Acquisition of Lafarge s assets in Honduras
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1 Mural of premixed architectonical ready-mix, Bogotá, Colombia Barco Selenna, muell de Haití Exportaciones desde el puerto Cartagena, Colombia Acquisition of Lafarge s assets in Honduras September
2 Mixers in the Margaret Hunt Hill Bridge, Dallas, Texas, USA DISCLAIMER This document contains forward-looking statements relating to Cementos Argos S.A. and its subsidiaries (Argos) based upon management projections. These projections reflect Argos opinion on future events that may be subject to a number of risks, uncertainties and assumptions. Various factors may cause actual results to differ from those expressed herein. 2 Argos assumes no obligation to update or correct the information contained in this presentation.
3 Agenda 1. Transaction details 4 2. Honduras Macroeconomics, cement market, acquired assets details Rationale Integration of the new assets to Argos network, the Argos Model and its potential 12 3
4 Mixer trucks on the 4 South Bridge, Medellín, Colombia TRANSACTION DETAILS 4
5 Overview Relevant transaction for Cementos Argos: + 8% + 15% Consolidated EBITDA Cement installed capacity 17m t Total cement installed capacity 5 14m m3 Total concrete installed capacity Argos reaffirms leadership in the Central America & the Caribbean regional + 51% Cement installed capacity 4m t Regional cement installed capacity + 68% EBITDA of the regional USD 163m EBITDA of the regional
6 Transaction structure overview Asset Valuation Acquired ownership Cash out 100% funded with owned resources, coming from the preferred shares issuance Positive impact to the balance structure EUR m EV/EBITDA 8.6x Honduras 53% EUR m Honduras EBITDA EUR 50.5 m With a cash out of 53% of the total asset value, we will consolidate 100% of the assets 6
7 Tegucigalpa HONDURAS 7
8 Honduras, a country with growth potential and strong drivers Favourable demographics GDP growth % of the +100 population under years old (1,000) 1000 (800) (600) (400) (200) , Source: CELADE 8,4 M inhabitants 8% Population growth 6% 4% 4% 4% 3% 3% p 2012e 2013e -2% Remittances (M USD) 3, % 2,892 2,900 2,808 2, % 2,800 2, % 2,609 2,581 2,600 2,500 2, % 2, % 2,300 2, % Revenues from familiy remittances As % of GDP Main Drivers: Raw Materials Exports Agriculture Textile Maquila Remittances 30% of GDP representing exports to the US 16% of GDP representing family remittances High correlation with the US economy Growth potential in Honduras given low per capita cement consumption kg/hab Panama Ecuador Mexico Venezuela Brazil Costa Rica Peru Puerto Rico Chile Argentina Bolivia Colombia Guatemala El Salvador Uruguay Honduras Paraguay Nicaragua Source: Company s estimates 8
9 with a cement market with high growth potential Cement Consumption (M Tons) Potential for market deepening Cement per capita consumption: 191 kg Market share Total market (2012): 1,718,352 MTPA Cement consumption (M TMPA) 6% 53% 47% 94% In Honduras, the cement price is indexed in USD Cement industry growth will be driven by: High Infrastructure needs: Sector 1 According to the National Statistics Institute of Honduras Investment USD M Roads 680 Airports 114 Ports 674 Energy 154 Services 30 Total 1652 Housing Deficit: 30k housing units and ~ 800k 1 in need of improvements. Urban Non residential construction demand (offices) Argos Source: BCH, Lafarge Current distribution channels 4% 2%3% 4% 87% Source: BCH, Lafarge Cenosa Ensacado Source: Lafarge Distribution Retailers 55% Wholesalers 45% Granel Distribution Contractor Pre-cast companies Ready-mix companies Others
10 Efficient assets with a privileged location Privileged location Competitive advantages Cementos del Norte (1.5 M MTPA) San Pedro Sula 158 km Piedras Azules La Ceiba 184 km 105 km High Operational efficiency: Clinker/cement factor: 62% 15% in alternative fuels Load factor ~ 93% Privileged location closed to urban centers Employee force: 189 direct employees Local partner: Advantages of having knowledge of the local economy Piedras Azules (1.0 M MTPA) San Lorenzo Port Tegucigalpa CESUR (0.3 M MTPA) Argos Cenosa Cement Plant Grinding facility Ownership structure Private Funds* 45.9% Overview of the acquired assets Piedras Azules: Dry process integrated plant Cement capacity: 1 M MTPA Limestone reserves: 100 years Important puzzolanic reserves Cesur: Grinding facility Location: San Lorenzo Grinding capacity: 0.3 M TPA Port facilities Port Piedras Azules Plant Argos Minority shareholders 53.28% 0.9% Lafarge Cementos Integrated Plant Piedras Azules Cementos del Sur (Cesur) Grinding facility San Lorenzo *IPM de Honduras (Instituto de Previsión Militar): Autonomous agency for pension, retirement and credit funding of the military forces. 10
11 with growing margins Cement Volume Sold Piedras Azules plant EBITDA Margin 50% 49.7% 49.6% 49% 48% 47% 46% 47.6%
12 Camiones Vessel in Haiti s mezcladores port en Puente de la 4 Sur, Medellín, Colombia RATIONALE 12
13 Advantages of our strategical geographic zone Logistics synergies given our geographic area, port infrastructure and maritime know-how Balance between developed & emerging economies Countries with consumption per capita growth potential Economies with different market cycles Source: Cementos Argos 13
14 The integration of the newly acquired assets in Argos network Bahamas 1 Honduras is located within our strategic geographic area Cuba Dom.Rep. Lesser Antilles 5.5 M TM 0.08 M TM 0.08 M TM 1 M TM Jamaica Haiti 0.6 M TM Puerto Rico 0.07 M TM 0.08 M TM Honduras l Salvador 0.3 M TM Costa Rica 3.5 M TM Nicaragua 1.6 M TM Venezuela Panama Guyana 0.2 M TM French Guyana Suriname Colombia Argos Acquired assets Ecuador Cement plant Grinding station Terminal Argos Model
15 The integration of the newly acquired assets in Argos network Bahamas 1 Honduras is located within our strategic geographic area Cuba Dom.Rep. Lesser Antilles 5.5 M TM 0.08 M TM 2 Potential for synergy generation: operating, administrative and distribution 0.08 M TM 1 M TM Jamaica Haiti 0.6 M TM Puerto Rico 0.07 M TM 0.08 M TM Honduras l Salvador 0.3 M TM Costa Rica 3.5 M TM Nicaragua 1.6 M TM Venezuela Panama Guyana 0.2 M TM French Guyana Suriname Colombia Argos Acquired assets Ecuador Cement plant Grinding station Terminal Argos Model
16 The integration of the newly acquired assets in Argos network Bahamas 1 Honduras is located within our estrategic geographic area Cuba Dom. Rep. Lesser Antilles 5.5 M TM 0.08 M TM 2 Potential for synergy generation: operating, administrative and distribution 0.08 M TM 1 M TM Honduras Jamaica Haiti 0.6 M TM Puerto Rico 0.07 M TM 0.08 M TM 3 Potencial to adapt the Argos Model and to offer value added products l Salvador 0.3 M TM Costa Rica 3.5 M TM Nicaragua 1.6 M TM Venezuela Panamá Guyana 0.2 M TM French Guyana Suriname Colombia Argos Acquired assets Ecuador Cement plant Grinding station Terminal Argos Model
17 The integration of the newly acquired assets in Argos network Bahamas 1 Honduras is located within our strategic geographic area Cuba Dom.Rep. Lesser Antilles 5.5 M TM 0.08 M TM 2 Potential for synergy generation: operating, administrative and distribution 0.08 M TM 1 M TM Honduras Jamaica Haiti 0.6 M TM Puerto Rico 0.07 M TM 0.08 M TM 3 Potencial to adapt the Argos Model and to offer value added products l Salvador 0.3 M TM Costa Rica 3.5 M TM Nicaragua 1.6 M TM Venezuela Panama Guyana 0.2 M TM French Guyana Suriname Colombia Argos Acquired assets Ecuador Cement plant Grinding station Terminal Argos Model
18 Argos Model, understanding each client, adding value through a segmented proposal with replicable results Argos Model One high-value brand Differential service Commercial assistance Technical assistance Technological platform Value propositions for retail customers Promote our customers business growth Develop initiatives to create demand Proximity and ease of access to our products Recognition and use of our brand Value propositions for industrial customers Tailor-made concrete solutions based on a unique understanding of each project Access to technology and equipment (on-site plants, placement equipment) Specialized technical assistance: Durability, concrete technologies Lead time optimization With proven results Satisfaction, loyalty and brand recognition steadily maintained above international standards. Top of Mind We are participating in different high impact infrastructure projects in the three regional divisions. Argos is one of the 10 top of mind brands in Colombia Canal de Panamá 18
19 With the opportunity to offer a value proposition in Honduras Our Argos Model will allow us to: Honduras today Adapt our value proposition to the specific economic dynamics of Honduras 6% Capture value through market segmentation (retail and industrial customers) Offer a product under one emotionally binding brand Bagged Bulk 55% 45% Wholesaler Retailer Establish a distribution model adding value to our end customers, as accomplished in Panama and Colombia 94% Argos Model Colombia Panama 21% % Ensacado Bagged Granel Bulk 34% % Ensacado Bagged Granel Bulk 33% 2012 Ensacado Bagged 67% Granel Bulk 46% % Ensacado Bagged Granel Bulk 19
20 Conclusions We accomplish the goals that were set and communicated to the public within the context of the shares emission, using the resources of said emission to generate value for all our shareholders. We are consistent with our growth strategy: Geographical area with potential of interconnection Strong economic and demographic indicators The acquired assets will be incorporated into Argos current network, creating operational synergies. The assets have high operational efficiency and are exceptional EBITDA generators, which makes this acquisition a profitable transaction even without including the potential for synergies. We are taking advantage of the historical momentum of the industry and our capacity of integration. We maintain our financial solidity and flexibility, using the resources raised through the emission of preferred shares to finance the expansion. Argos. Green Light. Argos Panama plant 20
21 Mural of premixed architectonical ready-mix, Bogotá, Colombia Barco Selenna, muell de Haití Exportaciones desde el puerto Cartagena, Colombia Acquisition of Lafarge s assets in Honduras September
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