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Investor Relations
Letter to the stakeholders - 2014 Results

A concrete presence bridging history and future for 150 years

One hundred and fifty years borne with ease, because we have always looked to the future.
A milestone built on the solid foundation of a great legacy of technical and industrial knowhow few other players in our business can rival.
2014 was a particularly significant time for the Italcementi Group. Not just because of the anniversary, but also because, after seven years marked by the difficulties of the long world economic crisis, our overall operating results made a return to growth.
This is the outcome of a sustained effort that began when the construction materials was suffering the worst repercussions of the deterioration in the global economy. Once again, taking our cue from the values of Italcementi’s more than one hundred years of history, we focused on strengthening our ability to maintain a solid financial position and a forward-looking vision to build the vital confidence to ensure we would be ready when the clouds finally lifted.

2014 confirmed the validity of our projects to contain costs, boost industrial efficiency and reorganize the system underpinning our offer of products and services, with a strong focus on sustainability and innovation. An approach that reflects our company’s managerial capabilities and is one of our distinguishing strengths among the top players in the worldwide industry.
A concrete presence bridging history and future for 150 years.

Thanks also to the operating start-up of the new Rezzato plant in Italy and the new Devnya facility in Bulgaria, which complete the strategic industrial projects implemented over the last ten years for investments totaling more than 3 billion euro, the Group today has an extensively revamped and efficient industrial network. In addition to productivity, we have also given priority to the sustainability of our industrial development: the emphasis on self-generation of power from renewable sources and a broad range of usable fuels, with particular attention to the various alternative sources, plays a key role. One of the results is the inclusion of Italcementi among the 187 companies around the world that make up “The A List: the CDP Climate Performance Leadership Index 2014”.

Another priority in 2014 besides industrial efficiency was a strong Group focus on innovative materials and services with high added value. With the full roll-out of i.nova, the new product offer system, our innovation rate – the ratio of revenue from high added value products to total
turnover – rose from 5.3% to 6.6%, with an 11% increase in the industrial contribution margin compared to the previous year.
And in 2015 in Milan, as in Shanghai in 2010 and in Paris in 1867, Expo will provide Italcementi with a showcase to present a new cement to the world public. Thanks to the work of our i.lab researchers, we have developed a new material for the builders of Palazzo Italia: i.active
BIODYNAMIC, a cement combining specific biodynamic properties with Italcementi’s patented photocatalytic principle.

The Group’s commitment, which also takes the form of active support for the World Business Council for Sustainable Development and the United Nations Global Compact, confirms the sustainability of its industrial, development and innovation strategies. The progress we made toward our targets in 2014, illustrated in the Sustainability Disclosure, an integral part of our Annual Report since 2012, testifies to the Group’s solid contribution to the growth of a sustainable, inclusive economy providing benefits for individuals, communities and the markets.
For 150 years, thanks to the collaboration of all our stakeholders, we have been and will continue to be in the future.


Giampiero Pesenti                                                                                                         Carlo Pesenti
Chairman                                                                                                         Chief Executive Officer
                                                                                  

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