Annual Report 2019 12345

Annual
report
2019
Cover photo: Reinforcement of JFK coastal road, Marseilles (France)
INTERVIEW
with Guy Sidos, Chairman and CEO 3
CONTENTS THREE ISSUES THAT STEER OUR CHOICES 4

Ecological and energy transition 5
Urban transformation 6
Digital transformation 7
VICAT IN NUMBERS 8
MAJOR ROLE IN LIVING TOGETHER 9

Meeting the needs of many different markets 10
Vicat throughout the world 12
Three strategic focuses for controlled development 14
Governance and shareholders 16
Fondation Louis Vicat 18
Innovation for living together 20
Our CSR commitments 22
A YEAR OF ADVANCES 27
France 28
Rest of Europe 32
Americas 34
West Africa 38
Mediterranean 40
Asia 42
FINANCIAL INDICATORS 46
Annual report 2019
VICAT IS A FRENCH COMPANY FOUNDED

167 YEARS AGO IN THE FOOTSTEPS
OF LOUIS VICAT, WHO DEMYSTIFIED
ARTIFICIAL CEMENT IN 1817.
Today, working in 12 countries, the Group lays out
WHO WE ARE
a top-class offering of mineral and bio-based
construction materials, along with services
that meet the needs of construction trades.
Wherever it has cement plants, aggregate quarries,
concrete batching plants, and factories
manufacturing finishing products for the building
industry, Vicat strives to produce locally and in so
doing develop employment and the local economy.
For a number of years, under its commitment
to ecological transition, the Group has been
reducing the carbon footprint of all its businesses
and putting the virtues of circular
economy into practice.
Still family-run, the Company cultivates
a relationship of confidence with customers,
partners, and employees on a daily basis.
2 Vicat
“Building and
Interview with…
GUY SIDOS
Chairman and CEO living together
implies coming up
with innovative,
sustainable
construction
solutions”
For the Vicat group, which is active represents 10% of the Group’s and replacing them with incinerable
throughout the world, what were the production capacity. Finalized right at waste. This turnaround, which we set in
most striking advances in 2019? the beginning of 2019, the operation motion twenty-five years ago, when
Guy Sidos. 2019 was a year of meant we achieved consolidated sales climate change was far from everyone’s
commitments in every country where of 2.7 billion euros with 9,947 employees lips, is something we are very proud of!
we work. We pursued our strategy in 12 countries. While we are anchored in history, we
in keeping with who we are: an look to the future, and our model is
international player in the world of Vicat has already been engaged in based on constant development of
cement and mineral and bio-based the climate-emergency combat for innovative products and services for
construction materials that a number of years; what is your different construction sectors.
manufactures wherever it is present and strategy for reducing your carbon Examples are the extension of the
seeks to recruit locally; a benchmark footprint? lifetime of structures, multi-purpose
company in terms of ecological G. S. It can be seen through large products, consideration of biomimetics
transition, targeting carbon neutrality numbers of actions carried out in all our in architecture, functionalization of
throughout our value chain; and a businesses. Our program for eliminating structures, recyclability of materials,
company that has always been the use of fossil fuels in cement plants is and sustainable transport. This way of
determined to be family-run. a major component of our industrial seeing the world and its future says who
Today, two thirds of our sales are policy. Let me give you a few examples: we are. It has been in our blood for more
generated outside France and 70% of installation of a new kiln without a coal than two hundred years, since the
our production capacity is in emerging mill in the United States, in Ragland, and demystification of artificial cement by
countries. In this respect, our expansion reduction of our CO2 emissions with the Louis Vicat. We help achieve ecological,
into Brazil in 2019, through the development of our new Alpenat economic, and energy transition
acquisition of 66% of the equity of clinker. Today, I can state categorically incorporating social justice through
Ciplan, is particularly important. that our production processes, which our R&D focusing primarily on the
By adding a 3.2-million-ton cement require kilns to be heated to 2,000 performance of materials, the
plant plus production of aggregate and degrees centigrade, are well on the way environment, the ease of use of
ready-mixed concrete, this acquisition to completely eliminating fossil fuels products, and sparing use of resources.
Annual report 2019 3
We also innovate through our

determination to set up circular
economies and short supply chains in
Interview
order to reduce the consumption of
natural raw materials and water. This
uncompromising drive for innovation
and our awareness of the role we must
play in rising to the multiple challenges
threatening our increasingly imperiled
world make us stronger and more agile.
To rise to the challenges of climate
change, in both the evolution of our
processes and the adaptation of our
commercial offering, we have set up a
“climate strategy” department for the
Group as a whole.
What are your perspectives for

development in 2020 and beyond?
G. S. 2020 got off to a good start, with
improved economic conditions in Brazil,
in particular, and better prices in
Senegal. But the Covid-19 international
health crisis may well have an effect on
the vigor of the early part of the year.
In France, the Xeuilley plant is
“0% fossil-fuel
developing the technology for
production of cement from activated
use targeted
clay, with the intention of reducing
our clinker factor and thus lessening
in France for 2025”

our carbon footprint. We are also
expecting sales of our new products
to take off dramatically as a result
of our innovation policy. •
4 Vicat
Three
issues that
steer our
choices
Facing up to the climate emergency, Vicat is innovating
to reduce its carbon impact and save resources.
The Group is committed to developing concretes
that provide sustainable solutions for the needs of
construction tomorrow, against the backdrop of rocketing
population growth. It is also relying on the fantastic
opportunities digital transformation is laying before
us for adapting its processes and services.
1
Ecological and energy transition
requires that we prevent the average
temperature at the Earth’s surface rising
by more than 2°C by 2100.
Issues
EXPLANATION CHALLENGES AHEAD
In light of today’s demographic growth and – Develop low-carbon concretes and other
intensive consumption, it is urgent that we change construction materials
our means of production in order not to exhaust – Supersede fossil fuels at our cement plants
resources and cause too great a temperature rise, with waste fuel streams, e.g. end-of-life tires,
which would be disastrous for the planet. meat and bone meal, automotive shredder
residues (fluff), waste biomass, etc.
– Optimize our facilities to reduce energy
consumption and preserve natural resources
“Vicat’s commitment to energy transition takes the form of concrete actions

and projects at its industrial facilities aimed at meeting the challenges of
climate change. The Group is working towards the industrial facilities
of the future by making its production sites a tool for transforming
the materials and energy sources at hand locally. What is more, Vicat
is conducting trials for the capture and beneficial re-use of CO2 so as to
significantly reduce its carbon footprint. With this is mind, the Group is
contributing actively to the development of breakthrough technologies.” 1
Marie Godard-Pithon, Deputy Manager, Performance & Investment

6 Vicat
2
Urban transformation
has to meet the needs of demographic
growth in terms of housing
and infrastructures.

By 2050 Earth’s population will be 10 billion, – D
evelop bio-based products and solutions
and 75% of its inhabitants will live in urban – P
ropose new, increasingly
environments. Its sustainability, abundance, high-performance concretes
low cost, and ease of use make cement – Be on top of the entire logistics chain,
the unrivaled material for the construction including transport
of the smart cities of tomorrow.
“Through its choice of innovative action and its partnerships in both the public
and private sectors, the Vicat group is working for more sustainable urban
development that makes for more pleasant and safer living for the population.
Ecodesign of products, implementation of short circular-economy supply
chains, and the development of cements whose manufacture produces less
CO2 are now essential aspects for the urban construction of tomorrow.” 1
Pierre-Olivier Boyer, Strategic Partnership Manager

Annual report 2019 Vicat 7
3
Digital transformation
is disrupting models of corporate
organization and inducing the emergence
of new, innovative services.
Issues
The digitization of society has totally transformed – Establish a digital offering serving
the construction business in the same way that our customer requirements
lifestyles have become increasingly connected, – O ffer new high-value-added
collaborative, and interdependent. services based on the use of data
– Adapt our manufacturing processes
“To accelerate change, Vicat is now implementing its digital transformation

plan. In 2019 we launched the Product Information Management program,
a system that centralizes all product data, enriching it with sales pitches,
project references, and an integrated media library. It improves the sharing
of information by employees and its distribution to customers.
We’re also working on making dematerialized documents available
for customers; this is fundamental for giving them a successful
customer experience.” 1
Corentine Holdsworth, Digital Transformation Manager

8 Vicat
Vicat
in numbers
2.7 billion euros

sales
2/3 generated
outside France
12 countries
9,947 employees
3 CEMENT
main
businesses
17 cement plants
CONCRETE
259 batching plants
AGGREGATE
70 aggregate quarries
5 milling plants 9 million 23 million tons sold
cubic meters sold
22 million tons sold
WORLD VIEW
MAJOR ROLE
IN LIVING
TOGETHER
Vicat is pursuing its strategic development in places

where demand for construction materials will be
greatest in the years ahead. The Group is taking
steps to advance ecological transition and thus
reduce the carbon footprint of its activities.
This world view is just part of what makes Vicat
Récif’lab: concrete 3D ink promotes who we are: an innovative, responsible company. 1
marine biodiversity
10 Vicat
Meeting the needs of

many different markets
Throughout the world, we propose innovative, sustainable constructive
solutions to continue meeting customer requirements and overcoming
the challenges of construction.
Ready-mixed-concrete
Aggregate quarry Cement plant (RMC) batching plant
150 4
KM INGREDIENTS
Average required to make
radius of action concrete: cement
of a cement + sand + gravel
plant + water
30 2
HOURS
KM Maximum
Average concrete
radius delivery
of action time
of a quarry
Cement quarry
(limestone + clay)
20 to 30
KM
More than
Radius
HOURS/YEAR of action of a
20,000
on research and RMC batching
development, plant
with many
industrial and
university
partnerships
R&D Projects
Bridges, houses, tunnels, stadiums, roads, etc.
CEMENT
Cement is a widely available and unrivaled construction material
that serves principally to make concrete. Vicat manufactures
a wide range of artificial cements, together with a natural
quick-setting cement (Prompt), to meet the needs of all those
involved in construction.
Cement (millions of tons sold) 22
Cement plants 17
Milling plants 5
CONCRETE
Be it decorative, self-consolidating, pervious, or for 3D printing,
roads, complex architecture, bridges or tunnels, and everything
in between, Vicat markets a comprehensive range of ready-mixed
concrete to meet the specific needs of any project
Our businesses
and every imperative relating to environmental, quality,
and safety concerns.
Concrete (millions of cubic meters sold) 9
Batching plants 259
AGGREGATE
Whether virgin or recycled, aggregate is a raw material
for sustainable construction. It is vital for making concrete
and road pavements.
Aggregate (millions of tons sold) 23
Quarries 70
OTHER PRODUCTS & SERVICES

In some countries Vicat also has complementary businesses
that generate value-added for its customers. These include
transport, paper production, construction chemicals and
finishing products for the construction industry in France,
precast concrete products in Switzerland, and the manufacture
of bags in both France and India.
12 Vicat
Vicat
throughout
the world
With its reach across 6 geographical areas,
Vicat is pursuing its strategic development
in places where demand for construction
materials will be greatest in the years ahead.
1 2 3
AMERICAS WEST AFRICA FRANCE
United States, Brazil Mali, Senegal, Mauritania
21 %
Sales
7 %
Sales
38 %
Sales
€589M €217M €987M

Consolidated sales Consolidated sales Consolidated sales
2,090 934 2,992

employees employees employees
3 cement plants 1 cement plant 6 cement plants

55 batching plants 2 milling plants 2 milling plants
2 aggregate quarries 1 batching plant 149 batching plants
2 aggregate quarries 39 aggregate quarries
Where we are
4 5 6
REST OF EUROPE MEDITERRANEAN ASIA
Switzerland, Italy Turkey, Egypt Kazakhstan, India
14% 7 %
Sales
12 %
Sales
Sales
€401M €171M €375M

Consolidated sales Consolidated sales Consolidated sales
1,170 1,526 1,235

employees employees employees
1 cement plant 3 cement plants 3 cement plants

1 milling plant 35 batching plants 1 aggregate quarry
19 batching plants 7 aggregate quarries
19 aggregate quarries
14 Vicat
Three strategic
focuses for controlled
development
For the long term, the Group stresses controlled development
of its different businesses, associating a fine balance of dynamic organic
growth with a policy of selective external growth while at the same time
offering customers innovative products and solutions to meet the issues
of tomorrow.
1 2 3
BUSINESS-SPECIFIC BALANCED GEOGRAPHICAL INNOVATION ACCELERATING
DEVELOPMENT DEVELOPMENT GROWTH
The Vicat group focuses primarily External growth is balanced between Drawing on its renowned know-how
on its historical area of expertise, developed countries, which generate in all its businesses, and following in
cement, which is the source of a steady stream of cash flow, and its founders’ footsteps, the Group
a large part of its profitability emerging countries with attractive continues to innovate in order to best
and the target of much investment. potential for growth. External growth meet the expectations of its markets
It expands into the ready-mixed may also occur on markets where and provide high-quality products
concrete market through vertical the Group is already present, for and services. Thanks to its people in
integration, in accordance with the the purposes of vertical integration. Research & Development, the Group
maturity of markets and the degree External growth may involve existing is able to supply customers with
to which construction contractors businesses, as was the case with the a wide range of innovative,
integrate industrially produced acquisition of Ciplan in Brazil in 2019, high-performance products to meet
concrete. The objective is to establish or the construction of greenfield the demands of rapidly changing
a network of concrete batching cement plants, for example. markets. For example, the Group
plants around cement plants These different avenues of expansion has defined the guiding principles
and near consumption centers. help diversify geographical exposure of its “climate trajectory” aimed
The Group’s presence in the and spread risk. at reducing its carbon impact and
aggregate sector provides a global The Group is currently engaged in thus meeting new environmental
response to its customers’ twelve countries. It generates 62% demands such as energy transition,
construction materials requirements of its sales outside France, recyclability of materials, and
as well as secure, local supplies 30% of which is in emerging improved building performance. •
of aggregate for development of countries (Egypt, Mali, Mauritania,
the ready-mixed concrete business. Senegal, Turkey, Kazakhstan,
Vicat also benefits from a number India, and Brazil). •
of complementary businesses
on some markets, such as precast
concrete products, transport,
and bag production. •
“Our customers have

become accustomed to
the instantaneity and flexibility
provided by digital technology; they expect
to find the same in their business world.
Under its Customer Experience program, 7 Éric Bourdon,
Vicat is developing new digital tools to better Senior Executive Vice President
meet customer requirements, especially
with respect to punctuality and simplicity in
administrative management. For example,
“The Group recently presented
Béton Vicat Rhône is trialing dematerialization its climate trajectory; it starts
by texting customers to inform them exactly by observing that its CO2
when concrete trucks will arrive and sending emissions have been reduced by
delivery dockets in electronic format.” •
15% since 1990 and that thanks
to existing tried and tested
technologies such as alternative
Our strategy
energies and reduction of the
clinker factor, there will be a
further 13% reduction by 2030.
The ultimate objective is carbon
1 Séverine Payot, neutrality throughout the entire
Chief Digital Officer
value chain by 2050.” •
“The acquisition of Ciplan places the Group on a market

with very significant medium and long-term growth potential.
Ciplan enjoys a strong sales position on an attractive market,
and has very extensive limestone reserves and modern
industrial facilities with room for improvement
that our expertise will put to the very best effect.”
Franck Person,
International Development Manager 3
16 Vicat
Governance
and shareholders
Board of Directors
5 5 5 5
1 2 3 4
5 5 5 5
5 6 7 8
5 5 5
9 10 11
1. Jacques Merceron-Vicat, Honorary Chairman 2. Guy Sidos, Chairman and CEO 3. Delphine André 4. Xavier Chalandon
5. Sophie Fégueux 6. Jacques Le Mercier 7. Louis Merceron-Vicat 8. Emmanuelle Salles
9. Bruno Salmon 10. Sophie Sidos 11. Éléonore Sidos

Management Audit Committee

Operational executives Jacques Le Mercier, Chairman
Delphine André
Guy Sidos, Chairman & CEO
Xavier Chalandon
Didier Petetin, COO, senior executive in charge
Éléonore Sidos
of business in France (excluding Paper)
Senior executive vice presidents Compensation Committee

Éric Bourdon, Chief scientific officer, Xavier Chalandon, Chairman
Performance and Investment director, Jacques Le Mercier
Our governance
Climate strategy director Bruno Salmon
Philippe Chiorra, Chief legal officer
Éric Holard, Country director, United States Auditors - Incumbents
KPMG Audit
Zone / Country directors Wolff & Associés SAS
Lukas Epple, Switzerland
Yves Keller, Africa zone Auditor - Alternate
Philippe Latournarie, Brazil Cabinet Constantin
Pietro Calà, Asia zone
Gianfranco Tantardini, Mediterranean zone
n
Family
SHARE CAPITAL shareholders
60.7%
As of December 31, 2019, the Company’s share 1.45%
n
capital amounted to 179,600,000 euros, 37.9% Treasury shares
consisting of 44,900,000 shares
with par value of 4 euros each.
n Public (including 1.31% employees)
18 Vicat
1 Sophie Sidos,
Chair, Fondation Louis Vicat
1 The Villeurbanne concrete batching plant (France)

hosted a visit for NGO “L dans la Ville”
“A year of concrete
commitment for
the community”
The Louis Vicat Foundation is devoted to the preservation and showcasing
of built heritage assets but also conducts initiatives in support of job
creation and training. Sophie Sidos, chair of Fondation Louis Vicat,
goes back over the year.
What were the landmark projects quick-setting cement.

carried out by Fondation Louis Vicat Built heritage is the visible part
in 2019? of our common history. It is my personal
Our initiatives in 2019 included the conviction that it is our duty to transmit
launch of the “Action for Notre Dame” it to future generations in the best
solidarity campaign for Notre Dame possible condition. Therefore, as part
Cathedral in Paris after it was severely of the duty of memorialization it has
damaged by fire, something that set itself, the Foundation is intent on
affected us deeply, all the more so since safeguarding built heritage under
in 2004 Vicat was involved in repair threat, like the southern wall of
work on pinnacles of the amazing “Louis XI” palace in La Côte Saint André,
building, using our Prompt natural in the French Alpine region of Isère.
The palace is the venue for the annual when I say everyone, I of course include facilitation by acting on employment
Berlioz Festival. The Foundation is the employees, customers, and and training opportunities. Throughout
helping to fund the restoration work. partners of the Vicat group. the year, we have opened doors to our
facilities to inform people about the
Why are you involved Can you tell us about what you do work the Company does. For example,
in the Berlioz Festival? for training and social cohesion? a group of hearing- and sight-impaired
Culture, and especially music, is a In pursuance of its education middle-school pupils visited the
fantastic way to create social links and and social-cohesion missions, Papeteries de Vizille paper mill in Isère
consolidate our ability to live together in the Foundation has intensified its work for a work-awareness day. We also had
harmony. Convinced of this, Fondation in support of job facilitation for those a group of injured military personnel
Louis Vicat became a sponsor of the most disadvantaged and alienated seeking job transition spend time
Berlioz Festival. And, wanting to do even from employment possibilities. at our operational headquarters in
more, I agreed to be Co-Chair of Club At many of our production facilities, L’Isle d’Abeau and at the Montalieu
Benvenuto, the association of sponsors both in France and internationally, cement plant to help them to envisage
of this fantastic festival. In keeping with we take concrete action for better job their vocational reintegration. •
the commitments of composer Hector
Berlioz who liked to be “popular and
rural”, the festival showcases the Isère
Fondation Louis Vicat

In harmony
area and makes music accessible
to everyone, everywhere. These are
our common objectives. We want to put
culture at everyone’s doorstep, and
with the Berlioz Festival
The 2019 Berlioz Festival that was held from 17 August to 1 September
marked the 150th anniversary of the death of composer Hector Berlioz.
In supporting this special concert series, Club Benvenuto, the Berlioz
Festival’s sponsorship group co-chaired by Sophie Sidos and pianist
Brigitte Gonin Chanut, helped the Isère region shine forth.
Committed This year’s commemorative “King Hector” event drew 38,000 music
to more effective lovers to hear some of the world’s greatest performers. 1
vocational
reintegration
Subsequent to the French
President’s 17 July 2018 call
for national mobilization of
companies around the banner
“France, an opportunity.
Companies get involved”,
a program aimed at bringing
all the companies in each
administrative region together
to achieve more inclusive growth,
Sophie Sidos was appointed leader
of Club Isère, the body responsible
for managing the local network
of companies involved in
the initiative. 1 1 “The Capture of Troy” conducted by François-Xavier Roth,
at the 2019 Berlioz Festival (France)
20 Vicat
Innovation
for living together
Since living together more harmoniously and better protecting the planet
require constant effort, Vicat is focusing on fields of innovation for building
the cities and infrastructures of tomorrow. The Group sets up scientific
partnerships and works with the key players in the sector.
Five exemplary initiatives are presented below.
Using waste heat

a by-product of electrolysis of water, can be used in
to produce hydrogen the cement process: it improves kiln combustion,
reduces fuel consumption, reduces energy consumption
3 THE IDEA: Using hydrogen in a cement plant can by reducing the volume of exhaust gas to be removed by
reduce our carbon footprint at the level of two separate the draft fans, and concentrates the CO2 in the exhaust
links in our value chain: firing of clinker and transport of gas, making its capture easier. For all these reasons,
finished products. A first reduction can be brought about Vicat foresees very real synergies between cement kilns
by using CO2 emitted by cement kilns beneficially, in and the production of hydrogen by electrolysis of water. 1
conjunction with hydrogen, to produce compounds that
are used in the chemical and petrochemical industries.
The second reduction involves using hydrogen directly
to run our trucks transporting the cement we produce.
Developing industrial
symbiosis with production
3 THE SOLUTION: The Group is studying the potential
for establishing two distinct electrolysis systems at of microalgae
the Saint Égrève cement plant, near Grenoble. The first
of these, a mature technology, will produce enough 3 THE FACT: The Cimentalgue trial being run at
hydrogen to run 10 trucks for which Group subsidiary the Montalieu cement plant in east-central France is
SATM Transport has placed a pre-order. The second testing the potential for using captured CO2 to increase
system, which is based on a technology still under microalgae harvests. In addition to capturing CO2 from
development, makes use of the residual (waste) heat the exhaust fumes, the project subsidized by France’s
of the cement manufacturing process to increase Environment and Energy Management Agency (ADEME)
the efficiency of electrolysis by more than 30%. involves recovering waste heat from the kiln stack.
The two complementary projects will be carried out The CO2 is fed to microalgae crops whose environment
collaboratively, the first with Hynamics, a subsidiary is heated year-round in a closed-loop system requiring
of French power company EDF, the second with the no external energy. This is known as industrial symbiosis,
Innovation Laboratory for Nanomaterial and New Energy in which the provision of CO2 and industrial waste heat
Technologies (LITEN) of France’s Alternative and Atomic reduces the production cost of microalgae which
Energies Commission (CEA). Moreover, oxygen, can be used as a food supplement or biofuel. 1
Repurposing
construction materials
3 THE ISSUE: About 50% of all the raw materials used
in the European Union are employed in the construction
sector, which at the same time generates about a third
of all the deconstruction and demolition materials, i.e.
concrete, bricks, tiles, and other ceramics that can
potentially be recycled into aggregate. Until now only a
meager 4% of these repurposed materials has been used
1 Récif’lab: concrete 3D ink promotes marine biodiversity
to make concrete. This low figure has incited Vicat and
sixteen partners from five countries in Europe to launch the
SeRaMCo project (Secondary Raw Materials for Concrete
Finding inspiration precast products) with the support of the European
in nature for construction inter-regional cooperation program, Interreg.
3 THE SOLUTION: The research carried out is aimed

3 THE IDEA: Nature is the only engineer capable
at increasing the use of these resources in the
of creating multitudes of production cycles without
manufacture of cement and concrete. By September
consuming fossil fuels or generating waste. Biomimetics
2020 it will have led to the development of innovative
Innovation
is based on this, following the examples of efficient systems
repurposing methods and the industrial production
encountered in the world of animals and plants to come up
of cement and ready-mixed concrete using recycled
with sustainable breakthrough innovations.
aggregate. To meet these objectives, Vicat is working
3 PROOF BY EXAMPLE: hand in hand with the Materials for Civil Works unit
of the University of Lorraine’s Jean Lamour Institute. 1
“Just off Cap d’Agde, on France’s
Mediterranean coast, an artificial reef of a new
generation has been placed on the seafloor. Capturing and storing CO2 with
The 32 modules were 3D-printed using
recycled concrete aggregate
a concrete ink produced by Vicat.
3 THE CHALLENGE: Reducing the carbon footprint
The special mix design is tailored to be highly
of concrete while at the same time improving the quality
plastic, strong, and durable, and thus meet
of recycled concrete aggregate. Together with around
the physical and biodiversity imperatives twenty partners, Vicat is working on the FastCarb
of the subsea environment. Such good results (Accelerated Carbonation of Recycled Concrete
with such a volume of marine habitat would Aggregate) project, the idea behind which is based on
the observation that throughout its lifetime concrete
have been impossible with traditional methods,
undergoes a natural process of carbonation of the
even at a large scale. 3D concrete printing has
cement it contains; very slowly, it absorbs at least 15%
thus revealed itself as a solution of the carbon equivalent emitted by kilns during the
with great ecological potential.” manufacture of the cement. Bearing this phenomenon in
mind, at its Créchy cement plant in central France, Vicat is
conducting trials with a cross-flow rotary dryer that in
Laury Barnes-Davin, around one hour can reproduce the natural
Scientific Officer, R&D Manager physico-chemical phenomenon observed. 1
22 Vicat
A year of
major advances
in corporate social
responsibility
Vicat’s CSR initiatives are consistent with the Company’s economic
performance and are carried out for the good of the regions where
it is present and of the men and women with whom it works.
Environment
3 ADVANCING CIRCULAR ECONOMY
Drawing on its industrial expertise and community focus,
Vicat makes the best possible use of the materials and
energies available to it in the areas where it works and
in so doing reduces the environmental impacts associated
with them. The vitality of the Group’s circular-economy
model can be explained by the strategic choices it made
several years ago. Three major actions are involved.
Vicat takes pains to select raw materials that are

available locally and thus to reduce haulage
Availability of resources (materials and energy) is an essential
issue for the Group. While accumulating land reserves is of
strategic importance for lasting survival, so is economizing
them. The raw materials used mostly are natural mineral
resources that are extracted from the ground in
the immediate vicinity of our plants.
1 Baştaş Çimento (Turkey)
26.5 %
The proportion of alternative fuels
across the Group
Vicat uses alternative raw materials

Wherever possible the Group prefers to use alternative
raw materials rather than naturally occurring materials.
Our CSR commitments

Potential sources of supply are identified and targeted
for actions to initiate a circular economy. The actions taken 1 The Odyssée planter made with SmartUP
might be things such as supply contracts with producers ultra-high-performance fiber-reinforced concrete
includes nesting spaces for wild bees
of waste or provision of platforms for temporary storage of
waste pending its use as a resource.
For manufacture of clinker, the Terenvie platform,
which came into service in Lyons in 2019 as a result
of collaboration between Serpol and Vicat, receives
contaminated soils and treats them by means of lever for reducing fossil CO2 emissions. In 2019, alternative
phytoremediation before disposing of them beneficially fuels accounted for 26.5% of the Company’s total heat input
in cement plants. (28.3% at constant scope). The proportion attributable
The Group is also deeply involved in the French Recybéton to biomass was 9.2% (10.1% at constant scope).
project for recycling of demolition concrete to make new
concrete and the European SeRaMCo project (Secondary 3 PRESERVING BIODIVERSITY
Raw Materials for Concrete precast products) looking into The Group’s businesses, and its quarries in particular,
the replacement of natural raw materials with high-quality entail considerable responsibility with respect to biodiversity.
building and deconstruction waste such as concrete, Vicat has been taking action to protect it for many years.
bricks, tiles, and ceramics. While quarrying modifies the natural surroundings, through
programs quarries implement locally it can also create new
Vicat applies the waste-to-energy principle at cement habitats and be conducive to the introduction of many
plants to reduce fossil-fuel consumption species of flora and fauna. While the programs are closely
The Group invests in technologies that will make value linked to the phasing of operations at the sites, they allow
chains circular. For many years now, it has been following for innovative measures to be adopted, particularly with
an ambitious policy for using alternatives to traditional respect to restoration of sites whose reinstatement plans
fossil fuels. Examples of such alternative fuels are often go far beyond regulatory requirements. Around 30% of
refuse-derived fuel, end-of-life tires, used oil, solvents and the Group’s quarries have natural restoration plans, and the
other liquids derived from industrial waste that needs to Group is accustomed to working in the field with stakeholders
be disposed of. Apart from sparing extraction of natural of different kinds, i.e. local authorities, nature associations,
resources, substitution of traditional fuels is an important hunters’, anglers’, and farmers’ federations.
24 Vicat
1 Ciplan children’s day (Brazil)
Societal
3 AVERTING RISKS OF CORRUPTION
3 SUPPORTING LOCAL BUSINESSES The Group imposes compliance with its Code of Ethics to
AND INDIRECT JOBS avert risks of corruption. The Code of Ethics calls for respect
By the very nature of the Group’s industrial activities, of people, society, and the environment. The Vicat Group
Vicat generates a great deal of employment both upline considers that compliance with law and regulations is an
and downline of its production facilities. In developed essential and absolute imperative. It revises its map of risks of
countries, 1 direct job in one of the Group’s cement corruption every year, and it has a professional whistleblowing
plants generates 10 indirect jobs. facility on its website. It dispenses face-to-face and on-line
For the Jambyl Cement plant in Kazakhstan, the ratio training on how to combat corruption; it manages the
is 1:3, as it is in India. The cement plant run by Sococim implementation of the Code of Anti-Corruption Practice
Industries (Senegal) generates 5 indirect jobs with every and strives to reinforce its accounting controls as required.
direct job. On top of that, the initiatives of the Sococim
Foundation help improve the dynamics of the economy 3 TAKING ACTION FOR OUR SURROUNDINGS
of the entire Rufisque area by supporting the development The Group supports large numbers of social-cohesion
of local undertakings that foster traditional know-how in initiatives for local populations addressing education, cultural
fields such as processing of locally grown cereals, dyeing awareness, self-achievement through sport, and health.
as a cottage industry, and commercialization of textiles. For example, through its subsidiary SATM, Vicat lined up
Vicat is involved in several initiatives supporting local alongside not-for-profit “Ma chance, moi aussi” to provide
economic development in other places too, such as after-school educational support for children between 5 and
the “Alizé” network in France. Vicat chairs the “Alizé” 7 from disadvantaged backgrounds, proposing activities that
approvals committee in the Savoy region which for include not just school subjects but also games, cultural
20 years now has been providing support for small and interests, and sports.
medium-sized local businesses in the form of the skills of In France, in 2019 more than 1600 school pupils of all levels
companies sponsoring the program. As of December 31, visited cement plants, concrete batching plants, aggregate
2019, “Alizé Savoie” had projects for creating 33 new jobs. quarries, the Papeteries de Vizille paper plant, etc.
“The most advanced cement

plants in terms of alternative- 3 NURTURING INCLUSION
fuel use have rates of 80% The Vicat group continues to ensure social inclusion,
both in the implementation of its policies with respect
or more; the Créchy plant to employees and in the interests of the local populations
in France achieves 79% and in the places where it works. Its focus on social inclusion
the Reuchenette plant in generates actions in favor of diversity and against

discrimination, and is expressed through its determination
Switzerland over 90%.” to give its workforce the stability of unlimited-duration
employment contracts (93% of the Group’s workforce
in 2019).
Stressing an intergenerational policy for the workforce,
93%
employment, and skills
Recruitment, training, pay, and promotion policies guarantee
that age cannot be a discriminating factor. The profiles
of junior and senior employees recruited in 2019 illustrate
Our CSR commitments

the result of our policies. Special attention is paid to
the training of employees so as to maintain the highest
The proportion of employees levels in terms of skills and performance.
on unlimited-duration employment
contracts in France
Social
The Vicat group’s headcount stood at 9,947 as
of December 31, 2019, up 12.5% on 2018.
Our human-resources policy is tailored to encourage
and nurture every skill.
3 WORKING IN SAFE SURROUNDINGS

The health and safety not just of employees but also
of subcontractors on our sites is our top priority. In 2019 1 Vicat employee at Saint Jean le Vieux quarry (France)
Vicat continued to implement its “zero accident” strategy

and boosted its workplace health and safety culture by
working on exemplarity, rigor, and commitment. Concern for persons alienated from employment
The Group thus succeeded in achieving a hitherto The Group deploys an active training and recruitment policy
unequaled accident-frequency rate in 2019: 5.2. aimed at persons alienated from the workplace. In India,
At constant scope of consolidation, the number of for example, close to 400 villagers (often illiterate and
lost-time workplace accidents dropped by 8% between uneducated) received training that enabled them to then
2018 and 2019. Taking account of acquisitions, the drop become employees at the Kalburgi and Bharathi cement
is still 3% (with an increase of close to 1,000 in plants. And Vicat responded positively to a call by
the headcount over this period). the President of France, Emmanuel Macron, by joining
26 Vicat
Greater awareness of job

facilitation for persons
with disabilities
Disabled workers accounted for 2.5%
of our French workforce in 2019.
The same job facilitation policy is deployed
internationally, particularly in Italy (4.1%),
Brazil (2.6%), and Turkey (2.6%).
Much has been done to guide the Group’s 1 Louis Vicat Technical Center in L’Isle d’Abeau (France)
employees towards greater awareness and
3.8
acceptance of disabilities.
With the support of the Louis Vicat Foundation,
%
for which disability is a priority, the target for 2020
is to continue to:
• raise awareness and give training regarding
persons with disabilities;
• increase direct employment of persons
with disabilities to reach a figure of 3.8% in 2020 2020 target for direct
employment of persons
(the French national average); with disabilities
• develop direct employment by entering into
contracts with the sheltered sector.
the “La France une chance, les entreprises s’engagent” 3 ENSURING GENDER EQUALITY
and PAQTE initiatives for increasing the number of Gender equality is one of the essential aspects of the Group’s
apprenticeships and employing people in Top-Priority human-resources policy. In accordance with the culture of
Neighborhoods (TPN) and Rural Revitalization Zones (RRZ); the countries where Vicat works, appropriate steps are taken
after training dispensed directly by the Vicat group in most to ensure that women can find employment and training and
cases, recruits from TPNs and RRZs were employed that they are treated equitably in terms of pay and promotion.
immediately under unlimited-duration contracts. In 2019 the Group continued what it has been doing to
Intensive partnerships with not-for-profits devoted to social “degender” jobs in the minds of recruiters (in-house and
mainstreaming like Sport dans la Ville, Tous en Stage, externally) and job applicants. In France, it is systematically
Institut Télémaque, AFIPH, Les Entreprises pour la Cité requested that women applicants also be proposed
and organizations dedicated to job training and creation for jobs typically occupied by men.
like Écoles de la 2 chance and Mission Locale job centers
e
The proportion of women employed by the Group
have turned commitment into fact. remained stable—at 10.4%—between December 31, 2018,
. and December 31, 2019. The rate of feminization at the
management level across the Group rose from 13.4%
in 2018 to 13.9% in 2019. •
ACHIEVEMENTS
A YEAR OF
ADVANCES
For nearly two centuries, the Company and

its personnel have been driven by a passion
for the products and professions of the
construction industry. By virtue of the technical
expertise and commitment of its workforce,
Vicat is able to nurture relationships of ongoing
trust with customers and partners on a daily
basis. Contributing to progress in the art of
construction: that is Vicat’s everyday objective
for every project and in every place. 1
Coastal road, Reunion Island
(France)
28 Vicat
FRANCE
“What we do to set up a circular
economy focuses on short supply
chains and the development of
solutions for repurposing waste”
What is the Group doing in France We have also assumed the role of French
Didier Petetin, with respect to energy transition? pilot for the Group’s digital transformation
COO, Senior Executive Didier Petetin. The Group’s businesses (Customer Relationship Management,
in charge of business in in France are engaged in energy transition Product Information Management, etc.)
France (excluding Paper)
in working to attain our objective of replacing aimed at improving our productivity and
100% of the fossil fuels used in our cement working in the interests of the best possible
manufacturing process with substitute customer relations in coming months.
fuels by 2024. Accordingly, we are well prepared to tender
We are also working on new generations effectively for very large projects, be they
of low-carbon cements and concretes French (e.g. Grand Paris) or European (Turin–
with the aim of reducing the environmental Lyons high-speed railway tunnel), in addition
footprint of our products and services. to all urban and regional projects.
We are doing a great deal to establish circular
economies, preferably with short supply What are your other avenues
chains, and to develop solutions for for progress in France in 2020?
repurposing waste and mineral materials D. P. The health and safety of our employees
under the brand name Vicat Circulère. and partners is always our top priority.
Our sole objective in this respect is “zero
The Group is also involved in major projects accidents”, and in 2020 we must confirm the
at the European level, but using what tools? downward trend we have seen in our accident
D. P. In France Vicat has solid foundations, records over the last few years.
with very-high-performance industrial assets The other avenue for progress in 2020 is,
and short decision channels, which makes as always, our financial performance.
for great reactivity for large projects. This is decisive not just for continuing our
For our CAP24 business plan, for instance, investments for development and energy
we rearranged our organization into 6 regions transition but also for continuing to advance
common to our businesses in order to provide hand in hand with our customers and
our customers with the best possible with the general community. •
responses and services.
29
The construction sector in France remains sturdy as a result of public

works projects and new non-residential project startups, all of which has
compensated lower volumes in residential works.
3 THE IMPROVEMENT 3 THE STRATEGY 3 OTHER PRODUCTS

IN THE CEMENT BUSINESS FOR RE-ESTABLISHING & SERVICES
IS BASED ON A SOLID RISE PROFITABILITY IN THE Papeteries de Vizille
IN AVERAGE SELLING PRICES CONCRETE BUSINESS Volume sales in the Paper
that outbalanced the slight drop was pursued, the accent being business remained stable, largely
in volumes throughout the year. on selling prices, while sales as a result of the new “de luxe”
After a particularly dynamic first volumes rose somewhat. The paper market. Bag business
half, largely due to highly share of special concretes also improved appreciably in terms of
CEMENT
favorable weather, the second continued to rise. both volumes and sales. .
6
half saw business subside As for aggregate, the satisfactory Transport & Major Works
somewhat. trend at the end of 2018 lasted The sales of SATM Transport grew cement plants
On the industrial front, energy through the first half of 2019, with
3M
distinctly in 2019 on the wave of
performance plans continued to the result that although it lost sustained dump-truck business
be deployed. The high level of pace appreciably in the second tons sold
carrying deconstruction
substitution of fossil fuels (close half of the year, volume sales
Achievements / France
materials. Major Works business
to 57%) kept the rise in energy grew 1.7% for the year as a whole. was stable, continuing to benefit
costs down. Selling prices also rose. from large Grand Paris Express
. . projects and the Turin–Lyons
high-speed railway. CONCRETE
149
Construction chemicals
Vicat Produits Industriels posted
growth in sales as a result of good batching plants
performance in the building
segment. 3.3 M
cubic meters sold
5 La Grave de Peille cement plant (France)

AGGREGATE
39
quarries
10.2 M
1 Vicat employee tons sold
running a check at Saint
Jean le Vieux quarry
(France)
30 Vicat
Highlights of 2019
Bulk cement carrier for Corsica
3 WHAT THIS IS ABOUT: 3 THE ISSUES: It was important to market. While its proximity to the sea
In December 2019, in Nice Harbor, continue supplying a part of France – is a key advantage for exporting
Vicat christened its first bulk cement Corsica – that has no cement plant throughout the Mediterranean basin,
carrier, a 3,250-DWT general-cargo of its own and which therefore receives being located close to population
vessel modified to carry 2,000 tons of shipments of Vicat cement mostly from centers also gives it an ideal opportunity
cement. French-registered, and named the La Grave de Peille cement plant, to use local waste as alternative fuel
“Capo Cinto” in reference to the familiar via Nice. This is further expression for firing the kiln; it is thus a component
name of the highest peak in Corsica, of the Group’s community focus aimed in the Vicat group’s circular-economy
she delivers cement in both bulk and at satisfying customers, essentially local drive.
bags to the Corsican ports of Bastia, ones. The location and activities of
Porto Vecchio, Ajaccio, and Propriano, the cement plant, which has been
as well as Italy and other parts of the operating in the hills above Nice since
Mediterranean. Her engines run on 1923, make it a pillar of the regional Total capacity
2,000
low-sulfur marine gas oil, and she has of close to
on-board wastewater-recovery and
waste-sorting facilities.
tons
3 Capo Cinto,
Vicat’s first bulk
cement carrier, in
Nice Harbor
Prompt natural quick-setting

cement applauded for historic Vicat committed
monuments to sustainable local
transport
3 NUMBER: 4 metric tons: the amount of Prompt natural
quick-setting cement used to upgrade access to the Château d’If 3 THE IDEA: As a proponent of
fortress. It was used to repave 500 m2 of footpath. ecological transition, Vicat is multiplying
sustainable transport initiatives.
The commissioning in France of the
Oxygène truck, the first ecologically
responsible concrete mixer truck,
and in Switzerland of Lynx, a fully
electric quarry truck, testifies to this
commitment. In addition, SATM is
multiplying endeavors to minimize
environmental and energy
Achievements / France
repercussions.
1 Work in progress at Château d’If, Marseilles (France)
3 PROOF BY EXAMPLE:
3 DETAILS: The first no-carbon renewable-
“Prompt natural quick-setting cement was mixed natural-gas (RNG) and bioRNG filling
station in Savoy was opened at the
with lime to produce a “natural” concrete. Its
SATM facility in Chambéry, in the French
compatibility and complementarity with lime
Alps, in December 2019. It supplies
means it sets quickly, stands up better to the natural gas for goods, passenger, and in
aggressions of the marine environment, and fact any other vehicles with the
is pleasing on the eye. It was used as jointing appropriate engine. Comprising
approximately 96% methane, this green
mortar by the crews of stonecutters and paviors
fuel emits practically no particulates.
who cut and placed new limestone pavers on the BioRNG also reduces global CO2
shallow-stepped lane. Each stone was chosen emissions by 80%, and the 20% in the
individually and recut by hand before being exhaust gas is the equivalent of the CO2
embedded in the mortar, leaving the top surface absorbed by the plants converted into
methane. On top of that, RNG/bioRNG
showing. We were intent on having a natural
vehicles are on average only half as
material that is compatible with the lime we were noisy, which improves working
using and that withstands the aggressions of the conditions for drivers and the quality of
marine environment, with everything supervised life of anyone near roads. This project
won the call for projects issued by
and validated by the chief architect for historic
France’s Environment and Energy
monuments. On the strength of this job, I feel
Management Agency (ADEME), the
Prompt natural quick-setting cement Auvergne-Rhône-Alpes administrative
should be used on a growing authority, and gas distributor GRDF for
number of historic monuments.” increasing the region’s coverage with
RNG and bioRNG filling stations.
Laura, stonecutter, project leader,
Vivian & Cie.
32 Vicat
EUROPE
“Our salesforces were able
to adapt to and take advantage of
the acceleration of non-residential
construction”
In light of the sluggish economy, significant contribution to the 35% reduction
Lukas Epple, how is Vigier making headway? in net CO2 emissions per ton of cement since
Country Director, Lukas Epple. It is true that we’re currently 1990. In addition, we reduced the specific
Switzerland in a period of relatively slow economic fossil-fuel consumption of our vehicles
growth. In this situation, Vigier has managed by 19% relative to 2014, in large part by
to maintain its market share, despite a designing and investing in the 100% electric
slowdown on the markets closest to our plant. quarry truck, Lynx.
Our salesforces were able to adapt to and take
advantage of the acceleration of And what about actions for circular
non-residential construction, by way of economy and safeguarding biodiversity?
projects in the Basel region (Hoffmann-La L. E. In 2019, Vigier collected, processed and
Roche research centre, sewage-treatment repurposed about 500,000 tons of waste in
plant) and near Geneva, where we supplied its manufacturing processes. Waste collection
several work packages in the Étang district. is a service we provide for around 14,000
customers in Switzerland. The waste replaces
What were the initiatives primary resources that we are thus able to
for energy transition in 2019? preserve for the generations ahead.
L. E. For years now, Vigier has been engaged As for biodiversity, our Cement subsidiary
in developing the use of alternative fuels outlined everything it has done to safeguard
in the form of end-of-life wood, dried sewage natural assets in a special brochure that
sludge, meat and bone meal, solvents, and is being used for communication reaching
waste oil. In 2019 the substitution rate reached out particularly to administrative authorities
91%, and even 100% for several production and nature-protection organizations in
runs. Not only did this mean that the plant Switzerland, but also to our customers
kept its cost price down but it also made a and local inhabitants. •
3 CONSTRUCTION IN THE AGE OF 3D “From planning to installation, quality and time savings are a certainty with our 3D printer.
For example, for our customer Swisscom it took just 45 minutes to print a special concrete unit for a project also involving renovation and
extension of wastewater and urban-heating pipes. The new 3D printing process is ripe for deployment in many sectors. The freedom of shapes
if affords makes it particularly attractive for customized products.”
David Maier, Project Manager, Creabeton Matériaux.
33
SWITZERLAND
Business stabilized but irregular

across branches
3 CEMENT: ON A MARKET 3 CONCRETE SALES ROSE 3 OTHER PRODUCTS
THAT SLID BACK 3.2% TO SLIGHTLY WHILE THOSE & SERVICES CEMENT
4.7 MILLION TONS, largely OF AGGREGATE DECLINED, On market that was buoyant but
SWITZERLAND
in the second part of the year, but these figures mask significant highly competitive, Creabeton’s
the Group managed to maintain
stable sales volumes and selling
regional disparities. Selling prices
were down in both businesses.
sales were down 4.3% overall,
compared to 2018, and selling
1 cement plant
prices. On the industrial front,

manufacturing costs continued
Recycling remained solid,
however, with volumes in excess
prices were also in decline.
In the rail business, the pace of
0.9 M
tons sold
to drop, largely as a result of the of two million tons and selling maintenance projects on the
focus on developing alternative prices on the rise. Swiss federal railways system ITALY
1
fuels whose use reached was considerably slower
Achievements / Rest of Europe

a record of close to 91%. than in previous years, resulting milling plant
in an appreciable drop in sales
volumes. Selling prices stood up 0.2 M
well, however. tons sold
CONCRETE
SWITZERLAND
19
batching plants
ITALY 0.7 M
cubic meters sold
Upturn
in business
3 AT 18 MILLION TONS, AGGREGATE
CEMENT CONSUMPTION
SWITZERLAND
WAS STABLE despite a dip in
the construction sector,
especially in the center and
19
quarries
south of Italy. Against ongoing
consolidation in the cement
business, the Group’s sales
2.4 M
tons sold
volumes rose more than 21%,
much being the result
of the transfer of marketing
of Prompt quick-setting natural
cement. Selling prices also rose.
1 Water pipe for International Olympic Committee HQ in Vidy (Switzerland)

34 Vicat
AMERICAS 3 UNITED STATES

“Optimizing the carbon footprint
of our materials”
The new Vernon batching plant has been a major differentiating factor as increasing
Éric Holard, operating for a year now; how has numbers of people focus on energy transition
Country Director, USA it won new markets? and circular economy, particularly in
Éric Holard. Being located close to downtown California, a State with a strong commitment
Los Angeles, our new concrete batching plant to reducing greenhouse-gas emissions.
has enabled us to bid for many contracts,
including for emblematic projects such as And on the other side of the United States,
the new Lucas Museum of Narrative Art another project has kicked off…
(George Lucas) and some of the high rises in É. H. Indeed. After several months of studies,
the LA business district, such as the Wilshire at the end of 2019 we signed an equipment
and Shoreline Gateway towers. These are supply contract with ThyssenKrupp (Polysius)
highly complex projects in engineering terms for a 5,000-ton-per-day kiln line at our
that require some very-high-performance Ragland cement plant in Alabama.
concretes, which is of course something The investment includes a system for
we know all about and can supply through operating on 100% alternative fuels, allowing
our subsidiary National Ready Mixed. us to provide customers with cement that has
an optimized carbon footprint. The work will
How are customer relations changing, be carried out between 2020 and the end of
especially in California? 2022. With this new industrial facility with
É. H. In 2019, in California, we launched our potential yearly output of close to 1.8 million
Environmental Product Declaration platform, tons, we will be able to accompany the growth
a new digital instrument inviting collaboration of our customers and rise to a whole range
from California customers, developers, of opportunities in one of the United States’
architects, and engineers wanting to check most dynamic regions. •
the carbon footprint of the concretes
proposed for their works and, if required,
adjust them with the help of our subsidiary
National Ready Mixed. This support will be
3 NATIONAL READY MIXED HAS STARTED OPERATIONS AT A NEW CONCRETE PLANT capable of batching 400,000 m3
per year to supply large projects in the west of the United States. Located in the city of Vernon, in Los Angeles County, this key investment by
the Group is aimed at keeping up with a thriving market that is developing fast in the buildup to the 2028 Olympic Games. The production
capacity of the plant makes it a vital player for present and future projects such as the Lucas Museum of Narrative Art (George Lucas), renovation
of the LA Memorial Coliseum, and 2900 Wilshire Boulevard.
35
In what is still a favorable economic climate, construction expenditure

continued to rise firmly, up more than 4% on 2018, mainly in the public sector
where it grew more than 12%, and to a lesser extent in the residential sector.
3 CEMENT CONSUMPTION As a result of improvements 3 CONCRETE SALES

GREW CLOSE TO 3% ACROSS to the technical performance of VOLUMES GREW
THE COUNTRY, reaching the two cement plants, daily kiln APPRECIABLY, BY CLOSE
99 million tons, with rather outputs increased, which helped TO 6%, despite poor weather.
more pronounced growth contain the rise in cost prices. Ramping up of the new
in the Southeast. The project for a new kiln with 400,000-cubic-meter batching
The California market, on the total capacity of 1.8 million tons plant in Vernon, California,
Achievements / Americas / United States

other hand, lost ground as a result per year at the Ragland plant means we can supply new
of heavy rains and countless in Alabama is under way; markets, especially in the center
wildfires. Sales volumes were commissioning is programmed of Los Angeles. Selling prices
stable, despite the challenging for the end of 2022. also rose across the markets
weather conditions. Selling prices where we work. CEMENT
2
rose across all markets.
cement plants
2.2 M
tons sold
CONCRETE
44
batching plants
5 Lebec cement plant (United States)
2.2 M
cubic meters sold
1 Employee of
National Ready Mixed
Concrete in California
(United States)
36 Vicat
AMERICAS 3 BRAZIL
“Fast,
efficient integration”
Ciplan has just celebrated the end A system for feeding alternative fuels into
Philippe Latournarie, of its first year with the Group; one of the kilns has been built. It came into
Country Director, Brazil what is the mindset of employees? operation as soon as the required permit was
Philippe Latournarie. Ciplan employees are granted and regularly achieved a substitution
extremely enthusiastic about being part of rate of 15% in this kiln in the last quarter,
an international French group that is an expert injecting shredded tires and biomass. Tests
in the cement business, and their motivation are to be conducted on a second kiln shortly
is high. Although a great deal of work has to get permits in 2020. All this was done in less
already been done, more effort is still required than a year as a result of remarkable
to reorganize different aspects, particularly cooperation between Brazilian and French
back-office functions: IT security, ERP, teams united around common goals.
reporting, administrative and accounting
work, and so on. And nothing has been left by the wayside …
P. L. Absolutely! The work on restructuring
What changes have been made organization and improving the efficiency
on the industrial front? of concrete batching plants that got under
P. L. Important upgrades and modifications way at the end of 2018, together with partial
have improved the performance of renewal of a fleet of old mixer trucks and
the preheaters and led to an increase in pumps, has made the ready-mixed concrete
production of the two kilns. They have also business competitive again, enabling it to do
appreciably reduced the specific power much better than just keep pace with growth
consumption and heat input. in demand on what is still an extremely
competitive market. •
3 CSR IN ACTION. In October 2019, Ciplan, Vicat’s Brazilian subsidiary, became part of the international initiative for combating breast
cancer known as Pink October, an international information campaign intended to make the public aware of the necessity for breast-cancer
screening and to raise funds for research. A series of events were conducted in-house, such as lectures and surprise actions aimed at reminding
Ciplan employees of the importance of early detection. To drive the message home, two mixer trucks custom painted in the Pink October
colors drove through the streets of Brasilia and Goiânia. A month later they were switched to blue for the Blue November campaign
for combating prostate cancer. For this too, there were in-house lectures and other events to make employees aware of the importance
of screening.
37
CEMENT
1 cement plant
Achievements / Americas / Brazil

2M
1 Ciplan cement plant (Brazil)
tons sold
2019, a year of integration consistent

with the Group’s expectations
CONCRETE
3 AS THE ECONOMIC Ciplan sales volumes were stable 3 CONCRETE SALES ROSE
SITUATION HAS IMPROVED
SLIGHTLY, following structural
in 2019, with a strategy for higher
selling prices in the second half.
MORE THAN 24% as a result
of reorganization and renewal
11
batching plants
reforms, including in the On the industrial front, of plant. Despite a highly
retirement system, cement
consumption progressed in 2019
modifications to facilities
improved efficiency and reduced
competitive environment, selling
prices rose throughout the year.
0.5 M
cubic meters sold
for the first time in 6 years, rising energy consumption while at the Aggregate sales volumes also
an estimated 3% to reach around same time increasing the rate of grew appreciably, by nearly 9%,
55 million tons. substitution of fossil fuels with due to upgrading of operations
alternative energy sources. and distribution circuits.
As for concrete, prices rose
throughout 2019. AGGREGATE
2
quarries
2M
tons sold
7 Ciplan
supported the Pink
October operation
(Brazil)
38 Vicat
WEST AFRICA
“Supplying high-quality materials
for all the major State-sponsored
projects”
How is the Group’s subsidiary in Senegal, materials for all the major State-sponsored
Yves Keller, Sococim Industries, making a name for projects (regional express train, Blaise Diagne
Director, West Africa zone itself with respect to low-carbon transition? international airport, freeways, and so on).
Yves Keller. As an all-time leader in Senegal, In particular, our subsidiary producing basalt
Sococim Industries has taken several aggregate, Gécamines, has increased its
initiatives in recent years to reduce its annual production capacity to 3 million tons,
carbon footprint: continuous increases making it a leader in Senegal.
in the proportion of alternative fuels used,
particularly biomass; project for construction What other major regional projects
of a photovoltaic power plant; start of does the Group have lined up?
construction of a roller press that will Y. K. The Group carried through its project
considerably reduce power consumption for a cement milling plant in Mali, where
for grinding cement; modification of our production began in December 2019.
product mix to promote lower-carbon Thanks to the excellent work of the technical
cements. All our personnel have rallied and industrial teams, the plant will be able to
around the demanding challenges of these produce up to 800,000 metric tons of
issues which are of worldwide significance cement per year. Located about thirty
and do not concern just developed countries. kilometers from the country’s capital, Bamako,
the milling plant is supplied with clinker
And isn’t the Group also contributing produced by Sococim Industries in Senegal.
to the economic development This competitive advantage is rooted in solid
of the country? regional synergy. In a country displaying
Y. K. It is. In 2014 the President of Senegal sustained economic growth despite the
launched the “Emerging Senegal Plan” security problems in the North, demand
for a new development paradigm that would for infrastructures and housing will keep
accelerate the country’s progression to rising in the decades ahead. Armed with
emergence. The Vicat Group’s subsidiaries this high-performance industrial facility,
in Senegal played an active role in the first the Vicat group will be able to assist towards
phase of this plan by supplying high-quality the economic development of Mali. •
3 NEW CEMENT MILL. Ciments et Matériaux du Mali (CMM) has started operating the new 800,000-ton-capacity milling plant on its Diago
site. The Vicat group subsidiary specialized in high-quality cement is lending weight to the commercial development in Mali of the products of the
Sococim Industries cement plant in Rufisque, Senegal. The new plant will help make the country self-sufficient in cement. Since it was commissioned
in October 2019, it has generated around 150 direct jobs and 1,500 indirect jobs.
39
SENEGAL
Growing market
3 CEMENT CONSUMPTION possible to raise selling prices 3 LATE 2019 WAS AFFECTED
GREW MORE THAN 10% in the last quarter to cover BY THE TEMPORARY
IN 2019 to reach 4.6 million tons. increased production costs. SLOWDOWN IN GOVERNMENT-
This strong rise is due to the To improve the energy balance, BACKED PROJECTS which were
dynamics of the private-sector investments were undertaken short on funding. This affected
construction market and sound to further increase the use of the volumes of aggregate sold,
CEMENT
penetration into rural areas. alternative fuels, set up a 7-MWp inducing falls of 27%, including SENEGAL
Sales volumes grew on the
domestic market. After a long
solar farm, and install a roller
press that will lower the power
for basalt.
1 cement plant
period of price curbs, it was consumption of the cement mill.
2.5 M
tons sold
Achievements / West Africa

MAURITANIA
5 New milling plant (Mali) 1 milling plant
0.2 M
tons sold
MAURITANIA
Prices up MALI
3 AS A CONSEQUENCE
1 milling plant
OF THE ECONOMIC
DOWNTURN, CEMENT
0.3 M
tons sold
CONSUMPTION FELL
BACK 2% to about 1 million
metric tons. Cement
production capacity exceeds
demand. The Group’s sales
volumes dropped 3%. AGGREGATE
Selling prices gained SENEGAL
2
appreciable ground in 2019.
quarries
2.9 M
MALI tons sold
Startup of new milling plant

3 THE CEMENT CONSUMPTION TREND IS POSITIVE, up close to
5% in 2019 at 2.8 million tons, and with a significant drop in imports.
A new cement milling plant with annual production capacity of
800,000 tons in Diago, 30 kilometers from the capital, Bamako,
started operation in December 2019.
40 Vicat
MEDITERRANEAN
“Contribute to the Group’s
global crusade for low-carbon
transition”
Are the market situations in What have you done to meet
Gianfranco Tantardini, the Mediterranean zone – Egypt the challenges in the two countries?
Director, and Turkey – comparable? G. T. In Turkey, our sales policy focused
Mediterranean zone Gianfranco Tantardini. No, they are different. heavily on volumes in Ankara, then,
The market in Turkey has suffered a big drop more recently, in Konya.
in cement consumption subsequent What is more, an internal organizational
to the violent currency devaluation of shake-up has optimized structural costs.
2018 which severely impacted The drive to maximize the use of alternative
the Turkish economy, and the construction fuels continued in 2019, not only to induce
sector in particular. savings but also to contribute to the Group’s
In Egypt, the economy has been looking global crusade for low-carbon transition.
brighter since the devaluation of 2016, These initiatives will continue to be pursued.
with improvements in terms of growth, In Egypt several commercial, industrial, and
inflation, and unemployment. However, financial issues were addressed.
the construction market is still not picking up, A new sales approach first deployed in 2017
even if there are some major projects must be continued in 2020.
planned. The cement market is in crisis, Reorganization of personnel at the plant is
for three reasons: high pressure on prices paving the way for preparing and initiating
because of structural overcapacity; recent the next wave of industrial investments.
start-up of new production capacity Lastly, we are still working to keep cost prices
by the army, which has a 25% market down and preserve cash flow. •
share and aggravates the previous factor;
and increased production costs.
3 535: THE NUMBER OF CONCRETUM® Q-FLASH 2/20 slabs laid to renovate the runway of Istanbul’s Sabiha Gökçen International
Airport. The concrete of which the slabs are made uses Vicat binders, essentially PromptUP and AlpenatUP, which are manufactured by the
Saint Égrève plant in France. They give the slabs a lifetime of over 40 years, after which the concrete is completely recycled, as part of a closed
construction materials cycle.
41
TURKEY
Crisis following devaluation

in 2018
The devaluation of the Turkish currency in 2018
continued to have economic consequences
in 2019, causing a strong decline in business.
CEMENT
3 CEMENT CONSUMPTION 3 CONCRETE TURKEY
2
FELL MORE THAN 30% & AGGREGATE
to 45 million tons, in large part Concrete and aggregate sales cement plants
due to hesitancy over credit, volumes dropped appreciably,
causing contraction in the by 18% and 13% respectively, 3M
construction sector. as major infrastructure and tons sold
The Group’s cement sales residential projects were
volumes slumped 29%. postponed. Selling prices EGYPT
Achievements / Mediterranean
1
Although there was a rose strongly, but not enough 1 Employees of Baştaş Çimento (Turkey)

significant rise in prices, it was to cover the increase in cement plant
insufficient to make up for production costs.
rising costs. On the industrial 1.3 M
front, facilities were adjusted tons sold
to match demand by giving
preference to the most EGYPT
energy-efficient systems
to maximize the use of
alternative fuels.
Still a
CONCRETE
challenging TURKEY
background 35
batching plants
3 MANUFACTURING
CAPACITY IN THE CEMENT 2.4 M
SECTOR OUTSTRIPS cubic meters sold
DEMAND, a situation that,
despite the shutdown of some
of the plants of competitors,
has been compounded by
the startup of new production
AGGREGATE
capacity run by the army.
TURKEY
Cement consumption fell 3%
in 2019, dropping to less than
49 million tons. The Group’s 7
quarries
sales volumes rose by 1%,
despite something of a
slowdown in the second half
4.8 M
tons sold
due to stronger competition
from new production facilities
and logistics issues. Selling
prices fell appreciably, hit by
the ramping up of the plant
operated by the Egyptian army.
1 Baştaş Çimento (Turkey)

42 Vicat
ASIA
“Reduce the use of
fossil fuels by our plants”
India appears to be doggedly pursuing Further north, in Kazakhstan, logistics
Pietro Calà , energy transition; how is Vicat contributing is also making our operations a success,
Director, Asia zone to this strategy? is that right?
Pietro Calà. Vicat has been investing in P. C. It is. In Kazakhstan haulage distances
alternative energy sources in India for some can be very long. Our cement must
years now, and continued its initiative in 2019 sometimes be delivered to places over
with the construction in record time of a 1,000 kilometers away. The rail connection
10-MWp solar farm and a waste heat recovery from our Mynaral plant, our network of partner
system at our Kadapa site. A second solar terminals, and our fleet of tank cars mean
farm is programmed for our Chatarsal plant. we can meet customer requirements
These installations complement other steps perfectly, both on the domestic market
taken to reduce the use of fossil fuels and for export, to Uzbekistan and Kirghizstan,
by our plants. for example.
There is soon to be a double anniversary The Mynaral plant is beating records year
in India; what can you tell us about it? after year; what is its secret?
P. C. Yes, the Mumbai terminal will be P. C. The plant set a new cement output
celebrating its first full year of operation, record in 2019. This is the result of a great deal
and it will also be the first anniversary for of work by our people who, braving extreme
marketing of the cement from our plants temperature ranges and language barriers
under the Vicat brand in Maharashtra. (Russian, Kazakh, English, French, Hindi,
This is a double success, in terms of both German, etc.), succeed in uniting around
logistics and sales. The terminal makes performance targets that are well above
for major savings on transport of cement from the theoretical capacities of the equipment.
our Gulbarga plant, more than 600 kilometers Here too, we can see the essence of the
away. Commercially, the Vicat brand has met Group’s high degree of technicity, something
with great success on the Mumbai market, that is in its blood. •
because it is a perfect reflection of the values
of the Group in terms of quality and heritage.
43

5 J
ambyl Cement
employees
(Kazakhstan)
CEMENT
1 Bharathi Cement plant (India) INDIA
2 cement plants
5.5 M
Achievements / Asia
tons sold
KAZAKHSTAN INDIA KAZAKHSTAN
Exports Market 1 cement plant
booming stabilization 1.5 M

tons sold
3 CEMENT 3 AT 110 MILLION TONS, 3 THE GROUP OPERATES
CONSUMPTION ROSE CEMENT CONSUMPTION AN AGGREGATE QUARRY
ABOUT 4.3% IN 2019, WAS STABLE IN 2019. 50 kilometers from Bangalore,
reaching nearly 9 million tons. There was a drop in the southern in Karnataka. It sold 600,000 tons
With the domestic market States and rather more spirited in 2019.
AGGREGATE
being affected by the arrival growth in Maharashtra, despite
of new suppliers, the Group a slowdown in the second half 3 OTHER PRODUCTS INDIA
diverted part of its production
to export markets where
linked to the electoral situation.
A strategy for optimizing logistics
& SERVICES
The Group has a plant that 1
quarry
prices are better. The overall and a focus on increasing selling produces leakproof laminated
result is that sales volumes
were up close to 1% in 2019.
prices caused sales volumes
to slump 16%. Selling prices
polypropylene cement bags.
Forty-nine million bags were
0.6 M
tons sold
Selling prices rose markedly were well up. produced in 2019. A 1-MWp solar
throughout the year, on both At the industrial level, production farm came on line in 2019.
the domestic and export costs were held in check by using
markets. The plant set a new substitute fuels and being able
production record of nearly to benefit from a greater supply
1.6 million tons of cement. of alternative electric power after
the startup of a solar farm and a
generating system harnessing
waste heat recovered from the
kilns of the Bharathi Cement plant.
44 Vicat
Highlights of 2019
Waste fueling Kalburgi
Cement plant kilns
3 WHAT THIS IS ABOUT: 3 THE ISSUES: This strategic
Kalburgi Cement has chosen choice is a means of facing up
22
to gradually replace the traditional to the growing scarcity of fossil
%
fossil fuels used to fire its kilns energies and reducing the
(coal, lignite, petroleum coke, environmental impact of
hydrocarbons, gas, etc.) with our activities, particularly CO2
alternative fuels obtained emissions. In 2019, alternative fuels
by repurposing waste. represented 26.5% of the Group’s alternative fuels
Whereas in 2016 such alternative total consumption. Vicat wants
fuels accounted for only 1.5 to 2% to be a leader in this field.
of all the fuel used at the plant,
the figure now stands at 22%.
This fantastic progress is in part due
to the installation of a new system:
the preheater is now fueled with
repurposed materials such as
Kalburgi Cement (India) 5
municipal and pharmaceutical
refuse. Using alternative fuels
in cement plants creates a
short-supply-chain industrial
ecosystem where the waste
of some becomes the raw
materials of others.
7 harathi Cement
B
solar farm (India)
Jambyl Cement
goes green
in Kazakhstan
550
3 NUMBER:
Achievements / Asia
The number of saplings planted
Bharathi Cement goes solar at the Jambyl Cement facility
3 THE IDEA: Bharathi Cement has set up a 1-MWp solar

farm to supply electricity for its cement plant whose coal
consumption can thus be reduced by 659 tons per year,
which takes 1,360 tons off its annual CO2 emissions. The species chosen – elm, poplar, maple,
staghorn sumac, and oleaster – are suited to
harsh weather and environmental conditions
3 WHY THIS IS IMPORTANT: The utmost is being done
such as severe summer heat waves, low winter
at world level to reduce the carbon footprint of every aspect
temperatures, a lot of wind, and very little rain.
of the industrial, commercial, and domestic sectors.
Under its pledge to the Paris Agreement on climate change,
3 DETAILS: Located in the central Asian
the Indian government set the ambitious target of achieving region known in Kazakh as “Betpak Dala”,
renewable-energy generating capacity of 175 GW by 2022; and as “The Hungry Steppe” in other
100 GW of this is to be solar. This is a major change in a languages, the Jambyl cement plant sits
country where a large part of the electricity used is produced in a dry, barren environment, despite
from a fossil fuel, coal. the proximity of Lake Balkhash.
As the cost of installing solar energy systems has dropped When Vicat personnel decided to create
in India, Vicat decided to set up a 1-MWp solar farm at its an oasis of greenery to give life to their
Bharathi site, adding it to the list of sustainable-development surroundings, they started by having 140 tons
initiatives the businesses of Vicat India have carried out. of fertile soil delivered to the plant. The daily
care and attention the trees were given by
The solar-farm project is consistent with the policy
the personnel resulted in 80% of the saplings
for reducing the Group’s carbon footprint.
putting down roots.
2015 2016 2017 2018 2019 100
1500
0
1000
46 Vicat 500
Endettement net/capitaux propre
0
2015 2016 2017 2018 2019
40% 37% 33% 38% 50%
Financial
40
2,740
35
EBITDA Capacité Autofinancement 30
2,458 2,454 2,563 2,582 25
3000
526 425
indicators
20
2500
444 458 444 492 342 353 346 387
15
40
2000 10
35
2,740
1500 5
2015 2016 2017 2018 2019 30
500 600 0
25
2,458 2,454 2,563 2,582 1000
3000 500 20
500 400
15
2500 400
0 300 10
2015
2000 2016 2017 2018 2019 300 5
200
1500 200
2015 2016 2017 2018 2019 2015 100 2016 2017 2018 2019
1000 100
500 0 0
0
2015 2016 2017 2018 2019
EBITDA
Résultat net
2,740 526
2,458 2,454 2,563 2,582 444
3000
458 444 492 118 139 142 149
149
2500 2
EBITDA 2000 500 600
Investissements totaux Inve1
526 237
1500 400 500
Capacité Autofinancement 400 1
1000
444 458 444 492 169
300
139 179 180 181
425
500 300
200
342
0 353 346 387 400 200 500
2015 2016 2017 2018 2019 2015 2016
500 2017 2018 2019 2015 2016
600 100 350 2017 2018 2019
100
500 300 400
400 0 0
250
400 300
Consolidated net sales EBITDA
300* (1), (3)
Net income (Group share)
300
200
150
* (3)
200
(in millions of euros) (in millions
200 of euros) (in millions100of euros)
200
50 2016 100
2015 2016 2017 2018 2019 100 2015 2017 2018 2019 2015
Consolidated sales for 2019 amounted At 526 million euros, the Group’s Consolidated
100
0 net income (Group share)
0
toEBITDA
2,740 million euros, up 6.1% compared 2015 0
consolidated
2016 EBITDA
2017 rose 6.9% relative
2018 2019 amounts to 149 million euros, stable relative
0
to 2018 but down 0.8% at constant scope

444
of 458
consolidation 444 492
and exchange rates.
526 to 2018 but was down slightly by 0.2%
at constant scope of consolidation
to 2018, and down 6.5% at constant scope
of consolidation and exchange rates.
and exchange rates.
Capacité
500 Autofinancement 600
425
400 500
342 353
300 346 387 400 400 500
Endettement
300 350 net/capitaux propre
200 300 400
200
Capacité Autofinancement Investissements totaux
250
50%
2015 2016 2017 2018 2019 100 100 Investissements totaux 300
237
200
342 353 346 387 425 169

0
139
400 179 180
40%
0
181
15037%
100
50050 199
33%
217
38%
312
671 200
100
350
300 400 0 0
2015 2016
250 2017 2018 2019
300
200
150 200
100
50 100
0 0
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 20152015 20162016 20172017 2018
2018 2019
2019
Capacité Autofinancement
Cash flow from operations * (3) Industrial investment outlay * Net debt / Equity
(in millions
342 353 of euros
346 387 425 (in millions
400 of euros) (in %)
500
(3)
Investissements
350 totaux Investissements totaux
Cash flow from operations amounted
to 425 million euros, generating free
Industrial
to 237
300 investment outlay amounted
250
million euros
237 The400
gearing ratio (2) was 49.7% as
671
179 in180
2019. of181
December
199 31, 2019,
217 compared
300
169 139
200 312 800
cash flow of 159 million euros in 2019. 150 with
20037.6% as of December 31, 2018. 700
100 600
Endettement net/capitaux propre 100
Investissements totaux 50
Investissements totaux 500
237
0 Résultat net 400
671
0
312 50%
2015 2016 2017 2018 2019 300
149
169 139 179 180 181 199 217 800 200
40% 37% 33% 38% 118 139
700
142 149 100
600 0
2015 2016 2017 2018 2019 2015 2016500 2017 2018 2019
40
* The figures for 2015 have been restated in accordance with the new accounting standard applied to greenhouse gas emissions rights. The restatement
400 and its impacts are presented
35
in note 1.7 of the consolidated financial statements. 300
30
(1) EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization): the total of gross operating income and other ordinary income and expenses.
200
25
(2) Gearing is a financial ratio that compares net debt to consolidated shareholders’ equity. 100
20
(3) The figures for 2018 have been restated in accordance with the new IFRS 16. 0
15
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
n Effect of IFRS 16. 2015 10
2016 2017 2018 2019
5
2015 2016 2017 2018 2019
Investissements totaux Investissements totaux 0
237 671
169 139 179 180 181 199
Endettement 217 propre
net/capitaux 312 800
700
600
50% 500
400
Breakdown per geographical area in 2019
Consolidated sales Employees Operating sales EBITDA Net capital employed
FRANCE €987M 2,992 38% 35% 21%

AMERICAS
United States, Brazil €589M 2,090 21% 22% 22%
ASIA
€375M 1,235 12% 17% 20%
Financial performance
Kazakhstan, India
REST OF EUROPE
Switzerland, Italy €401M 1,170 14% 18% 16%
WEST AFRICA
Mali, Senegal, Mauritania €217M 934 7% 9% 13%
MEDITERRANEAN
Turkey, Egypt €171M 1,526 7% - 1% 8%
Breakdown per business in 2019

Cement Concrete & Aggregate Other Products & Services
Operating sales Net capital employed EBITDA

(in %) (in %) (in %)
14% 3%
51 %
73% 71% 4%
24%
35% 25%
48 Vicat
Evolution of sales volumes

CEMENT CONCRETE AGGREGATE
(in millions of tons) (in millions of cubic meters) (in millions of tons)
2018 22.8 2018 9.0 2018 22.7

2019 22.4 2019 9.1 2019 23.0
- 2.0% + 1.1 % + 1.4%
Dividend
Based on results in 2019, and confident in the Group’s ability to sustain its ongoing development, the Board of Directors has decided to
propose that the Annual General Meeting of shareholders on April 3, 2020 vote to maintain the same dividend, i.e. 1.50 euros per share.
SHARE INFORMATION
(in euros) EARNINGS PER SHARE DIVIDEND PER SHARE
2017 €3.17 €1.50
2018 €3.32 €1.50
2019
€3.31 €1.50
Financial reporting calendar

JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER
APRIL 3, 2020 JULY 30, 2020

Annual General H1 2020 sales and earnings
Meeting
NOVEMBER 3, 2020
FEBRUARY 13, 2020 9 months 2020 sales
2019 sales and earnings MAY 5, 2020
Q1 2020 sales and earnings
1 New cement milling plant (Mali)
Shareholder information
Shareholder and investor relations
Tel.: +33 1 5886 8605 E-mail: relations.investisseurs@vicat.fr Symbol: VCT Sicovam: 03177
Fax: +33 1 5886 8788 Websites: www.vicat.fr, www.vicat.com ISIN Code: FR0000031775 Bloomberg: VCT.PA
Reuters: VCTP.PA
© Photos: Guillaume Atger, Loïc Bisoli, Jérôme Cabanel, Ciment et Matériaux du Mali, Ciplan, Creabeton Matériaux, Mickaël Cusano, Hervé Douris, Guillaume Gennet, Pascal Guittet,
Hugh Hunter, Bruno Moussier, Christian Pedrotti, Thierry Possémé, Nicolas Robin, Gianfranco Tandardini, Hervé Thouroude, Hervé Tournaire, Serge Sang, Remo Zehnder, Vicat.
Design and production: Tel.: +33 1 5532 2974.
HEAD OFFICE
Tour Manhattan
6, place de l’Iris - 92095 Paris La Défense Cedex France
Tel.: +33 1 5886 8686 - Fax.: +33 1 5886 8787
French-registered company with share capital of €179,600,000
RCS Nanterre 057 505 539
SIRET 057 505 539 00452

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Annual

CONTENTS THREE ISSUES THAT STEER OUR CHOICES 4

MAJOR ROLE IN LIVING TOGETHER 9

VICAT IS A FRENCH COMPANY FOUNDED

Today, working in 12 countries, the Group lays out

We also innovate through our

What are your perspectives for

in France for 2025”

“Vicat’s commitment to energy transition takes the form of concrete actions

Marie Godard-Pithon, Deputy Manager, Performance & Investment

EXPLANATION CHALLENGES AHEAD

Pierre-Olivier Boyer, Strategic Partnership Manager

“To accelerate change, Vicat is now implementing its digital transformation

Corentine Holdsworth, Digital Transformation Manager

2.7 billion euros

Vicat is pursuing its strategic development in places

Meeting the needs of

Cement (millions of tons sold) 22

Concrete (millions of cubic meters sold) 9

Batching plants 259

Aggregate (millions of tons sold) 23

OTHER PRODUCTS & SERVICES

€589M €217M €987M

2,090 934 2,992

3 cement plants 1 cement plant 6 cement plants

€401M €171M €375M

1,170 1,526 1,235

1 cement plant 3 cement plants 3 cement plants

“Our customers have

“The acquisition of Ciplan places the Group on a market

5. Sophie Fégueux 6. Jacques Le Mercier 7. Louis Merceron-Vicat 8. Emmanuelle Salles

9. Bruno Salmon 10. Sophie Sidos 11. Éléonore Sidos

Management Audit Committee

Senior executive vice presidents Compensation Committee

1 The Villeurbanne concrete batching plant (France)

What were the landmark projects quick-setting cement.

Fondation Louis Vicat

to more effective lovers to hear some of the world’s greatest performers. 1

Using waste heat

in nature for construction inter-regional cooperation program, Interreg.

3 THE SOLUTION: The research carried out is aimed

Vicat takes pains to select raw materials that are

Vicat uses alternative raw materials

Our CSR commitments

1 Ciplan children’s day (Brazil)

“The most advanced cement

the Reuchenette plant in generates actions in favor of diversity and against

Stressing an intergenerational policy for the workforce,

Our CSR commitments

3 WORKING IN SAFE SURROUNDINGS

Vicat continued to implement its “zero accident” strategy

Greater awareness of job

For nearly two centuries, the Company and

The construction sector in France remains sturdy as a result of public

3 THE IMPROVEMENT 3 THE STRATEGY 3 OTHER PRODUCTS

5 La Grave de Peille cement plant (France)

Prompt natural quick-setting

Business stabilized but irregular

prices. On the industrial front,

9. Bruno Salmon 10. Sophie Sidos 11. Éléonore Sidos