2011 Annual Report - Italcementi Group

Outlook
The markets on which the Group operates should be relatively stable in 2012. Sales
volumes will be slightly below the 2011 levels, with positive performance in North America
and Morocco offsetting in part the slowdown expected on markets in Southern Europe and
Italy.
Sales prices should be positive, a trend already confirmed by performance in the early
months of the year in Italy, Egypt and the USA.
Inflationary pressures on production costs should be outweighed by the improvements in
industrial efficiency planned by the Group and already introduced in part. Consequently,
foreseeable operating results for 2012 will be up on 2011. The Group’s expectations of an
improvement could, however, by influenced by the effects of the political transition in Egypt
and by the adverse meteorological conditions that have already occurred since the
beginning of the year.
In 2012 the Group launched a new program of investments intended to bring further
improvements in its industrial operations in Italy and Bulgaria and raise production capacity
in India and Morocco. The program will be funded with internal resources and is not
expected to affect the Group’s capital and financial ratios.
Bergamo, March 2, 2012
For the Board of Directors
The Chairman
Giampiero Pesenti
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