Report 2010 - Italcementi Group

Set Group Holding represents a significant part of the Italcementi Group production network
in Turkey. It operates three cement plants, in Ankara, Balikesir and Trakya (for a total
nominal clinker capacity of 2.3 mt/year), a terminal in Ambarli (with a cement grinding
capacity of 1.2 mt/year) and 13 ready mixed concrete plants. In 2010, Set Group Holding
reported revenues of approximately 130 million euro, and had net debt of approximately 17
million euro at December 31, 2010. The agreement does not involve the listed subsidiary
Afyon Çimento, for which the Group will examine the best industrial and financial
alternatives.
Outlook
Overall, the outlook for 2011 is brighter. While the growth trend in the emerging markets
(Asia in particular) is likely to be confirmed, the industrialized markets are showing signs of
a cyclical recovery. In Italy, a slight market upturn is expected with a favorable price
dynamic.
In this scenario, the Group will maintain its commitment to improving its industrial
performance, enhanced by the entry into operation of the new production lines.
A number of elements of uncertainty could affect the outlook for the year, such as prices for
raw materials, which have risen in the last few months, and the time needed for the
situation in Egypt to return to normal.
The recently announced sale of operations in Turkey and other sales that could take place
during the year, combined with control of non-core industrial investments, will help the
Group strengthen an already solid financial position, with a further reduction in debt,
thereby improving conditions for other opportunities for growth on the markets of greatest
interest to the Group.
Bergamo, March 4, 2011
For the Board of Directors
The Chairman
Giampiero Pesenti
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