The ratings on Switzerland-based Holcim Ltd. reflect the group's strong business position as the second-largest cement producer in the world, good and stable profitability over the past five years, and strong cash flow generation, as well as the group's moderate financial profile. Holcim is successfully working its way toward the target it set itself of an EBITDA margin of 30% by 2005. The group's operating EBITDA margin was 27% in 2003 compared with 26% in 2002 (excluding the translation effects of a weak U.S. dollar). This was mainly the result of further cost-saving measures implemented by the group. Latin America remained the largest contributor to the group's results (representing about 40% of group operating profit) with margins in this region
