Cement 2008 (percent)
  Products/Applications/Branding                                                                                             TARGET
                                                                                      +      Ordinary
                      Thermal         Alipre                                                                   44
                                                                                             Portland
                      Cement
                                                                                             Limestone          22
  Reduces         Cement            Sulfoaluminate




                                                              Percentage of clinker
  organic         optimizing        technology to                                            Multiple
                                                                                                                17
  and inorganic   thermal           assure rapid                                             Blend
  pollutants in   efficiency        setting, high
  the air         of buildings      early strength                                           Fly ash            5

                                                                                             Slag
                                                                                             Cement             5

                                   High-                                                     Pozzolan           3
                                   performance
                                   concrete
                                                                                             Others             4
                                                                                      -
  Transparent     Bio-              Concrete for
  cement          degradable        special                                                      Higher clinker rate means higher CO2
                  cement bag        applications                                                         emission on cement



Italcementi Group                                                                         Mediobanca – Milan, 26 October 2010           17
  Improve industrial efficiency
                    Main actions                                                          Targets
                                                                            948
    Optimize industrial processes                                                        -10%
         (STEP)                                    Thermal
                                                   consumption
         Share operational best                   MCal/t clinker
                                                                                                           855
           practices across Group
           countries
                                                                           78.2
         Leverage CTG competences
           and increase its role in                Power                                  -12%             68.6
           performance improvement                 consumption
           projects                                KWh/t clinker

         Improve local skills and
           capabilities                                                    47.2
                                                                                           -1%
    Focused performance                           Power                                                   46.9
         improvement investments:                  consumption
                                                   KWh/t cement
         capacity de-bottlenecking,                (grinding only)
         energy efficiency, productivity
         improvement
    Selected major                                Labour
                                                                             5            +40%
                                                                                                            7
         renewal/revamp of older                   productivity
         technology capacity (e.g.                 Kt cement/
         Bulgaria, Egypt, Italy)                   employee1
                                                                          2009                             2014
1 Operational FTE dedicated to cement production


  Italcementi Group                                                  Mediobanca – Milan, 26 October 2010          18
    Improve industrial efficiency
      Major industrial investments a key driver for performance improvement
      and shift to dry technology
                                                                2010      Next 5 years                  2014       Impacts beyond 2014
       New plants/ revamping




                                   Main investments from             Major investments in the plan of        Major investments in the plan,
                                   previous year                     which:                                  but completed after 2014:
                                       Italy: new Matera               Bulgaria: New Devnya                   Egypt: Tourah and
                                       Morocco: Ait Baha               Italy: revampings and                     Helwan wet line
                                       USA: Martinsburg                  reorganization                           relocation
                                       India: Yarraguntla              Other Major CapEx


                                        7 mt/y of modern capacity      5.5 Mt/y of modern                     2 mt/y of modern
                                        In place of 2.9 mt of old       capacity                                  capacity
                                            cement capacity

                                  Wet                                                                          7                 1 2
Expected evolution of kilns by




                                                         10                      9
                                 Dry long                                  1                            1                          8
                                                    2                                                   13
                                                                           16
    process type (percent)




                                 Semi-dry           16                                                                              18
                                                                                                        18
                                 Dry with           19                     20
                                 pre-heater


                                                                                                                                    70
                                                                           55                           61
                                                    54
                                 Dry with
                                 pre-calciner

                                                 2007=2008                2009                      2010                          2014

     Italcementi Group                                                                 Mediobanca – Milan, 26 October 2010                    19
Italgen international renewable portfolio
                                                                Bulgariaa)

                                                               Kavarna I - 9 MW (in operation)
                                                               Kavarna II- 9 MW (under construction)
   Italy

  56 MW (in operation)
 Salerno - 1 MW (in operation)
 Guiglia - 6 MW (fully permitted)


                                                                      Turkey
                                                                     Bares - 142.5 MW
                                                                      (fully permitted)




    Morocco

  Laayoune - 5 MW (under construction)    Egypt                                             Hydro

                                         Gulf El Zeit - 120MW (under development)           Solar
                                                                                            Wind
a) 49% stake in Gardawind


Italcementi Group                            Mediobanca – Milan, 26 October 2010                    20
Italgen‟s role in Italcementi‟s overall strategy


  Energy and         Strong inverse correlation with key Italcementi cost factors
  CO2 Hedge          Generating proxy offset to future volatility in CO2 emission
                      charges



                     Project development skills, leveraging ITC platform


                     Initial development cost is valuable as „goodwill‟ once
   Value              the project is fully permitted, EPCs established and
  Creation            financing (project-based) secured
 Opportunity

                     Potential for deconsolidation and valorization through
                      opening to partnerships for minority/majority stakes




Italcementi Group                             Mediobanca – Milan, 26 October 2010   21
                                     Growth opportunities: differentiated strategy in Group
                                     markets                          Investment projects included in
                                                                                       Recent move           Size of bubble depicts size of cement
                                                                      industrial plan base case              market in terms of domestic demand (2008)
                                               155
                                                      September 2010,
                                                      initial minority stake    South India1
                                                      in Shifeng Cement                                                                                         Morocco
                                                      (2mt/y cement
                                               110    capacity)
Cumulated 2009-25 expected growth




                                               105                                                                                           Pursue opportunistic
                                                                     China
                                                                     (Shaanxi)1
                                                                                                                                      A      growth/ consolidation
                                                                                                                 Egypt

                                               55
                                    % growth




                                                       Thailand                                         Rationalize/                                                 Bulgaria
                                               50
                                                 Kazakhstan
                                                                                               C        Restructure
                                               45
                                                                    Turkey             Kuwait
                                                                                                                                     B          Defend
                                                                                                             Belgium
                                                0
                                                                                                                                  USA1                    France
                                                -5
                                                                                             Spain South          Greece                Spain North
                                                                   Italy                     (Andalusia)
                                               -10                                                                                      (N.Basque)

                                               -15
                                                     Lower                                                                                                            Higher

                                                                                                             Profitability
                           1 Italcementi‟s regional market

                                     Italcementi Group                                                                 Mediobanca – Milan, 26 October 2010                22
Overview of medium term main actions in Group selected
markets
                     Network rationalization
      Italy
                     Plants revamping (Rezzato/Monselice)



     North           Leverage full benefit of new Martinsburg and of modernized Nazareth
    America          Develop terminal network to support market coverage


                     Investment in a brown field site to replace old kiln technology at the Tourah
     Egypt            and Helwan plants (1mt/y) and increase capacity (1mt/y)
                     Egypt as Group platform for future investments in the Middle-East region

                     Strategic actions to consolidate our market share exploiting the benefits from
                      the completion of the Ait Baha plant
   Morocco
                     Other major investments for improving industrial efficiency (Safi, Laayoune
                      wind farm, Marrakech de-bottlenecking, alternative fuels)

                     Organic: ready options for brown-field (Sitapuram) and green-field projects
                      (North Karnataka)
      India
                     Non organic: actively considering opportunities beyond current South
                      markets

Italcementi Group                                    Mediobanca – Milan, 26 October 2010              23
                               Growth opportunities: focused regional approach
                               in new markets                                Size of bubble depicts
                    Cumulated 2009-25 expected cement demand growth1                                                            (percent)         size of market capacity (2008)

                                    300
High
                                                                                       Ethiopia Zambia                   Tanzania                    Very high margins but
                                    280
                                                                                                                                                     high risk and/or
                                    260                                                                              Cambodia                        difficult to access
                                                                                                                                                     ▪ Sub-Saharan Africa:
Cumulated 2009-25 expected cement




                                                                                                Cameroon
                                                  Bangladesh                                                                                            approach through
                                                                                                                               Vietnam
     demand growth1 (Percent)




                                    140                                                                                                                 asset light initiatives
                                                                                                                                                        (e.g. terminals)
                                    120                        Philippines                          Indonesia
                                                                                                                         Ghana                       ▪ South East Asia:
                                                     Saudi Arabia                                                                                       medium-term
                                    100
                                                                       Russia                                                                           opportunity scouting
                                     80                                                                          Syria
                                                                                       Ukraine
                                                                                                 Angola
                                     60                                                        Jordan                  South Africa
                                                          Iran
                                     40
                                                                  Algeria                    Malaysia
                                     20                                                 Libya
                                                                   Tunisia
                                     0                                                                Qatar
                                                                  United Arab Emirates                                            Good potential profitability
Low -20                                                                                                                           ▪ Additional new markets to be
                                                  Lower                    Medium                                   Higher          limited to Italcementi proximity
                                      Not enter                                                                                     areas
                                                                       Potential profitability2
                   1 Based on the structural curve where available and on estimates elsewhere
                   2 Index based on the relative performance of markets on: Supply demand balance (Utilization rate 2008), Market concentration (Market share of top 3 players), Market
                      conduct (Price of cement 2008; structural overcapacity of the area)


                                Italcementi Group                                                           Mediobanca – Milan, 26 October 2010                                  24
       Group overview


       Key strategic guidelines and actions


       Medium term financials


       Debt management – 2010 actions


       Concluding remarks



Italcementi Group                     Mediobanca – Milan, 26 October 2010   25
  Group sales volumes by business expected to grow
  by 3.7%-4.1%
                                                           Ready-mix volumes sold
  Volumes, 2009-14                                         Million Mc

                                                                                   4.1%

                                                            11.2                                     13.7


   Cement and clinker volumes sold
   Million tons                                            2009A   10         11          12    13   2014
                              3.7%                           39                                      44
                                                                    CALCESTRUZZI not included

     55.7                                           66.8
                                                           Aggregates volumes sold
                                                           Million tons

   2009A                                                                           4.0%
                 10        11         12       13   2014
                                                            39.1                                     47.5
      55                                            57



             x        Percentage of emerging
                                                           2009A   10         11          12    13   2014
                        countries on total1
           CAGR                                              8                                       14
                                                                   CALCESTRUZZI not included
1 Excluding export and eliminations

  Italcementi Group                                          Mediobanca – Milan, 26 October 2010            26
CapEx to support future significant growth

          4.0


                               0.3                                       0.4
                               0.4                                       0.4
  EURbn




          2.0
                               1.0                                       1.1


                               1.3                                       1.2
          0.0
                             2005-2009                                 2010-2014

                Sustaining and other investments      Major projects
                Strategy investments (w/o major)      Performance investments


                      3 EURbn; 10.7%                         3.1 EURbn; 10.9%
                       on cumulated                            on cumulated
                         revenues                                 revenues




Italcementi Group                                  Mediobanca – Milan, 26 October 2010   27
Major projects included in the industrial plan

Bulgaria     New Line            Efficiency
             2.9 mt/y            Capacity          240 EURm                    2010 - 2012
  Devnya
              cement capacity
                                 Sustainability

 Egypt                           Efficiency
             Wet Line            Capacity          200 EURm                    2012 - 2014
             Relocation          Sustainability

 Italy
                                 Efficiency
               2 Kilns
                                 Rationalization   240 EURm                    2011 - 2014
             Revamping

 India
             New Line            Capacity          100 EURm                    2013 - 2014
 Sitapuram



              ...               …                  … EURm                             …




Italcementi Group                                    Mediobanca – Milan, 26 October 2010      28
  Deliver significant recovery in economic performance
        Realistic basic assumptions for future cement market trends for both volumes and prices
        Pricing pressures on key production factors
        Sustainability, innovation and efficiency are the levers for delivering significant recovery in
         Group‟s performances while increasing financial flexibility

  1,800
                                                  EBITDA, 2007-14 (EURm)
                                                                                                                            Further growth options and
                                                                                                                            capacity increase to be evaluated
                                                                                                                            Market share increase
  1,400                                                                                                                     in selected countries

                                                                                                                            Market volumes recovery


  1,000
                                                                                                                            EBITDA evolution with
                                                                                                                            industrial efficiencies 1



           2007              08              09               10            11            12            13           2014
                  Tight cost and cash                              Focus on industrial efficiency
                  management (e.g. working                         Continue with renewal of industrial footprint
                  capital, etc.)                                   through available cash flow (especially in the
                  Postponement of some major                       second part of the plan)
                  investments                                      Be ready to capture growth opportunities
                                                                                             Commissioning of the
                                                                                             renewed plants
                                                                                             (Bulgaria, Italy, ……......Egypt)
1 Including effect of basic assumptions on prices and costs

  Italcementi Group                                                                            Mediobanca – Milan, 26 October 2010                          29
   ITC Group evolution in cement capacity, revenues
   and EBITDA
                         1996                              2000            2004                   2008             Industrial
                                                                                                                  Plan 2014E

                            15%
                                                              35%
Cement                                                                          46%                    52%                 55%
Capacity(*)


                        42 mt                          55 mt                68 mt                 ~73 mt               ~80mt


                            11%                                                16%
                                                             14%

Revenues                                                                                               36%                 43%
(after
eliminations)




                            14%                              15%
                                                                               21%
EBITDA                                                                                                 45%                 46%
recurring


  (*) Full capacity included for all shareholdings ≥ 33%            Mature countries   Emerging countries    Further growth options


   Italcementi Group                                                         Mediobanca – Milan, 26 October 2010               30
In summary, based on scenario assumptions and action plan


    Recovery of volume and profitability at pre-crisis level, but better operating
           leverage thanks to higher efficiency of industrial network…



         …cumulated cash flow from operating activities of ~4.4 EURbn
                            over next 5 years …



           … and cumulated industrial investments of ~ 3 EURbn,
                            leaving room …



                … to take advantage of additional organic or
                 non-organic growth opportunities and/or
                   compensate for market downside risk


Italcementi Group                              Mediobanca – Milan, 26 October 2010   31
       Group overview


       Key strategic guidelines and actions


       Medium term financials


       Debt management – 2010 actions


       Concluding remarks



Italcementi Group                     Mediobanca – Milan, 26 October 2010   32
2010 Refinancing Plan
Beginning in Q1 2010, we launched a global refinancing plan that will reorganize
the Group‟s debt structure with several goals

Create synergies across      Tap financial markets on largest available funding
holding company levels       base – ITC to be the „market interface‟ for the
                             Group, funding CF on interco basis

Remove structural            Historical two-tier approach to Group debt structure
subordination                was a negative in rating analysis for both ITC and
                             CF
Reinforce funding            Provide bond market access to ITC – previously
sources diversification      relying exclusively on bank funding while CF was
                             the bond issuer

Reinforce liquidity          Safely bridge the Group towards a more favourable
backup headroom              phase of the business cycle

Mitigate ‘liquidity          Right-size unutilized liquidity back-up lines to offset
insurance’ cost increase     higher fee levels due to new bank market
                             conditions

Italcementi Group                           Mediobanca – Milan, 26 October 2010   33
2010 Refinancing Plan
Execution of the plan is following a clearly laid out sequence that builds on each
step‟s success as precondition to the next



                                               Refinance prepayment of CF USPP Notes
                                                                                           Q1
      ITC Inaugural EMTN Issue               Replenish liquidity backups by refinancing
                                              CF’s outstanding CP and part of ITC’s RCFs



    ITC Syndicated Backup Facility
                                               Replace 2012 CF Syndicated Backup RCF
                                                    and other maturing bilaterals
                                                                                           Q3


                                                                                           Q4
    ITC Commercial Paper Program                Replace CF Commercial Paper program



          ITC refinancing of                      Further reduce CF third party debt,      TBD
        EURm500 CF 2017 Bond                           structural subordination




Italcementi Group                            Mediobanca – Milan, 26 October 2010            34
Debt Profile before and after the Bond issue – Groupwide view
March bond issue was key first step in the plan, resulting in longer average debt
life and reduced structural subordination at Group level
Bonds outstanding were 40% of gross debt as at June 2010 vs. 29% at 2009
 year-end
        Gross Debt Breakdown by Borrower                                                Gross Debt Breakdown by Borrower
                                  as of 31/12/2009                                                           as of 30/6/2010

 EURm                                                                               EURm
 3,500                                                                              3,500
                                                                                            3,283 (*)
           3,165 (*)             Italcementi ex CF Group                                                 Italcementi ex ITC Finance S.A. and CF Group
 3,000                           Ciments Français Group                             3,000                Italcementi Finance S.A.
                                                                                            1,059
                                                                                                         Ciments Français Group
           1,137
 2,500                                                                              2,500
                                         Average Life: 4.1 years                                                    Average Life: 5.2 years
 2,000                                                                              2,000
                                1,020      193      477     445     217     813             772             643      201     477     351     257     1,355


 1,500                    64% of total                                              1,500
                                                                                                        44% of total                                  55

 1,000     2,028                                                                    1,000
                                 231                                                                                                                 761
                                                                             70             1,451
                                                                                                             103
  500                                                                                500                      12
                                  789                                       743
                                             2      330     327                                              528        3    439                     539
                                                                    176                                                              228     232
                                            191                                                                        198
                                                    147     118      41                                                       38     123      25
    0                                                                                  0
          Gross                  0-1yr      1-2yr   2-3yr   3-4yr   4-5yr   5+ yr           Gross           0-1yr    1-2yr   2-3yr   3-4yr   4-5yr   5+ yr
          Debt                                                                              Debt

  (*) Excluding MTM of derivatives instruments


Italcementi Group                                                                      Mediobanca – Milan, 26 October 2010                                   35
Liquidity Profile Proforma for 920 EURm RCF – Groupwide view
Thanks to the new transaction, 80% of liquidity backup is now managed at top
Group level with 3.9 years of „headroom‟


    Unutilized Backup Lines Maturity Profile                                                                             Liquidity Backup vs. Maturing Debt*

  EURm                                                                                                       EURm
 3,500
                                                    Italcementi ex ITC Finance S.A.                            3,500
                                                                                                                                     Available Backup Lines
                                                    and CF Group
                                                    Italcementi Finance S.A.                                                         Cumulated Matured Debt**
 3,000
                                                                                                               3,000                 Available Backup lines + Eurozone Cash
                                                    Ciments Français Group

 2,500                                                                                                                                                           3.9 years of
             2,261                                                                                             2,500                                               liquidity
                                          Average Life: 4.3 years                                                                                                 headroom
 2,000         545
                                                                                                               2,000
                                    561             0      105         205         270       1,120
 1,500
                                                                                                               1,500

             1,270                                                                          150
 1,000
                              20% of total                                                                     1,000


    500                              100                                                    920
                                            (***)                                                                 500
                                     350
               446                                                               270
                                     111                    25        205
       0                                         0          80                               50
              Total                 0-1yr      1-2yr      2-3yr      3-4yr      4-5yr      5+ yr                     0
                                                                                                                         Y0            Y1             Y2             Y3             Y4             Y5        Y>5

(*) EURm 373 of outstanding BdT classified on Balance Sheet as L/T debt are shown here as 0-1 yr maturity following rating agency analysis; unutilised M/T credit lines are shown gross of the same amount
(**) Excluding MTM of derivatives instruments     (***) Proforma for new swing lines signed in July


Italcementi Group                                                                                                        Mediobanca – Milan, 26 October 2010                                                       36
       Group overview


       Key strategic guidelines and actions


       Medium term financials


       Debt management – 2010 actions


       Concluding remarks



Italcementi Group                     Mediobanca – Milan, 26 October 2010   37
Focus on efficiency, sustainability and innovation in an
uncertain and volatile scenario…
 Conservative macroeconomic scenario and demand recovery still uncertain
  and volatile in the medium term
          Decoupling of growth pattern between Emerging (still growing) and Mature
            Markets (delayed and slow recovery in most economies)
          Price scenario still uncertain with increasing pressure in selected markets
          Risk of a “double dip” not to be ruled out
 Key actions focused on delivering recovery of Group‟s economic performance,
  enhancing environmental sustainability and generating financial resources for
  the next wave of development
          Selected investments to upgrade plant technology and environmental
            sustainability coupled with continuous improvement of industrial efficiency
          Research and Innovation to improve technologies and product portfolio
          Marked improvement of Group organizational performance



Italcementi Group                              Mediobanca – Milan, 26 October 2010   38
…and selective approach to development opportunities with
flexibility to withstand market downside risks
 Selective approach to development options in light of the available cash
       Industrial network restructuring in mature domestic markets (e.g.: Italy, France
        initial steps)
       Mix of options (expansion CapEx and bolt-on acquisitions)
           To capture growth in domestic emerging markets (e.g.: Morocco, India,
            Egypt and China/Shaanxi)
           To enter new emerging markets, also to capture synergies with current
            presence

 Ability to withstand the negative impact of a possible further worsening of the
  macroeconomic scenario and associated market downside risk by:
       Continuous alignment of current capacity and capacity expansion projects to
        the specific dynamics of each market
       Continued tight cash management (maintenance CapEx and Operating
        Working Capital)
       Prudent approach to leverage and liquidity management

Italcementi Group                              Mediobanca – Milan, 26 October 2010   39
       A concrete plan in a fragile planet




Italcementi Group         Mediobanca – Milan, 26 October 2010   40
                    Appendix 1
                                              Financial Policy


Italcementi Group              Analyst –Meeting - 7 May 2010
                             Analyst Meeting – 8 March 2009
                                Analyst Milan, 07
                          Mediobanca Meeting -26 October 2010    4141 41
                                                                      41
Financial Management Policy
Steady long term policy aiming to ensure support for the Group‟s long term growth
across cycles




                                Balance Sheet
                                 Management

                    Coherent with BBB/Baa2 mid-cycle rating

                                  Liquidity
                                 Management




Italcementi Group                          Mediobanca – Milan, 26 October 2010   42
Financial Management Policy
Steady long term policy aiming to ensure support for the Group‟s long term growth
across cycles

                                     Dividend
                                      Policy


             Leverage /                                        Debt Structure
              Gearing
                                  Balance Sheet
                                   Management

                       Coherent with BBB/Baa2 mid-cycle rating

                                    Liquidity
               Sources             Management
            Diversification                                   Term Structure


                                     Liquidity
                                     Support



Italcementi Group                                Mediobanca – Milan, 26 October 2010   43
Financial Management Policy
Key metrics targets at mid-cycle within BBB/Baa2 expected ranges



                                     Dividend
                                      Policy
                                                               Target           2009
             Leverage /                                        Debt Structure
              Gearing            Balance Sheet
                                Net Debt / EBITDA
                                  Management                2.0x – 2.5x         2.5x


                                                      30% – 35%
                       Coherent with BBB/Baa2 mid-cycle rating
                                  GCF / Net Debt                               29.8%

                                    Liquidity
                               EBITDA / Net Interest
                                   Management                  > 6x         9.1x
               Sources
                                                              Term Structure
            Diversification
                              Net Debt / Total Equity          < 70%            52%
                                     Liquidity
                                     Support



Italcementi Group                                Mediobanca – Milan, 26 October 2010   44
Financial Management Policy
Moderate dividend policy at holding level to ensure preservation of appropriate
gearing and leverage


                                                     Dividend
                                                      Policy

              Leverage /
Italcementi Payout Ratio 2004-2009
                Gearing                      Normalized payout in the 25%
                                                         Debt Structure
                                   Balance Sheet
75%               0.36              Managementrange at ITC level
                                      0.40
70%                     0.36
           0.33                       0.35     o Willing to significantly sacrifice
65%   0.30
60%                                              absolute DPS
                       Coherent with BBB/Baa2 mid-cycle rating levels in lower part
                                      0.30
                 DPS (Ord)
55%                                                                  of the cycle
50%
                                             47%     0.25
                                                     Liquidity Payout ratios progressively
                                                             
45%                                   0.18          Management
                                                     0.20
40%               Sources                                      increasing at lower levels of Group
             Payout                                                     Term Structure
35%            Diversification               0.12     0.15     structure to maximize cash
                                    38%
30%   25%     24%            25%                               upstreaming, allowing for CapEx-
                     23%                             0.10
25%
20%                                                  Liquidity related debt servicing
                                                     0.05
15%                                                  Support o Listed operating subsidiaries
10%                                                  0.00
      2004    2005   2006    2007   2008     2009
                                                                  payout in 60-80% range

Italcementi Group                                               Mediobanca – Milan, 26 October 2010   45
Financial Management Policy
While our equity structure remains for the time being complex (two holdings),
we are determined to remove a key constraint to debt management…


                                     Dividend
                                      Policy


             Leverage /                                        Debt Structure
              Gearing              Balance Sheet
       Significantly reduce structural subordination
                                    Management
                    (to the 20-25% area)

                       Coherent with BBB/Baa2 mid-cycle rating

                                    Liquidity
                                   Management
               Sources
                                                              Term Structure
            Diversification


                                     Liquidity
                                     Support



Italcementi Group                                Mediobanca – Milan, 26 October 2010   46
Financial Management Policy
… while reaffirming long term policy commitments to rating agencies and
debt holders


                                     Dividend
  Maintain a long-dated debt maturity profile
             (>3 years at all times)  Policy


            Leverage /
Ensure significant liquidity back-up headroom                 Debt Structure
             Gearing               Balance Sheet
   (>2 years of debt maturities at all times)
                                    Management

Tap bond markets for approx 50% of total debt
                    Coherent with BBB/Baa2 mid-cycle rating
  and maintain strong banking relationships
                                   Liquidity
                                  Management
               Sources
                                                             Term Structure
            Diversification


                                    Liquidity
                                    Support



Italcementi Group                               Mediobanca – Milan, 26 October 2010   47
                    Appendix 2
                                              H1 2010 Results


Italcementi Group              Analyst –Meeting - 7 May 2010
                             Analyst Meeting – 8 March 2009
                                Analyst Milan, 07
                          Mediobanca Meeting -26 October 2010   4848 48
                                                                     48
H1 2010 key results
After two years of continuous decline, first positive volume trend in Q2. Significant
reduction of revenues and margins decline. Net profit impacted by one off items.
NFP under control.
                                                                              Change 2010-2009
                                         Q2       Change       H1                                   excluding
                                        2010       10-09      2010     Historical   like for like   exchange
                                                                                                    rate effect
mt
 Cement and clinker volumes              15.3      +2.5%      27.5      -1.1%         -1.1%
EURm
 Revenues                              1,383       -0.1%     2,455      -5.1%        -6.0%           -6.0%

 EBITDA - recurring                     299        -3.1%      434      -12.6%       -13.6%          -13.5%

     % on revenues                     21.6%      -0.7p.p.   17.7%     -1.5p.p.

 EBIT                                   174       +0.4%       198      -16.8%
     % on revenues                     12.6%      +0.1p.p.    8.1%     -1.1p.p.

 Net profit                              90       -15.7%       82      -35.8%

 Group net profit                        38       -44.1%        0        n.s.

 Cash Flow from operating activities    164       -15.1%      375       -8.3%
                                                             Change     Change
                                       30.06.10   31.12.09    H1 10      H1 09
EURm
 Net Financial Position                (2,458)    (2,420)      -38       -105

Italcementi Group                                   Mediobanca – Milan, 26 October 2010                    49
H1 2010 recurring EBITDA variance analysis
EBITDA hit by volume and price effects, partially mitigated by continuing actions on
fixed and variable costs. Negative EBITDA across all areas, but North America
                                 Breakdown by lever                                                                                    Breakdown by area
EURm                                                                                                 EURm
                                                   Of which:
                        Of which:                  Maintenance    11
                        Italy       (67)           Inventory Var.  9                                                                            Of which:
   497                  India       (19)                                                               497                                      Bulgaria    (7)
                                                   Employee exp. 6
                                                                                                                                                Egypt       (3)
               (29)
                                                                                                                    (41)
                                                                                                                                5       (8)
                                                                                        434                                                        (18)                              434
                                                                                                                                                                  6       (7)
                                                                             4
                                                                7
                         (99)                                                                                     Of which:
                                                                                                                  Italy      (30)                   Of which:
                                                  48                                                              Spain        (5)
                                                                                                                                                    India          (20)
                                                                                                                  France/Belg. (6)

                                       6


                        Of which:
                        Clinker & Cement
                        Purchased    (18)                    Of which:
                                                             CO2                 11
                        Fuel & Power 17




  Recurring    Volume    Price      Variable   Fixed costs    Other      Scope & FX    Recurring     Recurring    Western     North    EEMENA       Asia        Trading   Other    Recurring
 EBITDA 2009                         costs                   Operating                EBITDA 2010   EBITDA 2009   Europe     America                                              EBITDA 2010
                                                               Costs



 Italcementi Group                                                                                        Mediobanca – Milan, 26 October 2010                                            50
Cash flow
Control on CapEx and containment of working capital lead to stability of NFP even
after dividend payment

EURm



                                                                                     Of which:
                                                                                     Major projects         (91)
                                                                                                                                   Of which:
                                                      40                                                                           Forex                    (65)
            (2,420)                    335
                                                                                                                                                                       (2,458)



                                                                                                                16              (114)
                                                                        (258)               (16)
                                                                                                                                                      (40)


         Net Fin. Pos.          Cash Flow         Change in           CapEx (*)            Equity   Divestments               Dividends              Other          Net Fin. Pos.
           31.12.09                                 WC                                  Investments                                                                   30.06.10
                                                                                            (**)
           Net of EURm 196                                                                                                                                            Net of EURm 204
    net receivable from Calcestruzzi                                                                                                                           net receivable from Calcestruzzi



            (2,679)                    333             76               (371)               (24)               17               (116)                (21)             (2,785)
                NFP                                                                                                                                                      NFP
              31.12.08                                                                                                                                                 30.06.09
 (*) Including change in payables of EURm -49 as of June 2010 and EURm -9 as of June 2009   (**) Including change in payables of EURm -10 as of June 2010 and EURm 9 as of June 2009



Italcementi Group                                                                                     Mediobanca – Milan, 26 October 2010                                                    51
  Financial ratios*: Leverage, Coverage & Gearing
 Cash generation and financial prudence underpin solid ratios and investment grade
 rating
                              Leverage                                                                                 Coverage(**)                                                                                 Gearing (%)
                                 Net Debt/                                                                       Recurring EBITDA (LTM) /                                                                                Net Debt/
                          Recurring EBITDA (LTM)                                                              Financial income-charges (LTM)                                                                        Shareholders‟ equity

  4.0                                                                                         16.0                                                                                          100

                                                                                                                                                                                             90
  3.5                                                                                         14.0

                                                                                                                                                                                             80
  3.0                                                                                         12.0
                                               2.7                                 2.7                                                                                          10.5
                                      2.6               2.6               2.6                                                                                                                70
                                                                 2.5                                 9.7      9.5                                                     9.8                                                             61
                            2.4                                                                                                                   9.3                                             59                58       58
  2.5                                                                                         10.0                                                          9.1
                                                                                                                       8.6      8.5      8.7                                                 60            55                                  55
        2.1      2.1                                                                                                                                                                                                                                    52
                                                                                                                                                                                                                                                                 48       48
  2.0                                                                                          8.0                                                                                           50

                                                                                                                                                                                             40
  1.5                                                                                          6.0

                                                                                                                                                                                             30
  1.0                                                                                          4.0
                                                                                                                                                                                             20

  0.5                                                                                          2.0
                                                                                                                                                                                             10

  0.0                                                                                          0.0                                                                                           0
                                                                                                                       Dec-08




                                                                                                                                                            Dec-09
                                                                                                     Jun-08


                                                                                                              Sep-08




                                                                                                                                         Jun-09


                                                                                                                                                   Sep-09




                                                                                                                                                                                   Jun-10
                                                                                                                                Mar-09




                                                                                                                                                                       Mar-10




                                                                                                                                                                                                           Sep-08


                                                                                                                                                                                                                    Dec-08




                                                                                                                                                                                                                                               Sep-09


                                                                                                                                                                                                                                                        Dec-09
                                                                                                                                                                                                  Jun-08




                                                                                                                                                                                                                                      Jun-09




                                                                                                                                                                                                                                                                           Jun-10
                                                                                                                                                                                                                             Mar-09




                                                                                                                                                                                                                                                                 Mar-10
                 Sep-08


                            Dec-08




                                                        Sep-09


                                                                 Dec-09
        Jun-08




                                               Jun-09




                                                                                    Jun-10
                                      Mar-09




                                                                          Mar-10




                                                                                             LT Rating                                                           Outlook                                               Last Publication

                            Moody’s                                                            Baa2                                                            Negative                                                      14/09/2010

                                     S&P                                                       BBB−                                                                  Stable                                                  19/08/2010

(*) All ratios are net of Calcestruzzi figures
(**) Since Q1 2010 financial income – charges net of USPP tender offer charges. Financial income - charges net of Turkey indemnity


  Italcementi Group                                                                                                                               Mediobanca – Milan, 26 October 2010                                                                            52
Sales volume by business and by area




Italcementi Group              Mediobanca – Milan, 26 October 2010   53
Revenues by country




Italcementi Group     Mediobanca – Milan, 26 October 2010   54
Recurring EBITDA by country




Italcementi Group             Mediobanca – Milan, 26 October 2010   55
     Disclaimer
     This presentation contains forward-looking statements regarding future events and future results of Italcementi and its
     affiliate Ciments Français that are based on the current expectations, estimates, forecasts and projections about the
     industries in which Italcementi and Ciments Français operate, and on the beliefs and assumptions of the management
     of Italcementi and Ciments Français. In particular, among other statements, certain statements with regard to
     management objectives, trends in results of operations, margins, costs, return on equity, risk management,
     competition, changes in business strategy and the acquisition and disposition of assets are forward-looking in nature.
     Words such as „expects‟, „anticipates‟, „scenario‟, „outlook‟, „targets‟, „goals‟, „projects‟, „intends‟, „plans‟, „believes‟,
     „seeks‟, „estimates‟, as well as any variation of such words and similar expressions, are intended to identify such
     forward-looking statements. Those forward-looking statements are only assumptions and are subject to risks,
     uncertainties and assumptions that are difficult to predict because they relate to events and depend upon
     circumstances that will occur in the future. Therefore, actual results of Italcementi or of its affiliate Ciments Français
     may differ materially and adversely from those expressed or implied in any forward-looking statement and neither
     Italcementi nor Ciments Français does assume any liability with respect thereto. Factors that might cause or
     contribute to such differences include, but are not limited to, global economic conditions, the impact of competition, or
     political and economic developments in the countries in which Italcementi and Ciments Français operate. Any
     forward-looking statements made by or on behalf of Italcementi or of Ciments Français speak only as of the date they
     are made. Neither Italcementi nor Ciments Français does undertake to update forward-looking statements to reflect
     any change in their expectations with regard thereto, or any change in events, conditions or circumstances which any
     such statement is based on. The reader is advised to consult any further disclosure that may be made in documents
     filed by Italcementi with Borsa Italiana S.p.A (Italy) and by Ciments Français with the Autorité des Marchés Financiers
     (France).
     The Manager in Charge of preparing Italcementi SpA financial reports, Carlo Bianchini, hereby certifies pursuant to
     paragraph 2 of art. 154-bis of the Consolidated Law on Finance (Testo Unico della Finanza), that the accounting
     disclosures of this document are consistent with the accounting documents, ledgers and entries.
     This presentation has been prepared solely for the use at the meeting/Analyst Meeting with investors and analysts at
     the date shown below. Under no circumstances may this presentation be deemed to be an offer to sell, a solicitation
     to buy or a solicitation of an offer to buy securities of any kind in any jurisdiction where such an offer, solicitation or
     sale should follow any registration, qualification, notice, disclosure or application under the securities laws and
     regulations of any such jurisdiction.




Italcementi Group                                                        Mediobanca – Milan, 26 October 2010                          56
Investor Relations


            2010 calendar                               Contacts
                                               Investor Relations Department
                                         Via G. Camozzi, 124 - 24121 Bergamo - Italy
    Q3 2010 Results – Conference Call            www.italcementigroup.com
     8th November 2010
                                                 Giancarlo Berera, Head of IR
                                                    Tel. +39 035 39 67 51
                                                    Fax +39 035 39 66 19
                                                 E-mail: g.berera@italcementi.it

                                                      Arturo Carchio, IR
                                                     Tel. +39 035 39 68 66
                                                     Fax +39 035 39 66 19
                                                 E-mail: a.carchio@italcementi.it

                                                    Raffaele Lupotto, IR
                                                    Tel. +39 035 39 68 29
                                                    Fax +39 035 39 66 19
                                                 E-mail: r.lupotto@italcementi.it




Italcementi Group                         Mediobanca – Milan, 26 October 2010          57

								
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