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LISLE DABEAU, France--(BUSINESS WIRE)--Regulatory News: Vicat (Paris:VCT): Solid operating performance amid exceptional conditions Audited condensed consolidated income statement: ( million) 2020 2019 Change (reported) Change (at constant scope and exchange rates) Consolidated sales 2,805 2,740 +2.4% +5.5% EBITDA** 557 526 +5.9% +10.1% EBITDA margin (%) 19.9% 19.2% EBIT*** 298 267 +11.7% +17.5% EBIT margin (%) 10.6% 9.7% Consolidated net income 172 160 +7.7% +16.3% Net margin (%) 6.1% 5.8% Net income, Group share 156 149 +4.8% +10.7% Cash flow 461 425 +8.3% +12.9% *EBITDA: sum of gross operating income and other income and expenses on ongoing business. *EBIT: EBITDA less net depreciation, amortisation and provisions on ongoing business. ***Leverage ratio: net debt/consolidated EBITDA Commenting on these figures, Guy Sidos, the Groups Chairman and CEO said: Thanks to our employees tremendous efforts and commitment, the Vicat group strengthened its position amid the unprecedented current pandemic situation. Our resilience and flexibility allowed us to make organizational changes in order to reconcile our competing imperatives of keeping everyone safe and healthy, unlocking savings and making rapid adjustments, such as relocating our Paris head office to LIsle dAbeau in the Auvergne-Rhne-Alpes region. Likewise, we made improvements to Vicats governance and stepped up our environmental and digital transformation programmes. Given the strength of our cash generation, we were able to resume key productivity investment programmes for the future. Despite the adversity we faced, our teams across all our various regions successfully delivered higher production efficiency levels and met market demand cost-effectively, paving the way for a solid increase in the Vicat groups results. Disclaimer: Further information about Vicat is available from its website (www.vicat.fr). 1. Income statement 1.1. Consolidated income statement Performance in 2020 was significantly disrupted by the Covid-19 pandemic. The Groups business activities in the 12 countries in which it operates were affected to different extents, depending on the political response to the pandemic situation. India, France and Italy recorded a sharp fall in their sales in the first half followed by a rebound from June. The -3.2% decline in consolidated sales in the first six months was erased by a +13.8% rise at constant scope and exchange rates in the second half of the year. The Vicat Groups full-year consolidated sales came to 2,805 million, representing an increase of +2.4% on a reported basis or +5.5% at constant scope and exchange rates compared with 2019. The key factors driving consolidated sales were: The Groups consolidated EBITDA came to 557 million, up +5.9% on a reported basis and up +10.1% at constant scope and exchange rates. The EBITDA margin widened by 0.7 points to 19.9%. The reported EBITDA performance was the product of very minor positive scope effects (less than +2 million), unfavourable currency effects of almost -24 million and, lastly, solid organic growth of +53 million. At constant scope and exchange rates, the EBITDA increase was driven by: These positive factors helped to offset: EBIT totalled 298 million compared with 267 million in 2019. That represented an increase of +11.7% on a reported basis and of +17.5% at constant scope and exchange rates. The EBIT margin on consolidated sales improved by almost one point to 10.6%. This increase reflects a further improvement in operating margins across the Americas, Africa and Asia. The clear rebound in activity levels in France from the third quarter onwards was not sufficient to make up entirely for the decline in the first six months. Lastly, given the factors presented above, the Europe (excluding France) and Mediterranean regions experienced a fall in their operating margins over the period as a whole. Operating profit rose +6.3% on a reported basis and +13.4% at constant scope and exchange rates. This performance reflects the improvement in EBITDA and EBIT, a 6 million gain resulting from a tax amnesty in Brazil and, lastly, -19 million related to the write down of assets in Egypt. The +3 million improvement in net financial expense was largely attributable to a 2 million gain as a result of a tax amnesty and reflects the tight grip kept on the Groups overall debt in 2020 amid the pandemic situation. Tax expense rose by +7 million as a result of the higher pre-tax income. The effective tax rate was stable at 30.7% compared with 30.6% in 2019. The stable tax rate reflects a slight reduction in rates in France and Switzerland, as well as deferred tax income linked to the extension of the rider to the mining agreement in Senegal. These positive factors helped to offset the unfavourable impact of the larger loss not subject to tax recorded in Egypt, the end to the period of tax exemptions in Kazakhstan, and a negative adjustment to deferred tax assets in India given the reduction in the tax rate paid by Kalburgi Cement. Consolidated net income totalled 172 million, up +7.7% at constant scope and exchange rates and up +16.3% on a reported basis despite the write down of assets in Egypt. The improved performance in Brazil and India gave rise to a significant increase in the share attributable to minority shareholders. Accordingly, net income, Group share rose +10.7% at constant scope and exchange rates and +4.8% on a reported basis to 156 million. Cash flow came to 461 million, up +8.3% on a reported basis and up +12.9% at constant scope and exchange rates, reflecting the sharp increase in EBITDA generated over the year. On the basis of these full-year 2020 results and confident in the Groups ability to pursue further development, the Board of Directors decided at its meeting on 12 February 2021 to propose shareholders at the General Meeting to be held on 9 April 2021 to maintain the dividend at 1.50 per share. 1.2. Income statement analysed by geographical region 1.2.1. Income statement, France ( million) 2020 2019 Change (reported) Change (at constant scope and exchange rates) Sales 963 987 -2.4% -3.5% EBITDA 171 182 -6.5% -7.3% EBIT 92 102 -9.4% -9.8% During the year, the pandemic had a significant impact on the Groups performance in France. Following a near total shutdown in mid-March, the situation gradually improved, and the Group returned to solid business growth again in the second half. Even so, this was not sufficient to offset the impact of the initial lockdown on the Groups activities during the first half of 2020. Accordingly, EBITDA declined over the period as a whole, with the positive impact of lower energy costs and the benefits of the cost-cutting plan failing to offset the downturn in activity levels and certain exceptional costs incurred by the Cement business. 1.2.2 Income statement for Europe excluding France ( million) 2020 2019 Change (reported) Change (at constant scope and exchange rates) Sales 423 401 +5.6% +1.2% EBITDA 97 96 +1.1% -2.8% EBIT 55 58 -5.5% -9.1% Activity levels in Europe (excluding France) over 2020 reflect contrasting trends in Switzerland and Italy. The Swiss market was only barely affected by the pandemic during the year, while Italy experienced a very challenging pandemic and macroeconomic situation. As a result, the EBITDA margin on consolidated sales slipped 1.1 points to 23.0%. In Switzerland, the Groups consolidated sales rose by +6.5% on a reported basis and by +1.8% at constant scope and exchange rates. EBITDA rose +1.8% on a reported basis but fell -2.2% at constant scope and exchange rates. In Italy, consolidated sales declined -10.5% over the full year as a result of the total shutdown of operations for 30 days during the second quarter. However, selling prices firmed up against a backdrop of significantly lower volumes. As a result, EBITDA fell -34.4% compared with 2019. 1.2.3 Income statement for the Americas region ( million) 2020 2019 Change (reported) Change (at constant scope and exchange rates) Sales 636 589 +8.0% +17.2% EBITDA 141 115 +22.6% +36.3% EBIT 86 57 +52.7% +73.5% Despite a concerning pandemic situation in both the United States and Brazil, activity levels continued to move in the right direction thanks to the economic measures implemented in response to the pandemic. As a result of these factors, the Americas regions sales and EBITDA improved significantly. The EBITDA margin on consolidated sales picked up to 22.3% from 19.6% in 2019. In the United States, the construction sector was rapidly recognised as essential by the authorities and thus permitted to continue operating. Accordingly, infrastructure and residential markets continued to grow thanks to the economic stimulus measures. The Groups consolidated sales in the United States rose +5.7% on a reported basis and +7.7% at constant scope and exchange rates. EBITDA came to 99 million over the full year, up +14.0% on a reported basis and up +16.2% at constant scope and exchange rates. The investment in a new 5,000-tonne/day kiln at the Ragland plant in Alabama, launched during 2019, continued during the year and is scheduled to enter service in the first half of 2022. This new installation will increase the plants existing capacity, significantly reduce production costs and actively help the Group to meet its CO2 emission reduction targets. In Brazil, where certain regions have been hit harder by the pandemic, the Group reaped the benefit of fairly favourable industry conditions supported by the governments economic incentives, low interest rates, all of which helped underpin the residential sectors development. The Group took full advantage of its highly efficient production facilities and the operational improvements made following the acquisition of Ciplan. Consolidated sales generated in Brazil came to 156 million, up +15.7% on a reported basis and up +48.9% at constant scope and exchange rates, reflecting the depreciation in the Brazilian real against the euro. EBITDA recorded solid growth to 43 million, up from 29 million in 2019. 1.2.4 Income statement for the Asia region (India and Kazakhstan) ( million) 2020 2019 Change (reported) Change (at constant scope and exchange rates) Sales 348 375 -7.1% +0.1% EBITDA 103 89 +15.9% +24.9% EBIT 68 54 +26.4% +36.4% The Asia region was severely affected by the pandemic crisis, which led to a significant deterioration in the macroeconomic and sector environment in the first half, ahead of a clear rebound in activity levels in the second half. Amid these conditions, the Group focused on implementing cost-cutting measures without compromising its ability to seize new market opportunities. India has been worst hit by the pandemic of all the countries in the Groups geographical portfolio. The strict lockdown measures imposed by the government led to the complete shutdown of the Groups manufacturing facilities for over a month during the first half. The lockdown measures also had a very negative impact on the resumption of construction projects. These were affected by a labour shortage preventing a more rapid and stronger pick-up in the sector until the end of the third quarter. Once the situation returned to normal in the final quarter, the government subsidies supporting the economy and the robust level of activity in the construction sector in particular offset the negative effects of the pandemic. As a result, the Group recorded 286 million in consolidated sales in 2020, an almost stable performance at constant scope and exchange rates (down -0.5%). The contraction in volumes sold was offset by a solid increase in average selling prices. As a result of these factors and the cost reduction plan, EBITDA rose +35.2% at constant scope and exchange rates over the full year to 82 million. In Kazakhstan, after a sharp increase in activity in the first quarter, supported by export markets in particular, the operating environment deteriorated in the second and in part of the third quarter as a result of the pandemic crisis, before volume growth returned from September onwards. Over the full year, volumes remained stable. Selling prices declined slightly over 2020 as a whole despite a firmer trend in the second half. As a result, consolidated sales rose by +3.1% at constant scope and exchange rates. EBITDA declined -3.8% at constant scope and exchange rates to 20 million in 2020. 1.2.5 Income statement for the Mediterranean region (Egypt and Turkey) ( million) 2020 2019 Change (reported) Change (at constant scope and exchange rates) Sales 173 171 +1.1% +19.1% EBITDA -11 -4 n.s. n.s. EBIT -29 -23 n.s. n.s. Macroeconomic and competitive conditions remained challenging in the Mediterranean region, with selling prices coming under significant pressure in Turkey and Egypt. Taking these factors and also higher energy costs in the region into account, the Group recorded a negative EBITDA of -11 million in 2020. In Turkey, sales totalled 124 million, up +19.4% at constant scope and exchange rates, demonstrating the Groups healthy resilience in a tough environment. The EBITDA generated in Turkey came to 8 million, down -24.8% at constant scope and exchange rates. After a breakeven EBITDA performance in the first half, trends improved significantly during the second half, which again brought solid growth at constant scope and exchange rates. In Egypt, consolidated sales totalled 49 million, up +18.2% at constant scope and exchange rates. The pandemic has exacerbated the effects of what was already an unfavourable situation, with macroeconomic trends barely improving, a freeze on new building permits between May and November 2020, severe logistical constraints and fierce competition. As a result, volumes recorded a fairly significant increase over the year as a whole, albeit without moving above a fairly low level. Selling prices continued to fall as a result of the pressure created by the Egyptian Armys new plant, persisting at levels that were too low to achieve renewed profitability. Accordingly, the Group stepped up its maintenance efforts at both kilns during the final quarter in a bid to raise its operating performance. The Group recorded an EBITDA loss of -19 million over the full year, compared with a loss of -17 million in 2019. Lastly, the Group decided to write down its Egyptian assets by 19 million given the persistently unfavourable macroeconomic and industry conditions and the prospects of a slow improvement in the situation. 1.2.6 Income statement for Africa ( million) 2020 2019 Change (reported) Change (at constant scope and exchange rates) Sales 262 217 +20.4% +20.8% EBITDA 56 47 +18.7% +19.0% EBIT 25 18 +36.2% +36.8% In Africa, the environment remained positive, despite the pandemics substantial impact, which brought large government-funded projects to a standstill in Senegal. The Groups activity trends in the other West African countries recorded a strong increase, supported by the rapid ramp-up in its Ciment et Matriaux du Mali subsidiarys grinder and strong momentum in Mauritania. Selling prices edged higher in Mauritania, but dropped back in Mali. Overall, both Mali and Mauritania recorded EBITDA increases. 2. Balance sheet and cash flow statement At 31 December 2020, the Group had a solid financial structure, with 2,411 million in shareholders equity, compared with 2,596 million at 31 December 2019. It is important to note that the currency devaluation at the balance sheet date had a very major impact on both assets and equity. Net debt totalled 1,202 million at 31 December 2020, down 88 million compared with at 31 December 2019. On this basis, gearing stood at 49.9% at 31 December 2020, compared with 49.7% at 31 December 2019, with the leverage ratio at 2.16x, down from 2.45x at 31 December 2019. In line with operating profitability, cash flow totalled 461 million during the year, representing an increase of +12.9% at constant scope and exchange rates. Net capital expenditure during the year as a whole came to 300 million. Given the strong level of cash generation in the second half, the Group decided to resume towards the end of the year the investments it had postponed during the first half in view of the Covid-19 situation. Close to half this amount relates to the construction of the new kiln-line at the Ragland plant in the United States. Lastly, the Groups free cash flow came to 228 million in 2020, compared with 159 million in 2019, as a result of the improvement in EBITDA and a clear reduction in the working capital requirement. 3. Outlook for 2021 In 2021, macroeconomic conditions in all of the countries where the Group operates are still likely to be affected by the Covid-19 pandemic to varying degrees depending on the pandemic situation and the governmental responses. At present, business is conducted within the strict framework of the procedures adapted to the public health conditions in each country where the Group is present. Within this framework, it is important to note that: In addition, three factors are likely to have an impact on the Groups financial performance and its evolution throughout 2021: During 2021, the Group will keep up its investment drive focusing chiefly on: Accordingly, investments industrial capex are expected to be higher than in 2020 at around 365 million. The Group reserves the right to adjust its investment plans to the shifting trends in its markets and its cash generation. The Group is issuing the following elements to appreciate the performance expected in the various countries in which it operates. It wishes to make clear that these trends are highly dependent on the latest developments in the pandemic crisis and the latters impact on each of them: Given all these factors, the Group expects its EBITDA to rise at constant scope and exchange rates over the full year. Naturally, this expectation is subject to change during the year depending on pandemic-related developments and their impact on the macroeconomic and industry environment in the countries in which the Group operates. Conference call To accompany the publication of the Groups full-year 2020 results, Vicat is holding a conference call in English that will take place on Tuesday, 16 February 2021 at 3pm Paris time (2pm London time and 9am New York time). To take part in the conference call live, dial one of the following numbers: You may also access a live audio webcast of the conference, together with the presentation, on the Vicat website or simply by clicking here. The replay of the conference call will be immediately available for streaming via the Vicat website and by clicking here. Next report: First-quarter 2021 sales on 5 May 2021 after the market close. About Vicat The Vicat Group has over 9,000 employees working in three core divisions, Cement, Concrete & Aggregates and Other Products & Services, which generated consolidated sales of 2.805 billion in 2020. The Group operates in twelve countries: France, Switzerland, Italy, the United States, Turkey, Egypt, Senegal, Mali, Mauritania, Kazakhstan, India and Brazil. Some 64% of its sales are generated outside France. The Vicat Group is the heir to a family industrial tradition dating back to 1817, when Louis Vicat invented artificial cement. Founded in 1853, the Vicat Group now operates three core lines of business: Cement, Ready-Mixed Concrete and Aggregates, as well as related activities. About the Louis Vicat Foundation Created in 2017 on the occasion of the bicentenary of the invention of artificial cement, the Foundation's objectives are: the promotion of scientific and technical culture, the preservation and enhancement of heritage, education and solidarity. To this end, in 2020 the Foundation carried out a series of inclusive actions for the benefit of people with disabilities and those far from employment. The year 2021 will be the Year of Women. Vicat group Financial data Appendix Definition of alternative performance measures (APMs): Consolidated financial statements at 31 December 2020 approved by the Board of Directors on 12 February 2021 (3) 1,118,874 1,231,538 (4) 170,812 187,046 (5) 1,987,852 2,031,781 (6) 186,829 219,066 (7) 14,831 15,125 (8) 77,873 85,212 (24) 71,922 89,938 (9) 239,176 236,142 2,749,295 4,095,848 (10) 354,937 401,551 (11) 440,874 416,568 3,328 72,811 (11) 152,496 192,776 (12) 422,843 398,514 1,374,478 1,482,220 4,123,773 5,578,068 Notes (13) 179,600 179,600 11,207 11,207 (53,587) (52,416) 2,679,297 2,598,620 (640,130) (405,843) 2,176,387 2,331,168 234,306 264,767 2,410,693 2,595,935 (14) 139,022 141,235 (15) 116,764 140,243 (16) 1,270,162 1,109,769 (16) 157,563 178,398 (24) 213,736 253,194 37,999 52,072 1,935,246 1,874,911 (15) 13,522 10,635 (16) 165,375 391,594 (16) 47,382 59,864 375,329 354,652 24,557 49,162 (18) 270,543 241,315 896,708 1,107,222 2,831,954 2,982,133 5,242,647 5,578,068 2020 2019 (19) 2,805,162 2,739,993 (1,720,244) (1,710,592) (1.23) 1,084,918 1,029,401 (20) (489,921) (475,396) (62,078) (64,592) (1.23) 532,919 489,413 (22) 24,396 36,718 (1.23) 557,315 526,131 (21) (259,467) (259,488) (1.23) 297,848 266,643 (22) (6,080) 13,622 (21) (14,207) (19,206) 277,561 261,059 (23) (36,870) (33,367) (23) 20,671 12,577 (23) (18,630) (17,266) (23) (34,829) (38,056) (8) 4,021 5,096 246,753 228,099 (24) (74,609) (68,229) 172,144 159,870 16,149 11,049 155,995 148,821 (13) 3.47 3.31 2020 2019 172,144 159,870 46 (17,457) 307 4,391 (280,898) (7,421) 4,878 11,305 (1,157) (2,919) (276,824) (12,101) (104,680) 147,769 (20,570) 9,554 (84,110) 138,215 2020 2019 172,144 159,870 (4,021) (5,096) 4,860 1,486 276,796 284,347 5,086 5,852 (5,114) (4,639) 128 (22) 10,693 (16,702) 1.23 460,572 425,096 67,647 (42,789) 26 528,219 382,307 (319,370) (237,484) (23,613) (48,621) 18,946 14,671 4,912 17,361 (2,992) (322,994) 27 (322,117) (577,067) (74,282) (73,458) 250 500 16 210,729 428,933 16 (209,432) (43,902) 16 (62,198) (52,519) (7,555) (7,502) 4,423 8,927 (138,065) 260,979 (37,552) 486 30,485 66,705 28 328,674 261,969 28 359,159 328,674 179,600 11,207 (56,144) 2,524,952 (400,348) 2,259,267 221,474 2,480,741 148,821 148,821 11,049 159,870 (5,111) (5,495) (10,606) (1,495) (12,101) 143,710 (5,495) 138,215 9,554 147,769 (66,434) (66,434) (7,030) (73,464) 3,728 (1,707) 2,021 2,021 (1,713) (1,713) 40,635 38,922 (188) (188) 134 (54) 179,600 11,207 (52,416) 2,598,620 (405,843) 2,331,168 264,767 2,595,935 179,600 11,207 (52,416) 2,598,620 (405,843) 2,331,168 264,767 2,595,935 155,995 155,995 16,149 172,144 (5,818) (234,287) (240,105) (36,719) (276,824) 150,177 (234,287) (84,110) (20,570) (104,680) (66,369) (66,369) (8,232) (74,601) (1,171) (1,455) (2,626) (2,626) (1,676) (1,676) (1,659) (3,335) 179,600 11,207 (53,587) 2,679,297 (640,130) 2,176,387 234,306 2,410,693 (1) Breakdown by nature of other comprehensive income: Other comprehensive income includes mainly cumulative conversion differences from end 2003. To recap, applying the option offered by IFRS 1, the conversion differences accumulated before the transition date to IFRS were reclassified by allocating them to retained earnings as at that date. (2) : mainly including the minority interests connected to the acquisition of Ciplan in Brazil (see note 2) Group translation reserves are broken down by currency as follows at December 31, 2020 and 2019: 6,356 42,965 206,123 202,323 (299,777) (267,777) (126,196) (124,787) (99,069) (89,672) (10,556) (8,676) (100,930) (15,348) (216,081) (144,871) (640,130) (405,843)

Answer: Vicat: 2020 Results