SUSTAINABILITY
REPORT
2022
CONSOLIDATED NON-FINANCIAL STATEMENT UNDER 
THE ITALIAN LEGISLATIVE DECREE N° 254/2016

Students visiting the Buzzi Unicem headquarters in Casale Monferrato (AL), Italy.
VISION
BUZZI UNICEM
BUZZI UNICEM IS AN INTERNATIONAL 
MULTIREGIONAL, “HEAVY-SIDE“ GROUP, 
FOCUSED ON CEMENT, READY-MIX CONCRETE 
AND AGGREGATES. 
THE COMPANY’S DEDICATED MANAGEMENT 
HAS A LONG-TERM VIEW OF THE BUSINESS 
AND COMMITMENT TOWARDS A SUSTAINABLE 
DEVELOPMENT, SUPPORTED BY HIGH QUALITY 
ASSETS. 
BUZZI UNICEM PURSUES VALUE CREATION 
THROUGH LASTING, EXPERIENCED
KNOW-HOW AND OPERATING EFFICIENCY
OF ITS INDUSTRIAL OPERATIONS.

Contents
Letter to stakeholders	
4
Methodology note	
6
Group profile
The Group at a glance 	
10
Regional overview 	
16
Sustainability approach
Our policies	
26
Materiality analysis	
30
Stakeholder Engagement	
32
Governance and ethics
Corporate governance	
38
Business integrity	
46
Tax management	
48
Environmental aspects
Climate change, energy and CO2 emissions	
54
Circular economy	
72
Environmental protection	
76
Taxonomy	
80
Social aspects
Occupational health and safety	
86
Human resources	
90
Supply chain and human rights	
94
Appendixes
Performance indicators	
98
GRI Content index	
120
Correlation table to the Legislative Decree 254/2016	
128
Auditors’ report 	
132
Storage silos, Siniscola plant (NU), Italy.

5
4
Before commenting on the non-financial data 
for the past year, we would like to turn our 
thoughts to the six employees, five Ukrainians 
and one Russian, who sadly lost their lives as 
a result of the war that began on 24 February 
2022. To this tragic toll, we must add a further 
six wounded, one prisoner and two missing 
from our Ukrainian workforce.
These are terrible figures we would never 
have wanted to report and which truly are a 
cause for reflection. 
We would like to express our condolences and 
solidarity to the families of the fallen and to 
all our colleagues who have been working in 
the most challenging conditions for more than 
a year now.
On a positive note, 2022 saw a reduction in 
the severity of the Covid-19 pandemic and our 
production activity did not experience any 
related challenges.  
In cooperation with various humanitarian 
organisations, we continued to offer financial 
support to people still affected by the virus.
Inflationary pressure and rising costs, 
especially for energy, which began in the 
second half of 2021, have reached levels that 
are unprecedented in recent history and are a 
great concern.
Despite the reduction in production volumes, 
higher sales prices resulted in higher turnover 
and EBITDA in absolute terms compared to 
2021.
As far as CO2 is concerned, with a reduction of 
5.9% in cementitious product, our absolute 
emissions were down 9.4%. Ukraine's lower 
production levels contributed in part to this 
result. Thanks to higher production efficiency 
than 2021, we avoided approximately 546 
thousand tonnes of CO2.
In June 2022, we presented our roadmap, 
“Our Journey to Net Zero”. At the event, 
attended by a large number of national and 
international stakeholders, we explained 
in detail the path and conditions to achieve 
carbon neutrality by 2050. To give more 
impetus and credibility to our roadmap, we 
have also defined an intermediate target 
for 2030. This was recently validated by the 
SBTi (Science Based Target initiative), an 
authoritative, independent, international 
body, which has certified its compatibility 
with the goals set by the 2015 Paris 
Agreement. 
The year 2022 was also the deadline we had 
set for achieving important sustainability 
targets that had been announced in 2017:
•	 a 5% reduction in our specific CO2 emissions 
compared to 2017;
•	 the implementation of structural 
engagement projects in all our production 
sites with a high economic, environmental 
and social impact;
•	 the achievement of increasingly safe 
working conditions.
It is with pride and satisfaction that we can 
confirm that all the above goals have been 
achieved!
For this reason, we wish to thank everyone 
who has contributed to this achievement 
through their tremendous determination and 
professionalism. 
We are aware, however, that we still have a 
long way to go. The goals for 2030 and 2050 
roadmap will require a great deal of work and 
financial resources. 
Safeguarding health and safety at our production 
sites remains our most important goal. 
In 2022, the LTIFR, the main frequency index 
for injuries with absence from work, fell 
by 30% compared to 2017. Unfortunately, 
we have to report two fatal accidents: 
one involving a company employee in the 
Czech Republic and the other a contractor’s 
employee in Russia.
At an organisational level, we introduced 
a new senior figure, the Corporate Safety 
Manager, who is tasked with defining new 
strategies to further improve our safety 
culture and accident rates.
In this report we continue with the 
publication of the information required by 
the new Taxonomy Regulation. Following the 
reporting of the eligible turnover, investment 
and operating cost percentages in last 
year's report, this year we will also disclose 
the respective alignment percentages in 
accordance with the criteria laid down in the 
regulation for the cement industry.
We hope you enjoy reading this report.
Pietro Buzzi
Amministratore Delegato
Michele Buzzi
Amministratore Delegato
THE 2022 EDITION OF THE
SUSTAINABILITY REPORT
CONFIRMS THE 
ACHIEVEMENT OF THE 
TARGETS WE SET IN 2017 
AND THE LAUNCH OF OUR ROADMAP TO 2050, 
“OUR JOURNEY TO NET ZERO”

7
6
 METHODOLOGY 
NOTE
The entry into force of Legislative Decree 
254/2016 introduced the requirement of 
a consolidated non-financial declaration 
(NFD), starting from the 2017 financial year. 
In line with previous financial years, Buzzi 
Unicem has integrated the NFD within its 
Sustainability Report (art. 4 Legislative 
Decree 254/2016), in the belief that this 
instrument, which was published for the first 
time in 2001 and the content and accuracy of 
which continues to evolve, allows us to more 
fully comply with legislative requirements. 
The list of information required by the 
Decree is contained within the “Correlation 
table to Legislative Decree 254/2016”. 
In accordance with the provisions of the 
Decree, the Sustainability Report was drafted 
with reference to the Standards of the Global 
Reporting Initiative (GRI) and describes 
the business model, the identified risks, 
the environmental social and governance 
policies, targets and performances. The list 
of indicators is contained within the "GRI 
Content index”. 
Even this year Buzzi Unicem will be 
publishing tax disclosures. Moreover, 
following the guidelines from the European 
Securities and Market Authority (ESMA) 
on the priorities for drafting reports from 
listed companies, we have published 
REPORTING SCOPE 
The economic, environmental and 
social data and information contained 
in the Sustainability Report relate to all 
companies within the reporting scope of 
the Consolidated Financial Statement as of 
31 December 2022, using the line-by-line 
method. 
The reporting scope of the Sustainability 
Report is therefore aligned with that of the 
Consolidated Financial Statement. 
In line with the Consolidated Financial 
Statement, the data for our subsidiaries 
are aggregated as follows: the data of 
Beton Du Ried S.A. are aggregated with 
Luxembourg, the data of Dyckerhoff 
Gravières et Sablières Seltz S.A.S. are 
aggregated with Germany and those for 
ZAPA beton HUNGÁRIA Kft. are aggregated 
with Slovakia.  
Moreover, Buzzi Unicem is publishing 
separately data relating to two major 
shareholdings (in companies not consolidated 
using the line-by-line method): Cimento 
Nacional (BCPAR) in Brazil and Corporación 
Moctezuma in Mexico. 
REPORTING DETAILS 
Environmental indicators relating to 
consumption of thermal energy and 
emissions of dusts, Nitrogen Oxides (NOx), 
Sulphur Dioxide (SO2) and Mercury (Hg) are 
shown per ton of clinker produced. 
Indicators relating to consumption of 
electrical energy, emissions of Carbon 
Dioxide (CO2), waste produced and water 
consumption relate to tons of cementitious 
product, defined as total clinker produced - 
i.e. that which is used for the production of 
cements/binders and sold directly - as well 
as gypsum, and any materials mixed with 
clinker to produce cement and/or binders 
(e.g. limestone, slag, fly ashes, pozzolans, 
production process dust). The cementitious 
product includes any quantities of mineral 
information relating to the assessment of 
risks associated with climate change. 
Finally, we include in the "Taxonomy" 
section, the information required by Article 
8 of Regulation (EU) 2020/852 of 18 June 
2020 ("Taxonomy Regulation") and the 
associated Delegated Regulations (EU) 
2021/2178 and (EU) 2021/2139. The limited 
assurance carried out by the auditors on the 
NFD does not extend to this disclosure. 
This edition of the Sustainability Report, 
which also includes the NFD, was approved 
by the Board of Directors on 29 March 2023 
along with the Consolidated Financial 
Statement. 
REPORTING PROCESS 
The reporting was conducted thanks to a 
structured process as follows: 
•	 collection of data through Tagetik, the 
database of non-financial data at the 
entire Group level; 
•	 collection of additional data through a 
“Reporting Package” (RP) for topics not 
implemented in Tagetik. The RPs come 
with a brief guideline including definitions 
and examples; 
•	 signature by every country management 
of a “Representation Letter” in which they 
confirm the accuracy of the data and the 
companies in the reporting scope. 
components (slag, fly ashes and pozzolans) 
that are processed and sold separately as 
cement substitutes. Clinker purchased from 
third parties and used for the production of 
cements and/or binders is not included. 
Social indicators relating to injuries refer 
to direct employees and employees of 
contractors working in our production sites. 
For the calculation of greenhouse gas 
emissions of cement plants in Italy, 
Germany, Luxembourg, Poland and Czech 
Republic that fall within the Emissions 
Trading System (EU ETS), the Company used 
the criteria required by Regulation (EU) n. 
2018/2066 of the European commission, 
which establishes guidelines for the 
monitoring and reporting of greenhouse 
gas emissions in accordance with Directive 
2003/87/EC of the European Parliament and 
Council. In non-ETS countries we applied 
the same methodology.
For the three-year period 2017-2019, CO2 
emissions have been recalculated to take 
into account:
•	 ETS methodology applied to all countries 
in the Group: 100% of Buzzi Unicem’s 
emissions is calculated on the basis of 
the criteria established by standard EN 
19694-3, method B2;
•	 more details on the consumption of fuels 
used in plants, as required by the Global 
Cement and Concrete Association (GCCA);
•	 the change in scope due to the inclusion 
of one plant in Germany and two plants in 
Italy.
Additionally: 
•	 all data refers to the period 01/01/2022 to 
12/31/2022; 
•	 economic data come from the 
Consolidated Financial Statement. 
The performance indicators are presented 
within this report with the trend over the last 
three years and  country specific-data are 
included in the relevant appendixes.
[  METHODOLOGY NOTE  ]
[  METHODOLOGY NOTE  ]

Group profile
The Group at a glance 	
10
Regional overview 	
16
Buzzi Unicem, Headquarters Building 1, Casale Monferrato (AL), Italy.

11
10
28
6
40
390
19
46
[  GROUP PROFILE  ]
THE GROUP 
AT A GLANCE
INTERNATIONAL PRESENCE
THE BUZZI 
UNICEM GROUP 
IS COMMITTED 
TO PROMOTING 
SUSTAINABILITY IN 
ALL COUNTRIES IN 
WHICH IT OPERATES
m tons/years
Full cycle 
cement plants
Grinding 
plants
Cement production 
capacity
Ready-mix 
batch plants
Aggregates
quarries
Terminals

13
12
Operating structure
ITA
GER
LUX
NLD
POL
CZE 
SVK
UKR
RUS
USA
TOT
BRA1
MEX1
Cement plants
no.
11
7
2
0
1
1
2
2
8
34
7
3
of which grinding
no.
3
2
1
0
0
0
0
0
0
6
2
0
Cement production 
capacity
m tons/
years
10.8
7.2
1.4
0
1.6
1.1
3.0
4.9
10.2
40.2
7.2
8.3
Ready-mix batch plants
no.
113
109
3
13
17
63
5
0
67
390
0
27
Aggregate quarries 
no.
6
3
0
0
0
6
0
0
4
19
0
2
Deposits and terminals
no.
4
2
0
0
1
0
2
1
36
46
6
0
ITA/Italy, GER/Germany, LUX/Luxembourg, NLD/Netherlands, POL/Poland, CZE/Czech Republic, SVK/Slovakia, UKR/Ukraine, RUS/Russia, USA/United States of 
America, BRA/Brazil, MEX/Mexico..
1 Figures at 100%.
Key financial figures
2016
2017
2018
2019
2020
2021
2022
Cement production
t/000
24,901
26,173
27,143
28,306
28,016
29,442
27,369
Concrete sales
m3/000
11,938
12,294
12,093
12,120
11,743
12,141
11,510
Aggregate sales
t/000
6,839
6,935
6,753
5,551
4,853
4,883
4,965
Net sales 
€ m
2,669
2,806
2,873
3,221
3,222
3,446
3,996
Capital expenditures
€ m
236
218
444
339
258
218
271
Headcount at year end
no.
9,975
10,025
9,880
9,841
9,683
9,664
9,487
2016
2017
2018
2019
2020
2021
2022
2,669
2,806
2,873
3,221
3,222
3,446
3,996
2016
2017
2018
2019
2020
2021
2022
236
218
444
339
258
218
271
[  THE GROUP AT A GLANCE  ]
OUR
ENTITIES
Europe
Italy
Buzzi Unicem, Unical, Cementi Moccia (50%), 
Laterlite (33%)
Germany
Dyckerhoff, Dyckerhoff Beton
Luxembourg
Cimalux
Netherlands
Dyckerhoff Basal Nederland
Poland
Dyckerhoff Polska
Czech Republic 
and Slovakia 
Cement Hranice, ZAPA beton
Ukraine
Dyckerhoff Ukraina
Slovenia 
Salonit Anhovo (25%)
Asia
Russia
SLK Cement
America
USA
Buzzi Unicem USA, Alamo Cement 
Mexico
Corporación Moctezuma (50%)
Brazil
Cimento Nacional (50%)
Africa
Algeria
Société des Ciments de Hadjar Soud (35%)
Société des Ciments de Sour El Ghozlane (35%)
Sales revenue
(millions of euro)
Capital expenditures
(millions of euro)

15
14
Main environmental indicators
2020
2021
2022
Specific gross scope 1 CO2 emissions
kg/t cementitious product 
694
689
664
Specific thermal consumption
MJ/t clinker
4,138
4,106
4,084
Thermal substitution
%
29.2
27.8
29.9
Main social indicators
2020
2021
2022
Total headcount
no.
9,683
9,664
9,487
of which male
%
85.5
85.5
85.8
of which female
%
14.5
14.5
14.2
Hiring rate
%
11.5
15.3
15.2
Turnover rate
%
13.3
15.4
18.4
Absentee rate (illness, strike, injuries)
%
3.6
3.8
4.1
Hours of training per capita
hours
19
33
31
Main safety indicators (employees and contractors)
2020
2021
2022
LTIFR
-
4.8
5.0
4.9
Fatalities
no.
2
2
2
[  GROUP PROFILE  ]
DIRECT ECONOMIC VALUE
GENERATED AND DISTRIBUTED
The information on the direct financial value that is generated and allocated is useful 
for demonstrating how a company creates value for its stakeholders. In accordance with 
this principle, Buzzi Unicem provides in the following table details of the annual value 
flows. The data is presented in millions of Euro, applies to 2022, and complies with the 
requirements of the GRI Standards.
(millions of euro)
2020
2021
2022
Direct economic value generated
Revenues
3,246.2
3,491.1
4,106.8
Economic value distributed
Operating costs (1)
1,861.2
2,094.1
2,547.8
Employee salaries and benefits
506.2
513.3
560.0
Payments to capital providers (2)
58.0
216.7
103.1
Payments to Governments
172.5
125.6
167.7
Community investments
64.9
58.7
74.6
Economic value withheld (3)
583.4
482.4
653.5
(1) 	 Supply of materials, services including transport, materials, fuels and energy requirements, maintenance of facilities 
and substructures.
(2)	 Including net financial costs and paid dividends.
(3)	 Direct economic value minus amount distributed.
[  THE GROUP AT A GLANCE  ]
15

17
16
SOUR EL GHOZLANE
CASERTA
GUIDONIA
VERNASCA
MONSELICE
FANNA
SINISCOLA
ROBILANTE
TRINO
HADJAR SOUD
AUGUSTA
BARLETTA
LENGERICH
NOWINY
HRANICE
AMÖNEBURG
GÖLLHEIM
RUMELANGE
ESCH-SUR-ALZETTE
NEUSS
RIVNE
NIKOLAJEV
ANHOVO
GESEKE
DEUNA
SETTIMELLO
NEUWIED
SUCHOI LOG
KORKINO
AMERICA
ASIA
CERRITOS
MARYNEAL
FESTUS
PRYOR
SAN ANTONIO
GREENCASTLE
PITIMBU
MATOZINHOS
CAPE GIRARDEAU
STOCKERTOWN
CHATTANOOGA
TEPETZINGO
APAZAPAN
SETE LAGOAS
SANTA LUZIA
ARCOS
CANTAGALO
[  REGIONAL OVERVIEW  ]
[  GROUP PROFILE  ]
EUROPE AND AFRICA
REGIONAL
OVERVIEW
CEMENT PLANT LOCATIONS
As at 31 December 2022
Caption
Cement plants
Grinding plants

19
18
ITALY
POLAND
2022
2021
22/21
Cement production 
t/000
4,571
5,250
-12.9%
Concrete sales 
m3/000
2,655
2,890
-8.1%
Aggregate sales
t/000
790
828
-4.6%
Net sales
€ m
726.2
604.7
20.1%
Capital expenditures
€ m
26.5
26.5
0.0%
Headcount at year end
no.
1,538
1,555
-1.1%
2022
2021
22/21
Cement production 
t/000
1,439
1,557
-7.6%
Concrete sales 
m3/000
756
758
-0.2%
Net sales
€ m
141.3
126.4
11.8%
Capital expenditures
€ m
9.1
7.7
18.5%
Headcount at year end
no.
348
350
-0.6%
2022
2021
22/21
Cement production 
t/000
7,061
6,879
2.6%
Concrete sales 
m3/000
4,450
4,406
1.0%
Aggregate sales
t/000
456
766
-40.5%
Net sales
€ m
1,025.7
909.2
12.8%
Capital expenditures
€ m
72.2
50.4
43.1%
Headcount at year end
no.
2,090
2,081
0.4%
2022
2021
22/21
Cement production 
t/000
1,011
1,074
-5.8%
Concrete sales 
m3/000
1,476
1,575
-6.3%
Aggregate sales
t/000
1,111
1,341
-17.2%
Net sales
€ m
201.2
177.5
13.4%
Capital expenditures
€ m
11.4
7.5
52.1%
Headcount at year end
no.
700
720
-2.8%
11
10.8
113
6
4
plants
(million tons)
cement production
capacity
ready-mix
batch plants
aggregate
quarries
deposits 
and terminals
1
1.6
17
1
plant
(million tons)
cement production
capacity
ready-mix
batch plants
terminal
GERMANY, LUXEMBOURG AND NETHERLANDS
CZECH REPUBLIC AND SLOVAKIA
9
8.6
125
3
2
plants
(million tons)
cement production
capacity
ready-mix
batch plants
aggregate
quarries
deposits
and terminals
1
1.1
63
6
plant
(million tons)
cement production
capacity
ready-mix
batch plants
aggregate
quarries
[  REGIONAL OVERVIEW  ]
[  GROUP PROFILE  ]

21
20
UKRAINE
UNITED STATES OF AMERICA
2022
2021
22/21
Cement production 
t/000
685
1,908
-64.1%
Concrete sales 
m3/000
54
188
-71.4%
Net sales
€ m
59.8
127.0
-53.0%
Capital expenditures
€ m
1.9
6.9
-72.4%
Headcount at year end
no.
981
1,266
-22.5%
2022
2021
22/21
Cement production 
t/000
8,785
8,825
-0.4%
Concrete sales 
m3/000
2,118
2,322
-8.8%
Aggregate sales
t/000
2,608
1,948
33.9%
Net sales
$ m
1,676
1,573
6.6%
Capital expenditures
$ m
129.9
112.7
15.2%
Headcount at year end
no.
2,274
2,246
1.2%
2022
2021
22/21
Cement production 
t/000
3,816
3,948
-3.4%
Net sales
€ m
290.4
207.4
40.0%
Capital expenditures
€ m
26.4
23.3
13.0%
Headcount at year end
no.
1,556
1,446
7.6%
2022
2021
22/21
Cement production 
t/000
7,187
7,603
-5.5%
Concrete sales 
m3/000
677
1,025
-34.0%
Aggregate sales
t/000
99
120
-17.9%
Net sales
$ m
809.5
782.2
3.5%
Capital expenditures
$ m
33.7
20.3
66.1%
Headcount at year end
no.
1,225
1,376
-11.0%
1 Figures at 100% - valued by the equity method.
2
3.0
5
2
plants
(million tons)
cement production
capacity
ready-mix
batch plants
deposits
and terminals
8
10.2
67
4
36
plants
(million tons)
cement production
capacity
ready-mix
batch plants
aggregate
quarries
deposits
and terminals
RUSSIA
MEXICO1
2
4.9
1
plants
(million tons)
cement production
capacity
terminal
3
8.3
27
2
plants
(million tons)
cement production
capacity
ready-mix
batch plants
aggregate
quarries
[  REGIONAL OVERVIEW  ]
[  GROUP PROFILE  ]
Due to the sanctions imposed on the Country by 
the European institutions, Buzzi Unicem decided to 
withdraw from any operational involvement in the 
activities carried out by the subsidiary SLK Cement 
in Russia. Consequently, decisions concerning the 
investment can only be taken through the shareholders’ 
meeting and are limited to the ones that, according 
to Russian business law, belong to this body. Further 
strategic initiatives in the Country have been suspended.

23
22
BRAZIL1
2022
2021
22/21
Cement production 
t/000
5,587
5,658
-1.3%
Net sales
$ m
421.4
299.6
40.6%
Capital expenditures
$ m
18.9
209.2
-91.0%
Headcount at year end
no.
1,236
1,227
0.7%
1 Figures at 100% - valued by the equity method.
7
7.2
6
plants
(million tons)
cement production
capacity
deposits
and terminals
[  GROUP PROFILE  ]
Employee working at the Matozinhos plant, Brazil.

Sustainability approach
Our policies	
26
Materiality analysis	
30
Stakeholder Engagement	
32
Environmental restoration at the Geopark Dachsberg, Göllheim, Germany.

27
26
 OUR 
POLICIES
Buzzi Unicem’s Sustainability Policies establish the context for the monitoring 
of objectives and the periodic re-examination for achieving sustainable 
growth over time. Together with the Code of Conduct, the Policies cover three 
of the most relevant topics confirmed by the recent materiality reassessment: 
Safety, Climate Change and Stakeholder Engagement. 
Buzzi Unicem operates to achieve the 
maximum level of safety for its own staff and 
its suppliers' staff. The maximum level of 
safety is that at which we do not expect there 
to be any injuries or occupational diseases.
 
To achieve the above we believe it is 
essential to: 
•	 comply with all the prevailing legislative 
requirements in the countries where the 
Group operates; 
•	 make technical and organisational 
choices that are in line with best 
practices; 
•	 ensure that the above choices are never 
influenced by reasons of economic 
convenience and/or containing costs; 
•	 be aware that safety can only be achieved 
•	 Buzzi Unicem recognises the importance 
of commitments made by the 
international community to limit climate 
change. 
•	 Respecting the prevailing opinion of the 
scientific community, which contributes 
part of global warming to greenhouse 
gas emissions and particularly Carbon 
Dioxide (CO2) emissions, Buzzi Unicem 
monitors its own emissions and reports 
on these in absolute and specific terms in 
its Sustainability Report. 
by ensuring, in a continual manner, a 
correct assessment of risks, behaviour, 
preventive measures and a system of 
controls involving all workers; 
•	 be aware that in this regard the 
management's responsibility is 
fundamental and must be evident; 
•	 be committed to monitoring and 
reporting our performances through 
indices (KPIs) that are recognised 
internationally and useful for internal 
assessments and comparisons on a 
country by country basis with other 
companies in our own and other sectors; 
•	 recognise that third party safety 
certifications, which the Company is 
committed to acquiring, are a valid 
mechanism for implementing this policy.
•	 In line with the objectives that have 
been established over the years by 
international climate protocols, Buzzi 
Unicem is committed to reducing its CO2 
emissions. After the Paris agreement of 
December 2015, the commitment was 
extended to all countries in which the 
group operates.
SAFETY
POLICY
CLIMATE CHANGE 
POLICY
EACH POLICY CAN BE ASSOCIATED TO 
ONE OR MORE OF THE 17 SUSTAINABLE 
DEVELOPMENT GOALS AND 
HIGHLIGHT BUZZI UNICEM'S TANGIBLE 
CONTRIBUTION TO THE 2030 AGENDA
[  OUR POLICIES  ]
[  SUSTAINABILITY APPROACH  ]

29
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•	 Buzzi Unicem recognises the importance 
of creating and maintaining relationships 
of trust, based on mutual respect, active 
partnership, transparency and long-term 
collaboration with its stakeholders, in 
particular those based in the areas in 
which the Group operates.
•	 Creating relationships of trust with 
stakeholders means knowing them, 
understanding their requirements and 
promoting their involvement during 
significant events in the life cycles of plants 
and the main headquarters as well as 
strategic initiatives that are potentially of 
mutual interest.
According to the definition by the 
World Commission on Environment and 
Development (Bruntland Commission), 
sustainable development is development 
that enables the present generation to meet 
its own needs without compromising the 
ability of future generations to meet theirs; 
to achieve it, it is essential to combine 
three fundamental elements: economic 
growth, social inclusion and environmental 
protection. The Sustainable Development 
Goals (SDGs) are 17 goals that were adopted 
in September 2015 by the governments 
of the 193 member states of the General 
Assembly of the United Nations to make up 
a programme known as “Agenda 2030 for 
•	 To this end, Buzzi Unicem promotes regular 
communication in initiatives, particularly 
with employees, suppliers, customers, 
local communities and authorities, the 
contents of which and level of involvement 
are defined, planned and implemented on 
the basis of procedures that are compliant 
with this policy.
Sustainable Development”. Agenda 2030 
recognises the need to create peaceful, 
just and inclusive societies that provide 
equal access to justice and are based on a 
respect of human rights, including the right 
to development, and the emancipation 
of women and girls, good governance at 
all levels and responsible, effective and 
transparent institutions. The Goals are 
universal and are applicable in equal 
measure to developed and less developed 
countries.
For more information: 
www.unric.org/it/agenda-2030
STAKEHOLDER
ENGAGEMENT
POLICY
ENGAGEMENT ACTIVITIES 
AIM AT GENERATING VALUE 
FOR THE COMPANY AND ITS 
STAKEHOLDERS
SUSTAINABLE DEVELOPMENT  
GOALS (SDGs)
[  OUR POLICIES  ]
[  SUSTAINABILITY APPROACH  ]
29

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The analysis process carried out by the 
Sustainability Department involved four 
steps: 
•	 verification of the sector's sustainability 
context, business relations and the 
company's main stakeholders;
•	 identification of current and potential 
impacts starting from material issues 
identified in previous years, which were 
supplemented with information from 
various sources (interviews and internal 
documentation);
•	 assessment of the significance of 
impacts, considering their likelihood 
and magnitude, through discussions 
with experts representing the views of 
stakeholders;
•	 definition of a threshold value of 
significance and subsequent prioritisation 
of impacts and related issues to be 
reported on.
The entire process was carried out using 
an iterative approach to ensure a fair 
representation of positive and negative 
impacts on each issue. 
The complete list of topics and impacts 
was then presented to and approved by the 
Sustainability Steering Committee.
 MATERIALITY
ANALYSIS
In 2022, the materiality of topics was reassessed according to new 
guidelines provided by the GRI Standards. Materiality must now 
consider the company’s impacts on the economy, the environment 
and people from the perspective of external stakeholders.
THE COMPANY IS CONSTANTLY 
STRIVING TO REFINE ITS REPORTING 
ON MATERIAL ISSUES
To improve the way we face the challenges and opportunities linked to 
sustainability, we have established at a Group level, an international 
committee - the Sustainability Steering Committee (SSC) - that is responsible 
for defining the company's sustainability strategies, policies and targets.
[  SUSTAINABILITY APPROACH  ]
Topic
Reference 
to section
Type of 
impact
Description
level of 
significance
ECONOMIC
Taxation
Tax management
+
Increased financial availability of the countries/local 
communities where the Company operates
-
Potential delayed development of the countries where the 
Company operates due to a not appropriate interpretation of our 
Group Tax Policy
Long term 
economic growth
The Group 
at a glance
+
Contribute to society growth and value creation
-
Potential reduction of distributed economic value to all 
stakeholders
Antitrust 
& anti-corruption
Business inegrity
+
Promote the plurality of products at fair prices and the 
enhancement of skills through the timely application of practices 
of fair competition and anti-corruption
-
Potential increase in market prices, less competitiveness of the 
country's economic system and spread of corruption
Supply chain 
management
Supply chain 
and human rights
+
Continuous improvement across the supply chain on 
environmental and social issues
-
Potential lack of growth of a sustainable and fair economic 
system due to inadequate involvement of suppliers
Customer relations
Stakeholder 
Engagement
+
Satisfy customers needs and address global environmental 
challenges 
-
Compromise the profitability and competitiveness of our 
customers
ENVIRONMENT
Biodiversity 
management
Environmental 
protection
+
Preserve biodiversity
-
Loss of biodiversity and proliferation of alien species
Natural resources
Circular economy
+
Reduction of the consumption of natural resource by the promotion 
of circular economy across the value chain
-
Decrease of the availability of natural resources
CO2 emissions 
reduction 
Climate change, 
energy and CO2 
emissions
+
Contribute to the global goal of slowing down the increase of the 
planet average temperature
-
Slow down the ongoing decarbonization process
Air emissions 
mitigation
Environmental 
protection
+
Improve air quality by reducing air emissions of SO2, NOx, and 
micro-pollutants
-
Potential impact on air quality due to failure to reduce air 
emissions of SO2, NOx and micropollutants beyond legal limits
Efficient use 
of water
Environmental 
protection
+
Increased availability of water resources
-
Potential reduction of water resources availability (expecially in 
water stressed areas)
Local impacts 
management
Environmental 
protection
+
Better conditions of coexistence with local communities
-
Potential increased interferences to local communities due to 
noise, diffuse dust and vibrations
SOCIAL
Health and safety
Occupational 
health and safety
+
Increased length of healthy life spans
-
Affect life quality of workers and their families
Gender equality
Human resources
+
Equal opportunities for access to work and professional growth
-
Loss of skills and less growth of the society
Industrial relations  
& employment 
conditions
Human resources
+
Grant effective freedom of association, respect of human 
rights (beyond local laws and practices) and actractive work 
conditions
-
Favour the migration of young talents due to a failure in meeting 
employees expectations
Employees 
development and 
training
Human resources
+
Enhancement of skills and opportunities for personal fulfilment
-
Reduction of job opportunities and limited possibilities for 
personal fulfilment
Local communities 
engagement
Stakeholder 
Engagement
+
Growth, enrichment and greater well-being of stakeholders
-
Raise of concerns or misunderstandings between the company 
and its stakeholders

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The purpose of engagement activities 
is to facilitate interactions between the 
company and its stakeholders so they can 
become opportunities of mutual growth and 
enrichment while at the same time helping 
to reduce any past or present conflicts or 
misunderstandings. Creating relationships 
of trust with stakeholders means dedicating 
the time required to get to know them, 
understand their expectations and 
concerns, listen to their requests, provide 
responses and encourage their involvement 
during important events in the life of our 
Company. 
Confirming the principles of the Policy, 
in 2022 the operational guidelines for the 
management and monitoring of Stakeholder 
Engagement activities (that were issued 
the previous year) were adjusted to provide 
a more accurate definition of dialogue 
relevant projects. 
LOCAL COMMUNITIES 
In 2022, 100% (76% in 2021) of the Group's 
full-cycle cement plants operated with 
relevant engagement programs, thereby 
meeting the five-year target set in 2017. 
The company firmly believes in a strategic 
approach to Stakeholder Engagement and 
performance and development strategies. 
The main events that Buzzi Unicem 
participated in were as follows: 
•	 “Italian Investment Conference” organised 
by Unicredit and Kepler Chevreux in May, 
as a virtual event; 
•	 “The Nice Conference” organised by 
Societé Générale in May, in Nice.
•	 “Italian CEO Conference” organised by 
Mediobanca in Milan in June; 
•	 “Infrastructure & Energy Day” organised 
by Borsa Italiana in September, in Milan; 
•	 “Infrastructure and Construction 
Conference” organised by Barclays in 
September, in Paris; 
•	 “Journey to Green Construction Seminar” 
organised by Berenberg in October, in 
London;
•	 Institutional Roadshow organised by 
Morgan Stanley in October, in London;
•	 “European Materials Conference” 
organised by Bank of America in 
December, in London. 
In addition, on 16 June 2022 Buzzi 
Unicem organised a Capital Market Day 
at Gropparello Castle (Italy) as part of a 
dialogue with investors. During the event, 
the initiatives of the Group's strategic plan, 
“Our Journey to Net Zero”, were explained 
in detail to the investors and financial 
intends to continue developing this in the 
future.
Buzzi Unicem plants are open to individuals 
and/or small groups for visits. On these 
occasions, people can visit the production 
sites where our staff can provide answers to 
the questions they might have.
INVESTORS
In 2022, Buzzi Unicem regularly involved 
shareholders, investors and capital 
providers through various communication 
channels, in Italy and abroad, both on an 
institutional level - through the Annual 
General Meeting, press statements, 
presentations in institutional investor 
roadshows and conferences - and through 
meetings and conference calls for discussing 
analysts in attendance. The event continued 
with a visit to the production plant in 
Vernasca (Italy).  Under the company’s 
online communication strategy, the 
corporate website www.buzziunicem.com 
provides information to get to know the 
Group: its history, its presence in different 
geographical areas and the quality of the 
products it offers to its customers. The 
site also includes a description of the work 
conducted in research laboratories and 
the certifications obtained, a discussion of 
sustainability and Corporate Governance, a 
page for press releases, access to annual and 
interim financial statements, a description 
of the shareholding structure, share listings, 
a list of analysts monitoring share listings, 
and information on the decisions made in 
ordinary and extraordinary shareholders’ 
meetings. 
The website www.buzziunicem.it offers 
extensive information on the Group’s 
production facilities in Italy, its relations 
with local areas and the products and 
services it offers. 
Through its Investor Relations department, 
which is supported where necessary by 
the Sustainability Department, Buzzi 
Unicem provides the financial community 
with the information, operating trends 
and performance, and also reports the 
 STAKEHOLDER
ENGAGEMENT
Buzzi Unicem recognises the importance of building and maintaining 
relationships of trust based on mutual respect, active partnership, 
transparency and long-term collaboration with its stakeholders - 
particularly those who are well established in the territories in which 
the Group operates - by recognising and promoting the value of 
operations that are fully integrated within their respective social, urban 
and environmental settings. 
[  STAKEHOLDER ENGAGEMENT  ]
[  SUSTAINABILITY APPROACH  ]
AEuganeus basketball party, Monselice plant (PD), Italy.
ALL FULL-CYCLE CEMENT 
PLANTS HAVE IMPLEMENTED 
STAKEHOLDER ENGAGEMENT 
PROGRAMS IN ACCORDANCE 
WITH COMPANY GUIDELINES

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34
Our employees are among the most important 
stakeholders for the company and are regularly 
involved in training and prevention activities. More 
details can be found in the "Social aspects" section.
All suppliers and contractors are selected based 
on their technical and financial competitiveness, 
credibility and reliability and must comply with Buzzi 
Unicem's Code of Conduct. Our Code reiterates the 
need for correct and transparent conduct in the 
development of the requested activities. More details 
can be found in the "Social aspects" section.
The company and its customers work together in 
synergy to develop innovative technical solutions to 
best respond to the demands and challenges posed 
by a constantly evolving market.
Investors and analysts receive and participate in 
regular targeted communication activities, such 
as meetings, presentations, press releases and 
roadshows. 
The company encourages dialogue with 
institutions, opinion groups and civil society and 
supports community life in the areas where it has its 
production facilities. 
Buzzi Unicem is a member of GCCA and of local sector 
associations. 
opinions and assessments of the financial 
community on the company’s management, 
thereby nurturing a relationship of active 
understanding and ongoing collaboration.
SECTOR ASSOCIATIONS 
Starting from September 2018, Buzzi 
Unicem became a member of the Global 
Cement and Concrete Association (GCCA). 
The Association, founded in London in 
2018, comprises 41 leading companies in 
the production of cement and concrete, 
which together represent 80% of global 
production (excluding China). The mission 
of the GCCA involves interaction with 
institutions at an international level and 
with the most significant stakeholders 
so that cement and concrete are 
recognised as compatible with sustainable 
development. 
Buzzi Unicem is a member of CEMBUREAU, 
the Brussels-based organisation 
representing the cement industry 
in Europe. The association acts as a 
representative for the cement industry 
and brings to the attention of the 
European Union issues relating to the use 
of raw materials and secondary fuels, 
environmental protection, emissions, 
biodiversity, occupational health and 
safety. 
At a local level the Group takes part in 
trade associations such as: Associazione 
Italiana Tecnico Economica del Cemento 
(AITEC) which in turn is part of Federbeton 
(Confindustria), the sector federation 
of the associations of the cement and 
concrete industry; Concrete Europe; 
Verein Deutscher Zementwerke (VDZ); 
Portland Cement Association (PCA); 
Cámara Nacional del Cemento (CANACEM); 
European Ready Mix Concrete Association 
(ERMCO).
[  SUSTAINABILITY APPROACH  ]
CSC 
SUPPLY CHAIN CERTIFICATION
Leading companies in the concrete industry in Europe, the US, Latin America and Asia set up the 
Concrete Sustainability Council (CSC) in 2018. The CSC has developed a system for certifying the 
responsible procurement of concrete at a global level which, by assessing sustainability along 
the supply chain, allows specifiers and designers to make more informed choices regarding the 
sustainability of constructions. 
In 2022, 9 cement plants and 83 concrete batching plants of Buzzi Unicem were certified under 
the CSC scheme.
[  STAKEHOLDER ENGAGEMENT  ]
EMPLOYEES
SUPPLIER
SHAREHOLDERS
CUSTOMERS
LOCAL COMMUNITIES
ASSOCIATIONS

Governance and ethics
Corporate governance 	
38
Business integrity	
46
Tax management	
48
Cement storage silo, Apazapan plant, Mexico.

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38
CORPORATE 
GOVERNANCE
THE CORPORATE BODIES
•	 Shareholders’ meeting is the deliberative 
collective body comprising shareholders 
(or their representatives). It is the 
corporate body responsible for appointing 
corporate bodies, approving the 
company's financial statements and 
amending the articles of association.
•	 The Board of Directors is the collective 
body for the management of the Company 
and is vested with all ordinary and 
extraordinary management powers. It 
guides and controls the Company and 
includes 3 executive members and 9 
non-executive directors, 7 of whom are 
independent. 
•	 The Board of Statutory Auditors is 
required to ensure compliance with the 
law and Company bylaws, and verifies 
that corporate activities are carried out in 
accordance with the principles of proper 
administration. They also monitor the 
suitability of the Company’s organizational 
structure, the internal control system and 
its administrative/accounting system. 
The current Board of Statutory Auditors 
has 3 regular members and 3 alternate 
members.
The Board of Directors set up the Control 
and Risk Committee. The Committee is 
currently composed of 3 members and 
has appropriate accounting and financial 
know-how. It is entrusted with advisory 
and propositional tasks as provided by the 
Code of Self-Governance. This includes 
supporting, with a suitable investigation, 
the assessments and decisions of the Board 
of Directors regarding the Internal Control 
and Risk Management System. This system 
helps protect the company's assets and the 
reliability of the information provided to the 
corporate bodies and the market, as well 
as information pertaining to the approval 
of financial reports. The Committee was 
also given the function of providing a prior 
opinion to the Board of Directors on internal 
control and risk management. 
The Board of Directors set up the 
Committee for related parties transactions 
- composed of 3 independent Board 
members - that is responsible for issuing 
the opinions required by Consob Regulation 
n. 17221/2010 and as amended. The Board 
has also adopted the "Procedure for related 
parties transactions".
At the group level, the Company has put in 
place a Sustainability Steering Committee 
and a Sustainability Department, whose 
manager reports to the Control and Risk 
Committee at least twice per year.
Further information, also relating to the role 
of the Chairman within the organization, 
the skills and the evaluation process of the 
Board of Directors, is available in the "Report 
on Corporate Governance and ownership 
structure" published, in accordance with 
the law, on the website of Buzzi Unicem in 
the "Corporate Governance" section. The 
"Report on the remuneration policy and 
remuneration paid" also contains details 
on the rules and procedures concerning 
remuneration.
SUSTAINABILITY, 
INTEGRITY AND
GOOD CORPORATE 
GOVERNANCE
[  GOVERNANCE AND ETHICS  ]
Amöneburg plant, Germany.

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40
CODE OF CONDUCT, INTERNAL CONTROL AND RISK MANAGEMENT SYSTEM
The Internal Control and Risk Management System is a set of rules, procedures and 
organisational structures for effectively identifying, measuring, managing and monitoring 
the main risks in order to contribute to the sustainable success of the Company. The Code of 
Conduct is the most important of these and establishes the principles that all employees of 
Buzzi Unicem must respect in facing and overcoming ethical and legal challenges (for more 
information on the Code of Conduct see the box below).
The Company’s Internal Control and Risk 
Management System is inspired by the 
guidelines of the COSO (Committee of 
Sponsoring Organizations of the Treadway 
Commission). 
It contributes to: 
•	 ensuring the efficiency and effectiveness 
of business processes by enabling the 
appropriate management of risks that 
may hinder the achievement of business 
objectives, including those that may 
be relevant to the sustainability of the 
Company; 
•	 ensuring the reliability of financial 
and non-financial information and 
the internal/external reporting system 
through the use of processes, procedures 
and systems enabling the generation of a 
reliable flow of information within/outside 
the Company;
•	 ensuring compliance with laws, 
regulations, the articles of associations and 
internal procedures; 
•	 safeguarding the company's assets and 
protecting them from inappropriate or 
fraudulent use or loss. 
Therefore, this definition of Internal Control 
and Risk Management System has a broader 
scope; it is not limited to accounting 
controls and the process of financial and 
economic reporting; it also covers other 
important aspects of the business, like 
the protection of resources, operational 
efficiency and effectiveness and compliance 
with laws, regulations and policies of the 
organization.
Within the scope of the observation of risks 
control, risks are identified through an 
inventory that is updated every six months, 
and cover a short and long-term timeframe. 
Through a dedicated IT application, Buzzi 
Unicem has implemented a systematic 
risk monitoring system; short-term risks 
are quantified financially in terms of their 
impact and likelihood of occurrence, while 
medium and long-term risks are subject to 
a qualitative assessment. The assessment, 
detection and containment of these two 
risk types is the responsibility of specific 
management departments. 
The short-term risks Buzzi Unicem is exposed 
to are linked to the nature of the group's 
business and are aggregated into categories. 
These typically include:
•	 distribution risk connected market trends;
•	 exchange rate risks;
•	 capital investment risks;
•	 liquidity risks;
•	 insurance risks;
•	 legal risks;
•	 political risks;
•	 fiscal risks;
•	 IT risks;
•	 HR and company organisational risks;
•	 risks on purchases;
•	 production risks;
•	 logistical risks;
•	 ecological, environmental and safety 
risks;
•	 technical and production investment risks.
CODE OF
CONDUCT
Buzzi Unicem considers ethics to be an 
essential part of business management 
and full compliance with laws is an asset 
that adds value to the company. Both our 
strategic and operational decisions are 
performed according to the ethical values 
that guide our conduct and applicable 
standards.
For this reason the Code of Conduct 
was prepared, with the aim of defining 
integrity and fairness standards that 
Buzzi Unicem has voluntarily chosen to 
implement, as a commitment towards its 
stakeholders.
The Code applies to the parent Buzzi 
Unicem SpA and its italian and foreign 
subsidiary companies.
The principles contained in the Code 
apply to all directors, members of 
corporate bodies, employees, suppliers 
and any person acting in the name and/
or on behalf of Buzzi Unicem including but 
Sustainability, integrity and good Corporate 
Governance are key components of our ethical 
culture and guide our conduct towards
customers, suppliers, employees, shareholders 
and stakeholders in general.
not limited to representatives, agents, 
partners, external consultants, entities 
appointed by the company, etc.
All addressees must follow the 
guidelines set by the Code when facing 
and overcoming the ethical and legal 
challenges that they may encounter in 
their day-to-day work.
The Code is part of Buzzi Unicem’s overall 
Corporate Governance system, which 
manages the firm’s bodies, principles and 
processes to ensure that the company 
is efficiently managed to the highest 
corporate standards.
Buzzi Unicem encourages its stakeholders 
to adopt principles and policies consistent 
with its Code.
The updated version of the Code of 
Conduct was approved by the Board 
of Directors of Buzzi Unicem SpA on 7 
February 2019. 
[  CORPORATE GOVERNANCE  ]
[  GOVERNANCE AND ETHICS  ]
CGreen shopper handed out at the Built inauguration event, Vercelli, Italy.

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regulations related to the fight against 
climate change and, more generally, 
environmental protection laws and/or 
regulations. By introducing restrictions 
on emissions (directly or indirectly), these 
could generate competitive advantages 
for producers in non-EU countries. The 
With regard to medium and long-term 
strategic and operational risks, the qualitative 
assessment is yearly but management 
strategies are defined in periodic meetings 
by the top management and the Board 
of Directors. This group includes the risks 
connected with the general political and 
fragile nature of the ecological transition 
can also be seen in the management of the 
time, costs and technologies required to 
reach climate neutrality by 2050, with this 
process potentially generating the social risk 
of placing a financial burden on the most 
vulnerable people.
economic conditions and the evolution of the 
markets in which the group operates.
Among the main risks, we highlight those 
related to the ongoing war between Russia 
and Ukraine. In addition, we highlight 
those arising from the adoption of EU 
MODEL OF 
ORGANISATION, MANAGEMENT 
AND CONTROL
In order to ensure propriety and 
transparency in the conducting of its 
business and corporate activities, and 
to protect its position and image, and 
that of its subsidiaries, shareholders 
and employees, Buzzi Unicem SpA 
considered it useful, in terms of its 
corporate policies, to adopt the Model 
of Organisation, Management and 
Control provided by the legislative 
Decree 231/2001.
The Model is based on a structured and 
organic system of procedures and control 
activities.
The characteristics of Buzzi Unicem’s 
organisation are:
•	 System of ethical values: the Code of 
Conduct defines the ethical values and 
principles of behaviour the Company 
has chosen to adopt in the running of its 
business. 
basis of maximum values associated 
with different levels of responsibility.
•	 Reward system:  presence of a reward 
system which rewards individuals’ 
ability, dedication and loyalty to the 
Company and discourages committing 
crimes.
•	 IT systems: the company's main 
processes are supported by IT 
applications of a high qualitative level 
which are integrated and designed to 
segregate functions and departments, 
protect information contained 
therein and enable the traceability of 
operations and transactions.
Buzzi Unicem has a specific 
communication and training plan 
to promote knowledge and the 
dissemination of its Model with all 
employees. The content of training 
•	 Formalised organisational 
system: Buzzi Unicem has put in 
place organisational instruments 
characterised by general principles of 
knowability within the Company and a 
clear and formal delineation of roles. 
•	 Separation of departments and 
segregation of duties: Buzzi Unicem’s 
organisation is based on a separation 
of the various operational departments 
and the administrative/accounting 
departments. The principle of the 
segregation of duties is applied so 
that no one person can independently 
manage all phases of a process.
•	 System of delegations: the system 
adopted by Buzzi Unicem involves 
caution in granting signatory powers, 
both for the actions of the entity, and 
especially for the use of cash and 
equivalents, and is structured on the 
activities differs on the basis of the 
position of intended recipients, their 
involvement in any sensitive activities 
specified in the Model or having powers of 
representation in the Company. 
The updated version of the Model was 
approved by the Board of Directors on 6 
November 2020.
[  CORPORATE GOVERNANCE  ]
[  GOVERNANCE AND ETHICS  ]

45
44
Less significant risks - albeit ones that 
still require attention - are those for 
new construction materials, business 
combinations, fluctuating exchange rates, 
the scarcity of certain specific professions 
and availability of alternative raw materials, 
the granting of licences/permits and 
epidemics. More details on the medium and 
long-terms risks are provided on page 45 
“Management of risk connected to non-
financial factors”.   
Buzzi Unicem’s managers and supervisors are 
supported in their risk assessment activities 
by the Internal Audit Department which 
acts as the independent supervisor of the 
management system but must also ensure 
that the system evolves. 
The Internal Audit Department reports 
to the Board of Directors and liaises 
continuously with the Director in charge of 
the Internal Control and Risk Management 
System, without prejudice to the mutual 
independence of the respective functions. 
The Board of Directors approves the group’s 
Audit Plan on an annual basis, having 
consulted the Board of Statutory Auditors 
and the Director in charge of the Internal 
Control and Risk Management System. 
To complete the annual control process, in 
the meeting for the approval of the Financial 
Statements, after receiving the approval of 
the Control and Risk Committee, the Board 
of Directors assesses the effectiveness and 
suitability of the Internal Control and Risk 
Management System. 
[  GOVERNANCE AND ETHICS  ]
MANAGEMENT OF RISK
CONNECTED TO 
NON-FINANCIAL FACTORS
Environmental risk linked to climate change.
Social Risk linked to injuries in our production sites.
Social Risk linked to a failure to involve stakeholders.
•	 Risk: damage to assets, reduced margins, business 
interruption, reduced competitiveness as a result 
of physical and transition risks as described in the 
section "Climate change, energy and CO2 emissions". 
•	 How Buzzi Unicem manages this risk:
-	 Code of Conduct which requires that everyone 
working for and with Buzzi Unicem complies 
with conduct which is conducive to sustainable 
development; 
-	 Climate Change Policy with the objective 
of reducing CO2 emissions in line with our 
decarbonisation roadmap; 
-	 Incentives to management to encourage them to 
reach the Group’s objectives; 
-	 Investments in research and development for the 
development of technologies for reducing CO2; 
-	 Involvement with industry associations in order to 
participate in the development of international and 
local policies.
•	 Risk: organisational shortcomings, production delays, 
reduced capacity to attract the best talent and 
reputational risks. 
•	 How Buzzi Unicem manages this risk:  
-	 Code of Conduct which requires that everyone who 
enters a Buzzi Unicem production site engages in 
safety-focused conduct; 
-	 Safety Policy with the aim of guaranteeing safe 
and healthy working environments for employees, 
suppliers, contractors and third parties; 
-	 Investments for the continual improvement of the 
safety conditions in our production sites; 
-	 Constant training in order to spread a common 
culture of safety based on safe conduct and 
compliance with laws and regulations; 
-	 Safe work plans to guarantee the proper functioning 
of daily operations.
•	 Risk: authorisation processes obstructed by hostile 
groups, reputational repercussions that could extend 
to operating licences being limited. 
•	 How Buzzi Unicem manages this risk: 
-	 Code of Conduct which requires that everyone 
working for and with Buzzi Unicem complies with 
conduct which is conducive to the transparent 
exchange of information;
-	 Stakeholder Engagement Policy which aims to 
involve key stakeholders in a regular and continuous 
dialogue over time; 
-	 Continuous training of Buzzi Unicem staff 
to encourage openness, dialogue and local 
networking;
-	 Shared projects and partnerships with local 
stakeholders, in the areas we operate in, with the 
aim of creating lasting value over time; 
-	 Regular opening of production sites and offering the 
skills, time and operational culture of our staff to 
the service of local communities.
[  CORPORATE GOVERNANCE  ]
45
Visitors at the Built inauguration, Vercelli, Italy.

47
46
BUSINESS
INTEGRITY
TRANSPARENCY IN THE CONDUCT OF 
BUSINESS
Buzzi Unicem is committed to conducting 
its business in accordance with the laws 
and regulations of the countries in which 
it operates. In pursuing financial success, 
Buzzi Unicem's companies are focused on 
integrity and propriety in all their activities. 
In recent years, there has been a specific 
focus on corruption and conflict of interest 
issues, in line with the Code of Conduct.
The Audit Plan covers all countries where 
Buzzi Unicem operates except Russia 
where, as a result of the ongoing conflict, 
all involvement in the operations of active 
group companies has been discontinued. 
The 2022 Audit Plan involved operational 
audits in production sites (cement and 
concrete plants) as well as compliance 
audits in the Head Offices. The Plan 
covered the entire perimeter of countries 
in which the Group operates with different 
assessments based upon the degree of 
country risk and the sector risk and it was 
88% completed.
As well as operational audits, there can 
be unplanned audits that may occur 
either at the request of the management 
or following whistleblower reports. For 
Moreover, in order to harmonise the 
anticorruption measures adopted in the 
various Countries, the parent company 
issued the document “Guidelines for 
anticorruption training”. These guidelines 
were circulated amongst all the Group's 
subsidiaries in Italy and abroad for the 
local management to organize training 
courses for managers and employees 
operating in areas where there is a risk of 
corruption.
In 2022, Italy, Germany, Netherlands, 
Luxembourg, Ukraine, Russia, Poland, Czech 
Republic and the United States organised 
training activities on anti-corruption issues 
that involved a total of 963 employees, 
representing approximately 10% of the 
Group’s employees.
In 2022, as in the previous years, no 
corruption cases were identified within the 
activities of the Group.
ANTITRUST
In Italy, in accordance with the Guidelines 
on Antitrust Compliance adopted by the 
Competition and Market Supervisory 
Authority, an Antitrust Compliance Officer 
was appointed and an Antitrust Compliance 
Program was adopted.
The Antitrust Compliance Officer has a 
key role in stimulating innovative and 
pro-competitive conduct and contributing 
to reinforcing a culture of antitrust 
compliance and lawfulness within the 
company. 
The Officer is also independent, has 
suitable resources and instruments and 
reports directly to the Chief Operations 
Officer. 
The Antitrust Compliance Program 
was designed to promote a permanent 
ethical culture of antitrust soundness 
and therefore aims to acknowledge the 
years, the Company has had an internal 
reporting system in place for employees to 
report possible irregularities or breaches to 
applicable laws using a procedure that has 
also been applied by its foreign subsidiaries. 
All reports that submitted by employees 
are evaluated and examined by the local 
Internal Audit team under the supervision 
of the parent company’s Internal Audit 
Department.
During the course of 2022 we received 21 
whistleblower reports, of which 5 turned 
out to be reliable and resulted in immediate 
corrective actions.
ANTI-CORRUPTION
Buzzi Unicem considers corruption to 
be a significant obstacle to sustainable 
development, economic growth and free 
competition. This is why it prohibits and 
does not tolerate any form of corruption.
The parent company has issued the 
document “Guidelines for Customer Loyalty 
Measures and Gifts Management” with 
the aim of defining uniform rules, for all 
employees of the group, for the acceptance 
and offer of customer loyalty measures 
and gifts. These guidelines were sent to all 
subsidiaries in Italy and abroad, who were 
asked to implement them locally.
value of competition as an integral part 
of the culture and corporate policy and 
a continuous and lasting commitment of 
adherence to the plan. 
Moreover, as we had already done in 
Germany, Luxembourg, Netherlands, 
Czech Republic, Slovakia, Poland and 
Ukraine, in Italy we have adopted 
a database to enable the constant 
monitoring, assessment and documenting 
of contacts with competitors in order 
to identify and manage potential risks. 
Employees most exposed to contacts 
with competitors are required to register 
in a database all contacts they have with 
competitors.
The parent company has updated in 2019 
the “Directives concerning conduct for 
employees of the Buzzi Unicem Group 
for compliance with laws protecting 
competition” (Antitrust Code). This 
document was sent to the Group's foreign 
companies who disseminated it among their 
staff. 
In Italy, three training courses on antitrust 
issues were held in 2022 for a total of 66 
participants.
In Germany, courses were held for sales 
personnel in the cement and concrete 
sector, and all new employees are also 
required to take an e-learning course on 
antitrust issues that is prepared by the Legal 
Department. A total of 158 employees were 
trained during 2022.
In the US, the training took place via 
an e-learning platform and involved 89 
employees.
PENALTIES
No significant penalties were paid during 
2022.
Please refer to Additional Note 49 to the 
Consolidated Financial Statement for 
information on ongoing legal disputes. 
[  BUSINESS INTEGRITY  ]
[  GOVERNANCE AND ETHICS  ]

49
48
TAX 
MANAGEMENT
APPROACH TO TAXATION 
In accordance with the principles of ethics, 
transparency and legality of the Code of 
Conduct adopted on 7 February 2019, Buzzi 
Unicem SpA defined the “Group Tax Policy” 
with a resolution dated 5 November 2021 
in order to ensure a uniform management 
of taxation. The subsidiaries subsequently 
formalised their adoption of the same with 
similar resolutions. 
The document is published on the corporate 
website www.buzziunicem.com. 
The Policy is based on the following 
principles: 
-	 awareness that financial contribution, 
in terms of correct payment of taxes and 
duties in the various countries in which the 
Group operates, represents a prerequisite 
for the development and prosperity of the 
respective economies;
-	 formal and substantial compliance of tax 
practices with the various applicable laws 
as well as timely fulfilment of the resulting 
financial obligations; 
-	 careful calculation of transfer prices and 
collaboration with the competent tax 
authorities through a request, where 
possible, to apply mutual cooperation 
agreements between States, in 
accordance with OECD rules; 
In order to protect the interests of the 
Company and its shareholders, the correct 
application of tax rules does not exclude 
the legitimacy and need to protect, 
including through litigation, reasonable 
interpretations which may differ from the 
guidelines of competent tax authorities.  
Buzzi Unicem pursues transparency 
and fairness in its relations with the tax 
-	 transparency in disclosures to all 
stakeholders, with a detailed illustration 
of most relevant tax disputes in a 
dedicated section of the consolidated 
and statutory Buzzi Unicem financial 
statement. 
These principles must be adhered to in 
order to guarantee over time the primary 
interest of creating value for shareholders 
and safeguarding corporate assets, given 
that taxes constitute a significant burden 
and that incorrect monitoring of this cost 
can create risks of even more significant 
penalties. 
INTEGRATING THE TAXATION APPROACH 
THROUGHOUT THE ORGANISATION 
All Group companies must comply with 
the tax legislation in force in the various 
countries in which Buzzi Unicem operates, 
observing its letter and the underlying 
logic, in line with the purpose that the 
regulations intend to pursue. 
Any uncertainties in the application 
of tax rules must be resolved through 
reasonable interpretations inspired by the 
principle of legality, seeking independent 
professional advice, if necessary, and 
through consultation with the competent 
tax authorities. 
authorities, ensuring full cooperation 
during inspections and complete and timely 
responses to all requests. Intra-group 
transactions are settled, for tax purposes, 
on the basis of market prices, as outlined 
in the OECD Guidelines and are illustrated 
in the specific documentation “Transfer 
Pricing Documentation and country-by-
country Reporting”. 
[  TAX MANAGEMENT  ]
[  GOVERNANCE AND ETHICS  ]
Concrete seat, Karlsruhe subway, Germany.

51
50
A CORPORATE CULTURE 
CHARACTERISED BY VALUES 
OF HONESTY, TRANSPARENCY 
AND LEGALITY 
TAX GOVERNANCE, CONTROL AND 
MANAGEMENT OF RISK 
The Board of Directors has the task of 
supervising Company operations, in 
strict compliance with the principles of 
the Code of Conduct and the Group “Tax 
Strategy”. For the Group companies, this 
supervision is entrusted to the highest 
specific governance body of the respective 
subsidiaries, who are also required to 
comply with the above guidelines. 
The activity of the tax department 
(procedures and statements) is subject to 
external audits at an individual entity level 
on an at least annual basis. 
The most significant tax risks are included 
in the Group's Enterprise Risk Management 
of a specific report for the attention of 
senior executives so that the necessary 
corrective actions can be taken. 
STAKEHOLDER ENGAGEMENT  
Buzzi Unicem maintains correct and 
transparent relations with the competent tax 
authorities, in line with the approaches the 
company considers most appropriate in its 
dealings with all authorities in the countries 
in which it operates; Buzzi Unicem believes 
this collaborative approach also helps 
reduce tax risks and prevents reputational 
damage. With this in mind, the Company 
intends to continue to increase its focus 
on the system for detecting, measuring, 
managing and controlling tax risks (the 
risk of infringements of tax regulations or 
system and are monitored every six months. 
Since 2016 Buzzi Unicem and its subsidiaries 
have also adopted a whistleblowing policy 
to identify criticalities in terms of unethical 
or illegal conduct in all areas of compliance 
with regulations or provisions, including for 
tax issues. 
The policy identifies the senior 
executives to whom letters or reports 
from whistleblowers must be sent and 
defines the procedures for subsequent 
investigations, in conformity with the 
applicable national legislation for the 
processing of personal data and in order 
to protect whistleblowers in good faith. In 
the event of a whistleblowing letter being 
confirmed, the policy envisages the issuing 
conduct which is contrary to the principles of 
the tax system). 
Buzzi Unicem participates actively in the 
activities of its general trade associations 
that represent and protect the technical 
and economic interests of the sector with 
institutions as well as public and private 
bodies and organisations, by promoting 
disclosure and information to the public and 
through their commitment to sustainability. 
To ensure the utmost transparency of 
its disclosures with all categories of 
stakeholders, Buzzi Unicem dedicates a large 
section of its individual financial statement 
and in the Consolidated Group Financial 
Statement to a detailed illustration of the 
main tax disputes it is involved in in the 
various countries in which it operates.  
COUNTRY-BY-COUNTRY REPORTING 
The report relating to the different tax 
jurisdictions in which the Group operates 
concerns all entities that are directly or 
indirectly controlled by Buzzi Unicem SpA 
and included in its Consolidated Financial 
Statement, as well as the parent company 
Fimedi SpA and the sub-holding company 
Presa SpA. The figures shown in the appendix 
(on pages 98-99) are taken from the Country 
by Country Report the group is required to 
file to the Italian tax authority, on behalf of 
the parent company Fimedi SpA, pursuant 
to EU Directive 216/881 of 25/05/2016, as 
implemented in Italy by article 1, paragraphs 
145 and 146 of Law 28/12/2015 n. 208 (2016 
Stability Law). 
The figures included in the Report are 
prepared in accordance with the IFRS 
international accounting principles and come 
from the Consolidated Financial Statements, 
which are audited by external parties every 
year. Please note that entities subject to joint 
control are excluded from the report and 
that Buzzi Unicem does not operate through 
permanent establishments.
[  TAX MANAGEMENT  ]
[  GOVERNANCE AND ETHICS  ]
Extendable barge loading system, Bennet Lake quarry, United States.

Environmental aspects
Climate change, energy and CO2 emissions	
54
Circular economy	
72
Environmental protection	
76
Taxonomy	
80
New maritime lock at Ijmuiden (Netherlands) built with Dyckerhoff cement and concrete.

55
54
CLIMATE CHANGE, 
ENERGY AND CO2 
EMISSIONS
Physical risks resulting from climate change 
can be determined by extreme (acute) 
events or long-term (chronic) changes. 
Transition risks arise from the adoption 
of policies introducing or tightening 
production and/or market constraints. 
Depending on their nature, the above-
mentioned risks may have different impacts. 
These can be reputational or financial or 
related to production and competitiveness. 
In 2022, the project initiated by Buzzi 
Unicem with the support of an external 
specialist to assess and quantify 
specific risks arising from climate 
change, was completed. In line with the 
recommendations of the TCFD and the 
European Taxonomy, the work considered 
both physical and transitional risks.
The project, which was approved by the 
CEOs, was conducted by a working group 
and saw the contribution of various staff 
within the company. First, a preliminary 
analysis was conducted based on the 
literature to identify scenarios against 
which to assess relevant climate-related 
risks for the cement industry, and 
determine how to quantify these. This 
preliminary analysis was supplemented 
with a benchmarking exercise to check 
how Buzzi Unicem's approach compares to 
other large companies. Subsequently, an 
initial screening of relevant physical and 
transitional risks was carried out by means 
of a structured questionnaire. In addition, 
information was collected on the damage 
caused by past extreme events related to 
climatic factors (e.g. floods, heavy rainfall, 
Buzzi Unicem is committed to climate change mitigation and for this 
reason it is important to assess the associated risks and opportunities. 
To do this, we followed the recommendations of the Task Force on 
Climate-Related Financial Disclosures (TCFD), which divides climate-
related risks into two main categories: physical risks and transition risks.
[  ENVIRONMENTAL ASPECTS  ]
ASTM C595 Type 1L (PLC) cement pallets stacked in the warehouse at the Chattanooga plant, United States.

57
56
etc.), which allowed us to understand 
which risks needed to be investigated. 
In accordance with the guidelines of the 
TCFD and considering the uncertainties 
associated with long-term time horizons, 
we considered two different scenarios: one 
with continuously increasing CO2 emissions 
throughout the 21st century (4°C scenario) 
and one with CO2 emissions decreasing 
to zero by 2100 (1.5°C scenario). The 
scenarios were developed by considering 
climate projections developed by the 
Intergovernmental Panel on Climate Change 
(IPCC), data from the International Energy 
Agency (IEA), and decarbonisation targets 
set or announced by national policies. The 
4°C scenario was particularly relevant for 
physical risks, while the 1.5°C scenario was 
particularly relevant for transition risks. 
The potential impacts of climate change 
were assessed by considering different time 
horizons: short-term (up to 2025), medium-
term (2030) and long-term (2040-2050). 
PHYSICAL RISKS
The analysis of physical risks took into 
account those listed in the Taxonomy (Reg. 
852/2020/EU and its delegated acts), the 
European regulation that, as also described 
on page 80, provides criteria for classifying 
certain economic activities, including 
the cement industry, as environmentally 
sustainable. The study identified the most 
relevant acute and chronic physical risks, 
according to the geographical location 
of each site and assessed their potential 
damage.
A PROJECT TO ASSESS 
AND QUANTIFY SPECIFIC 
RISKS ARISING FROM 
CLIMATE CHANGE
SIGNIFICANT RISKS
POTENTIAL IMPACT
IN FINANCIAL TERMS AND TIME 
HORIZONS
MANAGEMENT OF 
AND RESPONSE TO THE RISK
Acute risks
Buzzi Unicem plants are located in several 
geographical areas, some of which are 
potentially exposed to extreme weather 
events (e.g. floods).
Climate change could lead to an increase in 
the level and extent of flooded areas, thereby 
increasing the risk of material damage.
Besides causing direct damage to 
the affected assets, an increase 
in the level and extent of floods 
could also lead to a reduction in 
production and margins. These 
risks may become significant in the 
short, medium and long term.
The Group carried out a flood 
risk assessment by identifying 
the facilities considered to be at 
risk and quantifying the property 
damage and potential interruption 
of operations. In facilities where 
the risk of flooding was found to 
be significant, prevention and 
mitigation plans are adopted.
Chronic risks 
In several regions of the world, water 
availability may decrease due to climate 
change. This could have an impact on the 
production process.
This risk can become significant in areas 
of high water stress, where the ratio of 
total water withdrawals to available water 
supplies is greater than 40% (according to 
the Aqueduct Water Risk Atlas of the World 
Research Institute - WRI). Currently, only a 
few of Buzzi Unicem's production plants are 
located in water-stressed areas, but this is set 
to change in the future, both in the medium 
and long term. In a pessimistic scenario (WRI 
Aqueduct), the number of installations in 
water-stressed areas could double by 2030. 
Chronic risks due to changing temperature 
and precipitation patterns were considered 
triggers for the risks described above.
Plants located in water-stressed 
areas may face water shortages, 
and therefore suffer production 
interruptions and reduced margins.
These risks may become significant 
in the medium and long term.
In order to cope with risks related 
to water conservation and 
quality, Buzzi Unicem monitors 
its consumption and adopts 
systems for collecting, treating 
and recirculating rainwater and/or 
washing water in all its industrial 
plants regardless of the risk they 
are exposed to currently or in the 
future.
All plants adopted the Group's 
guidelines for monitoring and 
reporting on withdrawals, 
discharges and consumption from 
2020.
[  CLIMATE CHANGE, ENERGY AND CO2 EMISSIONS  ]
[  ENVIRONMENTAL ASPECTS  ]
Concrete road in Tennessee, realized with Buzzi Unicem USA cement.

59
58
TRANSITION RISKS 
Cement production involves significant 
emissions of CO2 which is a greenhouse 
gas. In Europe, the Group is subject to the 
obligations of Emissions Trading System, 
which already provides for a substantial 
reduction in emissions and could be further 
tightened in the future. In other areas of the 
world, emission taxation systems are being 
assessed. 
The fact that approximately 60% of CO2 
emissions in the sector do not come from the 
use of fossil fuels, means the cement sector 
is classified as a “hard to abate” sector. New 
technologies must therefore be evaluated in 
order to achieve climate neutrality, including 
CO2 capture, storage and reuse. Many of these 
technologies are still at an experimental stage 
and may, in the future, present technical 
obstacles in terms of their implementation 
inside factories and the unavailability of the 
necessary infrastructure outside factories.
Among the emission reduction measures the 
Group has put in place, the risk associated 
with the production of cements with lower 
clinker content stems from the fact the 
market may not be quick enough in accepting 
these products.
ESG and climate-related risks are being 
progressively included in Buzzi Unicem's Risk 
Management System. This is inspired by COSO 
guidelines and designed to assess, detect 
and mitigate significant risks. The system 
ensures adequate management of risks that 
could prevent the company from achieving its 
objectives.
[  ENVIRONMENTAL ASPECTS  ]
[  CLIMATE CHANGE, ENERGY AND CO2 EMISSIONS  ]
SIGNIFICANT RISKS
POTENTIAL IMPACT
IN FINANCIAL TERMS AND TIME 
HORIZONS
MANAGEMENT OF 
AND RESPONSE TO THE RISK
Technological Risks
As mentioned above, the current state 
of development of key technologies for 
decarbonisation in the sector presents 
uncertainties that could pose significant 
challenges in the implementation phase. In 
particular, the absence of support from policy 
makers (legislative framework, incentives, 
adequate infrastructure) may represent a risk.
Reduction of margins 
resulting from the incomplete 
implementation of technological 
solutions for decarbonisation 
(e.g. Carbon Capture Utilisation & 
Storage), adoption of alternative 
energy sources, reduction of the 
clinker/cement ratio. These risks 
may become significant in the long 
term.
The company participates as an 
industrial partner in national and 
international research projects, 
contributing to the development 
of new materials and technologies 
and the creation of knowledge 
networks with excellent facilities 
in the field of scientific research. 
One example is the European 
Commission-funded 'Cleanker' 
project to test a CO2 capture pilot 
plant.
Market and Reputational Risks
To date, some decarbonisation options in 
the sector are limited by existing regulations 
or the demands of a market that is still not 
sensitive to climate-related issues. This could 
slow down our path to Net Zero.
At the same time, in the long term, the 
transition to a low-carbon economy could 
lead to an increased use of alternative 
building materials to cement and concrete. 
Consequently, the slowdown in the 
decarbonisation process and the emergence 
of alternative products could negatively affect 
the market’s perception of our commitment.
To date, the market shift towards 
other construction materials and 
potential reputational risk are 
not considered likely to lead to 
a significant financial impact for 
Buzzi Unicem.
Buzzi Unicem is constantly 
striving to make customers and 
the entire value chain aware of 
the characteristics of low-carbon 
products. The Group's research and 
development activities contribute to 
the identification of new materials 
and technologies for significant CO2 
reduction. Furthermore, through 
its participation in national and 
international associations, the Group 
promotes the neutrality approach of 
building materials through life cycle 
assessments (LCA). 
Buzzi Unicem is constantly striving 
to transparently and effectively 
communicate its commitments, 
efforts and information on the subject 
to all stakeholders.
SIGNIFICANT RISKS
POTENTIAL IMPACT
IN FINANCIAL TERMS AND TIME 
HORIZONS
MANAGEMENT OF 
AND RESPONSE TO THE RISK
Policy & Legal Risks
As a global company, Buzzi Unicem is exposed 
to risks of changing policies and regulations 
in various countries. The introduction or 
further tightening of policies to reduce CO2 
emissions, such as emissions trading or 
taxation systems, could lead to a significant 
increase in operating costs and a potential 
need for production rationalisation. 
Reduced margins or loss of 
competitiveness leading to 
potential site closures. These risks 
may become significant in the 
medium and long term.
Through its trade associations, 
the Group monitors the evolution 
of policies and regulations 
in the geographical areas in 
which it operates. Buzzi Unicem 
recognises the importance of 
the commitments made by the 
international community to limit 
climate change and has adopted 
a specific policy and medium-long 
term plan (roadmap) to reduce 
its CO2 emissions and achieve Net 
Zero by 2050.

61
60
CONSUMPTION OF THERMAL AND 
ELECTRICAL ENERGY 
Production of cement requires a significant 
use of thermal energy. To produce clinker, 
the main constituent of cement, kilns need 
to reach a temperature of approximately 
1450°C. Energy consumption is influenced 
by kiln technology and production 
continuity. In 2022, specific consumption 
was 4,084 MJ/ton of clinker, which 
represents a slight reduction compared to 
the result for 2021 (4,106 MJ/ton of clinker). 
Buzzi Unicem continues to pursue the 
greatest possible use of alternative fuels in 
place of fossil fuels. In particular, these are 
fuels deriving from waste material, many of 
which have a significant content of biomass 
considered neutral for CO2 emissions 
purposes. 
The use of secondary fuels is recognised 
within the European Union as a BAT (Best 
Available Technique) for the cement 
industry, and is one of the pillars of the 
circular economy. This generates three 
main advantages: it lowers fossil fuel 
consumption, reduces CO2 emissions based 
on the content of biomass, and eliminates 
the need to dispose of the waste these fuels 
derive from. The average figure in 2022 for 
the Group in terms of thermal substitution 
was 29.9%, which is higher than the level 
in 2021 (27.8%). Levels in the United States 
(21.2%) and Poland (69.4%) improved; in 
the Czech Republic, the figure was 79.2% 
and in Germany it remained above 70%. 
The contribution of energy from biomass in 
2022 increased to 7.6% of the total energy 
consumed (from 7.1% in 2021). 
As well as thermal energy, the production 
of cement requires electrical energy. In 
2022, electrical energy requirements 
accounted for 11.6% of total energy with the 
percentage of this coming from renewable 
sources (certified and non-certified) equal 
to 11.5% (i.e. 1.3% of total energy). Specific 
consumption of electrical energy in 2022 
results 121kWh/t of cementitious product, 
a value in line with the 2021 result. Total 
energy consumption, compared to last year, 
was down due to reduced production in 
Ukraine. 
Biomass is considered to be any substance of an organic animal or 
vegetable matrix that has not undergone any fossilisation process 
and which can be used to produce energy. 
CO2 emissions from biomass are considered neutral because they 
are offset by an equivalent absorption by the organic matrix in a 
relatively short timeframe.
[  CLIMATE CHANGE, ENERGY AND CO2 EMISSIONS  ]
[  ENVIRONMENTAL ASPECTS  ]
Zapa Beton batching plant, Czech Republic.

63
62
Festus plant (Missouri), United States.
GREENHOUSE GASES EMISSIONS 
In the cement production process most of 
the CO2 is generated during the production 
of the clinker. Its synthesis takes place 
within rotary kilns where a mix of dosed and 
mixed minerals is progressively heated at a 
temperature of up to 1450°C. 
The most significant share of total CO2 
emissions from the production process 
of cement comes from so-called direct or 
scope 1 CO2.
Approximately 2/3 of the direct CO2 comes 
from the decarbonation of limestone, the 
main raw material used to produce Portland 
clinker; the remaining 1/3 is attributable to 
combustion required to reach the necessary 
temperature in the kilns. Direct CO2 can 
be expressed as a gross or net quantity 
based on the approach used to record the 
CO2 emission of so-called alternative fuels, 
which are commonly used in the cement 
industry in place of traditional fossil fuels. 
Depending on the type of waste they 
come from, these fuels can have a more 
or less significant quantity of biomass. 
Direct emissions are considered gross if 
they include the fossil component of the 
alternative fuel. The CO2 from the biomass 
component is not recorded since it is 
considered neutral for climate purposes. On 
the other hand, emissions are considered 
net if all the CO2 from the alternative 
fuel - from both the fossil and biomass 
component - is not recorded.
A second portion of CO2 emissions derives 
from the electrical energy used in the 
production process for cement: this is 
Thermal energy
2020
2021
2022
Thermal energy consumption
TJ
-
101,289
92,605
Specific thermal consumption 
MJ/t clinker
4,138
4,106
4,084
Thermal substitution
%
29.2
27.8
29.9
Electric energy
2020
2021
2022
Electrical energy consumption
TJ
-
14,318
12,152
Electrical energy from renewable sources
%
-
9.8
11.5
Specific electricity consumption
kWh/t
cementitious product
123
122
121
5
10
15
%
20
25
0
PERCENTAGE BREAKDOWN OF ENERGY CONSUMPTION BY TYPE AND SOURCE (2022)
Total energy consumption (thermal and electrical) was 104,757TJ (115,607TJ in 2021)
30
Thermal energy
Electrical energy
% of biomass.
% of electrical energy from renewable sources (certified and non-certified).
Pet coke
Coal +
Anthracite
Lignite
Heavy
combustible
oil
Natural
gas
Diesel
(not for
transport)
Diesel
(for
transport)
Other
fuels
Fuel from
waste
Electrical
energy
24.4
12.1
4.2
20.6
0.6
0.1
7.6
18.3
1.3
10.3
0.2
0.2
[  CLIMATE CHANGE, ENERGY AND CO2 EMISSIONS  ]
[  ENVIRONMENTAL ASPECTS  ]

65
64
Buzzi Unicem shares the goal of achieving 
climate neutrality by 2050 in line with the 
stated aim of the Cembureau and GCCA 
associations, where Buzzi Unicem is an 
active participant. 
In 2022, the clinker/cement ratio was 78.2% 
(80.2% in 2021). The biomass content of 
alternative fuels has allowed us to avoid 
reporting 550 thousand tons of emissions 
of CO2. In the diagram below CO2 emissions 
in 2022 can be seen to be lower than in 
2021 (-1,931 thousand tons of CO2). Part 
of this reduction (-1,385 thousand tonnes 
of CO2) is due to lower production, but 
a portion (-546 thousand tonnes of CO2) 
is attributable to improved production 
efficiency.  The main contributing factor 
to this improved production efficiency is 
the reduction of the clinker/cement ratio in 
almost all countries.
known as indirect CO2 or scope 2 because 
it takes place in electrical power plants as 
opposed to cement plants. 
A third portion of CO2 emissions (indirect 
scope 3) derives mainly from the extraction 
and production of materials and fuels used 
in the factory, the delivery of products to 
customers, outsourced activities, transport-
related activities with non-company 
vehicles, etc.
The following table shows the level of CO2 
emitted in the period 2017-2022 at the Group 
level, including the distinction between 
gross and net emissions.
Greenhouse gases emissions
2017(3)
2018(3)
2019(3)
2020
2021
2022
Absolute gross scope 1 CO2 emissions (1)
t/000
19,759
19,462
19,944
19,700
20,623
18,692
Absolute net scope 1 CO2 emissions (2)
t/000
-
-
18,448
17,995
18,933
17,034
Absolute scope 2 CO2 emissions
t/000
1,494
1,639
1,704
1,621
1,563
1,526
Specific gross scope 1 CO2 emissions
kg/t
cementitious product
700
697
688
694
689
664
Specific net scope 1 CO2 emissions
kg/t
cementitious product
-
-
637
634
633
605
Absolute scope 1 CO2 emissions from on-site 
power generation
t/000
-
-
-
-
-
24
(1) 	gross scope 1 CO2: emissions of CO2 that come from fossil fuels plus those deriving from the fossil component of alternative fuels.
(2) 	net scope 1 CO2: emissions of CO2 deriving from the use of fossil fuels only (alternative fuels are not considered).
(3) 	For the sake of completeness, 2017-2019 data have been recalculated following the inclusion of three plants in the scope following the application of the ETS methodology 
in all group countries and the extension of fuel-related data collection according to GNR.
605
NET
kg/t cementitious product
SPECIFIC SCOPE 1
CO2 EMISSIONS
COMPARISON OF GROSS CO2 SCOPE 1 EMISSIONS 2021-2022
17,500
18,000
18,500
19,000
19,500
20,000
20,500
CO2 2021
CO2 2022
21,000
-1,385
-546
18,692
20,623
VOLUME
EFFICIENCY
thousands of tons of CO2
[  ENVIRONMENTAL ASPECTS  ]
664
GROSS
kg/t cementitious product
Worker in the Sete Lagoas quarry, Brazil.
Quarry operations, Festus plant (Missouri), United States.
In 2017, Buzzi Unicem announced a target to 
reduce its specific CO2 emissions by 5% by the 
end of 2022, with country-specific reduction 
initiatives.  
THANKS TO OUR EFFORTS, ESPECIALLY IN 
THE PAST YEAR, WE CAN CONFIRM THAT THIS 
REDUCTION TARGET HAS BEEN ACHIEVED.

67
66
CO2 gross emissions scope 1: absolute variations (t) compared to 2021 
CO2 gross emissions scope 1: variations (t) due to volumes compared to 2021 
CO2 gross emissions scope 1 variations (t) due to efficiency compared to 2021
The diagrams below show contributions to CO2 emissions from each individual country and the ETS and non-
ETS areas as absolute values and in relation to production volumes and efficiency.
[  CLIMATE CHANGE, ENERGY AND CO2 EMISSIONS  ]
[  ENVIRONMENTAL ASPECTS  ]
200
0
-200
-400
-600
-800
-1,000
-1,200
ITA
GER
LUX
POL
ETS countries
non-ETS countries
CZE
TOT ETS
AREA
RUS
UKR
USA
TOT non-ETS
AREA
thousands of tons of CO2
-1,400
200
0
ITA
GER
LUX
POL
CZE
RUS
UKR
USA
-200
-400
-600
-800
-1,000
-1,200
ETS countries
non-ETS countries
TOT ETS
AREA
TOT non-ETS
AREA
thousands of tons of CO2
-1,400
200
0
ITA
GER
LUX
POL
CZE
RUS
UKR
USA
-200
-400
-600
-800
-1,000
-1,200
ETS countries
non-ETS countries
TOT ETS
AREA
TOT non-ETS
AREA
thousands of tons of CO2
-1,400
Limestone and marl storage, Chattanooga plant (Tennessee), United States.

69
68
 OUR DECARBONIZATION
 ROADMAP
Our Roadmap is a long-term plan 
for decarbonization, in line with the 
decarbonization goals set in the European 
New Green Deal. Different levers, with 
different deployment times and intensity, 
are foreseen to have the direct or indirect 
consequence of reducing Scope 1 
and Scope 2 CO2 emissions. 
The 2050 final goal is net zero. Moreover, to 
monitor our decarbonization trajectory we 
have set an intermediate goal to reduce our 
specific Scope 1 net emission below 500kg 
CO2/t of cementitious product by 2030.
agreements would allow the consolidation 
within the perimeter of Buzzi Unicem before 
the intermediate term of the Roadmap. 
Production data include grey clinker only 
(standard and oil well) which represent more 
than 99% of the total clinker production, 
and all cements/binders formulated with it.
Our Roadmap contains commitments and 
forward-looking statements based on 
assumptions and estimates. Even if the 
company believes that they are realistic 
and formulated with prudential criteria, 
factors external to its will could limit 
their consistency (or precision, or extent), 
causing even significant deviations from 
expectation. The Company will update 
its commitments and forward-looking 
statements according to the actual 
performance and will give an account of the 
reasons for any deviation.
More specifically, these are some main 
conditions that may influence our path to 
decarbonization:
•	 for Carbon Capture and Storage 
infrastructures we envisage a fruitful 
cooperation of different actors in order to:
-	build and manage the CO2 transport 
network;
-	identify storage or reuse sites (e.g. biofuel 
production);
The roadmap has been developed 
considering all companies being part of 
the scope of consolidation, excluding the 
Russian ones, due to the current termination 
of operational control, and including the 
Brazilian joint venture whose shareholder 
-	gain the acceptance by the public 
opinion;
-	obtain adequate support from the 
government.
•	 We assume that clinker substitutes (slag, 
pozzolan, fly ash, etc.) remain available 
and at competitive costs.
•	 Up to 2030, our production scenario 
takes into account the market forecasts 
provided by individual countries and we 
assume an increase of between 5 and 10% 
between 2030 and 2050 compared to 2021.
•	 We expect institutional support in 
permits and specific authorizations to 
facilitate the use of alternative fuels 
and the implementation of innovative 
technologies.
•	 We expect a greater availability of 
electricity from renewable sources: our 
roadmap considers decarbonization 
plans announced at national level for 
the electricity sector, which envisage the 
progressive use of renewable sources and 
for the residual share of production with 
fossil fuels the use of CO2 capture and 
storage. 
We are actively involved, also through 
sectorial associations, in developing 
favourable conditions to reach the Roadmap’s 
goals. 
[  ENVIRONMENTAL ASPECTS  ]
[  CLIMATE CHANGE, ENERGY AND CO2 EMISSIONS  ]
<500
kg/t cementitious product
SPECIFIC SCOPE 1
CO2 EMISSIONS
2030 TARGET
NET
Solar panels, Alamo plant (Texas), United States.

71
70
CO2 REDUCTION LEVERS
Our Roadmap is built on all the levers 
recognized for our sector, with reference to 
regional and global associations roadmaps.
•	 Efficiency in concrete production and 
design & construction: A more efficient 
use of cement in concrete and of concrete 
in design & construction leads to fewer 
emissions.
•	 Clinker content in cements: Clinker is the 
constituent of cement whose production 
entails almost all the emitted direct CO2. 
Producing cements with lower clinker 
content is therefore a way to reduce CO2 
emissions.
•	 Savings in clinker production: CO2 
savings can be achieved through lower 
thermal energy consumption, waste heat 
recovery, use of alternative fuels with 
biomass content and of fossil fuels with 
lower emission factor.
•	 Recarbonation: This lever consists in a 
well-known property of cement matrices 
of “reabsorbing” a part of the CO2 from the 
atmosphere due to a chemical reaction 
which leads to the formation of calcium 
carbonate.
•	 Decarbonization of electricity: We took 
into consideration the decarbonization 
plans announced by many countries 
which will use more and more renewable 
sources to produce electricity. We also 
foresee to produce electricity in our own 
installations from renewable sources.
•	 Carbon Capture, Usage and Storage: It 
is the lever to which the higher reduction 
is entrusted and it is also the one that 
requires the major investments both for 
us and for other subjects (private and 
public) in charge for the construction or 
adaptation of transport infrastructures, 
storage or possible reuse of CO2.
Efficiency in concrete production and design & construction
Saving in clinker production
Decarbonization of electricity
Saving in cement & binders
CCUS
Recarbonation
NET ZERO
2050 TARGET
Science Based Targets initiative 
(SBTi) is a collaboration between the 
Carbon Disclosure Project CDP (a non-
profit organization that manages the 
reporting scheme on environmental 
issues), the Global Compact, the World 
Resources Institute (WRI) of the United 
Nations and the World Wide Fund for 
Nature (WWF). 
SBTi defines and promotes best 
practices in identifying targets for 
reducing carbon dioxide emissions, 
independently certifying those set 
by companies. SBTi's validation team 
reviewed our scope 1 and 2 targets 
and determined that they are in line 
with a trajectory of containing global 
temperature rise well below 2°C. 
We are proud that, as part of our 
final "Net Zero" target by 2050, our 
interim targets for 2030 have been 
approved, placing us among the 
leaders in the transition to a "low 
carbon" economy.
The validation process, which ended in 
March 2023, represented, on one hand, 
an important moment of comparison 
and deepening of all the issues we 
addressed in describing and quantifying 
the decarbonization levers; on the 
other, a recognition of the integrity of 
our analysis, as well as an opportunity 
for exchange with SBTi for a constant 
improvement of our entire sector’s 
action on the urgent issue of containing 
the rise in temperatures.
[  ENVIRONMENTAL ASPECTS  ]
71
[  CLIMATE CHANGE, ENERGY AND CO2 EMISSIONS  ]

73
72
CIRCULAR 
ECONOMY
CONSUMPTION OF MATERIALS 
The natural raw materials used in the 
production of cement are limestones, marls, 
clays, shales, sands, iron and aluminium 
minerals, gypsums, and pozzolans. In 
compliance with the principles of a circular 
economy, in specific conditions, some of 
these materials can be replaced with waste 
material deriving from other industrial 
processes. Where there is not a complete 
reduction, reuse or recycling of waste and 
sub-products, the cement production 
process provides a more environmentally 
sustainable solution than waste-to-energy 
thanks to the full recovery of energy as 
well as the material. The advantages are 
even greater compared to incineration or 
disposal in dumps where there is no energy 
recovery and the residual material needs to 
be managed. Waste of steel processing and 
For the production of concrete, the raw 
materials used are essentially aggregates, 
(sand, gravel and coarse aggregate). 
Concrete too can provide a significant 
contribution to the circular economy. It 
is possible to replace part of the natural 
materials with non-natural aggregates, 
by-products of industrial processes, or 
recycled aggregates deriving from the 
recovery and subsequent treatment of 
demolition materials or concrete not cast 
in work sites and/or residues from concrete 
mixers that are removed before making a 
new load. In the table below there are two 
separate k/c values for concrete: the first 
refers to cement alone (the ratio between 
clinker and cement) and the second (which 
shows the ratio of clinker to cementitious 
product) also considers constituents that 
are added directly to concrete.
For the production of concrete in 2022, 
Buzzi Unicem used 433 thousand tons of 
recovered aggregates (432 thousand tons 
in 2021). The average cement content was 
301kg/m3 (298 kg/m3 in 2021).
production residues of sulphuric acid can 
be used instead of iron minerals; chemical 
gypsum obtained from the treatment of 
combustion gases from electrical power 
plants can replace natural gypsum; thanks 
to their hydraulic properties slag and fly 
ash can partially be used instead of clinker 
and pozzolans; contributing to a reduction 
of global C02 emissions. In 2022, the 
percentage of natural materials replaced 
for the production of binders stood at 9.4%, 
up slightly compared to the result for 2021 
(9.0%).
Considering also the replacement of fossil 
fuels with alternative fuels derived from 
civil or industrial waste, the company's 
contribution to process circularity is 
11.3%, calculated as a percentage of mass 
substitution of materials. 
[  CIRCULAR ECONOMY  ]
[  ENVIRONMENTAL ASPECTS  ]
Consumption of raw materials in cement
2020
2021
2022
Clinker/cement ratio 
%
80.9
80.2
78.2
Natural raw materials in cement and clinker
t/000
40,127
42,418
39,330
Non-natural raw materials in cement and clinker
t/000
3,997
4,182
4,059
Ratio of non-natural raw materials/total raw materials
%
9.1
8.97
9.4
Substitution rate of materials and fuels
%
11.0
10.8
11.3
Consumption of raw materials in concrete
Cement content in concrete
kg/m3
301
298
301
Clinker content in concrete
kg/m3
209
196
194
Cementitious product content in concrete
kg/m3
-
335
338
Ratio of clinker/cement in concrete
%
69.3
65.7
64.6
Ratio of clinker/cementitious product in concrete
%
62.5
58.4
57.5
Recovered materials and aggregates in concrete
t/000
372
432
433
 
194kg/m3
FOR CONCRETE 
PRODUCTION, THE CLINKER 
CONTENT IN 2022 WAS

75
74
[  ENVIRONMENTAL ASPECTS  ]
WASTE MANAGEMENT 
The cement production cycle generates two 
types of waste: 
•	 Dust from production process. These 
are dusts containing quantities of sulphur 
and chlorine that, if excessive, could 
alter the product characteristics. For this 
reason, they can be reintroduced into the 
production cycle in controlled doses. In 
Poland and the US, national laws restrict 
PRODUCT LIFE CYCLE (LCA/EPD) 
Measuring the environmental impact of 
products is the basis of the Green Public 
Procurement Policies around the world. 
The diffusion of procedures for quantifying 
the main environmental impacts relating to 
products or services in individual production 
phases (from the acquisition of raw materials 
to the end of the product life cycle, i.e. 
during the entire life cycle) has resulted in a 
greater interest for Life Cycle Assessments 
(LCA). Buzzi Unicem is able to conduct a 
the use of these dusts in the production 
process which results in a part having to 
be managed as waste. 
•	 Waste deriving from ordinary and 
extraordinary maintenance, laboratory 
activities and any demolitions 
activities. Given their origin it is possible 
for there to be a significant year-on-year 
variation that is not connected to the 
production process. Buzzi Unicem’s daily 
commitment is thus focused on increasing 
waste selection and differentiation. 
	
The value of the indicator for waste 
produced per ton of cementitious product 
in 2022 was 6.1kg (5.8kg/t of cementitious 
product in 2021). This value is affected 
significantly by the countries where dusts 
from the production process have to be 
managed as waste.
study on the life-cycle of all its concrete and 
thereby satisfy the requests of its customers, 
designers and public authorities who are 
increasingly requesting these assessments. 
To facilitate its availability, the company 
has successfully implemented a web tool 
for the Environmental Product Declaration 
(EPD) which in Italy is open and accessible 
to all customers architects and engineers 
interested in sharing the company's 
transparency process on the impact of 
materials and products.
THE PERCENTAGE OF WASTE 
RECYCLED IS
in 6 out of 8 countries 
>80%
Waste management
2020
2021
2022
Waste recovered
t/000
47.5
53.4
43.6
           of which dust from production process
t/000
-
16.4
15.9
Waste disposed
t/000
88.5
121.3
127.2
          of which dust from production process
t/000
-
107.2
115.0
Total weight of waste by type and disposal method
t/000
136.0
174.7
170.8
          of which dust from production process
t/000
-
123.6
130.9
Waste produced per ton of cementitious product
kg/t
cementitious product
4.8
5.8
6.1
          of which dust from production process
kg/t
cementitious product
-
4.1
4.6
Educational experience at the Guidonia plant quarry (Rome), Italy.

77
76
ENVIRONMENTAL
PROTECTION
WATER CONSUMPTION  
Water consumption in the cement 
technology cycle is mainly due to controlling 
the temperature of gases from the kilns, the 
quenching of the cement during grinding, 
cooling of engines and dust abatement. 
Consumption increases in production plants 
with wet-process kilns (Volyn and Yug plants 
in Ukraine and Suckhoi Log and Korkino 
in Russia) and semi-wet kilns (Greencastle 
plant in the United States). Buzzi Unicem 
monitors its consumption levels and uses 
systems for the collection, treatment and 
recirculation of rainwater and/or washing 
water in all its industrial plants, with the 
objective of increasing water efficiency 
by also increasing the quantity of water 
recovered from the production process. 
Although the specific water consumption 
in 2022 was 283 litres per tonne of 
cementitious product compared to 275 
in 2021, there was an increase in the 
percentage of rainwater withdrawals in total 
water used for industrial purposes. The ratio 
increased from 9.8% in 2021 to 11.3% in 
2022, corresponding to about 2.3 million m3 
(1.9 million m3 in 2021).
[  ENVIRONMENTAL PROTECTION  ]
[  ENVIRONMENTAL ASPECTS  ]
Water consumption in the production of cement
2020
2021
2022
Water withdrawn
m3/000
-
19,759
20,384
Water discharged
m3/000
-
11,520
12,420
Total water consumption
m3/000
8,597
8,239
7,964
      of which water consumed in water-stressed areas
m3/000
-
1,961
1,939
Specific water consumption
l/t 
cementitious product
303
275
283
Water recovered
%
29
-
-
Rainwater recovered
%
-
9.8
11.3
Water consumption in the production of concrete
Water withdrawn
m3/000
-
2,429
2,385
Water consumption
m3/000
1,418
1,470
1,450
Average water content in concrete
l/m3
-
170
174
Water withdrawn/production of concrete
l/m3
215
202
208
As part of the climate change risk 
assessment project (pages 54-59), sites in 
high water stress areas were identified. 
In 2022 these sites consumed 1,939 
thousand m3 of water.
Water stress involves the capacity, or 
otherwise, to satisfy human and ecological 
demand for water and is measured as a 
ratio between total water withdrawals and 
available water resources from surface 
and underground sources in a specific 
MANAGEMENT OF OTHER ATMOSPHERIC 
EMISSIONS AND LOCAL IMPACTS
Buzzi Unicem uses constant emissions 
monitoring systems (EMS) to measure the 
main pollutants such as nitrogen oxides 
(NOx), particulate matter, sulphur dioxide 
(SO2), and mercury (Hg). 
The use of EMS enables a precise monitoring 
of emissions by line managers who can at 
any moment view the data and promptly 
intervene in the process. Moreover, this 
represents a guarantee for supervisory 
bodies and other stakeholders interested 
area. Higher levels indicate a high level of 
competition in the procurement of water. 
Water is an essential ingredient for 
the production of concrete. This can 
partially come from recovery sources, 
such as rainwater or washing water. 
The ratio between the total quantity of 
water withdrawn from normal sources 
of procurement (groundwater, rivers, 
aqueducts) and total concrete production is 
208l/m3, compared 202l/m3 in 2021.
in having reliable and traceable data. With 
regard to the production of clinker in 2022, 
monitoring coverage is the following: dust 
at 65% (68% in 2021), NOx at 95% (same as 
2021), SO2 at 89% (85% in 2021) and Hg at 
46% (58% in 2021). 
In 2022, the average value for dust 
emissions fell to 33g/t clinker compared 
to 56g/t clinker in 2021. This improvement 
is influenced by reduced production in 
Ukraine. In Italy, Germany, Czech Republic 
and Poland average values remained less 
than 10g/t of clinker. 
Energy management technicians, Amöneburg plant, Germany.
THE AVERAGE 
WATER CONTENT IN 
CONCRETE WAS 
174 l/m3

79
78
With regard to nitrogen oxides (NOx), 
deriving from combustion in the clinker kiln 
system, the use of SNCR abatement systems 
using urea or ammonia solutions and 
new-generation Low-NOx burners, enables 
compliance with strict emission limits. In 
2022, the average value for Buzzi Unicem 
increased to 1,238g/t clinker (from 1,190g/t 
clinker in 2021) due to the increase in values 
in Ukraine and Russia. Italy, Germany, 
Luxembourg, Poland and Czech Republic 
had an emission factor of less than 1,000g/t 
clinker.
Sulphur dioxide (SO2) emissions comes 
from sulphur contents of natural resources 
and fuels. The average emission factor 
was 165g/t clinker (it was 160g/t clinker in 
2021). In Germany, Luxembourg, Russia and 
Ukraine emission levels remain below 40 g/t 
clinker. Finally, the average mercury (Hg) 
emission was 20 mg/t clinker (it was 18 mg/t 
clinker in 2021).
The environment and safety management 
systems implemented by Buzzi Unicem 
require periodic monitoring of noise 
emissions from its plants perceived 
from the outside. This activity enables 
the identification of any criticalities 
and the start of the respective targeted 
investments, with particular regard to 
cement plants situated near or within built-
up areas. 
In 2022, monitoring of noise emissions 
was carried out in 57% (45% in 2021) of 
the Group's production facilities (100% of 
sites in Italy, Czech Republic, Poland and 
Russia) and, following these monitoring 
activities, improvement interventions were 
carried out (e.g. installation of silencers and 
sound absorbing panels) for a value of more 
than €305,000 (€329,000 in 2021). The use 
of such systems, together with the use of 
appropriate Personal Protective Equipment 
(PPEs), can reduce the noise exposure of 
employees, internally and externally on site.
[  ENVIRONMENTAL ASPECTS  ]
Atmospheric emissions and noise
2020
2021
2022
Absolute emissions of dusts
t
910
1,365
733
Absolute emissions of NOx 
t
28,168
28,806
27,492
Absolute emissions of SO2 
t
4,280
3,866
3,671
Absolute emissions of Hg 
kg
470
446
438
Specific emissions of dusts
g/t clinker
40
56
33
Specific emissions of NOx
g/t clinker
1,224
1,190
1,238
Specific emissions of SO2
g/t clinker
186
160
165
Specific emissions of Hg
mg/t clinker
20
18
20
Continuous monitoring coverage for dusts
%
66
68
65
Continuous monitoring coverage for NOx
%
95
95
95
Continuous monitoring coverage for SO2
%
85
85
89
Continuous monitoring coverage for Hg
%
59
58
46
Monitoring coverage for noise
%
47
45
57
The production of cement and concrete 
uses significant quantities of natural 
and recovered raw materials; the mining 
of natural raw materials requires a 
particular focus in order to protect 
biodiversity. Impacts on the surrounding 
environments can be mitigated and 
managed with carefully designed 
cultivation and restoration plans. 
Following these criteria, in areas 
of natural interest, in 74% of active 
cement quarries Buzzi Unicem adopts 
mitigation and/or compensation actions 
based on an environmental impact 
assessment according to Directive 
2011/92/EU or equivalent regulations in 
non-EU countries. In a further 4% of its 
active cement quarries, environmental 
impact mitigation plans are adopted on 
a voluntary basis.
32% of active cement quarries are 
located in or near biodiversity-sensitive 
areas. At all these sites, mitigation 
measures are put in place to protect 
and conserve biodiversity. In 75 % of 
cases, these measures derive from 
requirements in accordance with the 
Birds Directive (2009/147/EC) and 
the Habitats Directive (92/43/EEC), 
or equivalent regulations in non-EU 
countries.
Regardless of regulatory obligations, our 
commitment is to continue to protect 
and preserve the ecosystems within and 
near the sites where we operate.
[  ENVIRONMENTAL PROTECTION  ]
79
ENVIRONMENTAL
CERTIFICATIONS 
The choice to adopt environmental management 
systems demonstrates the company's commitment 
in terms of its focus on these issues. ISO 14001, or 
equivalent certifications, require an organisation's 
adoption of certain fundamental principles: an 
environmental protection policy, the definition 
of responsibilities, transparency and clarity in 
reporting, as well as third party audits. Currently 66% 
of our cement sites has an ISO 14001 or equivalent 
certification issued by an independent accredited 
organisation.
Biodiversity at the Geopark Dachsberg, Göllheim, Germany.
BIODIVERSITY

81
80
TURNOVER
OPERATING 
EXPENDITURES
CAPITAL EXPENDITURES
*The group turnover that is eligible for Taxonomy purposes is 
calculated as net revenues from external customers deriving from 
sales of cement. 
	 The eligible turnover was compared with consolidated net revenues 
(Consolidated Financial Statement, note 7), which also include non-
eligible activities, like the transport and sale of ready-mix concrete 
and aggregates. 
	 The aligned turnover in terms of mitigation or adaptation targets is 
the share of turnover from the production of eligible products that 
generated emissions equal to or below the thresholds set by the 
Taxonomy, i.e. 0.722 t CO2 per ton of clinker or 0.469 t CO2 per ton of 
cement. 
*Taxonomy-eligible operating expenditures are costs for maintenance, 
repair, consumables, and research and development related to 
cement production. In addition to the above-mentioned items, the 
total consolidated operating expenditure also include the costs 
of non-eligible activities, such as the production of ready-mixed 
concrete and aggregates.
	 The share of operating expenditures concerning the maintenance 
of property, plant and equipment for the production of the aligned 
products is aligned with the Taxonomy. In addition, eligible 
expenditures related to projects within the scope of “Our Journey to 
Net Zero” roadmap (pages 68-71) are considered aligned, provided 
these projects are instrumental in aligning economic activities with 
the 2030 Taxonomy. 
	 Eligible operating expenditures related to the purchase of production 
goods for an aligned economic activity are also considered aligned.  
*Capital expenditure for properties, plant and machinery and the 
increase in right-of-use assets relating to the production of cement 
are deemed eligible in accordance with the Taxonomy. 
	 Total consolidated capital expenditure and the increase right-of-
use assets also include capital expenditure on non-cement assets 
(Consolidated Financial Statement, page 46).
	 Taxonomy-aligned capital expenditure is the share of eligible capital 
expenditure associated with the production of aligned products. 
Furthermore, eligible capital expenditure falling within the scope of 
the roadmap 'Our Journey to Net Zero' (pages 68-71) is considered 
aligned provided the respective projects align economic activities 
with the 2030 Taxonomy. 
	 Eligible capital expenditure relating to the purchase of goods that are 
the result of an aligned economic activity. 
* The ongoing evolution of European taxonomy criteria could result in changes to definitions over time.
39.0%
57.0%
7.4%
4.0%
ELIGIBLE ALIGNED
ELIGIBLE
NOT ELIGIBLE
[  ENVIRONMENTAL ASPECTS  ]
TAXONOMY, THE EUROPEAN 
REGULATION TO GUIDE THE
FINANCIAL INVESTMENTS TOWARDS
SUSTAINABLE ECONOMIC ACTIVITIES
TAXONOMY
Taxonomy is a European regulation that 
entered into force on 12 July 2020 with the 
objective of guiding financial investments 
towards environmentally sustainable 
economic activities.
To do this, Taxonomy requires that 
financial companies disclose to what 
extent the activities in their portfolios are 
environmentally sustainable and requires that 
non-financial companies provide information 
regarding six environmental objectives:
•	 climate change mitigation;
•	 climate change adaptation;
•	 the sustainable use and protection of 
water and marine resources;
•	 the transition to a circular economy;
•	 pollution prevention and control; and
•	 the protection and restoration of 
biodiversity and ecosystems.
Non-financial companies involved are all 
connected to the approximately 70 economic 
activities that are defined as “eligible”, 
including the production of cement.
Taxonomy identifies four conditions 
an economic activity has to satisfy to 
be qualified as sustainable from an 
environmental perspective:
•	 it must contribute substantially to one or 
more of the environmental objectives;
•	 it must not significantly harm any of the 
environmental objectives;
•	 it must carried out in compliance with the 
minimum safeguards; and
•	 it must comply with the technical 
screening criteria that have been 
established by the Commission.
In a context that is still evolving, as of June 
2021, an initial delegated act was adopted 
which covers the first two objectives - climate 
change mitigation and adaptation. Through 
additional delegated acts, not yet published in 
2022, the European Commission will establish 
criteria for the remaining four targets.
In accordance with current provisions, we 
hereby report in the following diagrams 
the percentages of eligible and aligned 
turnover, operating expenditures and capital 
expenditure in terms of the overall activity.
The alignment assessment covered each 
production plant and each eligible product. 
Intra-group transfers and both objectives 
(mitigation and adaptation) were considered 
only once in the calculation to avoid double 
counting. We also verified for each plant and 
for the company as a whole that the production 
of aligned products does not significantly harm 
any of the other environmental objectives and 
is carried out in accordance with the minimum 
standards set by the OECD and the UN (as 
shown in the table on pages 108-110). 
33.8%
6.7%
12.7%
80.6%
58.8%
81
[  TAXONOMY  ]

83
82
[  ENVIRONMENTAL ASPECTS  ]
In 2022 at Group level, the percentage 
of turnover aligned with the Taxonomy, 
calculated as described above, is equal to 
4.0% of the total and 6.6% of the eligible. 
The aligned operating expenditure are 
equal to 6.7% of the total and 7.6% of the 
eligible, while the alignment of capital 
expenditure is equal to 7.4% of the total, 
which corresponds to 11.1% of the eligible.
If the part relating to the supply of cement 
to its own concrete plants not considered 
different from region to region. For these 
reasons, in non-EU countries not all the 
Taxonomy criteria are met and this results 
in an alignment of 0%. Considering only 
our activities in European countries, the 
percentage of turnover aligned with the 
Taxonomy is equal to 7.8% of the total, and 
16.1% of the eligible. As far as operating 
expenditure are concerned, the aligned 
percentage is equal to 12.8% of the total, 
and 15.6% of the eligible, while for capital 
expenditure, the aligned percentage is 
in the Taxonomy is also included in the 
evaluation, the percentages rise for 
turnover to 6.4% of the total and 9.4% of 
the eligible, for operating expenditure to 
7.8% of the total and 8.9% of the eligible, for 
capital expenditure 8.0% of the total and 
12.2% of the eligible.
These data are influenced by the local 
market demands of cement business. 
Product regulatory requirements, fields 
of application and market habits are very 
equal to 17.2% of the total, and to 24.3% of 
the eligible.
Also considering the part relating to the 
supply of cement to its concrete plants not 
included in the Taxonomy, for our activities 
in European countries the percentages 
become 12.4% of the total for turnover 
and 20.8% of the eligible, for operating 
expenditure 15.0% of the total and 18.2% of 
the eligible, for capital expenditure 18.9% of 
the total and 26.6% of the eligible.
Cultivating succulent plants, Cerritos plant, Mexico.
[  TAXONOMY  ]

Social aspects
Occupational health and safety	
86
Human resources	
90
Supply chain and human rights	
94
Social event for the Dia do Bem, Pitimbu, Brazil.

87
86
OCCUPATIONAL
HEALTH AND SAFETY
professional activities. This initiative 
contributed to closing 2022 with no cases of 
occupational diseases.
In order to achieve the objectives of the 
safety policy, everyone’s cooperation is 
required, which is why we favour, wherever 
possible, the participation of workers in 
activities to promote and foster a safety 
culture.
In 2022, a total of 136,634 hours of training 
courses were provided on health and safety 
issues, which represents 46% of total 
training hours, and involved 7,813 workers 
(82% of the total).
[  OCCUPATIONAL HEALTH AND SAFETY  ]
[  SOCIAL ASPECTS  ]
HOURS OF TRAINING ON 
HEALTH AND SAFETY ISSUES
136,634
As stated in its safety policy, Buzzi Unicem 
considers third-party certifications to be a 
valid instrument for reaching its targets and 
objectives. 
This can be seen by the fact that 64% of our 
cement sites are covered by management 
systems that are compliant with OHSAS 
18001 or ISO 45001 international standards. 
One of the principles of these standards is 
continuous improvement, which requires 
a constant reassessment of risks through 
regular compliance controls and the 
resulting adoption of actions necessary to 
avoid the occurrence of risk situations, and 
corrective measures. 
An additional 30% of cement sites has 
implemented occupational health and 
safety management systems based on the 
requirements of national laws. 
Buzzi Unicem uses software and local 
databases to record and analyse accidents 
and injuries including also those involving 
employees and contractors. Aside from this, 
these systems also collect information on 
the adopted corrective measures. Data and 
trends are analysed on a quarterly basis at 
a Group level and reported to the Board of 
Directors by the Operations CEO along with 
details of the more serious injuries. 
During the course of 2022, the guidelines for 
managing near misses and the "Safety Alert 
Communications" procedure, governing the 
sharing of accidents’ information within the 
Group, are increasingly consolidated and 
pivotal for guiding prevention activities and 
reinforcing safe behaviour. 
We have improved health surveillance 
systems to minimise or eliminate the risk 
factors workers are exposed to in their 
Occupational Health and Safety is a priority for Buzzi Unicem and a 
Group policy was published on this topic in 2017. This document lists 
the fundamental and essential principles through which the company 
intends to reach its target, i.e. that of obtaining the maximum level of 
safety at which it would expect there to be no injuries or occupational 
diseases.
“Look carefully, think, do better” international campaign.

89
88
[  SOCIAL ASPECTS  ]
Fatalities (1)
2020
2021
2022
Onsite accidents
Employees
no.
0
1
1
Contractors
no.
2
1
1
Third parties
no.
0
0
0
offsite accidents - employees
no.
0
0
0
(1)  Starting from 2022, according to the GCCA guidelines, we report only onsite accidents or those involving our employees.
Safety indicators, employees and contractors 
2020
2021
2022
Total injuries (with or without absence from work)
no.
288
272
283
Injuries causing absences from work
no.
125
131
120
Injuries with serious consequences
no.
-
12
11
Lost (calendar) days 
days
7,093
9,391
9,274
TIFR (1)
-
11.2
10.4
11.5
LTIFR (2)
-
4.8
5.0
4.9
SR (3)
-
0.27
0.36
0.38
(1) TIFR (Total Injury Frequency Rate) = total number of injuries with or without absence from work divided by hours worked and multiplied by 1 million.
(2) LTIFR (Lost Time Injury Frequency Rate) = total number of injuries with absence from work divided by hours worked and multiplied by 1 million.
(3) SR (Severity Rate) = number of days lost divided by hours worked and multiplied by 1,000.
The published figures and rates refer to all 
our business activities, i.e. cement, concrete 
and aggregates, terminals, transport and 
offices/ laboratories/ premises. Starting 
from 2015, the scope of these rates 
includes employees of the Group as well as 
The TIFR index was up (+10%) on a year-on-
year basis while the LTIFR value was in line 
with last year figure, 4.9. In general, as far 
as the frequency of accidents is concerned, 
the trend over the last three years has been 
stable, while the number of accidents with 
absence from work was 120, a decrease 
compared to 2021 (131). 
The severity index (SR) is broadly the same 
Data for the two participations in jointly-
controlled companies (that are not 
consolidated with the line-by-line method) 
employees of contractors. Since 2020, the 
Group has been reporting on accidents that 
also involved third parties. In 2022, Buzzi 
Unicem reported two fatal injuries involving 
one of our employees in the Czech Republic 
and one employee of a contractor in Russia.
as last year's figure: 0.38 against 0.36 
recorded in 2021. 
To monitor the severity of accidents, we also 
record the number of injuries requiring or 
which were deemed to require more than six 
months for a complete recovery: in 2022 this 
figure was 9 for our own employees and 2 for 
our contractors.
Cimento Nacional in Brazil and Corporación 
Moctezuma in Mexico are shown in the 
appendix on pages 112-113.

91
90
HUMAN
RESOURCES
[  HUMAN RESOURCES  ]
[  SOCIAL ASPECTS  ]
WORKING CONDITIONS AND 
EMPLOYMENT DATA 
The number of employees for Buzzi Unicem 
at the end of 2022 (within the scope of 
companies consolidated with the line-by-
line method) was 9,487 (it was 9,664 in 2021). 
Globally, there are three main areas in which 
the Company operates: Europe, United 
States of America, Russia and Ukraine (each 
area has about a third of the workforce). 
The countries with the highest number 
of employees are: USA (2,274), Germany 
(1,796), Italy (1,538), Russia (1,556) and 
Ukraine (981). 94.7% of total contracts, are 
permanent contracts (95.5% in 2021). 97.1% 
are full-time contracts (97.2% in 2021). The 
turnover rate, which is calculated as the 
total number of terminations compared 
to the workforce at the end of the year, 
increased: 18.4% (15.4% in 2021). The US 
turnover rate went from 27.2% in 2021 to 
32.0% in 2022, and was as high as 65% 
for blue collar workers in the ready-mix 
concrete sector, particularly for drivers. In 
terms of staff selection, even in 2022 the 
recruitment of qualified staff remained one 
of the main challenges, particularly in Texas.
WORKPLACE DIVERSITY
The Group operates in different countries 
and continents. The central role of people, 
in terms of their characteristics and 
diversities, is one of the founding values 
of the Group, as established by its Code 
Headcount by country 2022
Turnover rate 2022
GROUP TOTAL 9,487
GROUP TOTAL 18.4%
2,500
2,000
1,500
1,000
500
0
1,538
1,796
181
113
624
76
348
1,556
981
2,274
USA
UKR
RUS
POL
SVK
CZE
NLD
LUX
GER
ITA
8.8
9.3
7.7
12.4
13.8
22.4
8.9
13.1
35.3
32.0
50%
40%
30%
20%
10%
0
USA
UKR
RUS
POL
SVK
CZE
NLD
LUX
GER
ITA
2020
2021
2022
Total headcount
no.
9,683
9,664
9,487
Open-end contracts
no.
9,275
9,232
8,983
Fixed-term contracts
no.
408
432
504
Full-time
no.
9,422
9,390
9,212
Part-time
no.
261
274
275
Total terminations
no.
1,285
1,491
1,742
Turnover rate 
%
               13.3 
                15.4 
18.4
Total new hires
no.
1,116
1,476
1,446
Hiring rate
%
                11.5 
                15.3                 15.2 
of Conduct. Meritocracy, awareness and 
accountability are the pillars on which our 
employees' development is based. At Buzzi 
Unicem we reject any form of discrimination 
and aim to value the diversity of our people 
who work in a dynamic, heterogeneous and 
multicultural context. 
STAFF INCENTIVE PROGRAMS 
Salary policies and incentives systems are 
delegated to the various countries. We do 
not normally offer shares to employees, but 
we do provide incentives and bonuses based 
on company and individual performances. 
Incentive schemes differ depending on 
working duties and managerial level.  
COLLECTIVE BARGAINING 
In Europe, collective bargaining is extended 
to, and guaranteed, at all levels. 
In 2022, the European Works Council (EWC), 
the advisory and information body for all 
workers in the European Union, continued 
its work, remotely in February.
In Italy, all cement production sites 
have trade unions representatives (RSU) 
whose relationship with the company 
has historically been characterized by 
transparency and a spirit of collaboration. 
More generally, employees in all countries 
are represented in accordance with local 
legal regulations, and although these can 
vary from region to region even within the 
same country, representation always takes 
place in accordance with the Company’s 
Code of Conduct. Working conditions and 
terms of employment of our employees that 
are not covered by a collective bargaining 
agreement are determined based on 
national laws and regulations.
THE CENTRAL ROLE OF PEOPLE, IN 
TERMS OF THEIR CHARACTERISTICS 
AND DIVERSITIES, IS ONE OF THE 
FOUNDING VALUES OF THE GROUP

93
92
Built staff at the Research Awards, Casale Monferrato headquarters (AL), Italy.
[  SOCIAL ASPECTS  ]
TRAINING AND PROFESSIONAL DEVELOPMENT 
Through its own training and development initiatives, the Group promotes the internal 
development of its staff as opposed to external recruitments, by ensuring that, given equal 
expertise, at least 50% of positions it is looking to fill target its current workforce. Training 
activities are selected on the basis of requirements that emerge in all countries.
Collective bargaining
2020
2021
2022
Employees covered by collective bargaining agreements
no.
7,881
7,890
7,725
Coverage 
%
                81.4 
                81.6                 81.4 
HOURS OF TRAINING
295,557 HOURS
OF TRAINING WERE PROVIDED 
PER CAPITA
31 HOURS
IN 2022 AT THE GROUP LEVEL 
Training
2020
2021
2022
Total hours of training
hours
183,403
322,274
295,557 
Average hours of training per capita 
hours
19
33
31 
Management
hours
19
25
30 
Men 
hours
17
24
29 
Women
hours
29
32
38 
White collars
hours
21
31
32 
Men 
hours
22
33
33 
Women
hours
18
24
30 
Blue collars
hours
18
36
32 
Men 
hours
18
36
32 
Women
hours
11
24
24 
Research activities at the Built Laboratory, Vercelli, Italy.

95
94
SUPPLY CHAIN
AND HUMAN RIGHTS
[  SUPPLY CHAIN AND HUMAN RIGHTS  ]
[  SOCIAL ASPECTS  ]
Looking ahead, we intend to intensify 
our efforts to ensure that our approach 
is in line with forthcoming regulations. 
In addition to the Taxonomy and its 
minimum safeguards, the European 
Commission recently published a 
proposal for a Directive on Corporate 
Sustainability Due Diligence, which 
will require EU Member States to pass 
legislation at a national level on human 
rights and environmental due diligence 
obligations for companies.
Therefore, we will soon implement further 
initiatives aimed at:
• 	assessing human rights risks 
(particularly those related to gender 
inequality and violence and harassment 
in the workplace);
• 	adopting human rights due diligence 
procedures which are also extended to 
our supply chain; and
• 	establishing a compliance committee to 
discuss and approve corrective measures 
in the event of proven violations.
The majority of the goods and services 
purchased by the Group are fuels, electrical 
energy, raw materials, spare parts, logistics 
and services. Whenever possible and for 
specific types of goods, preference is given 
to local suppliers.
We are fully aware that a sustainable 
business approach requires the 
involvement of our supply chain. This is also 
demonstrated by the fact that the Group's 
Safety Policy also applies to contractors. In 
all countries in which we operate, aside from 
technical and economic considerations, 
our relations with suppliers are based on 
the sharing fundamental ethical values, 
in particular those set forth in our Code of 
Conduct. 
Since February 2019 the new Code of 
Conduct approved by the Board of 
Directors is in force. This applies to Buzzi 
Unicem S.p.A. and all its Italian and foreign 
(please refer to page 40 for more detailed 
information). The Code sets out the essential 
principles of integrity and fairness, including 
a focus on respect for human rights.
The obligation to comply with these 
principles applies to directors, members of 
corporate bodies, all employees, suppliers 
and everyone acting for and on behalf of 
Buzzi Unicem, including, but not limited to 
representatives, agents, associates, external 
advisers and companies who receive an 
appointment from the Group.
For Buzzi Unicem, respecting human rights 
means guaranteeing human dignity, safety 
and health, equal working conditions, 
recognizing the value of each person and 
valuing diversity for an inclusive growth.
We are aware that mere compliance with the 
law is not enough.
The importance of human rights for Buzzi 
Unicem is demonstrated by: 
• 	the express commitment in our Code 
of Conduct (see page 7 of the Code of 
Conduct); and
• 	the whistleblower mechanism for 
reporting cases of human rights violations, 
can be used by our employees as well as 
people outside the company.
Employees from the Matozinhos plant (Brazil) involved in local community activities on the Dia do Bem.
A CODE OF CONDUCT 
AS A COMMITMENT TO 
STAKEHOLDERS

Appendixes
Performance indicators	
98
GRI Content index	
120
Correlation table to the Legislative Decree 254/2016	
128
Auditors’ report 	
132
Alamo plant, Texas, United States.

99
98
2021 FIGURES FOR BUZZI UNICEM GROUP
(amounts in euro)
Revenues
Revenues
Revenues
Tax jurisdiction
Unrelated party
Related party
Total
Profits or (losses)
before income taxes
Income taxes paid
based on cash
accounting
Accrued taxes
on income
- current year
Capital
declared
Undistributed
profits
Headcount
Tangible fixed
assets other
than cash and
equivalents
 1.	  Italy (*)
640,165,750
89,994,318
730,160,068
331,378,503
4,951,252
1,874,992
266,719,835
1,369,193,729
1,555
348,793,756
 2.	 Algery
0
31,318
31,318
-12,046
0
0
19,059
-89,338
0
744
 3.	 Netherlands
81,792,366
18,121,085
99,913,451
-58,713
31,974
10,839
166,714
12,041,230
117
12,999,680
 4.	 Germany
747,231,640
117,345,766
864,577,406
212,596,255
33,070,034
24,887,443
133,655,862
143,699,952
1,770
416,678,258
 5.	 France
12,990,495
1,470,586
14,461,081
-50,232
80,133
277,875
680,000
7,843,869
30
8,668,338
 6.	 Luxembourg
109,633,489
1,920,640
111,554,129
25,401,645
3,267,166
1,880,516
29,900,000
24,655,057
164
66,638,675
 7.	 Czech Republic
160,327,167
28,714,887
189,042,055
43,144,070
9,626,080
8,895,156
32,601,951
60,485,360
638
72,277,864
 8.	 Hungary
435,574
696
436,269
-141,722
0
-37
16,488
-383,381
7
888,329
 9.	 Poland
128,873,920
6,566,831
135,440,751
27,432,954
5,100,719
5,681,851
15,351,887
18,361,992
350
57,100,311
 10.	Russia 
211,399,421
10,269,448
221,668,870
52,640,243
10,995,358
11,540,419
9,781,237
43,123,414
1,446
171,608,336
 11.	Slovakia
20,543,657
75,286
20,618,943
-678,025
7,936
4,615
11,859,396
-6,315,719
75
9,164,235
 12.	Ukraine
129,396,960
8,718,694
138,115,654
6,256,884
0
11
9,397,298
5,615,432
1,266
46,273,183
 13.	USA 
1,347,847,381
411,914,901
1,759,762,282
330,358,818
61,494,499
47,567,152
511,851
3,765,769,507
2,246
1,964,153,989
 14.	Cuba 
-
-
-
-
-
-
-
-
-
-
*	 The “Italy” tax jurisdiction includes Fimedi SpA and Presa SpA (main business: ownership of shares or other capital instruments) as parent companies of Buzzi Unicem.
Data source: The data of the various consolidated entities derive from the separate financial statements prepared by each entity, except for the US subsidiaries, which 
do not prepare separate statutory financial statements, but only consolidated financial statements. 
Reference period: The information is provided with reference to the 2021 financial year, for which the latest consolidated financial statements filed in the public 
registers are available.  
Structure and content: The data of the various consolidated entities are aggregated for each tax jurisdiction in which Buzzi Unicem operates, by adding the amounts 
resulting from the financial statements of the individual entities having their tax residence in the same tax jurisdiction.
[  PERFORMANCE INDICATORS  ]
[  APPENDIXES  ]
COUNTRY BY COUNTRY
REPORT
 PERFORMANCE
INDICATORS

101
100
Companies of Buzzi Unicem group (2021) 
Tax jurisdiction
Entities belonging to the group
that are resident in the tax jurisdiction
Primary activities
Companies of Buzzi Unicem group (2021)  (continues)
Tax jurisdiction
Entities belonging to the group
that are resident in the tax jurisdiction
Primary activities
Algery
Buzzi Unicem Algérie S.à r.l.
Sale, commercialisation, distribution, marketing
Cuba
Compañia Cubana de Cemento Portland SA
Current business unknown*
Proyectos Industries de Jaruco SA
Current business unknown*
Transports Mariel, S.A.
Current business unknown*
Czech Republic
ZAPA beton a.s.
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Cement Hranice a.s.
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
France
Béton du Ried S.A.S.
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Dyckerhoff Gravières et Sablières Seltz S.A.S.
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Germany
TBG Lieferbeton GmbH & Co. KG Odenwald
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Dyckerhoff Kieswerk Trebur GmbH & Co. KG
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
MKB Mörteldienst Köln-Bonn GmbH & Co. KG
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Dyckerhoff Beton Rheinland-Pfalz GmbH & 
Co. KG
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
GfBB prüftechnik GmbH & Co. KG
Administration, management, support or assistance services
Dyckerhoff Kieswerk Leubingen GmbH
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Dyckerhoff Transportbeton Schmalkalden 
GmbH & Co. KG
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Dyckerhoff Transportbeton Thüringen GmbH 
& Co. KG
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Dyckerhoff Beton GmbH & Co. KG
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Sibobeton Osnabrück GmbH & Co. KG
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Lieferbeton Odenwald Verwaltungs GmbH
Economic entity not included in the group of consolidated 
companies for reasons of materiality
Dyckerhoff Kieswerk Trebur Verwaltungs 
GmbH
Economic entity not included in the group of consolidated 
companies for reasons of materiality
Seibel Beteiligungsgesellschaft mbH
Economic entity not included in the group of consolidated 
companies for reasons of materiality
MKB Mörteldienst Köln-Bonn 
Verwaltungsgesellschaft mbH
Economic entity not included in the group of consolidated 
companies for reasons of materiality
Dyckerhoff Beton Rheinland-Pfalz 
Verwaltungs GmbH 
Economic entity not included in the group of consolidated 
companies for reasons of materiality
GfBB prüftechnik Verwaltungs GmbH
Economic entity not included in the group of consolidated 
companies for reasons of materiality
Dyckerhoff Transportbeton Schmalkalden 
Verwaltungs GmbH
Economic entity not included in the group of consolidated 
companies for reasons of materiality
Lichtner-Dyckerhoff Beton Verwaltungs 
GmbH
Economic entity not included in the group of consolidated 
companies for reasons of materiality
Dyckerhoff Transportbeton Thüringen Verwal-
tungs GmbH
Economic entity not included in the group of consolidated 
companies for reasons of materiality
Dyckerhoff Beton Verwaltungs GmbH
Economic entity not included in the group of consolidated 
companies for reasons of materiality
Nordenhamer Transportbeton GmbH
Economic entity not included in the group of consolidated 
companies for reasons of materiality
SIBO-Gruppe Verwaltungsgesellschaft mbH
Economic entity not included in the group of consolidated 
companies for reasons of materiality
Dyckerhoff GmbH
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Portland Zementwerke Seibel und Söhne 
GmbH & Co. KG
Sale, commercialisation, distribution, marketing
Bildungs-Zentrum-Deuna GmbH
Support charitable objectives, pimarly in the education field
Hungary
ZAPA beton HUNGÁRIA Kft.
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Italy
Buzzi Unicem SpA 
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Unicalcestruzzi SpA 
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Serenergy Srl 
Provider of services to unrelated parties
Calcestruzzi Zillo SpA
Rental of companies in the concrete sector
Testi Cementi Srl
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Arquata Cementi Srl
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Luxembourg
Buzzi Unicem International S.à.r.l.
Ownership of shares or other capital instruments 
incorporated in Buzzi Unicem S.p.A. in 2021
Cimalux S.A.
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Netherlands
Dyckerhoff Basal Nederland B.V.
Ownership of shares or other capital instruments
Dyckerhoff Basal Betonmortel B.V.
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Friesland Beton Heerenveen B.V.
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Betonmortel Centrale Groningen (B.C.G.) B.V.
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
*	 The company was nationalised in 1959 and there have been no contacts with it since.
[  APPENDIXES  ]
[  PERFORMANCE INDICATORS  ]

103
102
Companies of Buzzi Unicem group (2021)  (continues)
Tax jurisdiction
Entities belonging to the group
that are resident in the tax jurisdiction
Primary activities
Companies of Buzzi Unicem group (2021)  (continues)
Tax jurisdiction
Entities belonging to the group
that are resident in the tax jurisdiction
Primary activities
Netherlands
MegaMix Basal B.V.
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Dyckerhoff Basal Toeslagstoffen B.V.
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Poland
Dyckerhoff Polska Sp. z o.o.
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Russia
OOO SLK Cement
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
OOO Dyckerhoff Suchoi Log, obshestvo po 
sbitu tamponashnich zementow
Sale, commercialisation, distribution, marketing
OOO CemTrans
Intragroup transport services
OOO Omsk Cement
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Slovakia
ZAPA beton SK s.r.o.
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Ukraine
TOB Dyckerhoff Ukraina
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
TOB Dyckerhoff Transport Ukraina
Intragroup transport services
PRAT Dyckerhoff Cement Ukraine
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
USA
RC Lonestar Inc. 
Ownership of shares or other capital instruments
Buzzi Unicem USA Inc.
Administration, management, support or assistance
Midwest Material Industries Inc.
Ownership of shares or other capital instruments
Buzzi Unicem Ready Mix, LLC
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
RED-E-MIX, LLC
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
RED-E-MIX Transportation, LLC
Third parties and intragroup transport services
Lone Star Industries, Inc.
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Utah Portland Quarries, Inc.
Not active
Rosebud Real Properties, Inc.
Not active
River Cement Company 
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
River Cement Sales Company 
Sale, commercialisation, distribution, marketing
Signal Mountain Cement Company 
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Heartland Cement Company 
The company owns quarries which it grants to use to third 
parties
Heartland Cement Sales Company 
Sale, commercialisation, distribution, marketing
Hercules Cement Holding Company 
Ownership of shares or other capital instruments
Hercules Cement Company LP
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Alamo Cement Company 
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Alamo Concrete Products Company 
Manufacturing or production, fabrication and sale, 
commercialisation, distribution, marketing
Alamo Transit Company
Intragroup transport services
[  APPENDIXES  ]
[  PERFORMANCE INDICATORS  ]

105
104
[  APPENDIXES  ]
Germany
In Germany the theoretical tax rate is about 31%, the effective tax rate is about 12% due to the proceeds from 
exempt dividend and the offsetting of tax losses carried forward from previous years.
Luxembourg
The theoretical tax rate is 24.94%, the effective tax rate is approximately 7.4% due to the proceeds from exempt 
dividend net of the effect of non-deductibility of certain expenses.
France
In France the theoretical tax rate is 28%. FY2021 result is a loss before tax. Accrued taxes are mainly due to non-
deductibility of certain expenses.
Netherlands
In Netherlands the theoretical tax rate is 25%. FY2021 result is a loss before tax. 
Poland
In Poland the theoretical tax rate is 19%, the effective tax rate is about 22% due to the higher tax base as a result 
of the non-deductibility of certain expenses.
Czech Republic
In the Czech Republic the theoretical tax rate is 19%, which is in line with the effective tax rate of 20,6%.
Slovakia
In Slovakia the theoretical tax rate is 21%. FY2021 result is a loss before tax.
Hungary
In Hungary the theoretical tax rate is 9%. FY2021 result is a loss before tax.
Ukraine
In Ukraine the theoretical tax rate is 18%, the effective tax rate is approximately 0% due to the proceeds from 
exempt dividend and the offsetting of tax losses carried forward from previous years.
Russia
In Russia the theoretical tax rate is 20%, which is in line with the effective tax rate of almost 22%.
Italy
In Italy, the theoretical tax rate is 27.9%, the effective tax rate is approximately 0.6% due to the proceeds from 
exempt dividend and the offsetting of tax losses carried forward from previous years.
USA
In the US, the theoretical federal tax rate is 21%, the effective tax rate is approximately 15% as a result of specific 
tax deductions.
Stockertown plant, Pennsylvania, United States.
PLEASE FIND BELOW EXPLANATIONS ON DIFFERENCES BETWEEN 
INCOME TAX FOR COMPANIES ACCRUED ON PRE-TAX RESULTS 
AND TAX DUE, WITH DETAILS PROVIDED FOR INDIVIDUAL 
TAX JURISDICTIONS (AS REQUIRED BY DISCLOSURE 207-4 
PARAGRAPH B - X) OF GRI 207 TAXES)

107
106
[  PERFORMANCE INDICATORS  ]
[  APPENDIXES  ]
CEMENT
2022
ITA
USA
GER
LUX
NLD
POL
CZE
SVK
RUS
UKR
BRA*
MEX*
Climate change, energy and CO2 emissions
Specific thermal consumption
MJ/t clinker
4,084
3,586
3,973
4,104
3,727
-
3,970
3,572
-
4,912
5,507
3,453
3,328
Thermal substitution
%
29.9
16.6
21.2
70.9
50.1
-
69.4
79.2
-
0.0
0.0
31.8
2.0
Specific electric consumption
kWh/t cementitious product
121
106
134
115
101
-
110
116
-
133
138
98
79
Electrical energy from renewable sources (certified and not-certified)
%
11.5
21.9
15.5
3.3
26.6
-
11.4
7.6
-
0.0
3.8
85.0
0.0
Specific CO2 direct emissions (gross)
kg/t cementitious product
664
644
748
575
500
-
621
545
-
702
812
508
578
Specific CO2 direct emissions (net)
kg/t cementitious product
605
625
695
453
423
-
502
453
-
702
812
485
575
Circular economy
Clinker/cement ratio
%
78.2
75.0
86.5
67.7
63.6
-
73.8
72.7
-
86.7
79.5
62.4
68.8
Non virgin materials
%
9.4
6.4
6.2
15.1
28.2
-
12.1
13.9
-
3.3
15.6
14.2
0.2
Total waste produced per ton of cementitious product
kg/t cementitious product
6.1
1.3
15.6
1.0
1.6
-
5.3
0.3
-
2.0
0.8
1.1
0.5
         of which process dust treated as waste
kg/t cementitious product
4.6
0.0
13.8
0.0
0.0
-
4.4
0.0
-
0.2
0.0
0.0
0.0
Environmental protection
Specific water consumption
l/t cementitious product
283
257
305
199
151
-
171
98
-
488
508
116
132
Recovered storm water to total water withdrawal ratio
%
11.3
5.2
11.0
22.4
0.0
-
0.0
100.0
-
10.1
0.0
4.2
0.0
Specific dust emissions
g/t clinker
33
7
18
3
32
-
9
6
-
134
116
73
25
Specific NOx emissions
g/t clinker
1,238
940
1,321
438
901
-
558
802
-
2,732
1,186
1,552
1,331
Specific SO2 emissions
g/t clinker
165
49
368
39
9
-
339
41
-
14
0
499
34
Specific Hg emissions
mg/t clinker
20
17
28
21
11
-
38
24
-
0
0
0
0
CONCRETE
2022
ITA
USA
GER
LUX
NLD
POL
CZE
SVK
RUS
UKR
BRA*
MEX*
Circular economy
Average cement content per m3
kg/m3
301
339
260
303
291
342
261
281
294
-
367
-
335
Average clinker content per m3
kg/m3
194
229
234
168
257
121
161
189
192
-
245
-
285
Clinker/cement ratio in concrete
%
64.6
67.7
90.0
55.6
88.4
35.3
61.6
67.4
65.4
-
66.8
-
85.2
Clinker/cementitious product ratio in concrete
%
57.5
63.3
76.5
49.4
86.8
33.2
50.2
55.9
63.6
-
65.5
-
85.2
Environmental protection
Average water content in concrete
l/m3
174
187
149
182
160
170
166
177
155
-
189
-
242
Water withdrawn/concrete production
l/m3
208
249
270
171
94
182
167
182
163
-
225
-
n.a.**
*   The data for Cimento Nacional (BRA) and Corporatión Moctezuma (MEX) have not been consolidated within the Group figures 
   (companies not consolidated using the line-by-line method).
** n.a. = not available
ENVIRONMENTAL PERFORMANCE
SUMMARY TABLES

109
108
[  PERFORMANCE INDICATORS  ]
[  APPENDIXES  ]
Substantial contribution criteria
DNSH criteria ("Does Not 
Significantly Harm")
Economic activities
Code
Absolute turnover
Proportion of turnover
Climate change mitigation
Climate change adaptation
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Climate change mitigation
Climate change adaptation
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Minimum safeguards
Taxonomy-aligned proportion 
of turnover 2022
Taxonomy-aligned proportion 
of turnover 2021
Category (enabling activity)
Category (transition activity)
€ m
%
%
%
%
%
%
%
S/N
S/N
S/N
S/N
S/N
S/N
S/N
%
%
E
T
A. Taxonomy-eligible activities
A.1. Enviornmentally sustainable 
activities (Taxonomy-aligned)
Production of cement
NACE 
C23.51
161
4.0%
4.0%
-
-
-
-
-
S
S
S
S
S
S
S
4.0%
-
-
T
Turnover of environmentally 
sustainable activities (Taxonomy-
aligned) (A.1)
161
4.0%
4.0%
0.0%
0.0%
0.0%
0.0%
0.0%
A.2. Taxonomy-eligible but not 
environmentally sustainable 
activities (not Taxonomy-aligned 
activities)
Production of cement
NACE 
C23.51
2,278 57.0%
Turnover of Taxonomy-eligible but not 
environmentally sustainable activities  
(not Taxonomy-aligned activities) (A.2)
2,278 57.0%
Total (A.1 + A.2)
2,439 61.0%
B. Taxonomy-non-eligible activities
Turnover of Taxonomy-non-eligible 
activities (B)
1,556 39.0%
Total (A+B)
3,996 100.0%
Substantial contribution criteria
DNSH criteria ("Does Not 
Significantly Harm")
Economic activities
Code
Absolute OpEx
Proportion of OpEx
Climate change mitigation
Climate change adaptation
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Climate change mitigation
Climate change adaptation
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Minimum safeguards
Taxonomy-aligned proportion 
of OpEx 2022
Taxonomy-aligned proportion 
of Opex 2021
Category (enabling activity)
Category (transition activity)
€ m
%
%
%
%
%
%
%
S/N
S/N
S/N
S/N
S/N
S/N
S/N
%
%
E
T
A. Taxonomy-eligible activities
A.1. Enviornmentally sustainable 
activities (Taxonomy-aligned)
Production of cement
NACE 
C23.51
22
6.7%
6.7%
-
-
-
-
-
S
S
S
S
S
S
S
6.7%
-
-
T
OpEx of environmentally sustainable 
activities (Taxonomy-aligned) (A.1)
22
6.7%
6.7%
0.0%
0.0%
0.0%
0.0%
0.0%
A.2. Taxonomy-eligible but not 
environmentally sustainable 
activities (not Taxonomy-aligned 
activities)
Production of cement
NACE 
C23.51
261 80.6%
OpEx of Taxonomy-eligible but not 
environmentally sustainable activities  
(not Taxonomy-aligned activities) (A.2)
261 80.6%
Total (A.1 + A.2)
283 87.3%
B. Taxonomy-non-eligible activities
OpEx of Taxonomy-non-eligible 
activities (B)
41 12.7%
Total (A+B)
324 100.0%
PROPORTION OF TURNOVER FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY-ALIGNED ECONOMIC ACTIVITIES – 
DISCLOSURE COVERING YEAR 2022
PROPORTION OF OPEX FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY-ALIGNED ECONOMIC ACTIVITIES – 
DISCLOSURE COVERING YEAR 2022

111
110
[  APPENDIXES  ]
Refractometric analyses of compressed cement samples, Built laboratory, Vercelli, Italy.
Substantial contribution criteria
DNSH criteria ("Does Not 
Significantly Harm")
Economic activities
Code
Absolute CapEx
Proportion of CapEx
Climate change mitigation
Climate change adaptation
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Climate change mitigation
Climate change adaptation
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Minimum safeguards
Taxonomy-aligned proportion 
of CapEx 2022
Taxonomy-aligned proportion 
of CapEx 2021
Category (enabling activity)
Category (transition activity)
€ m
%
%
%
%
%
%
%
S/N
S/N
S/N
S/N
S/N
S/N
S/N
%
%
E
T
A. Taxonomy-eligible activities
A.1. Enviornmentally sustainable 
activities (Taxonomy-aligned)
Production of cement
NACE 
C23.51
21
7.4%
7.4%
-
-
-
-
-
S
S
S
S
S
S
S
7.4%
-
-
T
CapEx of environmentally sustainable 
activities (Taxonomy-aligned) (A.1)
21
7.4%
7.4%
0.0%
0.0%
0.0%
0.0%
0.0%
A.2. Taxonomy-eligible but not 
environmentally sustainable 
activities (not Taxonomy-aligned 
activities)
Production of cement
NACE 
C23.51
172 58.8%
CapEx of Taxonomy-eligible but not 
environmentally sustainable activities  
(not Taxonomy-aligned activities) (A.2)
172 58.8%
Total (A.1 + A.2)
193 66.2%
B. Taxonomy-non-eligible activities
CapEx of Taxonomy-non-eligible 
activities (B)
99 33.8%
Total (A+B)
292 100.0%
PROPORTION OF CAPEX FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY-ALIGNED ECONOMIC ACTIVITIES – 
DISCLOSURE COVERING YEAR 2022

113
112
[  PERFORMANCE INDICATORS  ]
[  APPENDIXES  ]
SOCIAL PERFORMANCE
SUMMARY TABLES
Buzzi Unicem group
Employees
Contractors
Total
Total injuries (with and without lost days)
no.
206
77
283
Injuries causing absence from work
no.
63
57
120
Injuries with high consequences
no.
9
2
11
Fatalities
no.
1
1
2
Lost days (calendar basis)
days
5,127
4,147
9,274
TIFR (Total Injuries Frequency Rate) (1)
-
12.3
9.7
11.5
LTIFR (Lost Time Injuries Frequency Rate) (2)
-
3.8
7.2
4.9
SR (Severity Rate) (3)
-
0.31
0.52
0.38
Fatality rate (4)
-
0.06
0.13
0.08
Corporación Moctezuma
Employees
Contractors
Total
Total injuries (with and without lost days)
no.
23
34
57
Injuries causing absence from work
no.
5
0
5
Injuries with high consequences
no.
0
0
0
Fatalities
no.
0
0
0
Lost days (calendar basis)
days
755
0
755
TIFR (Total Injuries Frequency Rate) (1)
-
7.3
9.5
8.5
LTIFR (Lost Time Injuries Frequency Rate) (2)
-
1.6
0.0
0.7
SR (Severity Rate) (3)
-
0.24
0.00
0.11
Fatality rate (4)
-
0.00
0.00
0.00
Buzzi Unicem - only cement business
Employees
Contractors
Total
Total injuries (with and without lost days)
no.
112
38
150
Injuries causing absence from work
no.
37
27
64
Injuries with high consequences
no.
6
1
7
Fatalities
no.
0
1
1
Lost days (calendar basis)
days
2,261
1,816
4,077
TIFR (Total Injuries Frequency Rate) (1)
-
12.0
8.1
10.7
LTIFR (Lost Time Injuries Frequency Rate) (2)
-
4.0
5.7
4.6
SR (Severity Rate) (3)
-
0.24
0.39
0.29
Fatality rate (4)
-
0.00
0.21
0.07
Corporación Moctezuma - only cement business
Employees
Contractors
Total
Total injuries (with and without lost days)
no.
14
34
48
Injuries causing absence from work
no.
2
0
2
Injuries with high consequences
no.
0
0
0
Fatalities
no.
0
0
0
Lost days (calendar basis)
days
536
0
536
TIFR (Total Injuries Frequency Rate) (1)
-
8.2
16.2
12.6
LTIFR (Lost Time Injuries Frequency Rate) (2)
-
1.2
0.0
0.5
SR (Severity Rate) (3)
-
0.31
0.00
0.14
Fatality rate (4)
-
0.00
0.00
0.00
Cimento Nacional
Employees
Contractors
Total
Total injuries (with and without lost days)
no.
14
41
55
Injuries causing absence from work
no.
1
1
2
Injuries with high consequences
no.
0
0
0
Fatalities
no.
0
0
0
Lost days (calendar basis)
days
14
6
20
TIFR (Total Injuries Frequency Rate) (1)
-
6.0
14.1
10.5
LTIFR (Lost Time Injuries Frequency Rate) (2)
-
0.4
0.3
0.4
SR (Severity Rate) (3)
-
0.01
0.00
0.00
Fatality rate (4)
-
0.00
0.00
0.00
(1) TIFR (Total Injury Frequency Rate) = total number of injuries causing and not causing absences from work divided by worked hours and multiplied by 1 million. 
(2) LTIFR (Lost Time Injury Frequency Rate) = total number of injuries causing absences from work divided by worked hours and multiplied by 1 million. 
(3) SR (Severity Rate) = number of days lost divided by worked hours and multiplied by 1,000. 
(4) Fatality rate = number of fatalities divided by worked hours and multiplied by 1 million.

115
114
[  PERFORMANCE INDICATORS  ]
[  APPENDIXES  ]
Employees breakdown by professional category
2022
ITA
USA
GER
LUX
NLD
POL
CZE
SVK
RUS
UKR
BRA*
MEX*
Total headcount
no.
9,487
1,538
2,274
1,796
181
113
348
624
76
1,556
981
1,236
1,225
men
%
 85.8 
 89.5 
 91.6 
 84.9 
 93.4 
 88.5 
 78.2 
 86.5 
 81.6 
 79.7 
 78.5 
79.9
87.8
women
%
 14.2 
 10.5 
 8.4 
 15.1 
 6.6 
 11.5 
 21.8 
 13.5 
 18.4 
 20.3 
 21.5 
20.1
12.2
Management
no.
439
127
197
54
10
3
5
10
1
16
16
39
70
men
%
 88.6 
 89.0 
 91.9 
 85.2 
 90.0 
 100.0 
 80.0 
 70.0 
 100.0 
 81.3 
 75.0 
82.1
81.4
women
%
 11.4 
 11.0 
 8.1 
 14.8 
 10.0 
 - 
 20.0 
 30.0 
 - 
 18.8 
 25.0 
17.9
18.6
White collars
no.
3,136
796
500
706
68
35
154
146
20
440
271
492
347
men
%
 71.5 
 83.3 
 72.8 
 68.8 
 86.8 
 71.4 
 54.5 
 59.6 
 55.0 
 66.6 
 62.4 
63.2
65.1
women
%
 28.5 
 16.7 
 27.2 
 31.2 
 13.2 
 28.6 
 45.5 
 40.4 
 45.0 
 33.4 
 37.6 
36.8
34.9
Blue collars
no.
5,610
608
1,577
848
102
71
189
449
52
1,020
694
643
808
men
%
 93.8 
 98.2 
 97.5 
 99.1 
 98.0 
 95.8 
 97.4 
 96.7 
 92.3 
 84.9 
 84.9 
96.3
98.1
women
%
 6.2 
 1.8 
 2.5 
 0.9 
 2.0 
 4.2 
 2.6 
 3.3 
 7.7 
 15.1 
 15.1 
3.7
1.9
Trainees
no.
154
7
0
146
1
0
0
0
0
0
0
64
0
men
%
 87.0 
 57.1 
-
 88.4 
 100.0 
-
-
-
-
-
-
42.2
-
women
%
 13.0 
 42.9 
-
 11.6 
-
-
-
-
-
-
-
57.8
-
Marginal / Helpers
no.
148
0
0
42
0
4
0
19
3
80
0
0
0
men
%
 73.6 
-
-
 54.8 
-
 100.0 
-
 63.2 
 66.7 
 85.0 
-
-
-
women
%
 26.4 
-
-
 45.2 
-
 - 
-
 36.8 
 33.3 
 15.0 
-
-
-
Employees breakdown by type of contract
2022
ITA
USA
GER
LUX
NLD
POL
CZE
SVK
RUS
UKR
BRA*
MEX*
Total number of permanent employee
no.
8,983
1,502
2,263
1,588
180
108
552
69
305
1,476
940
1,175
1,225
men
%
86.0
89.8
91.6
84.8
93.3
88.9
86.6
82.6
78.7
79.4
78.7
81.9
87.8
women
%
14.0
10.2
8.4
15.2
6.7
11.1
13.4
17.4
21.3
20.6
21.3
18.1
12.2
Total number of temporary employees
no.
504
36
11
208
1
5
72
7
43
80
41
64
0
men
%
82.3
77.8
72.7
85.1
100.0
80.0
86.1
71.4
74.4
85.0
73.2
42.2
-
women
%
17.7
22.2
27.3
14.9
-
20.0
13.9
28.6
25.6
15.0
26.8
57.8
-
Total number of full-time employees
no.
9,212
1,512
2,260
1,638
179
84
600
73
348
1,554
964
1,175
1,225
men
%
87.1
90.9
91.7
89.9
93.9
95.2
87.8
82.2
78.2
79.8
78.6
81.9
87.8
women
%
12.9
9.1
8.3
10.1
6.1
4.8
12.2
17.8
21.8
20.2
21.4
18.1
12.2
Total number of part-time employees
no.
275
26
14
158
2
29
24
3
0
2
17
64
0
men
%
40.7
11.5
71.4
32.3
50.0
69.0
54.2
66.7
-
-
70.6
42.2
-
women
%
59.3
88.5
28.6
67.7
50.0
31.0
45.8
33.3
-
100.0
29.4
57.8
-
* The data for Cimento Nacional (BRA) and Corporación Moctezuma (MEX) have not been consolidated within the Group figures 
(companies not consolidated using the line-by-line method).

117
116
[  PERFORMANCE INDICATORS  ]
[  APPENDIXES  ]
Employees breakdown by age
2022
ITA
USA
GER
LUX
NLD
POL
CZE
SVK
RUS
UKR
BRA*
MEX*
under 30s
no.
1,156
108
329
343
16
3
28
51
4
193
81
219
232
men
%
89.1
79.6
93.0
89.5
100.0
100.0
85.7
88.2
100.0
87.0
87.7
68.0
86.6
women
%
10.9
20.4
7.0
10.5
 - 
 - 
14.3
11.8
 - 
13.0
12.3
32.0
13.4
between 30s and 50s 
no.
4,743
682
1,056
683
110
46
208
297
43
1,031
587
860
792
men
%
83.9
90.0
91.0
81.6
90.9
84.8
74.0
84.2
81.4
78.1
78.9
80.7
87.2
women
%
16.1
10.0
9.0
18.4
9.1
15.2
26.0
15.8
18.6
21.9
21.1
19.3
12.8
over 50s
no.
3,588
748
889
770
55
64
112
276
29
332
313
157
201
men
%
87.2
90.5
91.7
85.7
96.4
90.6
83.9
88.8
79.3
80.4
75.4
91.7
91.5
women
%
12.8
9.5
8.3
14.3
3.6
9.4
16.1
11.2
20.7
19.6
24.6
8.3
8.5
* The data for Cimento Nacional (BRA) and Corporación Moctezuma (MEX) have not been consolidated within the Group figures 
(companies not consolidated using the line-by-line method).
Turnover and new hirings
2022
ITA
USA
GER
LUX
NLD
POL
CZE
SVK
RUS
UKR
BRA*
MEX*
Total terminations
no.
1,742
136
727
167
14
14
31
86
17
204
346
340
258
men
no.
1,462
124
656
144
14
12
23
73
16
148
252
278
222
women
no.
280
12
71
23
0
2
8
13
1
56
94
62
36
Turnover rate
%
18.4
 8.8 
 32.0 
 9.3 
 7.7 
 12.4 
 8.9 
 13.8 
 22.4 
 13.1 
 35.3 
27.5
21.1
male turnover rate
%
18.0
 9.0 
 31.5 
 9.4 
 8.3 
 12.0 
 8.5 
 13.5 
 25.8 
 11.9 
 32.7 
28.2
20.6
female turnover rate
%
20.7
 7.5 
 37.0 
 8.5 
 - 
 15.4 
 10.5 
 15.5 
 7.1 
 17.7 
 44.5 
24.9
24.2
Total new hires
no.
1,446
116
760
182
11
9
29
70
11
197
61
185
107
men
no.
1,242
98
673
157
11
9
20
58
10
157
49
149
91
women
no.
204
18
87
25
0
0
9
12
1
40
12
36
16
Hiring rate
%
15.2
7.5
33.4
10.1
6.1
8.0
8.3
11.2
14.5
12.7
6.2
15.0
8.7
male hiring rate
%
15.3
 7.1 
 32.3 
 10.3 
 6.5 
 9.0 
 7.4 
 10.7 
 16.1 
 12.7 
 6.4 
 15.1 
 8.5 
female hiring rate
%
15.1
 11.2 
 45.3 
 9.2 
 - 
 - 
 11.8 
 14.3 
 7.1 
 12.7 
 5.7 
 14.5 
 10.7

119
118
[  PERFORMANCE INDICATORS  ]
[  APPENDIXES  ]
Training
2022
ITA
USA
GER
LUX
NLD
POL
CZE
SVK
RUS
UKR
BRA*
MEX*
Total hours of training
hours
295,557 
59,085
45,585
32,908
2,772
627
6,936
9,977 
721
129,777
7,170
17,041
33,373
Hours of training per capita
hours
31
38
20
18
15
6
20
16
9
83
7
14
25
Graduates  (%  on total headcount)
%
19.9
14.5
11.5
10.9
14.9
11.5
43.1
17.5
13.2
29.2
45.1
30.7
21.1
male graduates (% on total men)
%
16.2
11.7
9.8
9.3
13.6
11.0
34.2
13.5
12.9
24.4
39.4
24.8
20.6
female graduates (% on total men)
%
42.0
38.5
30.7
20.2
33.3
15.4
75.0
42.9
14.3
48.1
65.9
54.2
24.2
Absentee rate: illness, injuries, strikes
2022
ITA
USA
GER
LUX
NLD
POL
CZE
SVK
RUS
UKR
BRA*
MEX*
Absentee rate
%
4.1
4.0
2.4
7.0
5.5
7.6
3.3
5.8
4.9
3.4
2.3
0.9
1.6
male absentee rate
%
4.2
4.1
2.5
7.1
5.7
6.2
3.4
6.0
5.1
3.6
2.3
0.9
1.5
female absentee rate
%
3.4
3.3
1.3
6.4
1.9
21.1
3.0
4.0
3.4
2.5
2.3
0.5
2.4
Occupational diseases
no.
0
0
0
0
0
0
0
0
0
0
0
0
0
Remunaration ratio
2022
ITA
USA
GER
LUX
NLD
POL
CZE
SVK
RUS
UKR
BRA*
MEX*
Ratio between the highest paid manager and the median for employees in the same country
-
-
8.7
9.4
15.6
4.7
2.9
5.0
6.9
3.2
26.5
25.6
17.4
17.0
Collective bargaining
2022
ITA
USA
GER
LUX
NLD
POL
CZE
SVK
RUS
UKR
BRA*
MEX*
Employees covered by collective bargaining agreements
no.
7,725
1,538
840
1,567
161
113
347
622
0
1,556
981
1,175
564
Coverage
%
81.4
100.0
36.9
87.2
89.0
100.0
99.7
99.7
0.0
100.0
100.0
95.1
46.0
Minimum notice period regarding operational changes
weeks
-
11
5 days
4
0
4
12
8
8
9
12
8
2
* The data for Cimento Nacional (BRA) and Corporación Moctezuma (MEX) have not been consolidated within the Group figures 
(companies not consolidated using the line-by-line method).

121
120
2-1
Organizational details
Vision
Group profile - The Group at a glance
Governance and ethics - Corporate governance
2-2
Entities included in the organization’s sustainability 
reporting
Methodology note
Consolidated financial statement 2022
2-3
Reporting period, frequency and contact point
Methodology note
The Sustainability Report (NFD) 2022 was published in April 
2023 with an annual reporting frequency. 
info@buzziunicem.it
2-4
Restatements of information
Methodology note - Any restatements compared to the 
previous Report are shown within the individual chapters of 
the document
2-5
External assurance
Appendixes - Auditors’ report
Activities and workers
2-6
Activities, value chain and other business 
relationships
Group profile - The Group at a glance
Social aspects - Supply chain and human rights
Sustainability approach - Stakeholder Engagement
2-7
Employees
Social aspects - Human resources
Appendixes - Performance indicators - Social perfomance: 
summary tables
 Governance
2-9
Governance structure and composition
Governance and ethics - Corporate governance 
2-10
Nomination and selection of the highest 
governance body
Governance and ethics - Corporate governance 
2-11
Chair of the highest governance body
Governance and ethics - Corporate governance 
2-12
Role of the highest governance body in overseeing 
the management of impacts
Governance and ethics - Corporate governance 
Sustainability approach - Materiality analysis
2-13
Delegation of responsibility for managing impacts
Governance and ethics - Corporate governance
Sustainability approach - Materiality analysis
2-14
Role of the highest governance body in 
sustainability reporting
Methodology note
Sustainability approach - Materiality analysis
2-15
Conflicts of interest
Governance and ethics - Business integrity
2-17
Collective knowledge of the highest governance body
Governance and ethics - Corporate governance
2-18
Evaluation of the performance of the highest 
governance body
Governance and ethics - Corporate governance
2-19
Remuneration policies
Governance and ethics - Corporate governance
2-20
Process to determine remuneration
Governance and ethics - Corporate governance
2.21
Annual total compensation ratio
Appendixes - Performance indicators - Social perfomance: 
summary tables
It is reported 2-21a 
general disclosure by 
country
2-22
Statement on sustainable development strategy
Letter to stakeholders
2-23
Policy commitments
Code of Conduct
Social aspects - Supply chain and human rights
2-24
Embedding policy commitments
Governance and ethics - Corporate governance 
Code of Conduct
2-25
Processes to remediate negative impacts
Sustainability approach - Materiality analysis
Impacts are described in 
the "Materiality analysis" 
section and mitigation 
processes are disclosed 
in the related section of 
the document
2-26
Mechanisms for seeking advice and raising concerns
Governance and ethics - Business integrity
Code of Conduct
2-27
Compliance with laws and regulations
Governance and ethics - Business integrity
Consolidated financial statement 2022: note 49. . Legal claims 
and contingencies
Information about 
significant instances of 
non-compliance with 
laws and regulations 
during the reporting 
period are disclosed
2-28
Membership associations
Sustainability approach - Stakeholder Engagement 
- Sector associations
Stakeholder Engagement
2-29
Approach to Stakeholder Engagement
Sustainability approach - Stakeholder Engagement
2-30
Collective bargaining agreements
Social aspects - Human resources
Appendixes - Performance indicators 
- Social perfomance: summary tables
Disclosure 2-30b is 
reported as a specific 
statement
Disclosures on material topics
3-1
Process to determine material topics
Sustainability approach -  Materiality analysis
3-2
List of material topics
Sustainability approach -  Materiality analysis
GENERAL DISCLOSURE
 
GENERAL DISCLOSURE
REFERENCE
COMMENTS
The organization and its reporting practices
GENERAL DISCLOSURE
(continues) 
GENERAL DISCLOSURE
REFERENCE
COMMENTS
Strategy, policies and practices
GRI
CONTENT INDEX
[  GRI CONTENT INDEX  ]
[  APPENDIXES  ]
Statement of use - Buzzi Unicem has reported the information cited in this GRI content index for the period 01/01/2023-12/31/2023 with reference to the GRI 
Standards.
GRI 1 used - GRI 1: Foundation 2021.

123
122
3-3
Management of material topics
Sustainability approach - Materiality analysis
Governance and ethics - Corporate governance
201-1
Direct economic value generated and distributed
Group profile - The Group at a glance - Value generated 
and distributed
Performance indicators - Economic Topics -GRI 204: Procurement Practices 2016 (material topic: supply chain management)
3-3
Management of material topics
Sustainability approach - Materiality analysis
Governance and ethics - Business integrity
Social aspects - Supply chain and human rights
204-1
Proportion of spending on local suppliers
Social aspects - Supply chain and human rights
Information not currently 
available. Given the 
importance of this issue 
the Group is committed 
to reporting the issue 
starting from future 
financial years
Performance indicators - Economic Topics -GRI 205: Anti-corruption 2016 (material topic: antitrust & anti-corruption)
3-3
Management of material topics
Sustainability approach - Materiality analysis
Governance and ethics - Corporate governance
Governance and ethics - Corporate governance - The Model of 
Organisation, Management and Control
205-2
Communication and training about anti-corruption 
policies and procedures
Governance and ethics - Business integrity -  Anti-corruption
Governance and ethics - Business integrity - Transparency in 
conducting business
With the exception of that 
which is communicated 
and issued to employees, 
information relating 
to communication 
and training on anti-
corruption is reported in 
a qualitative form
205-3
Confirmed incidents of corruption and actions 
taken
Governance and ethics - Business integrity -  Anti-corruption
Governance and ethics - Business integrity - Transparency in 
conducting business
Performance indicators -Economic Topics - GRI 206: Anti-competitive Behavior 2016 (material topic: antitrust & anti-corruption)
3-3
Management of material topics
Sustainability approach - Materiality analysis
Governance and ethics - Corporate governance
Governance and ethics - Business integrity - Antitrust
206-1
Legal actions for anti-competitive behavior, 
anti-trust, and monopoly practices
Governance and ethics - Business integrity -  Antitrust
Governance and ethics - Business integrity -  Penalties
3-3
Management of material topics
Methodology note
Governance and ethics - Corporate governance
Governance and ethics - Tax management
207-1
Approach to tax
Governance and ethics - Tax management 
- Approach to taxation
Governance and ethics - Tax management - Integrating the 
taxation approach throughout the organisation  
207-2
Tax governance, control, and risk management
Governance and ethics - Tax management 
- Tax governance, control and management of risk 
207-3
Stakeholder Engagement and management of 
concerns related to tax
Governance and ethics - Tax management  
- Stakeholders Engagement
207-4
Country-by-country reporting
Appendixes -Performance indicators 
- Country-by-country report
Performance indicators - Environmental Topics - GRI 301: Materials  2016 (material topic: natural resources; CO2 emissions reduction) 
3-3
Management of material topics
Sustainability approach - Materiality analysis
Environmental aspects - Circular economy 
- Consumption of materials
301-1
Materials used by weight or volume
Environmental aspects - Circular economy 
- Consumption of materials
Appendixes - Performance indicators 
- Environmental performance: summary tables
301-2
Recycled input materials used
Environmental aspects - Circular economy 
- Consumption of materials
Appendixes - Performance indicators - Environmental 
performance: summary tables
Performance indicators - Environmental Topics - GRI 302: Energy 2016 (material topic: natural resources; CO2 emissions reduction)
3-3
Management of material topics
Sustainability approach - Materiality analysis
Sustainability approach - Our Policies
Environmental aspects - Climate change, energy and CO2  
emissions - Consumption of thermal and electrical energy
302-1
Energy consumption within the organization
Environmental aspects - Climate change, energy and CO2  
emissions - Consumption of thermal and electrical energy
Appendixes - Performance indicators - Environmental 
perfomance: summary tables
302-3
Energy intensity
Environmental aspects - Climate change, energy and CO2  
emissions - Consumption of thermal and electrical energy
Appendixes - Performance indicators - Environmental 
perfomance: summary tables
302-4
Reduction of energy consumption
Environmental aspects - Climate change, energy and CO2  
emissions - Consumption of thermal and electrical energy
Appendixes - Performance indicators - Environmental 
perfomance: summary tables
TOPIC-SPECIFIC DISCLOSURES
 
TOPIC-SPECIFIC DISCLOSURES
REFERENCE
COMMENTS
Performance indicators - Economic Topics -GRI 201: Economic Performance 2016 (material topic: long-term economic growth)	
TOPIC-SPECIFIC DISCLOSURES
(continues)
TOPIC-SPECIFIC DISCLOSURES
REFERENCE
COMMENTS
Performance indicators - Economic Topics - GRI 207: Tax 2019 (material topic: taxation)
[  GRI CONTENT INDEX  ]
[  APPENDIXES  ]

125
124
305-5
Reduction of GHG emissions
Environmental aspects - Climate change, energy and CO2  
emissions - Greenhouse gases emissions 
305-7
Nitrogen oxides (NOx), sulfur oxides (SOx), 
and other significant air emissions
Environmental aspects - Environmental protection  - 
Management of other atmospheric emissions and local 
impacts
Appendixes - Performance indicators - Environmental 
perfomance: summary tables
Performance indicators - Environmental Topics - GRI 306: Waste 2020
3-3
Management of material topics
Sustainability approach - Materiality analysis
Environmental aspects - Circular economy - Waste 
management
306-1
Waste generation and significant waste-related 
impacts
Environmental aspects - Circular economy - Waste 
management
306-2
Management of significant waste-related impacts
Environmental aspects - Circular economy - Waste 
management
The value of the waste 
produced is shown for 
respective disposal 
methods (dangerous and 
non-dangerous waste 
considered jointly)
306-3
Waste generated
Environmental aspects - Circular economy - Waste 
management
Performance indicators - Environmental Topics - Material topic: local impacts management
3-3
Management of material topics
Sustainability approach - Materiality analysis
Environmental aspects - Environmental protection  - 
Management of other atmospheric emissions and local impacts
Performance indicators - Social Topics - GRI 401: Employment  2016 (material topic: industrial relations  & employment conditions)
3-3
Management of material topics
Sustainability approach - Materiality analysis
Social aspects - Human resources  
401-1
New employee hires and employee turnover
Social aspects - Human resources  
Appendixes - Performance indicators 
- Social perfomance: summary tables
The number and 
percentage of recruited 
staff is shown at the 
Group level and is 
aggregated for all age 
groups. The absolute 
and percentage 
turnover is aggregated 
for all age groups
Performance indicators - Social Topics - GRI 402: Labor/Management Relations 2016 (material topic: industrial relations  & employment conditions) 
3-3
Management of material topics
Sustainability approach - Materiality analysis
Social aspects - Human resources  
402-1
Minimum notice periods regarding operational 
changes
Social aspects - Human resources  
Appendixes - Performance indicators 
- Social perfomance: summary tables
3-3
Management of material topics
Sustainability approach - Materiality analysis
Environmental aspects - Environmental protection 
 - Water consumption
303-1
Interactions with water as a shared resource
Environmental aspects - Environmental protection 
- Water consumption
303-2
Management of water discharge-related impacts
Environmental aspects - Environmental protection 
- Water consumption
303-3
Water withdrawal
Environmental aspects - Environmental protection
- Water consumption
303-5
Water consumption
Environmental aspects - Environmental protection 
- Water consumption
Appendixes - Performance indicators 
- Environmental perfomance: summary tables
Performance indicators - Environmental Topics - GRI 304: Biodiversity  2016 (material topic: biodiversity management)
3-3
Management of material topics
Sustainability approach - Materiality analysis
Environmental aspects - Environmental protection  
- Biodiversity
304-1
Operational sites owned, leased, managed in, or 
adjacent to, protected areas and areas of high 
biodiversity value outside protected areas
Environmental aspects - Environmental protection 
- Biodiversity
Given the high number 
of extraction sites, it is 
not possible to report the 
details for each of them. 
Starting from this year, 
we report the percentage 
of cement quarries in or 
near biodiversity sensitive 
areas and how many of 
these have implemented 
mitigation measures
Performance indicators - Environmental Topics - GRI 305: Emissions 2016  (material topic: CO2 emissions reduction; air emissions mitigation) 
3-3
Management of material topics
Sustainability approach - Materiality analysis
Sustainability approach - Our Policies
Environmental aspects - Climate change, energy and CO2  
emissions - Greenhouse gases emissions 
Environmental aspects - Environmental protection  - 
Management of other atmospheric emissions and local 
impacts
305-1
Direct (Scope 1) GHG emissions
Environmental aspects - Climate change, energy and CO2  
emissions - Greenhouse gases emissions 
Appendixes - Performance indicators - Environmental 
perfomance: summary tables
305-2
Energy indirect (Scope 2) GHG emissions
Environmental aspects - Climate change, energy and CO2  
emissions - Greenhouse gases emissions 
Appendixes - Performance indicators - Environmental 
perfomance: summary tables
305-4
GHG emissions intensity
Environmental aspects - Climate change, energy and CO2  
emissions - Greenhouse gases emissions 
Appendixes - Performance indicators - Environmental 
perfomance: summary tables
TOPIC-SPECIFIC DISCLOSURES
(continues)
TOPIC-SPECIFIC DISCLOSURES
REFERENCE
COMMENTS
Performance indicators - Environmental Topics - GRI 303: Water and Effluents 2018  (material topic: efficient use of water)
TOPIC-SPECIFIC DISCLOSURES
(continues)
TOPIC-SPECIFIC DISCLOSURES
REFERENCE
COMMENTS
Performance indicators - Environmental Topics - GRI 305: Emissions 2016  (material topic: CO2 emissions reduction; air emissions mitigation)  
(continues)
[  GRI CONTENT INDEX  ]
[  APPENDIXES  ]

127
126
3-3
Management of material topics
Sustainability approach - Materiality analysis
Social aspects - Human resources  - Workplace diversity
405-1
Diversity of governance bodies and employees
Social aspects - Human resources  
Appendixes - Performance indicators - Social perfomance: 
summary tables
Details for management 
bodies are not provided
Performance indicators - Social Topics - GRI 413: Local Communities 2016 (material topic: local communities engagement)
3-3
Management of material topics
Sustainability approach - Materiality analysis
Sustainability approach - Our Policies
Sustainability approach - Stakeholder Engagement
413-1
Operations with local community engagement, 
impact assessments, and development programs
Sustainability approach - Our Policies
Sustainability approach - Stakeholder Engagement
Performance indicators - Social Topics - GRI 417: Marketing and Labeling 2016  (material topic: customers relations) 
3-3
Management of material topics
Sustainability approach - Materiality analysis
Environmental aspects - Circular economy - Product Life Cycle 
(LCA/EPD)
417-1
Requirements for product and service information 
and labeling
Environmental aspects - Circular economy - Product Life Cycle 
(LCA/EPD)
All types of cement 
produced in the EU 
area need to have the 
EC mark. The EC mark 
indicates that the cement 
is in compliance with an 
harmonized European 
standard (EN 197-1 law). 
It allows to meet the 
essential requirements 
established by the 89/106/
CEE Directive in regard 
to the works in which it 
is used
3-3
Management of material topics
Sustainability approach - Materiality analysis
Sustainability approach - Our Policies
Social aspects - Occupational health and safety
Social aspects - Human resources 
403-1
Occupational health and safety management 
system
Sustainability approach - Our Policies
Governance and ethics - Corporate Governance
Social aspects - Occupational health and safety
Social aspects - Human resources 
Social aspects - Supply chain and human rights
Appendixes - Performance indicators - Social perfomance: 
summary tables
403-2
Hazard identification, risk assessment, and incident 
investigation
403-3
Occupational health services
403-4
Worker participation, consultation, and 
communication on occupational health and safety
403-5
Worker training on occupational health and safety
403-6
Promotion of worker health
403-7
Prevention and mitigation of occupational health 
and safety impacts directly linked by business 
relationships
403-8
Workers covered by an occupational health and 
safety management system
403-9
Work-related injuries
Social aspects - Occupational health and safety
Appendixes - Performance indicators - Social perfomance: 
summary tables
Performance indicators - Social Topics - GRI 404: Training and Education 2016  (material topic: employees development and training)
3-3
Management of material topics
Sustainability approach - Materiality analysis
Social aspects - Human resources  - Training and professional 
development
404-1
Average hours of training per year per employee
Social aspects - Human resources  - Training and professional 
development
Appendixes - Performance indicators - Social perfomance: 
summary tables
404-3
Percentage of employees receiving regular 
performance and career development reviews
Social aspects - Human resources  - Training and professional 
development
The performance 
management process is 
described; the percentage 
of employees covered by 
incentive programs is not 
provided
TOPIC-SPECIFIC DISCLOSURES
(continues)
TOPIC-SPECIFIC DISCLOSURES
REFERENCE
COMMENTS
Performance indicators - Social Topics - GRI 403: Occupational Health and Safety 2018 (material topic: health and safety; industrial relations  & 
employment conditions) 
TOPIC-SPECIFIC DISCLOSURES
(continues)
TOPIC-SPECIFIC DISCLOSURES
REFERENCE
COMMENTS
Performance indicators - Social Topics - GRI 405: Diversity and Equal Opportunity 2016 (material topic: gender equality)
[  GRI CONTENT INDEX  ]
[  APPENDIXES  ]

129
128
ISSUE OF LEGISLATIVE 
DECREE 254/2016
MATERIAL TOPIC
POLICIES APPLIED AND MANAGEMENT INSTRUMENTS
REFERENCES TO PARAGRAPHS
CORRELATION WITH GRI STANDARDS
Environmental
CO2 emissions reduction and air emissions 
mitigation
Code of Conduct
Climate change policy
Roadmap "Our Journey to Net Zero"
Environmental management systems (UNI EN ISO 14001 
or equivalent, EPD)
Chap. Governance and ethics - Corporate Governance, Box Code of Conduct, 
par. Code of Conduct, internal control and risk management system
Chap. Environmental aspects - Climate change, energy and CO2 emissions, par. 
Greenhouse gases emissions
Chap. Environmental aspects - Environmental protection, par. Management of other 
atmospheric emissions and local impacts
305-1 Direct (Scope 1) GHG emissions
305-2 Energy indirect (Scope 2) GHG emissions
305-4 GHG emissions intensity
305-5 Reduction of GHG emissions
305-7 Nitrogen oxides (NOx), sulphur dioxides (SOx) and other 
significant air emissions
Natural resources
Code of Conduct
Climate change policy
Environmental management systems (UNI EN ISO 14001 
or equivalent, EPD)
Chap. Governance and ethics - Corporate Governance, Box Code of Conduct, 
par. Code of Conduct, internal control and risk management system
Chap. Environmental aspects - Climate change, energy and CO2 emissions, par. 
Consumption of thermal and electric energy
Chap. Environmental aspects - Circular economy, par. Consumption of materials
301-1 Materials used by weight or volume
301-2 Recycled input materials used 
302-1 Energy consumption within the organisation 
302-3 Energy intensity
302-4 Reduction of energy consumption
Efficient use of water
Environmental management systems (UNI EN ISO 14001 
or equivalent, EPD)
Chap. Environmental aspects - Environmental protection, par. Water consumption
303-1 Interaction with water as a shared resource 
303-2 Management of water discharge-related impacts
303-3 Water withdrawal
303-5 Water consumption
Consumption of water per ton of cementitious product 
Consumption of water per cubic metre of concrete 
Biodiversity management
Environmental management systems (UNI EN ISO 14001 or equivalent)
Chap. Governance and ethics - Corporate Governance, Box Code of Conduct, 
par. Code of Conduct, internal control and risk management system
Chap. Environmental aspects -  Environmental protection, Box Biodiversity
304-1 Operational sites owned, leased, managed in, or adjacent 
to, protected areas and areas of high biodiversity value outside 
protected areas
Local impacts management
Environmental management systems (UNI EN ISO 14001 or equivalent) 
Chap. Governance and ethics - Corporate Governance, Box Code of Conduct, 
par. Code of Conduct, internal control and risk management system
Chap. Environmental aspects - Environmental protection, par. Management of other 
atmospheric emissions and local impacts
Production sites with monitoring of noise emissions
Investments for noise mitigation interventions
Social
Long-term economic growth and taxation
Code of Conduct
Corporate governance model and Model of organisation, management 
and control
OECD Rules
Country by country Report pursuant to article 1, paragraphs 145 and 
146 of law 28/12/2015 n. 208 (2016 Stability Law)
IFRS international accounting principles
Chap. The Group at a glance, Box Value generated and distributed
Chap. Governance and ethics - Tax management
201-1 Direct economic value generated and distributed 
207-1 Approach to tax
207- 2 Tax governance, control, and risk management 
207-3 Stakeholder Engagement and management of concerns 
related to tax
207-4 Country–by-country reporting
Local communities engagement
Code of Conduct
Stakeholder Engagement policy 
Safety Policy
Occupational Health and Safety systems (UNI EN ISO 45001, OHSAS 
18001 or equivalent)
Chap. Sustainability approach - Stakeholder Engagement
413-1 Operations with local community engagement, impact 
assessments, and development programs
Supply chain management
Code of Conduct
Corporate governance model and Model of Organisation Management 
and Control pursuant to Legislative Decree 231/2001
Chap. Governance and ethics - Corporate Governance, Box Code of Conduct
Chap. Social aspects -  Supply chain and human rights
204-1 Proportion of spending on local suppliers
Customers relations
Environmental Product Declaration (EPD)
Chap. Environmental aspects - Circular economy, par. Product Life Cycle (LCA/EPD)
417-1 Requirements for products and service information and 
labelling
Clinker/cement ratio
[  CORRELATION TABLE TO THE LEGISLATIVE DECREE 254/2016  ]
[  APPENDIXES  ]
CORRELATION TABLE TO THE 
LEGISLATIVE DECREE 254/2016

131
130
ISSUE OF LEGISLATIVE 
DECREE 254/2016
MATERIAL TOPIC
POLICIES APPLIED AND MANAGEMENT INSTRUMENTS
REFERENCES TO PARAGRAPHS
CORRELATION WITH GRI STANDARDS
Relating to staff
Employees development and training
Code of Conduct
Corporate governance model and Model of Organisation Management 
and Control pursuant to Legislative Decree 231/2001
Safety Policy
Chap. Social aspects - Human resources, par. Working conditions and employment 
data and par. Training and professional development
401-1 New employee hires and employee turnover
404-1 Average hours of training per year per employee
404-3 Percentage of employees receiving regular performance 
and career development reviews
Gender equality
Code of Conduct
Corporate governance model and Model of Organisation Management 
and Control pursuant to Legislative Decree 231/2001
Chap. Social aspects - Human resources, par. Workplace diversity 
405-1 Diversity of governance bodies and employees
Industrial relations & employment conditions
Code of Conduct
Corporate governance model and Model of Organisation Management 
and Control pursuant to Legislative Decree 231/2001
Participation in European Works Council (EWC)
Chap. Social aspects - Human resources, par. Collective bargaining
402-1 Minimum notice periods regarding operational changes
Respect of human rights
Health and safety
Code of Conduct
Safety Policy
Corporate governance model and Model of Organisation Management 
and Control pursuant to Legislative Decree 231/2001
Occupational Health and Safety systems (UNI EN ISO 45001, OHSAS 
18001 or equivalent)
Chap. Social aspects - Occupational health and safety
Chap. Social aspects - Supply chain and human rights
403-1 Occupational health and safety management system
403-2 Hazard identification, risk assessment, and incident 
investigation
403-3 Occupational health services
403-4 Worker participation, consultation, and communication on 
occupational health and safety
 403-5 Worker training on occupational health and safety
403-6 Promotion of worker health
403-7 Prevention and mitigation of occupational health and 
safety impacts directly linked by business relationships
403-8 Workers covered by an occupational health and safety 
management system
403-9 Work-related injuries
Anti-corruption
Antitrust & anti-corruption
Code of Conduct
Corporate governance model and Model of Organisation Management 
and Control pursuant to Legislative Decree 231/2001
Chap. Governance and ethics - Business integrity, par. Antitrust 
and par. Anti-corruption
205-2 Communication and training about anti-corruption policies 
and procedures
205-3 Confirmed incidents of corruption and actions taken 
Correlation table to the Legislative Decree 254/2016
(continues)
[  CORRELATION TABLE TO THE LEGISLATIVE DECREE 254/2016  ]
[  APPENDIXES  ]

Cover photo: 
Research activities at the Built Laboratory, Vercelli, Italy.
Internal pages photo credits: 
Tommaso Buzzi, Aldo Sardoni, Schwab-Stein Christoph Mertens, Junior Souza Fotografias
Editorial coordination
SDWWG
Milan
Buzzi Unicem S.p.A.
Via Luigi Buzzi, 6
Casale Monferrato (AL)
Tel. +39 0142 416 111
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This Sustainability Report appears in Italian (original version) and English (non-binding version).

Buzzi Unicem S.p.A.
Via Luigi Buzzi, 6 | Casale Monferrato (AL) | Tel. +39 0142 416 111
buzziunicem.com