Italcementi 2015 Novembre Terzo Trimestre 2015 Itc - 3 - Trimestrale - 2015uk.

Quarterly report
at September 30, 2015
Contents
Quarterly report
Comments on operations
Summary of consolidated operations and net debt
Significant events
Performance by geographical area
E-business
Net debt
Transactions with related parties
Disputes and pending proceedings
Significant events after the reporting date
Outlook
Compliance with simplified rules pursuant to arts. 70 and 71 of the Issuers Regulation
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10
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15
21
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23
24
24
24
Financial statements
26
Notes on the financial statements
32
This financial report has been prepared in English for the convenience of international readers.
The original Italian documents should be considered the authoritative version.
Quarterly report
at September 30, 2015
September 30, 2015
Italcementi S.p.A.
Via G. Camozzi, 124 - 24121 Bergamo - Italy
Share Capital 401,715,071.15
Bergamo Companies Register
Company subject to management
and coordination activity by Italmobiliare S.p.A.
Credits: photos Mario and Pietro Carrieri by ITALCEMENTI.
Italcementi S.p.A. Directors, Officers and Auditors

Board of Directors
(Until approval of financial statements at 12.31.2015)
Giampiero Pesenti
Pierfranco Barabani
Lorenzo Renato Guerini
Carlo Pesenti
Giulio Antonello
Giorgio Bonomi
Fritz Burkard
Victoire de Margerie
Federico Falck
Italo Lucchini
Emma Marcegaglia
Sebastiano Mazzoleni
Jean Paul Mric
Claudia Rossi
Carlo Secchi
Paolo Santinoli
Board of Statutory Auditors
1
1
1-4-5-6-7-8
1-2-7
Chairman
Executive Deputy Chairman
Deputy Chairman
Chief Executive Officer
3-4-7-8
7-8
4-8
1-5-6-8
4-8
7
1
8-10
5-6-8
11
Secretary to the Board
Giorgio Mosci
Mario Comana
Luciana Gattinoni
Chairman
Carlo Luigi Rossi

Luciana Ravicini
Andrea Bonechi
Standing Auditors
9
9
Substitute Auditors
9
9
Chief Operating Officer

Giovanni Ferrario
Manager in charge of the financial reports
Carlo Bianchini
Independent Auditors
KPMG S.p.A.
1
2
3
4
5
6
7
8
9
10
11
Member of the Executive Committee

Director responsible for supervising the Internal Control & Risks Management System
Lead independent director
Member of the Remuneration Committee
Member of the Control & Risks Committee
Member of the Committee for Transactions with Related Parties
Member of the Strategic Committee
Independent director (pursuant to the Code of Conduct and Law no. 58, February 24, 1998)
Independent auditor (pursuant to the Code of Conduct)
Member of the Supervisory Body
Secretary to the Executive Committee
5
www.italcementigroup.com

The quarterly report as at and for the nine months ended September 30, 2015, has been
drawn up in compliance with article 154 ter, paragraph 5, of Legislative Decree no. 58 of
February 24, 1998, and subsequent amendments. It is also compliant with the
measurement and recognition criteria of the International Accounting and Financial
Reporting Standards (IAS/IFRS).
The changes in accounting standards and interpretations with respect to the financial
statements as at and for the year ended December 31, 2014, have not had a significant
impact on this report. They arise from the application as from January 1, 2015, of:
Annual Improvements cycle 2011-2013. The changes introduced constitute
clarifications and corrections (IFRS 3 Business combinations and IFRS 13 Fair value
measurement). They involve amendments to current requirements or provide additional
indications regarding application (IAS 40 Investment property);
IFRIC 21 Levies. The interpretation indicates that levies are to be recognized only
when the obligating event specified by law that generates the liability occurs.
The Cotisation sur la Valeur Ajoute des Entreprises (CVAE) tax relating to the French
companies, previously included under operating expense, has been classified under
income tax. For comparative purposes, the amounts in the 2014 periods have been
restated accordingly.
With regard to application of IAS 16 Property, plant and equipment, a review of industrial
assets and their related useful lives led to a reduction of 10.2 million euro in amortization
and depreciation in the first nine months.
The changes in the scope of consolidation compared with 2014 were not of material
importance: three small companies were purchased in the aggregates segment in France,
and have been consolidated line-by-line as from the first quarter of 2015.
As a result of the voluntary public tender offer on Ciments Franais minorities and the
subsequent retrait obligatoire procedure for the delisting of the stock from the Paris Stock
Exchange (NYSE Euronext Paris), since July 2014, Italcementi S.p.A. has held 100% of
the share capital of Ciments Franais S.A. (since November 2014, Ciments Franais
S.A.S.).
In the operating segment disclosure, with effect from January 1, 2015, operations in
Bulgaria have been reclassified, also for comparative purposes, from Others in Emerging
Europe, North Africa and Middle East to Others in Central Western Europe. As a result of
this change, the names of the groupings in question have been changed to, respectively,
North Africa and Middle East and Europe.
Summary of consolidated operations and net debt

As in the recent past, world economic growth in the first three quarters of the year was
slower than generally expected at the beginning of the year. Between the second and third
quarters, growing uncertainty over the prospects of the emerging areas, China in particular,
had an impact on the global scenario, which in turn presented increasingly disparate
cyclical positions. Specifically, the USA continued to consolidate its economic recovery; in
the Eurozone, the trend was in line with expectations of a modest acceleration and the
resolution of the instability generated by the Greek crisis calmed the tensions on the
European financial markets. In the emerging countries as a whole, the economic slowdown
intensified due to the collapse in export revenue on commodities, to capital outflows and
6

the resulting instability in currencies, and to critical geo-political factors. Additionally, in the
summer months, data from China confirmed the slowdown in production and investments
and a situation of widespread economic weakness. The repeated slumps on the Chinese
stock markets generated sharp volatility on the international markets, leading to significant
corrections in stock prices and the depreciation of many emerging-country currencies. In a
context of persistently weak commodity prices, inflation remained at very low levels on both
sides of the Atlantic. In the Eurozone, this was also due to continuing slack demand. The
price trend in the USA was well below the objectives of the Federal Reserve, fueling
growing expectations of a possible postponement of the rise in the policy tax until the
beginning of 2016, and the consequent strengthening of the euro observed over the last
few months.
The cyclical situation in the construction sector in the areas where the Group operates was
substantially unchanged in the third quarter: persisting contraction in the Eurozone, slow
recovery in North America and expansion in the emerging countries as a whole.
Nevertheless, the differences in market conditions among the individual countries
continued to grow. The recessionary trend persisted in Italy, albeit at a more moderate
pace, while the signs of weakening observed since the beginning of the year in France and
Greece intensified. Meanwhile, a stronger improvement in general domestic economic
conditions in Spain had benefits for the local construction sector, especially thanks to the
non-residential segment. In the USA, the rate of recovery continued to be affected by the
slower than expected trend in the residential segment and by the failure of the US
Congress to renew funding for highway infrastructure projects.
In the main emerging countries, signs of general economic weakening appeared in Egypt,
while the positive construction cycle in India was not reflected fully in the Groups
operations due to the sharp differences in conditions from one region to another.
Conditions remained weak in Thailand and Morocco, where the persistent fragility of private
demand had a negative impact on industry trends.
7

Q3
Q3
2015
Q3
2014
%
change
Q3 2014
published
re-stated
(in millions of euro)
1,049.5
1,067.3
(1.7)
1,067.3
158.4
166.5
(4.8)
164.4
% of revenue
15.1
15.6
Non-recurring income (expense)
(8.0)
1.8
n.s.
1.8
150.4
168.3
(10.6)
166.3
(4.1)
(100.8)
Revenue
Recurring EBITDA
EBITDA
% of revenue
Amortization and depreciation
14.3
15.8
(104.9)
(100.8)
7.1
(4.4)
n.s.
(4.4)
63.1
(16.7)
61.1
5.0
5.9
(52.5)
(27.9)
(88.2)
(27.9)
% of revenue
Net finance costs
15.6
52.6
Impairment
EBIT
15.4
5.7
-
Impairment on financial assets

Share of profit (loss) of equity-accounted
investees
3.5
6.5
(46.8)
6.5
Profit before tax
3.6
41.8
(91.4)
39.8
0.3
3.9
Income tax expense
(15.5)
(26.0)
40.3
(23.9)
Profit (loss) for the period
(11.9)
15.8
n.s.
15.8
(22.7)
10.8
0.7
15.2
% of revenue
3.7
attributable to:
Owners of the parent
Non-controlling interests
0.7
15.2
n.s.: not significant
Group overall sales volumes in the third quarter of 2015 were down on the year-earlier
period. The decline was seen in the cement, clinker and ready mixed concrete segments,
whereas growth was reported in aggregates, although this was almost entirely due to the
consolidation effect.
Revenue was down 1.7% from the third quarter of 2014 (-7.2% at constant exchange rates
and on a like-for-like basis), reflecting a positive exchange-rate effect but a fall in sales
volumes and sales prices. The sales price trend, already visible in the first half of the year,
was due in part to a country mix showing a downturn in markets with higher average
revenue per unit.
Recurring EBITDA was down 4.8% from the third quarter of 2014, largely due to the
negative sales volumes and price effect, although this was counterbalanced in part by the
containment of operating expense, industrial efficiency improvements and the positive
exchange-rate effect.
EBIT at 52.6 million euro fell by 16.7% from the third quarter of 2014, due to non-recurring
expense and higher amortization and depreciation. These trends were mitigated in part by
impairment reversals on non-current assets.
The quarter also saw an increase in net finance costs compared with the year-earlier
period, essentially in connection with the depreciation of the Kazakh tenge, offset only in
part by lower income tax than in the third quarter of 2014. Consequently, the Group posted
a loss for the third quarter of 11.9 million euro against profit of 15.8 million euro for the
year-earlier period.

Nine months ended September 30
9M ended
09.30.15
9M ended
09.30.14
re-stated
3,217.0
482.9
15.0
15.2
Non-recurring income (expense)
(16.5)
(0.1)
(>100.0)
(0.1)
EBITDA
466.4
474.6
(1.7)
469.2
(2.2)
(299.3)
Revenue
Recurring EBITDA
% of revenue
% of revenue
3,115.7
1.7
469.3
15.2
15.1
15.1
5.2
(9.0)
n.s.
(9.0)
165.6
166.3
(0.4)
160.9
(8.5)
(102.9)
5.1
5.3
(111.7)
(102.9)
(26.8)
5.2
(26.8)
7.0
9.6
(27.6)
9.6
60.9
46.2
31.8
40.7
1.9
1.5
(69.0)
(109.9)
37.2
(104.5)
(8.1)
(63.8)
87.3
(63.8)
(55.3)
47.1
(112.6)
48.9
17,704
18,311
% of revenue
Income tax expense
3.2
474.7
(299.3)

Share of profit (loss) of equity-accounted
investees
Profit before tax
3,115.7
14.5
% of revenue
Net finance costs
9M ended
09.30.14
published
(306.0)
Impairment
EBIT
%
change
1.3
attributable to:
Employees at period end (persons)
Net debt
(112.6)
48.9
(3.3)
18,311
September 30,
2015
June 30,
2015
December 31,
2014
2,297.8
2,237.6
2,156.7
The overall reduction in sales volumes in the third quarter drove a slight decrease in sales
in the first nine months to the end of September in cement, clinker and ready mixed
concrete, whereas progress was reported in the aggregates segment.
Revenue was up 3.2% (-3.9% at constant exchange rates and on a like-for-like basis); as in
the third quarter, revenue was penalized by the trend in sales volumes and average
revenue per unit, but benefited from a positive exchange-rate effect.
Recurring EBITDA (+1.7%) was sustained by the containment of overheads and variable
costs, by higher income from carbon emission rights than in 2014 and by the positive
exchange-rate effect from the generalized appreciation of the other currencies against the
euro. These positive trends outweighed the reduction in revenue (prices and volumes) and
the increase in some operating expense.
EBIT (-0.4%) was assisted by impairment reversals on non-current assets but penalized by
net non-recurring expense (virtually absent in 2014) and higher amortization and
depreciation.
Although net finance costs increased, largely owing to the net exchange-rate effect on
financial assets and liabilities, the period was assisted by the absence of impairment on
financial assets and by a reduction in income tax expense compared with 2014.
The Group posted a loss for the nine months to the end of September 2015 of 8.1 million
euro compared with a loss of 63.8 million euro in the year-earlier period.
9

Significant events
Italmobiliare S.p.A. and HeidelbergCement AG signed a sale-purchase agreement,
approved on July 28 by their respective boards, concerning the equity investment held by
Italmobiliare in Italcementi.
Among other things, the agreement provides for the purchase of the 45% equity stake
held by Italmobiliare in Italcementi at a price of 10.60 euro per share with specific
contractually agreed price reduction mechanisms should certain negative events arise
before closing. Closing (to take place during 2016) is subject to approval by the antitrust
authorities.
As part of the agreement, Italmobiliare has undertaken, at closing, to acquire

Italcementis operations in renewable energy (Italgen) and e-procurement
(BravoSolution), as well as a number of real estate assets for an aggregate amount to
be determined by an expert appraisal and in any case of not less than 241 million euro.
After closing, HeidelbergCement will be required to launch a Mandatory Public

Tender Offer in cash on the remaining shares of Italcementi at the same price per
share paid to Italmobiliare.
The Italcementi S.p.A. Board of Directors has been informed about the details of the
agreement between Italmobiliare and HeidelbergCement on the equity investment in
Italcementi. It adjourned its discussion of the agreement and related initiatives to a
subsequent board meeting.
After the agreement between Italmobiliare and HeidelbergCement, on July 31, 2015,
Standard & Poors revised its outlook for Italcementi and Ciments Franais from
stable to developing and subsequently upgraded them on October 8, 2015, to
positive; it maintained its long-term ratings (including Italcementi Finance S.A. bond
issues) at BB, as announced in April. On July 29, 2015, Moodys put its Italcementi
rating (Ba3) under review for a possible upgrade. On October 15, 2015, during the
regular index review and following the rise in the companys market capitalization after
the announcement of the agreement, Italcementi entered the FTSE MIB index, Italys
benchmark stock market index, and consequently left the FTSE Italy mid-cap index.
In September, the Group sold its 5.24% equity investment in West China Cement, a
company listed on the Hong Kong stock exchange, for immediate proceeds of 341
million HK dollars (approximately 39 million euro). The amount is subject to
adjustments linked to a derivative simultaneously arranged with Crdit Agricole CIB.
An overview of the other significant events, previously illustrated in the half-year report, is
provided below.
In April, through the North American subsidiary Essroc, the Group signed an agreement
with Holcim for the purchase of a blast furnace slag grinding center in Camden (New
Jersey) and other minor operations
Italcementi supplied a total of 2,000 mt of i.active BIODYNAMIC, a biodynamic cement
that favors the elimination of air pollutants, for the construction of Palazzo Italy, the
building at the heart of the Italian Pavilion at Expo 2015.
10

Sales volumes and internal transfers
Q3*
Cement and clinker
Aggregates**
(millions of metric tons)
2015
% change vs. 2014

Historic
Ready mixed concrete

(millions of m)
% change vs. 2014
2015
Like-for-like
basis
% change vs. 2014
2015
Like-for-like
basis
Historic
Like-for-like
basis
Historic
Europe
3.6
(5.1)
(5.1)
6.8
(3.2)
(5.5)
1.6
(12.6)
(12.6)
North America
1.4
0.2
0.2
0.4
2.2
2.2
0.2
(0.2)
(0.2)
North Africa and Middle East
2.7
(8.1)
(8.1)
0.5
21.6
21.0
0.6
12.2
12.2
Asia
2.6
(4.0)
(4.0)
0.3
>100.0
>100.0
0.3
8.4
8.4
Cement and clinker trading
0.7
(26.8)
(26.8)
n.s.
n.s.
n.s.
Eliminations
(0.6)
n.s.
n.s.
Total
10.4
(4.1)
(4.1)
8.0
2.5
0.3
2.7
(5.0)
(5.0)
Europe: Italy, France, Belgium, Spain, Bulgaria, Greece - North America: U.S.A., Canada, Puerto Rico - North Africa and Middle East:
Egypt, Morocco, Kuwait, Saudi Arabia - Asia: India, Thailand, Kazakhstan
* Amounts refer almost entirely to fully consolidated companies; the pro-quota contribution of proportionately consolidated companies was
marginal
** excluding decreases for processing
n.s. not significant
Sales volumes declined in cement and clinker, reflecting the general slowdown in the
main areas of activity, with the exception of North America, which reported some progress.
In aggregates, the healthy trend in North America, North Africa and Middle East, and Asia
outweighed the downturn in Europe caused by a negative trend in sales volumes in Italy
and France-Belgium.
The decrease in sales volumes in ready mixed concrete was due to the slowdown in
Europe, which, with substantially stable volumes in North America, was offset only in part
by the progress in North Africa and Middle East and Asia.
11

Nine months ended September 30*
Cement and clinker
Aggregates**
2015
2015
% change vs. 2014

Historic
Ready mixed concrete

(millions of m)
2015
% change vs. 2014
Like-for-like
basis
% change vs. 2014
Like-for-like
basis
Historic
Like-for-like
basis
Historic
11.2
(3.2)
(3.2)
21.3
0.4
(1.6)
5.0
(6.7)
(6.7)
North America
3.4
1.8
1.8
1.1
18.5
18.5
0.6
(0.3)
(0.3)
9.0
(3.8)
(3.8)
1.4
26.2
24.6
2.1
12.4
12.4
Asia
8.3
(0.1)
(0.1)
0.7
>100.0
>100.0
0.8
0.7
0.7
2.3
(16.7)
(16.7)
n.s.
n.s.
n.s.
Europe
Eliminations
(2.1)
n.s.
n.s.
Total
32.1
(1.4)
(1.4)
24.5
5.3
3.3
8.5
(1.5)
(1.5)
* Amounts refer almost entirely to fully consolidated companies; the pro-quota contribution of proportionately consolidated companies was
marginal
** excluding decreases for processing
Cement and clinker sales volumes were slightly down on the first nine months of 2014.
Progress in North America and overall stability in Asia were countered by a slackening in
the other main areas. Europe reported a general slowdown in the various countries, with
the sole exception of Bulgaria, which made strong progress. In North Africa and Middle
East, sales volumes fell in both Egypt and Morocco.
In aggregates, the rise in sales volumes reflected very positive performance on the
emerging markets and in North America, which more than offset the fall in Europe.
In ready mixed concrete, the reduction in sales volumes was chiefly due to the contraction
in Europe, where the Group has a larger presence. The downturn was mitigated in part by
healthy performance in Morocco, Egypt and Kazakhstan.
Revenue and operating results

(sub-consolidated by area)
Q3
Revenue
Recurring EBITDA
EBITDA
EBIT

2015
% change
vs. 2014
2015
% change
vs. 2014
Europe
488.7
North America
182.5
(9.4)
53.4
28.6
34.5

Asia
213.9
(8.7)
150.0
7.0
34.4
Others
Eliminations for inter-area
trading
75.4
Total
2015
% change
vs. 2014
2015
% change
vs. 2014
(18.9)
48.0
(29.1)
(7.7)
n.s.
33.8
34.4
33.2
29.5
>100.0
40.9
(18.1)
40.9
(18.2)
17.4
(33.7)
30.2
6.6
30.0
6.4
18.6
7.7
(33.9)
1.8
(17.8)
1.8
(18.0)
1.1
n.s.
(0.8)
(2.4)
57.9
(4.7)
17.0
(6.4)
12.0
(95.4)
n.s.
1,049.5
(1.7)
158.4
(4.8)
150.4
(10.6)
52.6
(16.7)
Revenue, at 1,049.5 million euro (1,067.3 million euro in the third quarter of 2014), fell by
1.7% from the year-earlier period, due to slower business performance (-7.2%), net of a
12

positive exchange-rate effect (+5.4%) and marginally positive consolidation effect (+0.1%).
As noted above, the revenue trend reflected the fall in sales volumes and average sales
prices.
At constant exchange rates and on a like-for-like basis, the strongest revenue
improvements in absolute terms were reported in North America and Bulgaria, while the
largest downturns were in France-Belgium and Egypt. The positive exchange-rate effect
referred mainly to the US dollar and, to a lesser extent, to the Egyptian pound and Indian
rupee.
Recurring EBITDA was 158.4 million euro, down 4.8% from the third quarter of 2014. As
noted earlier, this was due to the revenue decrease, whose impact was offset to a large
extent by the reduction in costs and the positive exchange-rate effect.
Looking at the individual countries, the most significant progress in recurring EBITDA, in
local currency, compared with the third quarter of 2014, was in Bulgaria, India and North
America; larger reductions emerged in France-Belgium and Egypt.
EBITDA was 150.4 million euro (168.3 million euro in the third quarter of 2014), reflecting
the impact of net non-recurring expense of 8.0 million euro (net income of 1.8 million euro
in the year-earlier period).
EBIT was 52.6 million euro (63.1 million euro in the third quarter of 2014) after amortization
and depreciation of 104.9 million euro (100.8 million euro in the year-earlier period) and
impairment reversals of 7.1 million euro (losses of 4.4 million euro in the year-earlier
period).

Revenue
Recurring EBITDA
EBITDA
EBIT
Europe
2015
% change
vs. 2014
2015
% change
vs. 2014
2015
% change
vs. 2014
2015
% change
vs. 2014
1,515.7
(6.8)
186.6
(9.3)
182.1
(12.9)
35.4
(41.7)
North America
425.0
30.0
36.5
85.2
35.8
81.1
(5.4)
81.9
733.0
1.9
157.0
(13.8)
157.1
(13.8)
85.9
(24.5)
Asia
485.8
21.5
92.8
40.2
97.9
48.0
64.3
87.2
125.1
(18.6)
13.5
75.7
13.3
72.3
9.9
>100.0
Others
Eliminations for inter-area
trading
249.1
4.1
(3.6)
53.8
(19.7)
(>100.0)
(24.5)
(97.4)
(316.8)
n.s.
n.s.
n.s.
n.s.
Total
3,217.0
3.2
482.9
1.7
466.4
(1.7)
165.6
(0.4)
Revenue was 3,217.0 million euro (3,115.7 million euro in the first nine months of 2014),
an improvement of 3.2% from the year-earlier period, reflecting the positive exchange-rate
effect (+7.0%) and positive consolidation effect (+0.1%), set against slower business
performance (-3.9%).
The revenue trend was affected by the reduction in average prices and sales volumes. At
constant exchange rates and on a like-for-like basis, the largest increases in absolute terms
were in North America, India and Morocco, while the largest decreases were in FranceBelgium and Egypt.
13

The positive exchange-rate effect reflected the generalized appreciation of currencies
against the euro (in particular the US dollar) among the Group companies.
Recurring EBITDA, at 482.9 million euro, was up 1.7% from the year-earlier period. The
result reflected the decline in sales volumes and sales prices, but benefited from the
containment of costs, greater industrial efficiency, higher income from carbon emission
rights and a positive exchange-rate effect.
At constant exchange rates, the strongest progress in recurring EBITDA was in India, Italy
(thanks to carbon emission rights), Morocco, Bulgaria and Trading; the largest reductions
were in France-Belgium, Egypt and Spain.
After net non-recurring expense of 16.5 million euro (net expense of 0.1 million euro in
2014), EBITDA was 466.4 million euro, a decrease of 1.7% from the first nine months of
2014.
EBIT, at 165.6 million euro, was down 0.4% from the year-earlier period (166.3 million
euro). Higher amortization and depreciation (306.0 million euro compared with 299.3 million
euro) was outweighed by impairment reversals of 5.2 million euro in the period under
review, against impairment losses of 9.0 million euro in the first nine months of 2014.
Finance costs and other items

Finance costs net of finance income amounted to 111.7 million euro, an increase of
8.5% from the year-earlier period (102.9 million euro). Net expense on net debt and
available committed lines of credit was steady at 90.6 million euro, compared with 90.4
million euro in the first nine months of 2014. Increases were recorded in net finance costs
relating to exchange-rate differences net of hedges (from 1.4 to 20.3 million euro, reflecting
the depreciation of the Kazakh tenge) and in fair value losses on some interest-rate
derivatives (from 1.6 to 6.4 million euro, due in particular to the fall in interest rates on the
US dollar). These negative effects were offset in part by net income from financial
investments, which rose from 1.0 to 14.8 million euro thanks to the sale of the equity
investment in West China Cement.
The share of profit (loss) of equity-accounted investees reflected profit of 7.0 million
euro (9.6 million euro in the first nine months of 2014).
Loss for the period

In the nine months ended September 30, profit before tax was 60.9 million euro (46.2
million euro in the year-earlier period). Income tax expense was 69.0 million euro, down by
37.2% from the year-earlier period (109.9 million euro).
The loss for the period was 8.1 million euro (a loss of 63.8 million euro in 2014). The loss
attributable to owners of the parent was 55.3 million euro (a loss of 112.6 million euro);
profit attributable to non-controlling interests was 47.1 million euro (profit of 48.9 million
euro).
Total comprehensive income

In the nine months ended September 30, 2015, the Group posted other comprehensive
income of 27.6 million euro (income of 148.2 million euro in the year-earlier period). This
arose largely from translation gains of 35.9 million euro, net of fair value losses (9.9 million
euro) on cash flow hedges and available-for-sale financial assets.
14

Considering the loss for the period of 8.1 million euro illustrated in the previous section, the
Group posted total comprehensive income of 19.5 million euro (expense of 22.0 million
euro attributable to owners of the parent and income of 41.5 million euro attributable to
non-controlling interests). This compared with total comprehensive income of 84.4 million
euro in the first nine months of 2014 (expense of 2.7 million euro attributable to owners of
the parent and income of 87.1 million euro attributable to non-controlling interests).
Amounts and comparative data are provided in the Statement of comprehensive income
in the section Financial statements.
Performance by geographical area

Europe
Q3
Revenue
Recurring EBITDA
EBITDA
EBIT

2015
% change
vs. 2014
2015
% change
vs. 2014
2015
% change
vs. 2014
2015
% change
vs. 2014
Italy
141.3
(8.0)
0.3
(85.7)
(3.0)
n.s.
(29.7)
(95.6)
France / Belgium
304.3
(11.0)
46.9
(20.9)
46.4
(21.7)
24.5
(33.2)
23.8
(12.7)
0.1
(96.8)
(1.1)
n.s.
(3.7)
(>100.0)
24.5
(5.2)
10.6
n.s.
6.1
-
>100.0
5.7
-
>100.0
1.3
-
>100.0
-
488.7
(9.4)
53.4
(18.9)
48.0
(29.1)
(7.7)
n.s.
Spain
Others (1)
Eliminations
Total

(1) Bulgaria, Greece

Revenue
Recurring EBITDA
EBITDA
EBIT

2015
% change
vs. 2014
2015
% change
vs. 2014
2015
% change
vs. 2014
2015
% change
vs. 2014
Italy
426.1
(5.7)
34.6
>100.0
34.3
63.9
(29.7)
14.4
France / Belgium
960.5
(8.1)
127.3
(25.0)
124.8
(26.7)
58.8
(42.1)
75.3
(7.0)
0.9
(89.5)
(0.2)
n.s.
(8.2)
(>100.0)
69.9
(16.1)
7.8
n.s.
23.8
-
>100.0
-
23.3
-
>100.0
-
14.5
-
n.s.
-
1,515.7
(6.8)
186.6
(9.3)
182.1
(12.9)
35.4
(41.7)
Spain
Others (1)
Eliminations
Total
(1) Bulgaria, Greece
In Italy, according to our estimates, cement consumption continued to decline in the third
quarter, with a worsening in the trend compared with the first half of the year.
Consequently, third-quarter performance did not meet the expectations of an easing in the
market decline expressed in the first half. The improvement in the economic and financial
climate has not been matched to date by an upturn in investments in construction and
cement consumption.
Our overall cement and clinker sales volumes in the third quarter were down 11.1% on the
year-earlier period, generating a reduction of 5% for the nine months to the end of
September. Sales prices in the third quarter improved compared with the first half and the
15

year-earlier period, although the average value for the first nine months was lower than in
the first nine months of 2014.
In ready mixed concrete too, our estimates indicate a sharp decline in demand in the third
quarter compared with the previous months and with the year-earlier period. The downturn
was largely due to the completion of a number of major works, without the start-up of new
projects, and to the continued weakness of the open market; furthermore, credit-related
difficulties worsened, especially for companies engaged in public works.
In the third quarter, Group ready mixed concrete sales fell by 12.7% from the year-earlier
period, with a decrease of 6.3% in the first nine months, arising from the decline in
infrastructure works, whereas sales volumes on the open market improved. Aggregates
sales volumes also fell (by 25.5%), generating a reduction of 2.8% for the first nine months.
Despite the negative impact of sales volumes and sales prices, recurring EBITDA in the
first nine months showed a significant improvement from the year-earlier period, thanks to
an important contribution from the sale of carbon emission rights (40 million euro,
compared with approximately 6 million euro in the year-earlier period). In addition, savings
were reported on overheads, due to the re-organization implemented under the Progetto
2015 program, and on variable costs, as a result of the start-up of the new kiln at the
Rezzato cement plant.
In France-Belgium, cement demand in the third quarter of 2015 differed in the two
countries. France reported a general downturn across all segments of the construction
sector, confirming the negative trend of the first half, whereas cement demand increased in
Belgium according to our estimates.
Compared with the third quarter of 2014, Group cement and clinker sales volumes in
France (including marginal export volumes) were down 7.6% (down 6.7% in the first nine
months); in Belgium the slowdown was more contained (-4.6% in the third quarter and
-2.6% in the first nine months).
Ready mixed concrete sales volumes declined in France (-14.7% in the third quarter and
-7.0% in the nine months), but improved in Belgium (+4.6% in the third quarter and +2.9%
in the nine months).
Overall recurring EBITDA in the third quarter and first nine months was penalized by the fall
in sales volumes in the three operating segments and by sharper competitive pressure,
which had negative repercussions on sales prices, offset only in part by the measures
taken to contain operating expense.
In Spain, cement consumption slowed in the third quarter largely due to the reduction in
public infrastructure investments, but improved in the first nine months of 2015 compared
with the year-earlier period.
In this context, the decrease in Group domestic cement sales volumes was kept at 2.6%
(increase of 1.1% in the nine months), while overall cement and clinker sales volumes,
reflecting the impact of lower export sales, were down 12.2% in the third quarter and 6.9%
in the nine months.
Ready mixed concrete and aggregates sales volumes improved by, respectively, 24.9%
(14.0% in the nine months) and 18.2% (14.4% in the nine months).
Recurring EBITDA declined in the third quarter and nine months, mainly as a result of the
decrease in export volumes, sales prices and the rise in the cost of electricity.
In the Other Countries, in Bulgaria, Group domestic cement sales volumes rose 8.8% in
the third quarter and 5.2% in the nine months. Overall cement and clinker sales volumes
16

improved by 53.8% (third quarter) and 34.5% (nine months), thanks to exports. Recurring
EBITDA showed a significant increase from 2014, due to the positive impact on variable
costs of the new Devnya line in terms of fuel efficiency, to healthy performance in sales
volumes, slightly offset by an unfavorable sales price effect in exports, and, in the nine
months, to the positive impact of higher income from carbon emission rights.
In Greece, the severe economic crisis continued. Cement and clinker sales fell by 21.8% in
the third quarter, due above all to the slowdown on the domestic market, and by 14.1% in
the first nine months. A sharp decline (-79.6% in the third quarter and -70.9% in the nine
months) was also reported in ready mixed concrete sales, whereas sales of aggregates
improved significantly (+55.2% in the third quarter and +33.2% in the nine months), in
connection with projects relating to the privatization of the port of Piraeus. Despite the
containment of overheads, recurring EBITDA was down on 2014 (in the third quarter and
nine months) due to the overall fall in sales volumes and the absence of income on carbon
emission rights, after income was reported in 2014.
North America
Q3
Revenue
Recurring EBITDA
EBITDA
EBIT
Total
2015
% change
vs. 2014
2015
% change
vs. 2014
2015
% change
vs. 2014
2015
182.5
28.6
34.5
33.8
34.4
33.2
29.5
% change
vs. 2014
>100.0

Revenue
Recurring EBITDA
EBITDA
EBIT
Total
2015
% change
vs. 2014
2015
% change
vs. 2014
2015
% change
vs. 2014
2015
425.0
30.0
36.5
85.2
35.8
81.1
(5.4)
% change
vs. 2014
81.9
Cement consumption on the Group markets in the USA rose slightly in the third quarter of
2015, despite the continuing weakness of the market in Puerto Rico.
In this context, Group cement and clinker sales volumes in the third quarter were up 0.2%
(+1.8% in the nine months), with average revenue per unit showing an increase on the
year-earlier period.
Ready mixed concrete sales volumes fell by 0.2% in the third quarter (-0.3% in the nine
months), while aggregates sales increased by 2.2% (+18.5% in the nine months).
Recurring EBITDA in the third quarter and first nine months of 2015 improved from 2014,
chiefly thanks to the rise in average sales prices and sales volumes (in the nine months to
September 30). The appreciation of the US dollar contributed to the improvement in results
when expressed in euro.
17

Q3
Revenue
Recurring EBITDA
EBITDA
EBIT
Egypt
Morocco
Others (1)
Eliminations
Total
2015
% change
vs. 2014
2015
% change
vs. 2014
2015
% change
vs. 2014
2015
% change
vs. 2014
120.7
(16.3)
0.7
(94.4)
0.7
(94.3)
(11.5)
77.4
1.8
39.4
7.6
39.4
7.6
29.9
10.0
15.9
-
12.5
0.8
>100.0
0.8
>100.0
(1.0)
46.8
213.9
(8.7)
40.9
(18.1)
40.9
(18.2)
17.4
(33.7)
n.s.

(1) Kuwait, Saudi Arabia

Revenue
Recurring EBITDA
EBITDA
EBIT

2015
% change
vs. 2014
Egypt
418.7
Morocco
Others (1)
256.2
Eliminations
Total
(1)
2015
% change
vs. 2014
2015
% change
vs. 2014
(4.1)
40.7
8.3
113.3
(47.0)
40.7
(47.0)
3.0
9.6
113.3
9.6
85.2
58.0
-
26.2
-
13.6
3.1
-
43.8
-
3.1
-
37.9
-
(2.3)
-
(26.3)
-
733.0
1.9
157.0
(13.8)
157.1
(13.8)
85.9
(24.5)
2015
% change
vs. 2014
(92.6)
Kuwait, Saudi Arabia

In Egypt, grey cement consumption rose slightly in the first nine months, driven by the
start-up of important new projects in the residential sector managed mainly by the army,
and by the public works sector.
Group overall cement and clinker sales volumes were down 5.7% in the third quarter from
2014 (-5.5% since the beginning of the year). A decline of 8.4% was reported on the
domestic market (-4.5% in the nine months). The trend arose in a highly competitive and
volatile market situation stemming from the increased availability of clinker, as a result of
the presence of large import stocks and continuity in fuel procurement. This generated full
activity in a segment that had already built up large stocks in anticipation of limits on
production, which in the event did not occur.
The sales volumes trend in ready mixed concrete improved by 10.8% in the third quarter
and by 12.4% in the nine months.
In the third quarter, recurring EBITDA reflected a sharp decline compared with the yearearlier period. Improvements in efficiency and containment of costs were offset by the
significant fall in revenue caused largely by domestic sales prices. In the nine months,
recurring EBITDA reflected the impact of the third-quarter downturn, to show a significant
decrease. The presentation of results in euro benefited from a positive exchange-rate effect
driven by the appreciation of the Egyptian pound.
In Morocco, despite the slight progress reported in the first quarter, cement consumption in
the first nine months of 2015 was down on the year-earlier period, due to the slowdown in
public works and in private investment in social building.
18

In this context, Group overall cement and clinker sales volumes were down on the yearearlier periods (-15.8% in the third quarter and -4.2% in the nine months); this was also due
to the export trend and to public holidays, which took place in October in 2014. Ready
mixed concrete and aggregates sales volumes improved by 39.4% and 21.1% respectively
in the third quarter (+30.7% and +25% in the first nine months).
Recurring EBITDA was up on 2014, in both the third quarter and the first nine months,
reflecting the positive trend in cement sales prices, improved efficiency on variable costs
and, in the presentation in euro, the appreciation of the local currency.
Looking at the Other Countries, in Kuwait cement consumption increased in the first nine
months, sustained by investment in infrastructure and by the residential sector, thanks to
the new five-year growth plan (2015-2020), which envisages public-private partnership
projects. Group cement sales volumes increased by 29.3% (+7.7% in the third quarter)
from 2014, after a 2014 first quarter penalized by the suspension of operations for dry dock
maintenance work. Ready mixed concrete sales volumes fell by 2% (-8.6% in the third
quarter). Recurring EBITDA was up on 2014, in both the third quarter and the first nine
months.
Asia
Q3
Revenue
Recurring EBITDA
EBITDA
EBIT

2015
% change
vs. 2014
2015
% change
vs. 2014
2015
% change
vs. 2014
2015
Thailand
69.4
2.4
17.8
6.8
17.7
5.9
11.9
3.7
India
Others (1)
67.1
13.9
12.2
71.3
12.1
70.7
7.0
>100.0
13.4
-
(0.2)
-
0.2
-
(95.2)
-
0.2
-
(95.0)
-
(0.3)
-
n.s.
-
150.0
7.0
30.2
6.6
30.0
6.4
18.6
7.7
Eliminations
Total
% change
vs. 2014

(1)
Kazakhstan

Revenue
Recurring EBITDA
EBITDA
EBIT

2015
% change
vs. 2014
2015
Thailand
232.4
15.6
India
Others (1)
217.8
28.1
35.7
485.8
Eliminations
Total
% change
vs. 2014
2015
56.8
15.9
38.9
>100.0
24.2
-
(2.9)
-
21.5
92.8
% change
vs. 2014
2015
62.0
26.3
44.4
30.3
38.9
>100.0
24.5
>100.0
n.s.
-
(2.9)
-
n.s.
-
(4.6)
-
(>100.0)
-
40.2
97.9
48.0
64.3
87.2
% change
vs. 2014
(1) Kazakhstan
In Thailand, the economic upturn was weaker than expected and the Bank of Thailand
revised down its full-year GDP growth projections. On a market our estimates show
declined in the third quarter and the first nine months, Group domestic cement sales
volumes were down 1.7%, but improved slightly in the first nine months (+0.6%).
19

Thanks to the healthy export trend, cement and clinker sales rose overall by 5.7% in the
first nine months from the year-earlier period, despite a decline of 2.8% in the third quarter.
Ready mixed concrete sales volumes rose slightly in the third quarter (+1.0%), but were
down 8.4% in the first nine months.
In the third quarter, recurring EBITDA in local currency was substantially unchanged from
2014. In the first nine months too, recurring EBITDA was not substantially different to the
year-earlier period, but when presented in euro benefited from the significant appreciation
of the baht. The negative impact from pressure on prices was offset by a positive sales
volume effect and savings on operating expense.
In India, cement consumption continued to fall in the third quarter in the south of the
country, the Groups key market.
Group domestic cement sales volumes were down 8.4% in the quarter and 13.1% in the
nine months compared with the year-earlier periods.
The increase in cement exports and clinker sales mitigated the reduction in overall sales
volumes, which were down 6.8% in the third quarter and 9.8% in the nine months.
After two very positive quarters, sales prices continued to grow in the third quarter, albeit at
a slower rate.
Recurring EBITDA, also expressed in local currency, made significant progress compared
with the previous year, in both the quarter and the nine months, thanks to the positive price
trend.
In June, production tests began at the new grinding center in Solapur in the state of
Maharashtra, which has a capacity of approximately 1 million mt/year, and marketing
began in September.
In the Other Countries, cement consumption continued to grow in the third quarter in
Kazakhstan, thanks above all to residential building and public works. In this context,
Group domestic cement sales volumes were up on the previous year, by 6.6% in the
quarter and 22.5% in the nine months (+1.3% and +16.9% overall including exports).
Strong growth continued in sales volumes of ready mixed concrete, which almost doubled
compared with the first nine months of 2014. Despite the rise in sales volumes, recurring
EBITDA fell in the third quarter and nine months due to the rise in operating expense and
the fall in prices. Work continued on the new dry clinker production line, scheduled to begin
operations in the first quarter of 2016.
Trading
Q3
Revenue
Recurring EBITDA
EBITDA
EBIT
Total
2015
% change
vs. 2014
2015
% change
vs. 2014
2015
% change
vs. 2014
2015
34.4
(33.9)
1.8
(17.8)
1.8
(18.0)
1.1
20
% change
vs. 2014
n.s.


Revenue
Recurring EBITDA
EBITDA
EBIT
Total
2015
% change
vs. 2014
2015
% change
vs. 2014
2015
% change
vs. 2014
2015
125.1
(18.6)
13.5
75.7
13.3
72.3
9.9
% change
vs. 2014
>100.0
Intragroup and third-party cement and clinker sales volumes decreased by 26.8% in the
third quarter (-16.7% in the nine months) compared with the year-earlier period.
While Trading activities slowed, the terminals reported positive performance.
Recurring EBITDA was down in the third quarter but rose in the first nine months, thanks to
insurance compensation received for political risk damages, which led to the abandonment
of the terminal being built in Libya.
E-business
In the first nine months of 2015, the BravoSolution group reported revenue growth,
accompanied however by a decline in operating results. Consolidated revenue in the period
amounted to 55.0 million euro (+14.6%); EBITDA was 2.0 million euro (4.0 million euro in
the year-earlier period), while EBIT was negative, at 2.6 million euro (negative EBIT of 0.2
million euro in the year-earlier period).
Looking ahead to the rest of the year, although the economic situation is unfavorable and
the outlook remains uncertain, the BravoSolution group expects to report revenue growth
for the full year and positive earnings.
Net debt
Net debt at September 30, 2015, was 2,297.8 million euro, an increase of 141.1 million
euro from December 31, 2014 (2,156.7 million euro) and 60.2 million euro from June 30,
2015 (2,237.6 million euro).
Total cash flows from operations in the nine months to September 30, 2015 (231.7 million
euro) almost completely covered capital expenditure (281.7 million euro) net of proceeds
from the sale of assets (45.4 million euro). The increase in net debt was chiefly due to the
impact of dividends paid (94.4 million euro), translation losses (13.9 million euro) and other
items (increase in non-current assets and derivatives) for a total of 31.5 million euro.
Of total capital expenditure, 277.5 million euro related to property, plant and equipment,
investment property and intangible assets (387.6 million euro in the first nine months of
2014), mainly in France-Belgium, Italy, Kazakhstan and India.

21

Financial ratios
Sept. 30, 2015
June 30, 2015
Net debt
2,297.8
2,237.6
2,156.7
Consolidated equity
3,802.2
3,926.2
3,891.0
(absolute amounts in millions of euro)
"Gearing"%
Net debt
Recurring EBITDA
"Leverage"
Recurring EBITDA
Net finance costs*
"Coverage"
Dec. 31, 2014
60.4
57.0
55.4
2,297.8
2,237.6
2,156.7
664.7
672.7
656.4
3.5
3.3
3.3
664.7
672.7
656.4
120.1
120.0
119.9
5.5
5.6
5.5
* Net finance costs relating to net debt: "Core financial expenses"
Leverage and Coverage have been computed on 12-month rolling-year income

statement data.
Transactions with related parties

Transactions with related parties reflect Italcementi S.p.A.s interest in leveraging the
synergies within the Group to enhance production and commercial integration, employ
competencies efficiently and rationalize use of corporate divisions and financial resources.
All transactions with related parties, whether financial or relating to the exchange of goods
and services, are conducted at normal market conditions. In the Italcementi S.p.A.
consolidated financial statements, amounts for transactions with related parties are
immaterial.
Transactions with Italmobiliare S.p.A. and Italmobiliare group

companies
Italcementi S.p.A. provides Italmobiliare S.p.A. and that companys subsidiaries with
personnel administration services, and receives and provides services to ensure efficient
use of the two companies capabilities and professional expertise in the interests of the
Group. It also provides Italmobiliare S.p.A. with a share register management service and
administration services for shareholders' meetings.
Transactions with subsidiaries, joint ventures, associates and

their subsidiaries
Transactions with subsidiaries not consolidated on a line-by-line basis, with associates and
with the subsidiaries of joint ventures and associates, are of a trading nature (exchange of
goods and/or services) and a financial nature.
In 2014, a new national tax consolidation was established with Italcementi S.p.A. as the
consolidating company, in which some of the companies controlled by Italcementi S.p.A.
take part. The new tax consolidation is effective for the three years 2014/2016.
Transactions with other related parties

In the first nine months of 2015, transactions with other related parties were with the
Italcementi Cav. Lav. Carlo Pesenti foundation, Finsise S.p.A., companies in the SIKA
group and the Gattai, Minoli & Partners law firm.
22

Italcementi S.p.A. disbursed an amount of 300,000 euro to the Italcementi Cav. Lav. Carlo
Pesenti foundation to cover management costs. With regard to the contract for the supply
of administrative and corporate services and other services, Italcementi S.p.A. charged the
foundation an amount 121,000 euro. Finsise S.p.A., whose majority shareholder is director
Italo Lucchini, provided administrative, financial, contractual, tax and corporate reorganization consultancy services for considerations totaling 270,000 euro, under
contractual arrangements. The Italcementi Group supplied goods and services for
approximately 2.0 million euro to companies in the SIKA group, whose owner is director
Fritz Burkard, and received goods and services for approximately 19.3 million euro. The
Gattai, Minoli & Partners law firm, of which Italmobiliare S.p.A. director Luca Minoli is a
partner, provided Italcementi and other Group companies with legal services for
approximately 76,000 euro.
No atypical or unusual transactions took place during the first nine months.
Disputes and pending proceedings

The following developments took place in the pending proceedings illustrated in the
Italcementi S.p.A. 2014 Annual Report and the 2015 interim reports. No significant new
disputes were opened.
Italy (Calcestruzzi S.p.A.)
With regard to the Ready mixed concrete market in the province of Milan proceeding for
the re-determination of the fine imposed in 2004 and partially revoked, the AGCM market
and competition authority and Calcestruzzi S.p.A. appealed to Italys Council of State
against the ruling of the Lazio Regional Administrative Tribunal of March 25, 2015,
published on April 20. The ruling in question overturned the delay-related increase and redetermined the basic fine at an overall amount of 3.25 million euro (from an original amount
of 15.4 million euro, comprising a basic fine of 8.12 million euro and an increase of 7.31
million euro). The proceeding is pending.
Europe (Italcementi S.p.A. and some European subsidiaries)
With regard to the investigation that commenced in November 2008 into alleged unfair
trading agreements/practices by, among others, Italcementi S.p.A. and the foreign
subsidiaries Ciments Franais S.A., Ciments Calcia S.A. and Compagnie des Ciments
Belges (CCB) S.A., with a ruling notified on July 31, 2015, the European Commission
closed the proceeding without attributing any liability.
23

Significant events after the reporting date

No other significant events have taken place since September 30, 2015, that require
amendments to or additional comments on the results of operations and the financial
position of the Group as at and for the nine months ended September 30, 2015.
Outlook
The positive trend on the North American markets and in sales prices in India and Morocco,
together with the significant effect of the measures taken to cut operating expense in
Europe, will not counterbalance fully the erosion in operating margins in the fourth quarter
stemming from the fall in demand on the French market and continuing, if less intense,
competitive pressures in Egypt.
In this market context, the Group expects its full-year operating results to be slightly down on
2014.
Net debt is expected to show a modest increase from December 31, 2014, thanks to
prudent management of operating cash flows and of working capital and capital
expenditure.
Compliance with simplified rules pursuant to arts. 70

and 71 of the Issuers Regulation
Italcementi S.p.A. has adopted the opt-out regime envisaged by the Consob Issuers
Regulation, exercising the right to derogate from the obligations to publish disclosure
documents required in connection with significant merger transactions, spin-offs,
acquisitions and disposals, capital increases by contributions in kind.
In compliance with this regime, the company provided appropriate disclosures to the
market.
Bergamo, November 6, 2015
For the Board of Directors
The Chairman
Giampiero Pesenti
24
Financial statements
25

Income statement
Q3
2015
1,049,489
100.0
(in thousands of euro)
Revenue
Other revenue
Change in inventories
Internal work capitalized
Raw materials and supplies
Q3
2014
re-stated
1,067,308
6,137
6,226
15,181
5,367
10,001
14,637
(415,161)
(435,621)
Services
(272,106)
(265,058)
Employee expense
(215,451)
(206,280)
Other operating income (expense)
(19,683)
(20,099)
Recurring EBITDA
158,407
Net gains from sale of non-current assets

Non-recurring income (expense) for
re-organizations
Other non-recurring expense, net
EBITDA
250
EBIT
596
(84)
14.3
168,308
(104,900)
(100,777)
7,099
(4,386)
5.0
63,145
19,421
5,918
Finance costs
(38,480)
(39,750)
Exchange-rate differences and derivatives
(33,422)
5,940
3,483
6,545

Share of profit (loss) of
equity-accounted investees
Profit before tax
3,588
Income tax expense
(15,511)
(11,923)
Change
100.0
(17,819)
-1.7
15.6
(8,073)
-4.8
15.8
(17,921)
-10.6
5.9
(10,559)
-16.7
3.9
(38,210)
-91.4
1.5
(27,756)
n.s.
1,316
(75)
52,586
Finance income
166,480
(8,195)
150,387

Impairment
15.1
0.3
41,798
(25,965)
-1.1
15,833
Attributable to:
n.s.= not significant
26
(22,699)
10,776
666
15,167
(23,365) #####
(4,391) -29.0

9 months ended
09.30.15
3,216,976
100.0
Revenue
Other revenue
9 months ended
09.30.14
re-stated
3,115,743
21,632
22,580
197
(4,957)
29,211
27,883
(1,294,873)
(1,240,605)
Services
(825,833)
(782,021)
Employee expense
(661,644)
(629,232)
(2,744)
(34,661)
Other operating income (expense)

Recurring EBITDA
re-organizations
EBITDA
482,922
6,709
EBIT
Finance costs
Profit before tax
(919)
(1,889)
14.5
474,618
(306,030)
(299,302)
5,237
(9,003)
5.1
166,313
35,240
18,181
(120,278)
(118,147)
(26,699)
(2,976)
(26,844)
6,984
9,645
60,870
Income tax expense
1.9
(68,989)
(8,119)
Change
100.0
101,233
3.2
15.2
8,192
1.7
15.2
(8,202)
-1.7
5.3
(690)
-0.4
1.5
14,698
31.8
-2.0
55,650
87.3
57,385
(1,735)
-3.5
2,696
(300)
165,623
Finance income
474,730
(22,915)
466,416

Impairment
15.0
46,172
(109,941)
-0.3
(63,769)
Attributable to:
(55,260)
47,141
(112,645)
48,876
27

Statement of comprehensive income

Other comprehensive income (expense)
Items that will not be reclassified to profit or loss
subsequently
Remeasurement of the net liability (asset) for
employee benefits
Income tax expense
Total items that will not be reclassified to profit or
loss subsequently
Items that might be reclassified to profit or loss
subsequently
Translation reserve on foreign operations
Translation reserve on foreign operations - equityaccounted investees
Fair value gains (losses) on cash flow hedges
Fair value gains (losses) on cash flow hedges - equityaccounted investees
Fair value gains (losses) on available-for-sale financial
assets
Income tax expense
Total items that might be reclassified to profit or
loss subsequently
9 months ended
09.30.15
(8,119)
%
-0.3
9 months ended
09.30.14
(63,769)
Change
-2.0
55,650
383
(21,573)
21,956
(285)
5,114
(5,399)
98
(16,459)
16,557
40,444
161,385
(120,941)
(4,581)
4,492
(9,073)
(4,356)
(14,213)
9,857
69
69
(5,567)
13,256
(18,823)
1,516
(304)
1,820
27,525
164,616
(137,091)
Total other comprehensive income (expense)
27,623
0.9
148,157
4.8
(120,534)
Total comprehensive income (expense)
19,504
0.6
84,388
2.7
(64,884)
Attributable to:
28
(22,047)
41,551
(2,753)
87,141
(19,294)
(45,590)

Condensed statement of changes in total net debt
September 30,
2015
248,435
September 30,
2014
274,497
Change in working capital
(16,700)
(27,119)
Cash flow from operating activities
231,735
247,378
(218,325)
(328,962)
(59,235)
(58,633)
Cash flow from operating activities before change in working capital
Investments in PPE, investment property and intangible assets

Change in liabilities for purchase of PPE, inv. prop. and intangible assets
Cash flows net of investments in PPE, investment property and intangible
assets
(45,825)
(140,217)
Financial investments (equity investments)
(4,194)
(3,398)
Proceeds from sale of non-current assets
45,395
14,878
(94,437)
(82,106)
Dividends
Change in share capital
(171)
488,688
(458,115)
Change in interests in subsidiaries

Other
Change in net debt
(41,831)
(59,242)
(141,063)
(239,512)
Financial position
September 30,
2015
June 30,
2015
December 31,
2014
(645,489)
(772,415)
(610,597)
Change
09.30.15
12.31.14
(34,892)
Current financial assets
%
5.7
Current financial liabilities
820,386
710,428
529,412
290,974
55.0
Non-current financial assets
(39,464)
(29,105)
(99,272)
59,808
(60.2)
2,162,329
2,297,762
2,328,737
2,237,645
2,337,156
2,156,699
(174,827)
141,063
(7.5)
6.5
September 30,
2015
June 30,
2015
December 31,
2014
Change
09.30.15
12.31.14
(88,756)
Non-current financial liabilities

Net debt
Equity
Total equity
3,802,225
3,926,221
3,890,981
(2.3)
Net debt at September 30, 2015, determined in compliance with Consob communication no. DEM/6064293 of
July 28, 2006 (i.e., excluding non-current financial assets), amounted to 2,337,226 thousand euro (2,255,971
thousand euro at December 31, 2014).
29
30
Notes on the
financial statements
31

Notes
Foreword
This quarterly report as at and for the nine months ended September 30, 2015, has been drawn up in
accordance with the provisions of article 154 ter, paragraph 5, of Legislative Decree no. 58 of February 24,
1998, and subsequent amendments. It has also been prepared in compliance with the measurement and
recognition criteria of the International Financial Reporting Standards (IFRS).
Basis of presentation
The consolidated financial statements are based on the accounts of the consolidated companies as at and for
the nine months ended September 30, 2015, adjusted where necessary to ensure alignment with the IFRScompliant classification criteria and accounting policies adopted by the Group.
The accounting policies are those used to prepare the consolidated financial statements as at and for the year
ended December 31, 2014, and, in addition, the policies and interpretations endorsed by the European Union
and applicable as from January 1, 2015:
Annual Improvements cycle 2011-2013. The changes introduced constitute clarifications and, corrections
(IFRS 3 Business combinations and IFRS 13 Fair value measurement) and involve changes in current
requirements or provide additional indications regarding application (IAS 40 Investment property).
IFRIC 21 Levies. The interpretation indicates that levies are to be recognized only when the obligating
event specified by law that generates the liability occurs.
Application of the above policies, amendments and interpretations did not have a material impact on the Group
financial statements.
As from January 1, 2015, with regard to application by the Group of IAS 16 Property, plant and equipment,
attention is drawn to the fact that the list of the components and the useful lives of the Group industrial assets
has been updated to reflect technological developments and the benefits expected to accrue from use of the
assets in question.
The Group has also amended the accounting treatment of the French tax Cotisation sur la valeur ajoute des
entreprises (CVAE), which has been classified under other income tax rather than under operating fiscal
charges. For comparative purposes, the income statements of the previous period have been restated
accordingly; the effects arising from the reclassifications are set out in the next section.
32

Change in accounting policies
The tables below summarize the effects arising from the change in the accounting treatment of the French tax
Cotisation sur la valeur ajoute des entreprises (CVAE).
Income statement
Q3 2014
%
re-stated
1,067,308 100.0
Revenue
Q3 2014
%
published
1,067,308 100.0
Change
-
Other revenue
6,226
6,226
5,367
5,367

14,637
14,637
(435,621)
(435,621)
Services
(265,058)
(265,058)
Employee expense
(206,280)
(206,280)
Other operating income (expense) net
(20,099)
(22,135)
2,036
Recurring EBITDA
re-organizations
166,480
15.6
1,316

EBITDA
EBIT
Finance costs
596
596
(84)
(84)
15.8
(100,777)
(4,386)
(4,386)
5.9
Income tax expense
61,109
15.6
2,036
-
5.7
2,036
5,918
5,918
(39,750)
(39,750)
5,940
5,940
41,798
6,545
3.9
(25,965)
166,272
(100,777)
6,545
Profit before tax
2,036
-
63,145
Finance income
15.4
1,316
168,308

Impairment
164,444
15,833
39,762
3.7
(23,929)
1.5
15,833
2,036
(2,036)
1.5
Attributable to:
666
15,167
666
15,167
33

Income statement
9 months ended
%
09.30.14
re-stated
3,115,743 100.0
Revenue
9 months ended
%
09.30.14
published
3,115,743 100.0
Change
Other revenue
22,580
22,580
(4,957)
(4,957)
27,883
27,883
(1,240,605)
(1,240,605)

Services
(782,021)
(782,021)
Employee expense
(629,232)
(629,232)
Other operating income (expense) net
(34,661)
Recurring EBITDA
re-organizations
474,730
(40,103)
15.2
2,696

EBITDA
EBIT
Finance costs
(919)
(919)
(1,889)
(1,889)
15.2
(299,302)
(9,003)
(9,003)
5.3
Income tax expense
160,871
15.1
5,442
-
5.2
5,442
18,181
18,181
(118,147)
(118,147)
(2,976)
(2,976)
(26,844)
(26,844)
46,172
(63,769)
9,645
1.5
(109,941)
469,176
(299,302)
9,645
Profit before tax
5,442
-
166,313
Finance income
5,442
15.1
2,696
474,618

Impairment
469,288
40,730
1.3
(104,499)
-2.0
(63,769)
5,442
(5,442)
-2.0
Attributable to:
34
(112,645)
48,876
(112,645)
48,876

Exchange rates used to translate the financial statements of foreign operations
Exchange rates for 1 euro:
Currencies
Albania lek
9 months
2015
Average rate
Full year 2014
9 months
2014
September 30,
2015
Closing rate
December 31,
2014
September 30,
2014
140.10934
139.95452
140.03258
139.32900
140.09500
139.42000
Saudi Arabia riyal
4.18020
4.98307
5.08138
4.20157
4.55733
4.71974
Australia dollar
1.46308
1.47188
1.47598
1.59390
1.48290
1.44420
Brazil real
3.52573
3.12113
3.10282
4.48080
3.22070
3.08210
Canada dollar
1.40384
1.46614
1.48192
1.50340
1.40630
1.40580
Dubai UAE dirham
4.09124
4.87957
4.97641
4.11262
4.45942
4.62160
Egypt pound
8.52401
9.41554
9.57441
8.76484
8.68519
9.00270
Ghana New cedi
4.11712
4.20617
3.88518
GB sterling
0.72715
0.80612
0.81182
0.73850
0.77890
0.77730
India rupee
Kazakhstan tenge
70.85495
81.04062
82.26243
73.48050
76.71900
77.85640
219.27306
238.15509
241.94676
303.83100
221.46000
228.91800
Kuwait dinar
0.33460
0.37804
0.38300
0.33858
0.35558
0.36280
Libya dinar
1.51928
1.64626
1.68268
1.52965
1.45389
1.53887
Morocco dirham
Mauritania ouguiya
10.82054
11.16302
11.20520
10.87790
10.98020
11.02540
358.03490
401.62913
407.70479
370.17500
380.52300
382.06400
Mexico peso
17.36535
17.65504
17.77195
18.97680
17.86790
16.99770
Mozambique metical
39.64777
40.71317
41.33354
44.76720
38.43840
38.69270
Qatar riyal
4.05681
4.83737
4.93326
4.07789
4.42155
4.58237
People's Repub.China renminbi
6.96414
8.18575
8.35441
7.12060
7.53580
7.72620
164.14000
Sri Lanka rupee
149.29850
173.48069
176.77415
158.25600
159.34700
USA dollar
1.11436
1.32850
1.35487
1.12030
1.21410
1.25830
Switzerland franc
1.06211
1.21462
1.21801
1.09150
1.20240
1.20630
37.61501
2.97081
43.14687
2.90650
43.90713
2.93310
40.71200
3.39030
39.91000
2.83200
40.80000
2.87790
Thailand baht
Turkey lira
Changes in the scope of consolidation

The main changes with respect to September 30, 2014, are as follows:
acquisition of three companies of modest size active in the aggregates segment in France, consolidated
line-by-line as from the first quarter: Dragages du Pont de St Leger, Garonne Labo and Granulats de Saint
Laurent;
the Teracem Ltd. company in Ghana, a terminal in the cement and clinker trading segment, consolidated
line-by-line;
the formation of BravoSolution Nordics OY Finland, consolidated line-by-line, a company in the
BravoSolution e-business group.
35

Revenue
Revenue totaled 1,049,489 thousand euro in the third quarter of 2015 and 3,216,976 thousand euro for the
nine months ended September 30, 2015.
A breakdown of consolidated revenue by operating segment and geographical area is set out below:
by operating segment:
Q3 2015
Q3 2014
Cement and clinker
698,628
66.6
703,336
65.9
% change
-0.7
Ready mixed concrete and aggregates
279,413
26.6
299,534
28.1
-6.7
Other
71,448
6.8
64,438
6.1
10.9
Total
1,049,489
100.0
1,067,308
100.0
-1.7
9 months
09.30.15
9 months
09.30.14
% change
Cement and clinker
2,145,457
66.7
2,054,228
65.9
4.4
875,530
27.2
878,455
28.2
-0.3
Ready mixed concrete and aggregates

Other
195,989
6.1
183,060
5.9
7.1
Total
3,216,976
100.0
3,115,743
100.0
3.2
by geographical area:
Q3 2015
Q3 2014
% change
Europe
462,786
44.1
513,481
48.1
-9.9
North America
182,443
17.4
141,808
13.3
28.7
211,532
20.2
228,723
21.4
-7.5
Asia
148,415
14.1
138,179
12.9
7.4
24,859
2.4
28,204
2.6
-11.9

Other
19,454
1.9
16,913
1.6
15.0
Total
1,049,489
100.0
1,067,308
100.0
-1.7
9 months
09.30.15
9 months
09.30.14
% change
Europe
1,432,905
44.5
1,546,333
49.6
-7.3
424,803
13.2
326,722
10.5
30.0
North America
723,119
22.5
697,990
22.4
3.6
Asia
478,275
14.9
394,969
12.7
21.1

Other
Total
36
96,547
3.0
95,184
3.1
1.4
61,327
3,216,976
1.9
100.0
54,545
3,115,743
1.8
100.0
12.4
3.2

Raw materials and supplies amounted to 1,294,873 thousand euro, as follows:
9 months
09.30.15
9 months
09.30.14
Change
Raw materials and semifinished goods
356,056
381,632
(25,576)
Fuel
380,709
343,233
37,476
Packaging, materials and machinery
200,899
184,104
16,795
(4,506)
88,357
92,863
265,177
233,708
31,469
3,675
5,065
(1,390)
1,294,873
1,240,605
54,268
9 months
09.30.15
9 months
09.30.14
Change
External services and maintenance
273,884
254,013
19,871
Transport
367,577
354,618
12,959
Legal fees and consultancy
31,584
26,036
5,548
Rents
59,678
56,229
3,449
Insurance
25,421
25,978
(557)
Other
67,689
65,147
2,542
Total
825,833
782,021
43,812
9 months
09.30.14
Change
Finished goods
Electricity and water
Change in inventories of raw materials, consumables and other
Total
Services
Services totaled 825,833 thousand euro, as follows:
Employee expense
Employee expense at September 30, 2015, totaled 661,644 thousand euro, as follows:
9 months
09.30.15
Wages and salaries
453,826
425,383
28,443
Social security contributions and pension fund provisions
130,742
132,186
(1,444)
Other costs
Total
77,076
71,663
5,413
661,644
629,232
32,412
Number of employees:
(heads)
Number of employees at the end of period

Average number of employees
9 months
09.30.15
9 months
09.30.14
17,704
17,772
18,311
18,458
37

Other operating income and expense
Other operating expense net of other operating income amounted to 2,744 thousand euro, as follows:
9 months
09.30.15
9 months
09.30.14
Change
(1,875)
Other taxes
(53,617)
(51,742)
Allowance for doubtful receivables
(10,199)
(12,622)
2,423
Provision for environmental restoration, quarries and other
(22,281)
(33,207)
10,926
Miscellaneous income
83,353
62,910
20,443
Total
(2,744)
(34,661)
31,917
Miscellaneous income includes net gains of 50.0 million euro on carbon emission rights trading (11.4 million
euro in the first nine months of 2014).
Non-recurring income and expense


Non-recurring expense for re-organizations
Total non-recurring income (expense)
9 months
09.30.15
9 months
09.30.14
6,709
2,696
(22,915)
(919)
(300)
(1,889)
(16,506)
(112)
Non-recurring expense for re-organizations relates largely to France for 20.0 million euro and Italy for 3.8
million euro; the item also includes the partial release of the Calcestruzzi S.p.A. antitrust provision, for 2.8
million euro.
Finance income and costs

Finance costs net of finance income and exchange-rate differences and derivatives amounted to 111,737
thousand euro (102,942 thousand euro at September 30, 2014), as follows:
9 months 09.30.15
Income
Costs
Interest income
18,052
Interest expense
9 months 09.30.14
Income
(95,124)
Dividends and other income from equity investments
15,853
Other finance income

Other finance costs
Total finance income (costs)
35,240
Gains/(losses) on interest-rate derivatives
(90,897)
1,617
1,335
Capitalized finance costs
1,485
4,389
2,920
(29,543)
(30,170)
(120,278)
18,181
(6,422)
Gains/(losses) on exchange-rate derivatives
(118,147)
(1,600)
28,150
(38,184)
(48,427)
36,808
(26,699)
(2,976)
(111,737)
(102,942)
Net exchange-rate differences

Net exchange-rate differences and derivatives
Total finance income (costs),
exchange-rate differences and derivatives
Costs
15,079
Other finance costs includes net finance costs of 4,379 thousand euro on employee defined benefit plans
(5,920 thousand euro at September 30, 2014).
Other income from equity investments includes the gain of 15.0 million euro, net of the derivative, from the sale
of the equity investment in West China Cement.
38

Exchange-rate losses net of hedges, amounting to 20,277 thousand euro (exchange-rate gains of 33,832
thousand euro at September 30, 2014), arose largely from the devaluation of the Kazakh tenge; the losses of
6,422 thousand euro on interest-rate derivatives (1,600 thousand euro at September 30, 2014), reflected the
impact of the reduction in interest rates on the US dollar.
Share of profit (loss) of equity-accounted investees

The share of profit (loss) of equity-accounted investees was as follows:
9 months
09.30.15
9 months
09.30.14
Asment Cement (Morocco)
6.0
7.5
Vassiliko (Cyprus)
1.5
(0.3)
2.0
2.7
Ciment Quebec (Canada)

Innocon (Canada)
(0.6)
Other
(1.9)
(0.3)
Total
7.0
9.6
Income tax expense

Income tax expense in the period under review amounted to 68,989 thousand euro, as follows:
9 months
09.30.15
9 months
09.30.14
Change
Current tax
59,911
115,529
(55,618)
Deferred tax
8,706
(6,161)
14,867
372
573
(201)
68,989
109,941
(40,952)
Prior-year tax and net non-recurring tax items

Total
39

Non-recurring transactions
The following table itemizes the most significant non-recurring transactions and their impact on the Groups
equity, financial position and results of operations:
9 months 09.30.15
Profit (loss) for the
period
Equity
amount
Carrying amounts
3,802,225

Non-recurring income (expense) for re-organizations
Total
Figurative amount without non-recurring items
amount
(8,119)
Net debt
amount
2,297,762
6,709
0.2%
6,709
82.6%
(22,915)
0.6%
(22,915)
282.2%
0.0%
(300)
0.0%
(300)
3.7%
0.0%
(16,506)
3,818,731
0.4%
(16,506)
8,387
10,196
2,307,958
0.4%
203.3%
10,196
0.4%
9 months 09.30.14
Profit (loss) for the
period
Equity
amount
Carrying amounts
3,817,749
amount
(63,769)
Net debt
amount
2,696
0.1%
2,696
4.2%
Non-recurring income (expense) for re-organizations
(919)
0.0%
(919)
1.4%
(1,889)
0.0%
(1,889)
3.0%
(112)
3,817,861
0.0%
(112)
(63,657)
0.2%

Total
Figurative amount without non-recurring items
2,173,547
7,431
7,431
2,180,978
0.3%
0.0%
0.0%
0.3%
Net debt
Net debt at September 30, 2015, amounted to 2,297,762 thousand euro (2,156,699 thousand euro at
December 31, 2014). It reflected gross financial liabilities of 2,982,715 thousand euro and gross financial
assets of 684,953 thousand euro.
At September 30, 2015, non-current financial liabilities amounted to 2,162,329 thousand euro. They included
bonds issued on the European market by Italcementi Finance S.A. for an aggregate nominal amount of 1,250
million euro, of which a ten-year 750 million euro bond issued in 2010, 350 million euro issued on February 14,
2013, and 150 million euro issued on May 14, 2013. The latter two issues mature on February 21, 2018.
Capital expenditure
Capital expenditure in the nine months ended September 30, 2015, amounted to 281,754 thousands of euro,
as follows:
September 30,
2015
Investments in intangible assets

Investments in property, plant and equipment and investment property
Change in liabilities for purchases of PPE, investment property, intangibles
September 30,
2014
Change
6,307
6,317
(10)
212,018
322,645
(110,627)
59,235
58,633
602
Total expenditure on PPE, investment property, intangibles
277,560
387,595
(110,035)
Investments in non-current financial assets

Change in liabilities for purchases of non-current financial assets
Total expenditure on financial investments (equity investments)
Total
22,160
(17,966)
4,194
281,754
3,617
(219)
3,398
390,993
18,543
(17,747)
796
(109,239)
40
The manager in charge of preparing the company's financial reports, Carlo Bianchini, declares, pursuant to
paragraph 2 article 154-bis of the Consolidated Law on Finance, that the accounting information contained in
this report corresponds to the document results, books and accounting entries.
November 2015
Project of LSVmultimedia
Olginate - Lecco
Each creation is the result of a mediation between the freedom of an idea and the constraint of matter. However,
there are materials that create their own shapes. One of these is the biodynamic cement by Italcementi used to
build the Italian Pavilion at Expo 2015. A structure that evokes a forest made up of very complex elements
that only i.active BIODYNAMIC with its excellent plasticity could achieve. What Pier Luigi Nervi called The
most beautiful material that humanity has ever invented has demonstrated that matter has its own
aesthetics when the designer and the producer accept the ongoing challenge of research and innovation.
italcementi S.p.A.
Via G. Camozzi, 124
24121 Bergamo - Italy
Tel: +39 035 396111
Fax: +39 035 244905

Italcementi 2015 Novembre Terzo Trimestre 2015 Itc - 3 - Trimestrale - 2015uk.

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Quarterly report

at September 30, 2015

Notes on the financial statements

September 30, 2015

Credits: photos Mario and Pietro Carrieri by ITALCEMENTI.

Italcementi S.p.A. Directors, Officers and Auditors

Secretary to the Board

Carlo Luigi Rossi

(Until approval of financial statements at 12.31.2017)

Chief Operating Officer

Member of the Executive Committee

Summary of consolidated operations and net debt

(in millions of euro)

Non-recurring income (expense)

Impairment on financial assets

Profit before tax

Income tax expense

Profit (loss) for the period

n.s.: not significant

Non-recurring income (expense)

(in millions of euro)

Profit (loss) for the period

Impairment on financial assets

As part of the agreement, Italmobiliare has undertaken, at closing, to acquire

After closing, HeidelbergCement will be required to launch a Mandatory Public

(millions of metric tons)

(millions of metric tons)

% change vs. 2014

Ready mixed concrete

% change vs. 2014

% change vs. 2014

North Africa and Middle East

Cement and clinker trading

(millions of metric tons)

(millions of metric tons)

% change vs. 2014

Ready mixed concrete

% change vs. 2014

% change vs. 2014

North Africa and Middle East

Cement and clinker trading

Revenue and operating results

(in millions of euro)

North Africa and Middle East

Cement and clinker trading

n.s. not significant

Nine months ended September 30

(in millions of euro)

North Africa and Middle East

Cement and clinker trading

n.s. not significant

Finance costs and other items

Loss for the period

Total comprehensive income

Performance by geographical area

(in millions of euro)

n.s. not significant

Nine months ended September 30

(in millions of euro)

(in millions of euro)

Nine months ended September 30

(in millions of euro)

(in millions of euro)