DECEMBER 31st

2015CONSOLIDATEDFINANCIALSTATEMENTS

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FIN

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HEADQUARTERSMAPEI SpA Via Cafiero, 22 - 20158 MilanTel. +39-02-37673.1 Fax +39-02-37673.214Internet: www.mapei.comE-mail: mapei@mapei.it

ADHESIVES • SEALANTS • CHEMICAL PRODUCTS FOR BUILDING

DECEMBER 31st

2015CONSOLIDATED FINANCIALSTATEMENTS

2

3

Index

A letter from the CEO 5

Group Flow Chart 6

Mapei Group around the world 8

Innovation and constant research to continue our growth and generate culture 11

MAPEI GROUP CONSOLIDATED FINANCIAL STATEMENTS

Management report 33

Balance sheet 67

Statement of income 70

Cash-flow statement 72

Notes to the consolidated financial statements 73

Report of independent auditors 110

The major projects in 2015 113

4

T E S T A T I N A

4

5

Out of all the world’s leading companies involved in the

manufacture of chemical products for the building industry,

thanks to their innovative products and desire to compete and

excel at a global level, Mapei has always raised the bar in terms

of new standards of quality.

Safe in the knowledge that, for every market we operate on, we

o�er only products of the highest quality, 2015 was a positive

year for Mapei, with a global rate of growth of almost 13%.

But while looking at this result we must also take into

consideration the various local conditions, with certain countries

where the market is going through a negative phase - such as

Italy and France - while in other parts of the world, such as North

America and the Asia-Pacific area, the rate of growth has been

as high as 20%. Added to this is the positive performance of

the Group as a whole in countries such as Germany, the United Kingdom, Hungary and Scandinavia.

These results have been determined by the excellent competitiveness of the Group on the global market

and are the result of the constant commitment of Mapei’s three strategic cornerstones: research,

internationalisation and specialisation.

Investment in Research and Development work to develop new products and technologies has also

grown, aimed at always meeting the requirements of every market in which we operate and where our

ambition is to be the leader.

All this is carried out by consolidating our commitment to the sustainable development of products and

industrial processes, with products that are designed to reduce energy consumption and the emission

of VOC (volatile organic compounds), while also being safe for the environment, production workers,

those who apply our products and the end users of our products.

A commitment to safeguard the environment and people’s health that is also expressed through our design

work, such as the construction of new manufacturing facilities using local eco-sustainable materials.

The growth of the Group for 2015 in the five continents also continued from a commercial, production

and organisational point of view, with the construction of new industrial sites, the upgrading of existing

facilities and by increasing the number of employees.

An extraordinary rate of growth in this period of global crisis, which represents enormous satisfaction

for the more than 9,000 direct and indirect employees that make up Mapei Group.

While it may be true that, for 2016, forecasters are predicting an improvement in the state of the global

construction industry - with a rate of growth expected to be around 3.6% - the overall economic climate

has more of a “swings and roundabouts” feel to it for various reasons, such as a decrease in the price

of petrol.

In spite of all this, we are confident of achieving important results for 2016, with further investments into

research work, the upgrading of our existing plants and the construction of new plants.

Our declared aim is to further increase our capacity to compete on a world level while creating new job

opportunities.

To know how to welcome and act upon the opportunities we are presented with and transform them

into opportunities to grow and improve. And together with the energy of our employees and the team

spirit which has always been an inspiration for its operations, this is the strength of a Group that

continues to follow its chosen route with determination and hope for the future.

Milan, May 27th 2016 Giorgio Squinzi CEO

Innovate to improveand create further growth

6

Flow Chart

MAPEI GROUP

MAPEI SpaItaly

Mapei Ukraine LlcUkraine

Zao MapeiRussia

Mapei Bulgaria EoodBulgaria

Resconsult AsNorway

Mapei OyFinland

Mapei AbSweden

Mapei IncCanada

4307721 Canada IncCanada

Mapei Caribe IncPuerto Rico

Mapei CorpUnited States

General Resource Technology Corporation

United States

Mapei East CorpUnited States

Mapei Venezuela CaVenezuela

Mapei de Mexico Sa de CvMexico

Mapei Stadium SrlItaly

U.S. Sassuolo Calcio SrlItaly

CerCol SpaItaly

Mapei Suisse SaSwitzerland

Mapei France SaFrance

Mapei Benelux SaBelgium

Ibermapei Sa Spain

Mapei UK LtdUnited Kingdom

Mapei Romania SrlRomania

Mapei Croatia DooCroatia

Mapei DooSlovenia

Mapei Hellas SaGreece

Lusomapei SaPortugal

Mapei GmbhGermany

Mapei Nederland BvNetherlands

Mapei Denmark AsDenmark

Mapei Yapi Kimyasallari Ins.San.Ve Tic.A.S.Turkey

Mapei AsNorway

Mapei Argentina SaArgentina

Mapei Brasil Construction Materials LTDABrasil

Adesital SpaItaly

Vinavil SpaItaly

Mosaico Plus Ukraine LlcUkraine

Vinavil Egypt for Chemicals SaeEgypt

Mapei South Africa Pty LtdSouth Africa

Vaga SrlItaly

Vaga Società Agricola S.s.Italy

Mosaico+ SrlItaly

Progetto Mosaico+ SrlItaly

99.50%

99.99%

100.00%

99.99%

100.00%

100.00%

100.00%

100.00%

99.96%

100.00%

100.00%

100.00%

100.00%

100.00%

99.97%

100.00%

99.98%

100.00%

50.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

1.00%

86.00%

91.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

78.50%

99.00%

14.00%

9.00%

50.00%

100.00%

90.00%

50.00%

7

100,00% PT Mapei Indonesia Construction ProductsIndonesia

MAPEI SpaItaly

Polyglass SpaItaly

Polyglass Great Britain LtdUnited Kingdom

Polyglass Romania SrlRomania

Polyglass USA IncUnited States

Mapei Vietnam LtdVietnam

Mapei Korea LtdSouth Korea

Mapei Australia Pty LtdAustralia

Mapei New Zealand LtdNew Zealand

Mapei Construction Chemicals LlcUnited Arab Emirates

Mapei Doha LlcQatar

Mapei Middle East FzcoUnited Arab Emirates

Mapei Construction Products India Ltd

India

Mapei Constr. Materials Co Ltd (Guangzhou)

People’s Republic of China

Mapei Constr. Materials Co Ltd (Shanghai)

People’s Republic of China

73.12%

66.58%

60.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

99.99%

99.99%

49.00%

49.00%

50.00%

99.99%

99.99%

0.01%

100.00%

100.00%

100.00%

99.99%

100.00%

100.00%

99.00%

100.00%

Mapei GmbhAustria

Mapefin Austria GmbhAustria

Mapei Betontechnik GmbhAustria

Mapei KftHungary

Mapei SroCzeck Republic

Mapei SK SroSlovak Republic

Mapei Polska SpzooPoland

Mapei SRB D.o.o.Serbia

Gorka Cement SpzooPoland

Mapei Construction Chemicals Panama Sa

Panama

Mapefin Deutschland GmbhGermany

Sopro Bauchemie GmbhGermany

Sopro Hungária KftHungary

Rasco Bitumentechnik GmbhGermany

Sopro Bauchemie GmbhAustria

Sopro Polska SpzooPoland

Sopro Netherland BvNetherlands

100.00%

100.00%

100.00%

100.00%

100.00%

26.88%

33.42%

40.00%

100.00%

100.00%

Mapei Far East Pte Ltd Singapore

Mapei Malaysia Sdn BhdMalaysia

100.00%

100.00%

Mapei China LtdHong Kong S.A.R.

Mapei Costa Rica SaCosta Rica

8

HeadquartersHeadquarters

Mapei S.p.A.Milan - Italy

Mapei main o�ces with factories

Mapei commercial branch o�ces

Main o�ces with factories of other companies

Commercial branch o�ces of other companies

R&D centres

67 PLANTS AND79 SUBSIDIARIES

9

THE DIALOGUE BETWEEN MAPEI SET-UPS WORLDWIDE AND BUILDING PROFESSIONALS STRENGTHENS THE GROUP AND HELPS EVERYONE HAVE THEIR SHARE OF THE DEVELOPMENTS.MAPEI CONTINUES TO GROW BY BUILDING ON THE KNOWLEDGE AND RELATIONSHIPS FROM BOTH WITHIN AND OUTSIDE THE COMPANY.

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Innovation and constant researchto continue our growthand generate culture The progress of the construction industry towards a sustainable future is tightly connected to innovations from the chemicals sector. Mapei, who plays a leading role in this area at a global level, knows this all too well.Not only must the development of sustainable technology in this sector proceed in steps, by improving existing products and making them increasingly healthy, but it must also develop by focusing on radical innovation based on scientific research and in-depth knowledge of emerging technology, which is precisely the way Mapei operates.Commitment, experience and constant research. These are the key words on which the Company’s responsibility towards the environmental is based, which in turn is behind all Mapei’s choices and decisions as a company. Products, in fact, are developed and tested through long-term research work, to ensure they are always more effective and innovative.With special attention on the production of products compatible with the health of those working in the building industry, and by opting for highly advanced technological solutions that help safeguard the environment around us.All this with a 360° view of global industrial conditions, which is coherent with a vision of a company that, as Giorgio Squinzi said, “Is not just about profit margins and accountancy rules, it is rather a place where relationships between individuals, organisations and the surrounding territories are formed and nurtured; a highly complex place which, for this very reason, is a powerful generator of culture in general”. “Because when we run a company”, according to the CEO of Mapei, “we express behaviours and values that cannot be closed and confined within its walls; they pervade into society as a whole, they offer inspiration up to the point where they become part of the cultural heritage of our society”.These are the solid foundations that help explain the reason for Mapei Group’s growth in 2015 and confirm the Company’s indisputable world leadership amongst companies manufacturing complementary materials for the building industry.

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I N T E R N A T I O N A L I S A T I O N

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I N T E R N A T I O N A L I S A T I O N

InternationalisationOne of the distinguishing features of Mapei’s company policy has always been its desire to grow. Internationalisation is a part of this programme, with Mapei doing business in the 5 continents, with the aim of expanding even more where their market presence is still limited.The results for 2015 were positive across the board and for all product lines. The overall growth was almost 5% and, if we take into consideration the exchange rate, which penalised us by an estimated 1.3%, this result would certainly have been even better.Positive results in line with a seemingly simplistic view in line with the fundamental principal of our Company: always make the most of new opportunities and know how to turn them into sound, sustainable growth.We aim at being one step ahead of the market requirements for every country in the world by offering the most technologically advanced products. These are the rewards of the considerable resources, not only economic, invested into Research and Development to satisfy the requirements of each and every market where we operate and where we aspire to become leader.Mapei’s global strategy is not just focused on those areas with a high rate of growth; our leadership is also strengthened by those markets where Mapei has already established a consolidated position.Close attention to our clientele, the market and new technologies are a constant guide for Mapei Group’s experience which has always implemented a strategy of medium to long-term growth.

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C O M M I T M E N T T O S U S T A I N A B I L I T Y

The winning sustainability.Mapei Spa amongst the winners of the 2015 Responsible Care AwardThe involvement of social organisations, the distribution and transport of chemical products, energy efficiency, safeguarding the environment, health and safety in the workplace, safe working practices, product responsibility and the control and defence of manufacturing facilities.These are the eight key areas of management that Federchimica took into consideration when adjudicating the winners of the 2015 Responsible Care Awards for Italian companies, one of which was Mapei.Mapei Spa received recognition for their RE-CON ZERO, a sustainable solution for recycling and reusing leftover concrete, a perfect example of “circular economy”.RE-CON ZERO is the most sustainable method for treating leftover concrete and completely transforming it into reusable granular aggregates to be used in the production of new concrete, thereby avoiding sending it for landfill.Recognition of the commitment of Mapei and their offer of solutions based on their experience matured on sites all around the world, and not on empty promises. Products and solutions that offer a concrete assurance of increased durability and that help save materials and energy.

RE-CON ZERØIl prodotto innovativo per il recupero sostenibile del calcestruzzo reso• Non produce rifiuti • Viene aggiunto in autobetoniera• Non richiede impianti di trattamento• Produce aggregati interamente riutilizzabili• Riduce l’impatto ambientale• Riduce i costi operativi

SCARICO

STEP

0.5 kg

Parte A0.5 kg/m3

STEPParte B6 kg/m3

3 minutidi miscelazione3 minuti

di miscelazione

STEP

1 kg1 kg

1 kg

1 kg

1 kg1 kg

CALCESTRUZZO

/mapeispaMapei con voi:approfondiamo insieme su www.mapei.it

Questo prodotto contribuisce al conseguimento di punteggi LEED

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C O M M I T M E N T T O S U S T A I N A B I L I T Y

LOW DUST

PRESTAZIONI MAXI, IMPATTO ZERO / MAXI PERFORMANCES WITH MAXI PERFORMANCES WITH MAXI ZERO IMPACTZERO IMPACTZERO

diventa | becomesbecomesbecomes

®

®

B

FASHIONABLY GREEN FOR OVER 30 YEARS:CERTIFIED SOLUTIONS FOR ECO-SUSTAINABLE PROJECTS WORLDWIDE FOR MORE THAN 30 YEARS

MAPEI COMMITMENT TO RESEARCH & DEVELOPMENT IS CONSTANTLY DEVOTED TO THE DEVELOPMENT OF ZERO IMPACT PRODUCTS.

MAPEI PRODUCTS ARE FORMULATEDUSING INNOVATIVE, RECYCLED AND ULTRA-LIGHT RAW MATERIALS DEVELOPED TO REDUCE ENERGY CONSUMPTION AND HAVE VERY LOW EMISSION LEVEL OF VOLATILE ORGANIC COMPOUNDS.

GLOBAL SUSTAINABILITY,SAFETY AND TRASPARENCY:ONE STEP AHEAD TO BEALWAYS THE BEST

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M A P E I & E X P O

Expo 2015On the 31st of October 2015 the curtain went down on Expo 2015, the Universal Exposition that brought 21 million visitors to Milan to take part in the theme “Feeding the Planet, Energy for Life”.Inside the exposition site, Mapei supplied products to build 65 pavilions, nine clusters and various complementary features, such as the enormous foundation slab on which the event was built, without forgetting, of course, all the works carried out around the site, such as the Expo Bridge and the TEEM (External East Milan Ring road), and those inside the city of Milan itself, such as the new stations along the M5 metropolitan rail link, redevelopment of the port and the new “home” for the Pietà by Rondanini at Castello Sforzesco. Mapei sponsored the USA pavilion, the symbolic sculpture of a giant seed “Il Seme dell’altissimo” and the Pride of Brescia Consortium that created the Tree of Life, and also took part in the “Ecco la mia impresa” exhibition organised by Intesa San Paolo in the Waterstone pavilion.Over the course of the event, Mapei brought more than 3,000 international visitors from the building industry to Expo and to the city of Milan.As a way of interpreting the theme selected by Expo, Mapei brought to everyone’s attention systems suitable for use in all types of environment where drinks and foodstuffs are stored, processed, distributed and consumed.Following the indications set by Expo, Mapei took part in a humanitarian programme organised by the E4Impact Foundation, which provides support for the development of African countries in the sub-Sahara region in the training of socially-aware new businessmen by offering a Global MBA in Impact Entrepreneurship.

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B C D E

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H II L M N O P

EXAMPLES OF WORK CARRIED OUT BEYOND THE BOUNDARIES OF THE MILAN EXPO 2015 EXHIBITION SITE USING MAPEI PRODUCTS

PEDEMONTANAHIGHWAY

BRE.BE.MIHIGHWAY

TEEMHIGHWAY

LINE 5UNDERGROUND

CENTRAL STATIONRAILWAY

DARSENAWATERWAYS

CASCINAMERLATA

CITY LIFEDISTRICT

PORTA NUOVADISTRICT

DUOMOSQUARE

SCIENCES TECHNOLOGY MUSEUM

PIETÀ RONDANINIROOM

BAGNI MISTERIOSI SCULPTURE

ARCOBALENOTOWER

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M A P E I & E X P O

http://www.mapeifood.com/EXPO BY NUMBERS

AND MAPEI BY NUMBERS

21.5 MILLION THE TOTAL NUMBER VISITORS, OF WHICH 6.5 FROM OVERSEAS

2.3 BILLION THE AMOUNT OF MONEY SPENT BY ITALIAN VISITORS

88% THE NUMBER OF VISITORS SATISFIED BY THEIR VISIT AND 74% THE NUMBER CONVINCED THAT THE EVENT WAS A SUCCESS FOR ITALY

300 VISITS BY THE AUTHORITIES AND 60 BY HEADS OF STATE

2 HOURS AND 45 MINUTES THE AVERAGE LENGTH OF TIME SPENT QUEUING

JAPAN, CHINA, KAZAKHSTAN, UAE AND ISRAEL THE PAVILIONS MOST APPRECIATED BY THE VISITORS

4,200 NUMBER OF SEATS RECYCLED AND REUSED IN OFFICES AND AUDITORIUMS

700 BENCHES SPREAD BETWEEN THE DECUMANO AND SURROUNDING AREAS

13,000 TREES AND 85,000 BUSHES THAT WILL REMAIN ON THE SITE

1,100 KM OF CABLES RUNNING BENEATH 24 KM OF INTERNAL ROADS

29,000 TONNES OF STEEL FOR THE METAL STRUCTURES TO BUILD THE PAVILIONS

28,000 TONNES OF REBAR TO REINFORCE THE CONCRETE

250.000 PHOTOS OF THE TREE OF LIFE POSTED ON INSTAGRAM

65 PAVILIONS, 9 CLUSTERS AND VARIOUS COMPLEMENTARY WORKS AND FEATURES USED MAPEI PRODUCTS

THE DECUMANO (1.5 KM) AND THE CARDO (350 M) WERE PAINTED WITH ASPHALT COAT TRAFFIC HB 136 IN 7 DIFFERENT COLOURS

TO BUILD PERMANENT INFRASTRUCTURES SUCH AS THE EXPO BRIDGE, THE MILAN EXTERNAL EASTERN RING ROAD AND THE A36 MOTORWAY NUMEROUS MAPEI PRODUCTS WERE USED

MAPEI TOOK PART IN THE CONSTRUCTION OF STATIONS ALONG THE M5 METROPOLITAN RAIL LINK, RENOVATION WORK ON THE PORT, AND ON BUILDING WORK FOR THE NEW HOME OF THE PIETÀ RONDANINIMAPEI BROUGHT 3,000 INTERNATIONAL OPERATORS TO EXPO

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T R A D E F A I R S

DOMOTEX - HANNOVER - GERMANY

CERSAIE / SAIE - BOLOGNA - ITALY

COVERINGS - ORLANDO - FLORIDA (USA)

Global trade-fairsInnovation and creativity to showcase our products. These are the two concepts that best summarise Mapei’s trade-fair activities in 2015 with the aim of strengthening our ties with those who work in the business even more.Our trade-fair strategy is based on clear communication choices, aimed at highlighting how “the best combination” to construct a level of quality that is unique in the international world of building, is the winning union between Mapei and users, designers, contractors, architects and all those people from all around the world who choose Mapei to get the best results.In 2015 Mapei confirmed their presence at the most important international events in the ceramics and building sectors: Cersaie in Bologna for the ceramics sector, Saie in Bologna, Made Expo in Milan and BAU in Munich for the building sector, Marmomacc in Verona for the marble and stone sector and Domotex in Hannover for the resilients sector.A global presence at trade fairs that, nonetheless, did not overlook the importance of national or regional events held in every part of the world. To highlight how “choosing Mapei” offers the advantage of interfacing with just “one single representative on site”: to decide quickly on the most efficient integrated solutions to adopt, safe in the knowledge that every type of intervention is possible.

BAU - MUNICH - GERMANY

SURFACES - LAS VEGAS - NEVADA (USA)

TURKEY BUILD ISTANBUL - ISTANBUL - TURKEY

MADEEXPO - MILAN - ITALY

VIETBUILD EXHIBITION - HO CHI MINH CITY - VIETNAM

FSB - COLOGNE - GERMANY

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T H E N E W P R O D U C T S

So many new products for the most specific site requirementsWith the aim of covering the most diverse array of site requirements and, as a result, develop a range of products that are highly evolved technologically and have increasingly high performance characteristics, there were numerous new cutting-edge products in 2015.Six new polyurethane foams were introduced for filling, sealing, soundproofing and insulating work. MAPEPUR UNIVERSAL FOAM M, MAPEPUR UNIVERSAL FOAM G, MAPEPUR ROOF FOAM M, MAPEPUR ROOF FOAM G, MAPEPUR FIRE FOAM M, MAPEPUR CLEANER.Four products were added to the resilient and textile floorings Line of products. ULTRAPLAN FAST TRACK, ULTRABOND ECO FAST TRACK, ULTRABOND ECO 550, ULTRABOND ECO VS 90 PLUS; a new product was added to the wood Line, ULTRABOND ECO S968 1K, while another was also added to the ceramics and stone material Line, ULTRABOND ECO PU 2K.Brand new showcased products for 2015 were the steel structural fibres for concrete: MAPEI STEEL DRY 316, MAPEI STEEL BAR 304, MAPEI STEEL BAR 316 and MANDRILL FOR MAPEI STEEL DRY.Four new products were introduced to the waterproofing Line in 2015:AQUAFLEX ROOF PLUS represents an evolution of traditional ready-mixed acrylic waterproofing membranes;MAPEGUARD WP SYSTEM alkali-resistant, waterproofing and anti-fracture membrane, suitable for ceramic and stone flooring;MAPETEX 50 non-woven polypropylene fabric (weight 50 g/m²) for reinforcing waterproof membranes;MAPECOAT PU15 HR aliphatic polyurethane finish for waterproofing membranes.DURSILITE PLUS and QUARZOLITE HF PLUS are the new products for the protective and decorative coating Line; the first is a water-based hygienising wall paint for internal use, while the second product is an acrylic hygienising paint with granular quartz fillers for internal and external use.Amongst our sealant products, the new MAPEFLEX MS CRYSTAL is specifically formulated to be highly transparent and act as both sealant and adhesive.A new release for repairing concrete was MAPEGROUT BETONTECH HPC, free-flowing, shrinkage compensated cementitious grout containing polymer fibre reinforcement with a work-hardening effect for restoring concrete where high ductility is required.As part of the thermal insulation repair systems, MAPETHERM FLEX RP is a ready-mixed, cement-free skimming paste that is extremely elastic and resistant to aggressive mould and mildew.MAPEWALL MURATURA FINE is our new, high-strength breathable masonry mortar, while MAPEFLOOR EP 90 is our new three-component epoxy mortar for floors resistant to wear.For the conservative renovation and consolidation of porous stone, brickwork, terracotta and render, our latest additions are CONSOLIDATOR ETS 10 and CONSOLIDATOR ETS 30, consolidating products made from tetraethyl orthosilicate in solvent.

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Investing in training to keep growing and improvingTraining has an important role to play for Mapei and we actively promote refresher courses and workshops to perfect the laying techniques for our products.Training has always been budgeted for and, since April 2015, at our Sassuolo, Latina and Marcianise sites, there are 11 schools dedicated to teaching how to install ceramic tiles and apply waterproofing systems.Mapei also periodically organises conventions for designers and site managers, with the collaboration of members from chartered bodies. The speakers at these events, which are held in Italy at the Company’s various training centres (in Milan, Rome, Latina, Lecce, Sassuolo, Caserta and in Ponte di Piave works and abroad at the headquarters of various associate companies, particularly Poland, Hungary, USA and France), are all experts from the sector, Product Managers and external professionals and the themes they discuss are of primary importance to the building industry.Mapei is also a member of the main national and international technical standards committees and is an active participant in the groups that have drawn up various technical laying norms and standards published in recent years.Amongst the courses promoted through our “Technical Partner” system, Mapei provides constant support for Assoposa – the National Association of Ceramic Tile Installers - and organises specialist training courses aimed at providing qualifications for the tiling profession.

T R A I N I N G

TRAVELLING TRAINING INITIATIVE - ITALY MAPEI YAPI KIMYASALLARI A.S. CARRIES OUT AN INTENSE PROGRAMME OF TRAINING ACTIVITIES FOR USERS, DISTRIBUTORS, CONTRACTORS AND DESIGNERS

PAMIE, THE PLATFORM FOR MAPEI UK AND THEIR TRAVELLING TRAINING INITIATIVE

EUF: ANNUAL WORKSHOP IN MILAN

ASSOPOSA

2 1

R E S E A R C H

ResearchResearch work is carried out in the 18 R&D laboratories and is coordinated by the Corporate Research Centre in Milan.The numerous papers published by respected scientific journals and presented at international congresses are a testimony of the high scientific level of the Research and Development work carried out by Mapei.Scientific research work, which originates from ongoing research projects, is keenly supported by the Scientific Community.

There have been numerous collaborations with bodies such as:• University of Padua: the formation of the nano-scale structure of cement during its initial hydration phases;• Federico II University of Naples: the development of composites to strengthen the structures of buildings;• University of Genoa, focused on the development of activities carried out by the Engineering and Sustainable Architecture faculty, with

the active support of Mapei engineers in training modules regarding products and systems for sustainable building.

These are the main scientific papers accepted for publication by international journals:• Journal of Materials Science: Development of the microstructure of Portland cement using synchrotron micro-tomography• Cement and Concrete Research: Deterioration processes of concrete due to combined sulphate-phosphate attack• Crystal Growth & Design: Direct imaging of nucleation mechanisms of cement in the presence of super-plasticisers using synchrotron

micro-tomography• Journal of the American Ceramic Society: In-situ quantitative analysis of cement hydration• Zement Kalk Gips, drymix special: Controlled encapsulation and release of hexavalent chrome reducing agents

Main scientific papers presented at congresses:• 11th Int. Conference on Super-plasticisers. Ottawa 2015: o Influence of C3A on the dissolution kinetics of alite/gypsum mixes o Influence of a new metallic-silicate-hydrate additive on the strength and durability of concrete• 31st Int. Conference on Recent Advances in Concrete Technology and Sustainability Issues. Ottawa 2015: Characterisation of concrete

made from recycled aggregates derived from waste concrete• 14th Int. Congress on the Chemistry of Cement. Beijing 2015: o 3D Imaging of nucleation processes using computerised tomography o A new metallic-silicate-hydrate set-accelerating admixture o Reactivity of additives for cement o Correlation of the performance characteristics of additives for cement containing fly-ash• First ECI Conference on Geopolymers. Hernstein-Austria 2015: Structural strengthening of masonry using fibres in a geo-polymeric

matrix• 40th Conference on Our World in Concrete & Structures. Singapore 2015: A new polysilicate for high strength, highly durable concrete

after brief curing cycles• 37th ICMA International Cement Microscopy Association Conference. Seattle 2015: o The influence of composition on the quality of clinker and the formulation of grinding aid admixtures o Activation of fly-ash using chemical additives: interaction with the hydration of Portland cement• 4th Latin American Dry Mortar Meeting. Sao Paolo 2015: “Pull-out” tests on cementitious adhesives: analysis and statistics• XIX Congress of the Industrial Chemistry Division of the Italian Chemistry Society. Salerno 2015: Innovative sustainable technology for

the construction industry

Through their connections with various institutes and bodies, representatives from Mapei were active members of groups operating in the Research and Innovation field, including the following:• Confindustria Technical Committee• Federchimica Research and Innovation Committee• Federchimica “Sustainable Chemistry” work group • Research and Innovation Programme Council of the CEFIC (European Federation of the National Associations of the Chemical

Industry)• Executive Board of the ICMA (International Cement Microscopy Association) • Management Committee of the Industrial Chemistry Division of the Italian Chemistry Society• Management Committee of AIRI (Italian Industrial Research Association)

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M A R K E T I N G A N D C O M M U N I C A T I O N S

Realtà Mapei: in-depth reports, news and culture to strengthen our worldwide networkRealtà Mapei, a “Two-monthly magazine of current affairs, technical news and culture”, is an international magazine. 150,000 copies of each edition were printed in 2015 and were posted all over Italy and abroad to around 145,000 subscribers from our constantly updated database.It is more than a company magazine; apart from strengthening communications coming from the Company, Realtà Mapei acts as a tool to take an in-depth look into numerous arguments from the building world.Apart from the Italian version, Realtà Mapei is also available in English: Realtà Mapei International, issued four times a year with a circulation of 30,000 copies. In 15 different countries from around world there are versions in the local language, all published directly by the Group’s various subsidiaries. Realtà Mapei may be read and downloaded on the Mapei website www.mapei.com, and on the websites of our subsidiary companies if you prefer one of the local editions.

Apart from Realtà Mapei there is also the monthly Mapei Newsletter delivered via email directly to the mailbox of more than 50,000 contacts all around the world: it carries the most important news about Company life, along with previews of the latest products and in-depth articles about important technical issues.

Moreover, Realtà Mapei is edited and published in 15 dierent countries in the local languages!

Realtà MAPEI

AMERICAS

[ ]RealtàMAPEI

Sustainable growth • Mosaic artists’ gallery • Reducing sound between floors • Ultralite family of mortars • USA Pavilion at Expo 2015

MAPEI supports cycling – from individuals and teams, to events and research

AUSGABE NR. 17 SEPTEMBER 2015[ ][ ][ ]Realtà[ ][ ]RealtàRealtà[Realtà[Realtà]Realtà]MAPEI

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DER ALLIANZ TOWERINTERVIEW:

ANDREA MAFFEIREFERENZEN FUSSBODENTECHNIK:

KARE KRAFTWERKREFERENZEN KERAMIK UND BAUSTOFFE:

KASSELER RATHAUS

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Realtà MAPEI International

Several front pages of Mapei’s corporate magazine from 2015 printed in Italian and English for Italy and the rest of the world

NewsletterPeriodico mensile ad uso interno di MAPEI S.p.A.

N. 58 | Dicembre 2015

Direttore Responsabile: ADRIANA SPAZZOLI | Coordinamento e redazione: FEDERICA POZZI | Progetto grafico: LIDIA MANDELLI | Impaginazione: FABIO VASCIAVEO

1/4

Grazie alla sua versatilità, alla cartuccia completamente

trasparente che permette di intravedere il contenuto e all’elevato

stoccaggio (18 mesi), MAPEFLEX MS CRYSTAL è ideale per tutti

gli usi. Il lancio del prodotto è avvenuto attraverso una scatola

auto-espositiva da 24pz. disponibile dal 19 novembre.

info

RICERCA E SVILUPPO❐ Il 10 dicembre a Napoli si terrà l’assemblea del Distretto

Stress (Sviluppo Tecnologie e Ricerca per un’Edilizia

sismicamente Sicura ed ecosostenibile) . Mapei, socio di

Stress, sarà rappresentata da Amilcare Collina, membro del

Comitato Scientifico del Distretto.❐ Il 14 dicembre a Roma, presso il CNR (Consiglio Nazionale

delle Ricerche), verrà presentato il Report su Ricerca e

Innovazione Responsabile. Parteciperà Collina, che ha

contribuito alla redazione del Rapporto.❐ Il 15 dicembre a Roma si tiene il Consiglio Direttivo di

Federcostruzioni. Partecipa Amilcare Collina, membro del

Consiglio.

info

REFERENZE❐ Sono partiti i lavori di costruzione della torre progettata

da Daniel Libeskind all’interno di City Life: tra il 27 e il 29

novembre si è proceduto al getto delle fondazioni, per il quale

Mapei ha fornito l’additivo DYNAMON XTEND W300 N. Ha

invece quasi raggiunto la metà della sua altezza, sempre a City

Life, la torre di Zaha Hadid, per la cui realizzazione Mapei ha

fornito gli additivi DYNAMON XTEND W300 N e DYNAMON SP1.

Giorgio Squinzi, presente all’avvio del getto, ha dichiarato:

info

AMMINISTRAZIONE❐ Leggera frenata, ma sempre con un risultato positivo, del

fatturato del mese di ottobre 2015 rispetto all’anno precedente:

+7,2%. In evidenza il giro d’affari della zona del Far East (+47,8%),

di quella americana (+22,3%) e di quella asiatica (+22,1%).

❐ Le previsioni di chiusura dell’anno confermano una crescita

del Gruppo Mapei intorno al 12%.info

COMMERCIALE ITALIA❐ Da giovedì 5 novembre scorso Valerio Verdigi non

rappresenta più la nostra Azienda. Al suo posto è stato

inserito un nuovo agente, il sig. Simone Tognetti, al quale

vanno i nostri migliori auguri per un rapido e soddisfacente

inserimento nella nostra Forza Vendita.info

PRODUCT MANAGER❐ La gamma Mapeflex si arricchisce di un nuovo prodotto,

MAPEFLEX MS CRYSTAL, sigillante ed adesivo elastico ibrido

monocomponente a base di polimeri sililati, trasparente cristallino,

utilizzabile anche su fondi umidi. A differenza dei normali siliconi

“trasparenti”, MAPEFLEX MS CRYSTAL ha un effetto di trasparenza

cristallina. Infatti, grazie alla sua formulazione, rende possibile

sigillare o incollare anche superfici vetrate senza che si intraveda

il materiale applicato. Il prodotto ha le seguenti certificazioni e

marcature CE: • EN 15651-1 (sigillanti per facciate): F-EXT-INT

• EN 15651-3 (sigillanti per sanitari): XS1

• ISO 11600 (prestazioni meccaniche): F 20 HM

| Dicembre 2015I | Impaginazione: FABIO VASCIAVEOAVEOA

Grazie alla sua versatilità, alla cartuccia completamente

trasparente che permette di intravedere il contenuto e all’elevato

stoccaggio (18 mesi), MAPEFLEX MS CRYSTAL è ideale per tutti

gli usi. Il lancio del prodotto è avvenuto attraverso una scatola

auto-espositiva da 24pz. disponibile dal 19 novembre.

info

RICERCA E SVILUPPO❐ Il 10 dicembre a Napol

Stress

Consiglio.

info

REFERENZE❐ Sono partiti i lavori di costruzione della torre progettata

da Daniel Libesnovembre si è proceduto al gMapei ha fornito l’adinvece quasi raggiunto la me

Life, la torre di Zaha Hadidfornito gli additivi DYNAMON X

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COMMERCIALE ITALIADa giovedì 5 novembre scorso Valerio Verdigi non

a. Al suo posto è stato Simone Tognetti, al quale o e soddisfacente

hisce di un nuovo prodotto, o elastico ibrido

a base di polimeri sililati, trasparente cristallino,

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sigillare o incollare anche superfici vetrate senza che si intraveda guenti certificazioni e

Consiglio.

info

REFERENZESono partiti i lavori di costruzione della torre progettata

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ÖSTERREICH AUSGABE NR. 4DEZEMBER 2015

RealtàMAPEIRealtàMAPEI[ DEZEMBERRealtàMAPEI]

绿色潮流

成就三十多载

RealtàMAPEIRealtàRealtàRealtàRealtàRealtàRealtà马贝资讯

马贝中国·2015年6月

对环保承诺 · 路演推广活动 · 瓷砖和石材专用产品案例

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2 3

M A R K E T I N G A N D C O M M U N I C A T I O N S

Social media for sharing and unifyingThe world-wide web is the framework of the “network society” we all live in and, in its own special way, permeates into our cultural development.In line with this principle, Mapei develops and improves its corporate communications network every year by constantly updating and implementing the company portal mapei.com and using the main social media platforms, such as Facebook and YouTube.All this is carried out not only to improve the general public’s perception of the Mapei brand, but also to generate effective input and a closer bond with all those who use Mapei products.2015 was another year of growth in the number of direct contacts through targeted marketing initiatives aimed at spreading and sharing the great “world of Mapei”. A multi-form reality that is constantly growing and transforming which, through these communications mechanisms, is able to express itself to the full.Mapei’s commitment to these forms of communication is carried out by coordinating all their aspects across the entire spectrum of corporate functions, to enable everyone to make the best use possible of the technology, tools, data and talent of each single person.

2 4

A C Q U I S I T I O N S

Mapei Stadium - Città del TricoloreRedevelopment work continuesDuring the summer of the 2015 season, seats were installed on the terraces behind the goals at the Mapei Stadium. Previously there were no seats and this work was carried out to bring the stadium in line with the infrastructure requirements of UEFA, which has already granted provisional authorisation for the stadium (the Mapei Stadium was selected to host the final of the 2016 Women’s Champions League on the 26th of May).Installation of the new seats, which apart from being functional also help make the stadium look much neater, was carried out in several steps. The preliminary phase involved repairing and waterproofing the terraces, which were basic and rather tatty looking, using innovative, highly qualified Mapei products (first and foremost PURTOP polyurea membrane). The entire operation - to treat more than 10,000 m² of terraces and install around 10,000 seats - took around seven weeks, thanks to the hard work put in by the highly qualified and highly motivated contractors.The work currently underway will be completed for the Spring of 2016, and includes:• upgrade of the stands by replacing the seats and carrying out work on the steps, similar to what

has already been done on the terraces behind the goals;• building a new TV compound for the television networks, with its own bathrooms for the TV

crews;• building a new platform in the West stand for the television cameras.

2 5

C O M M I T M E N T T O S P O R T : E V E N T S A N D S P O N S O R S H I P S

Sassuolo are playing in Europe!The dream has come true: Sassuolo have qualified for the Europa League. At the end of their third season in Serie A, the team sponsored by Mapei Group has qualified for the preliminary 3rd round of the Europa League by deservedly finishing sixth with 61 points in the league championship dominated by Juventus. Qualification for the Europa League is a goal Sassuolo managed to reach thanks to a run of five positive results in the last five games of the season, and following AC Milan’s defeat in the final of the TIM CUP at the hands of Juventus on the 21st of May. Owner Giorgio Squinzi was keen to underline that “We did all this with a squad of players made up almost entirely of Italian players”. The preliminary round, with the first leg of scheduled for the 28th of July and then the return match to be played on the 4th of August, will be the start of a fascinating and difficult adventure for this lively, ambitious club. But fans of the team trained by Eusebio Di Francesco have become accustomed to success in matches against the biggest clubs in football from the country’s most important cities. The Sassuolo of today, and we hope of the future, creates such a sensation because it represents the more sound and appealing side of Italian football that is growing in terms of both style of play and popularity. A policy that shows how, in the world of football, to build something important money just isn’t enough; what you really need are ideas and a plan.What has happened to Sassuolo over the last few years is not due to chance, neither is it a miracle. It is the result of careful, long-term, open style management that has managed to create a squad that is surprising everyone, and that will carry on surprising everyone.

2 6

C O M M I T M E N T T O R E S E A R C H A N D S P O R Tpr

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5° Convegno Centro Ricerche MAPEI Sport

Sabato 16 maggio 2015 - ore 8,45- 13,30

Mapei Stadium – Piazzale Atleti Azzurri D’Italia – Reggio Emilia

ore 08,00 Registrazione e Welcome Coffee

ore 08,45 Saluti e apertura dei lavori

Claudio Pecci, Giorgio Squinzi, Diana Bracco e Adriana Spazzoli

PRIMA SESSIONE Le ricerche

Moderatore: Alberto Mario Bargossi SANIS, Scuola di Nutrizione ed Integrazione nello Sport,

Bologna (BO), Italia

ore 09,15 Vitamina D: attualità in ambito sportivo

Luca Mondazzi Centro Ricerche MAPEI Sport, Olgiate Olona (VA), Italia

ore 09,35 Presentazione risultati 3° progetto di ricerca “Aldo Sassi”: L’utilizzo della pedalata eccentrica

come riscaldamento di una prova a cronometro Davide Ferioli Vincitore 3° assegno di ricerca “Aldo Sassi”

ore 10,00 Match analysis nel calcio: per vincere bisogna correre più degli altri?

Ermanno Rampinini Centro Ricerche MAPEI Sport, Olgiate Olona (VA), Italia

ore 10,20 Discussione

ore 10,30 Coffee Break

SECONDA SESSIONE Assegno di Ricerca “Aldo Sassi”

Moderatore: Andrea Morelli Centro Ricerche MAPEI Sport, Olgiate Olona (VA), Italia

ore 10,45 Lectio Magistralis: Il modello psicobiologico degli sport di

resistenza: teoria e applicazioni pratiche

Samuele Marcora School of Sports and Exercise Sciences, University of Kent, Regno Unito

ore 11,30 Discussione

ore 11,40 Presentazione 4° assegno di ricerca “Aldo Sassi” Fondazione Mai

Amilcare Collina, Enrico Arcelli MAPEI SpA, Milano - Università degli studi di Milano, Milano

ore 11,45 Il progetto di ricerca: Brain Endurance Training - una nuova strategia per limitare la fatica mentale e

migliorare la performance nel calcio? Andrea Bosio Centro Ricerche MAPEI Sport, Olgiate Olona (VA), Italia

TERZA SESSIONE Tavola rotonda

Moderatore: Francesco Pierantozzi

ore 12,00 Test di valutazione, moda o scienza: l’opinione di

tecnici ed atleti

Giorgio Squinzi, Claudio Ranieri, Cadel Evans, Eusebio Di Francesco,

Massimiliano Menetti, atleti del Sassuolo Calcio e della Reggiana

Basket

ore 13,00 Saluti e chiusura lavori

ore 13,30 Aperitivo

Sport Service MAPEI - Via Busto Fagnano, 38 - 21057 Olgiate Olona (VA)L’ISCRIZIONE AL CONVEGNO È GRATUITA E OBBLIGATORIA inviando i propri dati all’indirizzo e-mail segreteria@mapeisport.it

ASSEGNO DI RICERCA “ALDO SASSI”

Promosso da Mapei Sport in collaborazione con Fondazione MAI Confindustria.

Pubblicazione bando 20/04/2015 - Chiusura bando 19/06/2015.

Assegnazione ufficiale assegno 31/07/2015.

Informazioni utili

Possono accedere alla selezione i Laureati in Scienze Motorie da non più di 18 mesi alla data

di pubblicazione del bando presentando domanda sul sito www.fondazionemai.it nell’apposita

area dedicata entro il 19/06/2015.

Per scaricare il bando completo visitare il sito www.fondazionemai.it oppure www.mapeisport.it

Per ulteriori informazioni e-mail segreteria@mapeisport.it oppure telefono 0331-575757.

Presentazione 4° assegno di ricerca “Aldo Sassi”

per Laureati in Scienze Motorie

Mapei Sport e Ricerca:

Il monitoraggio alla base della Prestazione

5th Mapei Sport Research Centre ConventionOn the 16th of May 2015, against the backdrop of the Mapei Stadium, the 5th Mapei sport convention was held, entitled “Mapei Sport and Research: monitoring as the basis for performance”, an important event for the world of scientific research specialised in sport.Over the course of the convention, the results of the previous year’s “Aldo Sassi” research project were announced and the 4th “Aldo Sassi” research grant from Confindustria’s Giuseppina Mai Foundation was presented.The 10,000 Euro cheque is awarded to a young graduate in Motor Sciences in memory of the scientific activities of Aldo Sassi and everything he represented and is awarded through an open competition advertised by various communications channels chosen jointly by the Mapei Sport Research Centre and the Giuseppina Mai Foundation.A round-table with 10 carefully selected guests brought the convention to an end. Francesco Pierantozzi from Sky Sport put questions to the guests about Assessment Tests for different sports. Not just technical experts and renowned figures such as Cadel Evans, World Champion and historical team member of the Mapei team, Claudio Ranieri, Eusebio Di Francesco and Massimiliano Menetti, head coach of the Reggiana basketball team, but also players from Sassuolo FC such as Zaza and Magnanelli and from the Reggiana basketball team such as Cinciarini and Cervi, all had their chance to give their own personal opinion on this topic.

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C O M M I T M E N T T O S P O R T : E V E N T S A N D S P O N S O R S H I P S

Close to sport and its winning values2015 ROAD WORLD CYCLING CHAMPIONSHIPSCycling collected new fans and strengthened its image in America, thanks also to Mapei who supported the Road World Cycling Championships as “UCI Main Event Partner”. The international cycling races, which were held in Richmond in the USA from the 19th to the 27th of September, were once again the occasion for the Company’s blue and white jersey to splendour in the most important cycling event of the year.

REGGIANA BASKETBALL - RUNNERS-UP IN THE LEAGUEOur praises go to Reggiana basketball, sponsored by Mapei: just one single shot stood between them winning the title against Sassari. Reggiana finished second in Italian basketball’s top league in the 2014/2015 season, losing out only in the seventh and decisive game against Dinamo Sassari, who managed to win 75 to 73. Mapei, which has been sponsoring Reggiana, is happy with the results achieved, the result of a solid organisation and an ambitious project that looks towards the future.

KING OF THE STELVIO 2015If the 2014 edition was the final Mapei Day, the 31st edition of the Mapei King of the Stelvio 2015 – the classic climb for cyclists up Mount Stelvio which, for the last ten years, has been combined with an uphill half-marathon held in Bormio on the 12th of July – is the story of the continuity of this special relationship between this race and territory that are firmly in Mapei’s hearts.

ReStelvio2015ReStelvio2015

ReStelvio2015ReStelvio2015

2 8

C O M M I T M E N T T O C U L T U R E

Social commitment towards the environment and the peopleInspired by ethics and values which put people and the environment they live in first, Mapei’s social commitment continued and was shown in various ways. Because, for Mapei, making a contribution to sustainable development means that our sense of responsibility towards future generations, improving our relationship with local communities and helping those people on the edges of society due to economic problems or other difficulties has to maintain a high profile.Along with reducing waste and its impact on the environment, the promotion of community development programmes and the Company’s solidarity in trying to understand the needs and problems of those less fortunate, are expressed concretely in various directions through donations, support for cultural events and by supplying the Company’s own products.Mapei - which has been a supporter of Sodalitas since 2011 - has also been a supporter of numerous associations for many years such as the Umberto Veronesi Foundation, the Negri Weizmann Foundation, San Patrignano, the Exodus Foundation, the Archè Foundation, the Italian Red Cross, the Italian Environment Fund (FAI) and Celebrity Fight Night.

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C O M M I T M E N T T O C U L T U R E

Art and culture to help build the futureMapei’s strong bond and firm commitment to art, culture and the surrounding territory has always been one of its distinguishing features.Convinced that “work can never truly be separated from art and passion”, Mapei has been a founding member of the Teatro alla Scala since 2008, and more recently also became Founding Member of the National Academy of Santa Cecilia, one of the oldest musical institutions in the world, whose headquarters are at the Parco della Musica Auditorium in Rome.Corporate Golden Donor of the FAI (Italian Environment Fund), Mapei has played a leading role in the renovation and conservation work on various famous buildings from Italy’s rich historical and architectural heritage, such as the Teatro alla Scala in Milan, the Petruzzelli Theatre in Bari, the San Carlo Theatre in Naples, the “Antonio Salinas” Museum of Archaeology in Palermo, the Peggy Guggenheim Collection in Venezia, as well as on important historical buildings all over the world. One such example is the Turkish-Italian expedition in the Gaziantep region of Turkey, led by Prof. Nicolò Marchetti from the University of Bologna. It started in 2003 and, thanks also to the support of Mapei, two archaeological parks have been opened in the province of Islahiye, one in Tilmen Höyük in 2007 and the other in Taşli Geçit Höyü.After 5 years of intense work, 2015 also saw the reopening of the historical archaeological site of Karkemish, in south-east Turkey near the border with Syria, which had been inaccessible for many years.

TEATRO ALLA SCALA - MILAN (ITALY)

ARCHAEOLOGICAL SITE OF DI KARKEMISH - TURKEY PARCO DELLA MUSICA AUDITORIUM - ROME (ITALY)

3 0

C O M M I T M E N T T O I N S T I T U T I O N S

CONFINDUSTRIA ASSEMBLY 2015

FEDERCHIMICA ASSEMBLY 2015

Mapei and professional bodiesMAPEI AND THE WORLD OF ASSOCIATE BODIESThe commitment of associate bodies towards the authorities and institutions includes the presence of Mapei Management in the most important associate bodies, such as Confindustria, Federchimica and Confindustria Ceramica. A commitment shared by our subsidiary companies in all those countries around the world where Mapei has production or commercial interests.

CONFINDUSTRIA ASSEMBLY 2015. Cultivate the ambition to be greatOn the 28th of May 2105, the annual Confindustria Assembly was moved for the first time from Rome to the Milan Expo 2015 exhibition, to underline the importance of this great event and its place in kick-starting the country. During his speech the Chairman of Confindustria and CEO of Mapei, Giorgio Squinzi, spoke to the confederation assembly about the difficult moment and how the “seedlings of change that we can see need to be protected and defended and helped to flourish by an associate system with sound principles and a technical structure that can face the times we are going through”.

Federchimica ASSEMBLY 2015. Technology and innovation to get out of the crisisThe annual Federchimica Assembly was held on the 22nd of June 2015. “Italian chemical companies are managing to overcome the crisis thanks to specialisation, innovation and internationalisation and by strengthening the more advanced and higher quality businesses”. These are the key factors with which, according to Cesare Puccioni, Chairman of Federchimica, this sector has done better during the economic crisis than other industries.Speaking as Chairman of Confindustria and CEO of Mapei, Giorgio Squinzi invited the Government to “not lose the determination to promote competition and the market”.

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Mapei GroupManagement ReportMapei GroupManagement Report

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3 3

MANAGEMENT REPORT

Report to the sole shareholder year ended December 31st, 2015

The consolidated financial statements of the Mapei Group as of December 31st, 2015,

which we hereby submit for your approval, show a consolidated Net Profit of € 45.2 million,

compared to 2014 Net Profit of € 23.5 million, after amortisation/depreciation and write

downs for € 94.6 million (€ 86.3 million in 2014) and after income tax accruals for € 43.8

million (€ 18.6 million in 2014).

Net Profit of the Group is € 45.6 million (€ 23.4 million in 2014).

Global economic trendsIn 2015, world economy growth stood at 3.1% and recorded a slowdown, compared to

the previous year, in which the global GDP increased by 3.4%. Last year the real economic

growth in developed countries was 1.9%, while in the emerging economies the increase

was 4%. As it is shown in the chart, the last few years recorded a realignment of growth

rates in both emerging and mature economies. In 2015 the growth rates between the two

groups of countries reported the minimum gap.

MAPEI S.p.A.Registered office in Milan - Via Cafiero 22Share capital € 50,560,000, fully paid-upTax Code and registration number at the Register of Companies of Milan no. 01649960158 - Economic and administrative register (R.E.A.) no. 585534Sole Shareholder Company

WORLD GDP TRENDSOURCE :IMF, APRIL 2016

2010 2011 2012 2013 2014 2015 2016 FORECAST

EMERGING ECONOMIES

ADVANCED ECONOMIES

WORLD

% V

AR

IAT

ION

vs.

PR

EV

IOU

S Y

EA

R

8

7

6

5

4

3

2

1

0

3 4

M A N A G E M E N T R E P O R T

The map below shows the GDP trend in 2015 around the different geographical areas.

2015 WORLD GDP TREND% VARIATION VS PREVIOUS YEAR

NAFTA+2.4% vs. 2014

Latin America-1.2% vs. 2014

WesternEurope

+1.6% vs. 2014

Other Middle East countries

and Africa+2.6% vs. 2014

EasternEurope

-0.3% vs. 2014

Persian Gulf+1.9% vs. 2014

APAC+4.2% vs. 2014

Source: Prometeia

The year 2015 was characterised by a moderate growth in the economy of Western

Europe, where GDP recorded 1.6% growth. The countries in the region that reported the

highest growth were Spain, United Kingdom and Germany.

In Eastern Europe, a slight economic recession was recorded last year. The expansion

phase in Poland, Hungary, Czech Republic and Romania did not succeed in recovering

the strong fall of GDP in Russia and Ukraine.

Amongst advanced economies, in 2015 growth was 2.4% in the United States and 1.2% in

Canada. Conversely, the severe recession of the Brazilian economy had a negative impact

on the trend of the GDP in this Latin America region, which in fact decreased by over 1%.

Amongst the main emerging countries, the highest economic growth rate was recorded

in India, where, in 2105, GDP increased by 7.3%. The Chinese economy recorded 6.9%

growth rate.

The general economic growth in the Persian Gulf’s countries was around 2% due to the

drop in oil price.

In 2015, North Africa GDP growth was hit by the worsening of the Civil War in Libya and

the new threats of terrorism in some countries of the region. In sub-Saharan Africa, growth

was instead equal to 3.4%.

The chart (source: World Bank, January 2016) highlights the estimates on the GDP trends,

in the main world emerging economies. Despite the slowdown reported in some countries,

in 2015 the Asian emerging markets were characterised by the highest growth rates in

GDP at world level.

3 5

A. Growth: Emerging and developing countries

Percent 2014 2015f 2016f 10 8 6 4 2 0 -2 -4

Indi

a

Chi

na

Indo

nesi

a

Mal

aysi

a

Turk

ey

Nig

eria

Mes

xico

Sou

th A

frica

Bra

zil

Rus

sia

Aver

age

In 2015, the world market value of buildings came to around € 7,000 billion, resulting in an

estimated development of 2.6%, which is lower than the world economy. Investments in

the building segment showed a strongly different trend in the various regions. The following

map summarises the estimates on the size and trends of investments by geographical

macro areas.

THE 2015 GLOBAL CONSTRUCTION INDUSTRYINVESTMENT VALUE AND % VARIATION VS PREVIOUS YEAR

NAFTA1,309 Billion € +3.6% vs. 2014

Latin America359 Billion € 

-3.3% vs. 2014

Western Europe1,308 Billion € +0.7% vs. 2014

Other Middle East countries

and Africa221 Billion €  +4% vs. 2014

Eastern Europe370 Billion € 

-2.1% vs. 2014

Persian Gulf229 Billion € 

+4.4% vs. 2014

APAC3,195 Billion € +4.0% vs. 2014

Source: Prometeia

The chart highlights the apportionment of world investments in buildings.

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M A N A G E M E N T R E P O R T

2015 SPLIT OF THE GLOBAL CONSTRUCTION INDUSTRY

APAC 46%

WESTERN EUROPE 19%

NAFTA 19%

LATIN AMERICA 5%

PERSIAN GULF 3%

OTHER MIDDLE EAST COUNTRIES AND AFRICA

3%

EASTERN EUROPE 5%

Group economic trendsPreliminarily, please take note that 2015 Consolidated Financial Statements (due to the

OIC 17 accounting standard, this year as in 2014) include U.S. Sassuolo Calcio Srl and

Mapei Stadium Srl on a line-by-line basis.

In order to perform a proper Mapei Group economical and financial analysis, highlighting

Group core business results, in 2015 as well, we have prepared a Group Pro-Forma

Consolidated Profit & Loss and Balance Sheet, in which U.S. Sassuolo Calcio Srl and

Mapei Stadium Srl financials are evaluated by using the Equity method.

In fact, among Groups consolidating non-core business activities, it is a common practice

to present consolidated financial statements through a Pro-Forma report.

Consolidated Pro-Forma Net Result and Shareholders’ Equity are in line with those of the

Mapei Group consolidated financial statements.

In this section, all comments and performance ratios are made comparing 2015 Pro-

Forma financials to 2014 Pro-Forma financials.

The following table summarises main Group financial indicators according to the Pro-

Forma report:

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PROFIT & LOSS (m € ) 2015 2015Pro-Forma

2014Pro-Forma

DIFF %

REVENUES 2,179.7 2,144.5 1,909.3 12.3%

EBITDA 223.1 226.1 168.9 33.9%

% on revenues 10.2% 10.5% 8.8%

   

EBIT 125.4 145.8 94.0 55.1%

% on revenues 5.8% 6.8% 4.9%

   

Profit before tax 89.1 86.5 47.2 83.3%

% on revenues 4.1% 4.0% 2.5%

   

Net result 45.2 45.2 23.5 92.3%

% on revenues 2.1% 2.1% 1.2%

   

BALANCE SHEET (m € )    

Net Invested Capital 1,105.1 1,094.4 1,025.3 6,7%

Shareholders’ Equity 728.0 728.0 675.7 7.7%

Net Financial Position (Cash on hand) 377.1 366.4 349.6 4.8%

 

HEADCOUNT 8,098 7,983 7,665 4.1%

In 2015, Mapei Group increased its Pro-Forma turnover by 12.3%, with a growth in all

geographical areas and in all product lines, even if in different size. The Consolidated

Pro-Forma turnover is €  2,144.5 million compared to €  1,909.3 million in 2014, with

an increase of € 235.2 million. The Net Profit amounted to € 45.2 million, up by 92.3%

compared to the previous year. This result was negatively affected by the settlement of

two outstanding disputes with Tax Authorities concerning 10 fiscal years. The cost of the

settlement agreement signed by Mapei Spa was entirely entered in the Profit and Loss of

the year under evaluation.

Sales grew mainly thanks to internal growth, as the contribution of the two companies

consolidated for the first time, Mapei Indonesia Construction Product Pt e Mapei Costa

Rica Sa, was modest.

Report on Group operations Turnover in all the main product lines reported a growth compared to the previous year.

The ceramic adhesives increased by 11.4%, resilient and textile coverings by 19.2%,

building products by 14.8%, concrete and cement admixtures by 10.9% and vinyl acetate

emulsions/resins by 3.4%. Sundry materials record a decrease of 0.2%.

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M A N A G E M E N T R E P O R T

The chart below shows the trend of selling lines in 2015:

% increase in Selling Lines in 2015

11.4%

19.2%

14.8% 10.9%

3.4%

-0.2% -5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Ceramic Resilient andTextile

Building Admixtures Vynil acetateemulsion

Sundrymaterials

Average 12.3%

The following Chart highlights the weight of the single lines in 2015, compared with the previous

year: resilient and textile coverings building products and additives grew in importance,

while ceramic adhesives and vinyl acetate emulsions/resins show an opposite trend.

36.3%

17.0%

31.1%

8.6% 6.3%

0.7%

37.0%

16.2%

30.7%

8.4% 7.0%

0.7% 0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

2015

2014

Ceramic Resilient andTextile

Building Admixtures Vynil acetateemulsion

Sundrymaterials

The Group Turnover increased in all the geographical areas. The Asian area increased by

34.1% and the American one by 30.7%.

The chart below shows the percentage change by macro geographical area, compared to

the previous year:

% increase in the macro-areas in 2015 compared to 2014

0.3%

6.0% 4.7%

30.7%

34.1%

14.5%

20.5%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

Italy WesternEurope

EasternEurope

Americas Asia Oceania Africa

Average 12.3%

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The incidence by geographical area on total Group turnover significantly changed. The

main area is the American one, 28.2% on the total, followed by the Western Europe area,

27.7%, and Italy, 23.8%.

23.8%

27.7%

10.0%

28.2%

6.9%

1.6% 1.8%

26.7% 29.4%

10.7%

24.2%

5.8%

1.6% 1.6% 0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

Italy WesternEurope

EasternEurope

Americas Asia Oceania Africa

2015

2014

The table below shows the 2015 Group Pro-Forma turnover, split by macro-areas,

indicating increases or decreases, compared to the previous year and the incidence of

each single area over the total sales:

2015 2014 Increase % Incidence %

Italy 510.4 509.1 0.3 23.8

Western Europe 595.1 561.3 6.0 27.7

Eastern Europe 214.1 204.4 4.7 10.0

Americas 604.6 462.7 30.7 28.2

Asia 148.7 110.9 34.1 6.9

Oceania 34.0 29.7 14.5 1.6

Africa 37.6 31.2 20.5 1.8

Totali 2,144.5 1,909.3 12.3 100.0

The Mapei Group is made up of 79 operating companies. Its presence is in all five continents

with 44 manufacturing companies in 67 plants each one equipped with a quality control

laboratory, 27 trading companies, 8 service companies and 17 R&D labs.

We will now analyse Group companies Sales and Profitability performances according

to the geographical macro-area where they operate, together with some highlights on

economy, with an eye to the building industry sector.

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M A N A G E M E N T R E P O R T

Italy The Group turnover in the Italian area remained

substantially unchanged. In fact, we go from

a 2014 turnover of €  509.1 million to a 2015

€ 510.4 million, with a slight increase of 0.3%.

Profitability for this area reported an increase.

This was mainly due to the absence of

extraordinary factors, which affected the

profitability of 2014. In particular, profitability of

Vinavil Spa recovered to previous levels thanks

to the price of the main raw material (VAM),

which is now back to the levels before 2014. A

similar situation occurred in Polyglass Spa, due

to the decrease in bitumen price, an important

raw material. A greater attention to fixed costs

also led to the improvement of the EBIT.

Our Group is present in Italy with 10 companies:

6 manufacturing entities with 8 plants, 2 trading

and 2 services. 3 R&D labs are also based in

Italy.

In term of Revenues, the best performances in

this area were obtained by Vaga Srl (+13.8%)

and Mapei Spa (+2.5%).

In 2015, the Italian GDP recorded a growth, estimated in 0.8%. This is a reversion in trend,

compared to last years, characterised by a recession of economy. Last year was also

characterised by a reduction in unemployment rate, which decreased below 12%. The

percentage of unemployed is however still higher than the percentage recorded in the

European Union. Inflation is almost nil (as in the rest of the EU), also thanks to the decrease

in energy price. The development of economy should strengthen moderately this year,

reaching 1%, which is in any case a figure that is lower than the percentage in other EU

countries, that expect 1.8% growth.

GDP INFLATION RATE UNEMPLOYMENT RATE

2015 2016 2015 2016 2015 2016

ITALY 0.8 1.0 0.1 0.2 11.9 11.4

EURO AREA 1.6 1.5 0.0 0.4 10.9 10.3

EUROPEAN UNION 2.0 1.8 0.0 0.4 9.5 9.0

Source : IMF, April 2016

Last year, the Italian building sector should have reported the end of recession. No further

downturn occurred and that the construction industry reported a substantial stagnation in

investments or a very limited decrease.

Companies of the Group:

Adesital SpaCercol SpaMapei SpaMapei Stadium Srl (*)Mosaico+ SrlPolyglass SpaProgetto Mosaico+ SrlU.S. Sassuolo Calcio Srl (*)Vaga SrlVinavil Spa(*) Companies not included in Pro-Forma FS

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Western EuropeGood increase in terms of turnover, passing from € 561.3 million in 2014 to € 595.1 million in 2015, with an increase of 6.0%.

This area maintained the excellent profitability that had always been recorded, and confirmed itself as the best area in our Group. It is worth noting the excellent results obtained by the companies Mapei Suisse Sa, Sopro Bauchemie Gmbh (D) and Mapei UK Ltd.

Western Europe is the area with the highest number of companies of our Group (23). Production companies are 13 with 16 plants, trading companies are 7 and 3 are service companies. There are also 6 R&D labs.

The companies achieving the best performances in 2015 in terms of turnover were Mapei Denmark As (+80.87%), Mapei UK Ltd (+24.9%), Mapei Hellas Sa (+19.4%) e Mapei Suisse Sa (+18.0%).

Last year, Euro area economies reported a moderate growth, estimated at 1.6%, with a slight improvement compared to 2014.

In Germany, economy grew by 1.5%, an increase in line with the growth recorded in the previous year, and should remain unchanged in 2016.

In France, the GDP recorded a modest growth, estimated at 1.1%. The economic situation has strengthened compared to 2014, which ended with a substantial stagnation.

Among major economies in Western Europe, Spain reported the highest growth rate: GDP, in fact, reported a positive change of 3.2%, remarkably improving compared to 1.4% of the previous year.

In the UK, as well, the economic situation was positive and the GDP recorded a 2.2% increase, although with a slowdown compared to the 2.9% growth rate recorded in 2014.

In 2015, the market value of buildings in Western Europe recorded a general growth of 0.7%. The growth of the building sector was therefore clearly lower than the general economic growth reported in the area.

Last year, the German building sector reported a slowdown compared to the previous year, leading to a modest growth of around 1%. The French construction sector recorded a new drop in investments, which is estimated in more than 3%. The British construction sector recorded a slowdown compared to the record growth registered until 2014. Lastly, in 2015, after a long and severe recession, the Spanish building sector reported a 4.6% growth in investments.

Companies of the Group:

Ibermapei SaLusomapei SaMapefin Austria GmbhMapefin Deutschland GmbhMapei AbMapei AsMapei Benelux SaMapei Betontechnik GmbhMapei Denmark As Mapei France SaMapei Gmbh (A) Mapei Gmbh (D)Mapei Hellas SaMapei Nederland Bv Mapei OyMapei Suisse SaMapei UK LtdPolyglass Gb LtdRasco Bitumentecknik GmbhResconsult AsSopro Bauchemie Gmbh (A) Sopro Bauchemie Gmbh (D) Sopro Nederland Bv

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M A N A G E M E N T R E P O R T

Eastern EuropeMapei is present in Eastern Europe

with 17 companies: 7 are production

companies with 9 plants and 10 are

trading ones. In this area, 1 R&D lab is

located.

The turnover of this area increased from

€ 204.4 million in 2014 to € 214.1 million

in 2015, recording a +4.7%. The limited

growth is mainly due to the results of

Zao Mapei and Mapei Ukraina Llc, as

a consequence of the serious political

issues between the two states and the

negative trend of exchange rate.

The EBIT of the area remained

unchanged. Excellent results were

performed by Mapei Polska Spzoo,

Gorka Cement Spzoo and Mapei Kft.

The companies with the greatest

increase in turnover were Mapei SRB

Doo (+82.2%), Mapei Yapi Kimyasallari

Ins.San. Ve Tic. As (+52.8%) and Mapei

SK Sro (+30.4%).

In 2015, the economy in this area

registered a substantial stagnation and

was negatively affected by the strong

recession occurred in Russia, where

the GDP dropped by 3.7%. A severe

economic recession occurred in Ukraine,

as well, due to the conflict in the Eastern

region of the country. The negative trend

of the Russian economy was offset by the strong growth in GDP in the main EU member

countries of Eastern Europe. In 2015, in fact, the economic growth rate was 3.6% in

Poland, 2.9% in Hungary, 4.2% in Czech Republic and 3.7% in Romania.

Last year, the strong recession of the Russian construction sector (which lost over 9% in

value), hit both the residential segment and the infrastructure one. The crisis of the most

important regional market and the collapse of the Ukraine construction sector are the

reasons why, in 2015, in Eastern Europe the value of investments in buildings decreased

by around 2%. The chart shows the trend of the Russian construction sector over the last

few years:

Companies of the Group:

Gorka Cement Spzoo

Mapei Bulgaria Eood

Mapei Croatia Doo

Mapei Doo

Mapei Kft

Mapei Polska Spzoo

Mapei Romania Srl

Mapei Sk Sro

Mapei Srb Doo

Mapei Sro

Mapei Ukraina Llc

Mapei Yapi Kimyasallari Ins.San. Ve Tic. As

Mosaico Plus Ukraine Llc

Polyglass Romania Srl

Sopro Hungaria Kft

Sopro Polska Spzoo

Zao Mapei

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CONSTRUCTION INVESTMENTS TREND IN RUSSIAVARIATION vs. PREVIOUS YEAR - SOURCE :PROMETEIA

2013 2014 2015 2016 FORECAST

2

0

-2

-4

-6

-8

-10

0.7

-2.7

-9.4

-3.6

The aggregate decrease in the market of the area was offset by the good performance

of countries in Central-Eastern Europe, especially Poland, which recorded a boost in the

building sector of 5.6% last year. The year 2015 witnessed a growth in the building market

in almost all countries in Eastern Europe, with the highest growth rates in Romania and

Czech Republic.

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M A N A G E M E N T R E P O R T

AmericasThe turnover reached by Mapei Group in

the Americas exceeded €  604.6 million

compared to € 462.7 million in 2014, with

an exceptional increase of 30.7%, also

influenced by the Euro/Dollar exchange

rate.

The Group is operating in the area with 14

companies: 8 manufacturing entities with

23 plants, 3 trading and 3 services. 4 are

the R&D lab operating in the area.

The remarkable increase in sales helped

to triple the profitability in the area, which

is now heading to the top position in our

Group. This effect was mainly generated

by Mapei Corp, Polyglass Usa Inc and

Mapei Inc.

The companies with the best increase in

sales in this area were Mapei Argentina Sa

(+90.7%), General Resource Technology

Corp (+76.2%) Polyglass Usa Inc (+42.1%)

and Mapei Corp (+31.2%).

In 2015, the US economy reported a

2.4% growth rate, a rate similar to the

one recorded in 2014. Income and labour

market had a positive impact on economy

trends.

In Canada, the increase in GDP was modest

in 2015 and recorded 1.2% growth. The

growth rate was approximately half the

rate recorded last year.

Mexican GDP grew by 2.5%, improving

the results of 2014 (2.3%).

The strong growth of the residential

market in the United States and Mexico supported the aggregate development of the

construction industry in the region, while market growth was lower in Canada. An overall

growth in investments in construction, equal to 3.6%, is estimated for this area.

Companies of the Group:

4307721 Canada Inc

General Resource Technology Corp

Mapei Argentina Sa

Mapei Brasil Construction Materials Ltda

Mapei Caribe Inc

Mapei Contruction Chemicals Panama Sa

Mapei Corp

Mapei Costa Rica Sa

Mapei East Corp

Mapei Inc

Mapei Mexico Sa de Cv

Mapei Venezuela Ca

Polyglass Usa Inc

Vinavil Americas Inc

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CONSTRUCTION INVESTMENTS TREND IN THE USA AND CANADAVARIATION vs. PREVIOUS YEAR - SOURCE: PROMETEIA

2013 2014 2015 2016 FORECAST

USA

CANADA

6

5

4

3

2

1

0

-1

-2

2.7

3.6

4.85.6

1.7

0.7

-0.8

2.6

The trends in economy and the Mexican building segment is linked to the US trends.

The Mexican construction industry features great growth potentiality and the country is

included within the first 15 world construction markets.

Last year, in South America, GDP decreased by approx. 1%. The area was negatively

affected by the strong recession recorded in the Brazilian economy, with a GDP that

decreased by 3.8%. Amongst the main economies of the area, also Venezuela (political

and social instability) has suffered a severe recession. The economic situation has been

modest in Argentina.

In 2015, the construction sector in South America reported a very negative performance

and the value of investments decreased by 3.3%, the worst performance at global level.

It is estimated that, in 2016, the Brazilian and Venezuelan economies will suffer a severe

recession of 3.8% and 8.0%, respectively.

4 6

M A N A G E M E N T R E P O R T

Asia This is the region with the largest growth in turnover of our Group: +34.1%, from €  110.9 million in 2014 to € 148.7 million in 2015.

We are present with 11 companies: 7 manufacturing with 8 plants and 4 trading companies. In this area we have three R&D labs.

In this region, an excellent profitability performance was recorded, more than threefold higher than in the previous year. The companies Mapei Malaysia Sdn Bhd and Mapei Far East Pte Ltd. mostly contributed to the achievement of this important result.

The companies with the best results in sales in this area were Mapei Korea Ltd (+47.0%), Mapei Construction Chemical Llc -ex IBS- (+35.4%), Mapei Vietnam Ltd (+33.5%) and Mapei China Ltd (+33.1%).

Although recording a slight slowdown, compared to 2014, in 2015 as well the Asian emerging economies were the main driver for growth in the world GDP, with a 6.6% increase, as estimated by the International Monetary Fund (the rate of the previous year was 6.8%).

The Chinese economy recorded a 6.9% growth. Last year, the economic growth recorded a slowdown also in Indonesia, Malaysia and Vietnam. Conversely, in 2015, the Indian economy continued its expansion phase, confirming the 7.3% growth recorded in 2014.

Korea, in 2015, achieved one of the highest growth rates of all the world advanced economies (2.6%) and, over the year, the GDP might increase by almost 3%.

In 2015, in the Middle East, Saudi Arabia, the major economy, was only moderately affected by the drop in oil price. GDP growth rate, in fact, recorded 3.4%, slightly lower than 3.8% in 2014. The slowdown in economy was instead greater in the Arab Emirates, where GDP growth decreased from 4.6% in 2014 to 3.9% in 2015.

Last year, the construction market in Far East recorded 4% growth. The growth therefore continues, but at more sustainable rates, much lower than those recorded in previous years.

The construction sector in the Persian Gulf area was only partially affected by the drop in oil price. In 2015, the overall growth rate of investments in the construction segment in the region was 4.4%.

In general, despite the moderate growth rate recorded in the construction sector, Asia is still the driver of global construction industry. The region includes six out of the ten most important global construction markets, and absorbs the majority of cement global consumption.

Companies of the Group:

Innovative Building Solution Llc

Mapei China Ltd

Mapei Construction Materials Company Ltd (Guangzhou)

Mapei Construction Materials Company Ltd (Shanghai)

Mapei Construction Products India Ltd

Mapei Doha Llc

Mapei Far East Pte Ltd

Mapei Indonesia Construction Products Pt

Mapei Korea Ltd

Mapei Malaysia Sdn Bhd

Mapei Vietnam Ltd

4 7

OceaniaWe are present in Oceania with Mapei Australia

Pty Ltd, a manufacturing company with a quality

control laboratory, and with a trading company,

Mapei New Zealand Ltd.

Sales grew by 14.5%, € 34.0 million compared to

€ 29.7 million in 2014.

Profitability performance of the two companies is

excellent, up by 45% compared to the previous

year.

Mapei Australia increased its sales by 16.0%, while

Mapei New Zealand Ltd achieved an increase in

turnover of 8.1%.

In 2015, the Australian economy achieved an estimated growth of 2.5%, a rate higher than

the average of the world’s advanced economies, one of the most solid economies in the

world.

In New Zealand, the other main market in the area, 2015 GDP growth rate was 3.4%. The

economic situation improved compared with 2014.

The construction market in Australia is estimated the eighth larger than other markets in

the world, with a value of around € 185 billion. The Australian market is a “rich” market,

characterised by high quality standards and very high levels of investment per capita.

In 2015, constructions in New Zealand recorded a growth rate of around 4%. The

performance of the building segments was therefore well beyond the overall economy

performance in the region.

Companies of the Group:

Mapei Australia Pty Ltd

Mapei New Zealand Ltd

4 8

M A N A G E M E N T R E P O R T

AfricaGood growth in turnover in this area, from € 31.2

million in 2014 to €  37.6 million this year, up by

20.5%.

Our presence in the African continent is represented

by two manufacturing companies with 2 facilities.

The first, Vinavil Egypt for Chemicals Sae, produces

vinyl acetate resins, and trades throughout the area

of North Africa and the Middle East. The second,

Mapei South Africa Pty Ltd produces chemicals for

the construction industry and trades in South Africa

and neighbour countries.

The profitability in area has two different trends: very

good for Vinavil Egypt for Chemicals Sae, under the

average for Mapei South Africa Pty Ltd.

In terms of turnover, the two companies had a double-digit growth: Vinavil Egypt for

Chemicals Sae ended the year with an increase of 21.4%, while the growth of Mapei South

Africa Pty Ltd was 13.8%.

In North Africa, the political instability and turmoil in Libya negatively affected the economic

growth in 2015. In the main countries in the area, GDP grew unevenly. Egypt and Morocco

recorded a growth rate over 4%.

In 2015, the Sub-Saharan Africa economic growth stood at 3.4%, recording a slowdown

with respect to 2014.

South Africa economy continued to show a modest growth rate, up by 1.3%, slightly lower

than in 2014.

Last year, the African construction sector recorded a growth in investments of 4%. Although

the presence of delays in the reconstruction process in Libya, the market benefited from

the development of infrastructure projects. It is worth noting that Mapei is supplying various

products with cutting-edge technology for the construction of many dams, built above all

by Italian companies.

The African continent absorbs a very modest portion of world investments in the construction

industry. In reality, Africa is a continent in which the building activities represent great

development potentiality. The share of investments per capita, in the construction sector,

is still very low and it is likely to grow, also thanks to the expected improvement of living

standards. The infrastructure market is also one of the most attractive in the world and plays

a key role in the development of the whole African economy. Over the last years, large-

scale works attracted huge capitals (especially from Asian countries) for the development

of projects connected with transportation and energy. The political and social stability, the

settlement of still ongoing conflicts and the defeat of terrorism are factors that will lead the

African continent to an even more key position in the world construction market.

Companies of the Group:

Mapei South Africa Pty Ltd

Vinavil Egypt for Chemicals Sae

4 9

Disclosure according to Article 2428 of the Italian Civil Code and Legislative Decree no. 32/2007 In order to better describe our Group performance trend, in the table below we compare the

Pro-Forma Financial Statements as at December 31st, 2015 with the Pro-Forma Financial

Statements as at December 31st, 2014, through a reclassified Balance Sheet by source of

financing and a Profit & Loss Statement reclassified according to the management areas:

Reclassified balance sheet as at December 31st

2015 2015 P.F. 2014 P.F.

Net fixed assets

Intangible assets 106.8 54.3 57.9

Tangible assets 525.3 515.5 498.6

Financial assets 54.9 71.2 69.0

Total 687.0 641.0 625.5

Net working capital

Inventory 279.6 279.5 269.5

Trade Receivables 571.4 549.3 497.1

Other current assets 9.0 6.2 4.7

Trade Payables -361.4 -308.2 -296.7

Other current liabilities -11.1 -4.5 -6.0

Total 487.5 522.3 468.6

Sundry risk provision and Staff Severance fund

Sundry risk provision -58.0 -58.0 -57.4

Staff Severance Fund -11.4 -10.9 -11.4

Total -69.4 -68.9 -68.8

Net Invested Capital (NIC) 1,105.1 1,094.4 1,025.3

Net financial position

Cash and cash equivalents -87.5 -86.6 -50.6

Short-term borrowings 192.5 185.9 170.9

Medium/long-term borrowings 272.1 267.1 229.3

Total 377.1 366.4 349.6

Shareholders’ Equity 728.0 728.0 675.7

Total sources of financing 1,105.1 1,094.4 1,025.3

5 0

M A N A G E M E N T R E P O R T

Analysing the reclassified Pro-Forma Balance Sheet of 2015 and 2014, a slight worsening

is noted in the net financial position, from € 349.6 million in 2014 to € 366.4 million as at

December 31st, 2015, mainly due to investments made over the year and the increased

turnover, which led to an increased working capital.

In detail, there has been an increase of the Medium/Long Term borrowings (from € 229.3

million to € 267.1 million), attributed to the underwriting of some new contracts, including

the €  45 million with the EIB, the European Investment Bank. Short-term borrowings

increased by €  15.0 million, from €  170.9 million to €  185.9 million. The greater bank

exposure was mitigated by the increase in cash on hand, amounting to € 36.0 million.

All items are better detailed in the Notes to the Financial Statements.

Reclassified profit and loss as at December 31st

2015 2015 P.F. 2014 P.F.

Revenues 2,179.7 2,144.5 1,909.3

Internal production 7.0 7.0 10.5

Value of production 2,186.7 2,151.5 1,919.8

External operating costs -1,468.4 -1,479.7 -1,352.2

Gross Margin 718.3 671.8 567.6

Personnel costs -495.2 -445.7 -398.7

EBITDA 223.1 226.1 168.9

Amortisation/depreciation and provisions -97.7 -80.3 -74.9

EBIT 125.4 145.8 94.0

Other revenues/costs 7.6 -15.4 -12.2

Financial Income 0.7 1.0 1.3

Adjusted EBIT 133.7 131.4 83.1

Extraordinary items -38.5 -38.6 -12.2

EBIT with financial income 95.2 92.8 70.9

Financial expenses -6.1 -6.3 -23.7

Profit before tax 89.1 86.5 47.2

Income taxes -43.9 -41.3 -23.7

Net result 45.2 45.2 23.5

5 1

Financial ratiosWe hereby report some Group financial ratios for the two years; these ratios are generally

accepted and used to assess a company performance and ability to pay back its liabilities.

a) Capital ratios 2015 2014

Equity to Fixed Assets ratio

(Equity/Fixed assets) 1.14 1.08

The stable trend of this ratio is attributed to the increase in shareholders’ equity as well as

to the greater investments in 2015 compared to previous year.

Fixed Assets Coverage

[(Equity + Consolidated liabilities) / Fixed assets] 1.66 1.56

This ratio shows fixed assets coverage in relation to Shareholders’ Equity and medium/

long-term borrowings. The change in this ratio is mainly due to the higher medium/long-

term borrowings compared to previous year.

b) Leverage ratios 2015 2014

Total debt-equity ratio

[(Consolidated liabilities + Current liabilities) / Equity] 1.15 1.14

Financial debt-equity ratio

(Net financial position / Equity) 0.62 0.59

The increase of these two ratios is related to the higher increase of current and long-term

consolidated liabilities compared to the increase of the Shareholders’ Equity.

c) Profitability ratios 2015 2014

Net ROE

(Net profit/Equity) 6.2% 3.5%

Gross ROE

(Profit before tax/Equity) 11.9% 7.0%

Both ratios highlight the improvement of Group profitability.

ROI

[EBIT/(NIC)] 14.5% 10.5%

ROS

(EBIT/Revenues) 6.8% 4.9%

Even these two ratios highlight the great improvement in the Group operating results.

5 2

M A N A G E M E N T R E P O R T

d) Liquidity ratios 2015 2014

Current ratio

(Current assets/Current liabilities) 1.85 1.74

Quick ratio

[(Trade and other receivables + Cash and cash equivalents) /

Current liabilities] 1.29 1.17

The improvement of these two ratios highlight the significant improvement of cash on

hand.

Capital ExpenditureIn 2015, the capital expenditure has been approximately € 68.0 million.

Here below the investments by geographical area.

Italy:

– Mapei Spa invested € 5.7 million primarily for the purchase of a building for laboratories in

Milan, the enlargement of the production site in Mediglia and the extraordinary renovation

of the building in Sassuolo.

– Vinavil Spa invested € 3.1 million, mainly due to rationalisation and expansion of the

production capacity, as well interventions to comply with safety standards at the

Villadossola and Ravenna plants.

– Polyglass Spa invested slightly more than € 1.3 million, mainly for the servicing of the

second production plant of synthetic membranes, as well as interventions to comply with

safety standards.

– Mapei Stadium Srl invested € 1.9 million for the extraordinary maintenance of the stadium

in Reggio Emilia.

Western Europe:

– Mapei France Sa: €  1.3 million, mainly for purchasing of industrial and laboratory

equipment for the plant in Saint Alban.

– Mapei As: € 3.0 million for extraordinary renovation and maintenance of existing facilities

and buildings.

– Mapei Benelux Sa: € 4.0 million mainly for enlargement of the warehouse.

– Mapei Uk Ltd: € 0.7 million for extraordinary maintenance of the plant in Halesowen.

Eastern Europe:

– Mapei Polska Spzoo invested approximately € 1.6 million, mainly for the extraordinary

maintenance of the production site in Barcin, the purchase of equipment and silos in the

site in Gliwice and the purchase of office equipment.

5 3

– Gorka Cement Spzoo invested €  1.4 million for the extraordinary renovation and

maintenance of the grinding plant in Tzerbinia.

Americas:

– Mapei Corp invested € 10.0 million for the renovation of the site in Garland and the

purchase of a new spray dryer machine in the plant in Chicago.

– General Resource Technology Corp invested € 1.5 million mainly for the upgrading of the

production sites in Texas and New Jersey.

– Mapei Inc, which had disbursements for €  1.3 million mainly for the new machinery

purchasing for the plants in Laval and Toronto.

– Polyglass Usa Inc invested € 8.3 million, mainly for the purchase of land and a building in

Texas and the purchase of a new packaging system in the plant in Winter Haven.

– Mapei Argentina Sa invested €  0.8 million for the renovation of both offices and the

production site in Buenos Aires.

Asia:

– Mapei Malaysia Sdn Bhd, made investments mainly to the finalization of the new offices

in Kuala Lumpur, for an amount of approximately € 1.2 million.

– Mapei Contruction Products India Ltd made investments of € 4.0 million for the building

of a new production site in Vadorada (Gujarat).

– Mapei Yapi Kimyasallari Ins.San.Ve Tic.As invested €  1.7 million, mainly for the

enlargement and the renewal of the site in Polatli.

Oceania:

– Mapei Australia Pty Ltd invested € 7.0 million, mainly for the construction of the new

production site near Brisbane.

The remaining investments, of around € 8.2 million, were made by all the other companies

and are related to the renovation and extraordinary maintenance of offices and production

sites.

Disposals for the year amount to € 2.0 million, net of the accumulated depreciation, and

mainly refer to assets in the category Buildings, Plant & Machinery, Equipment and Other

Assets of various companies, which are no longer used in the production processes.

Exchange rates had a significant impact in fixed assets as at December 31st, 2015. In

fact, we had an increase of € 23.0 million attributed to the revaluation of the USD dollar,

the Swiss franc and the Dirham, offset by the devaluation of the Norwegian krone and the

Russian rouble.

5 4

M A N A G E M E N T R E P O R T

Research & DevelopmentMapei, one of the world leaders in the construction sector, is always setting new quality

standards thanks to its innovative products, stemming from an accurate research, and to

its willingness to compete and excel at global level.

Together with the energy of its collaborators and the team spirit that has always inspired

the Group’s actions, R&D is the strong point of the Group, which is making headway with

determination and confidence in the future.

The Mapei Group experience is focused on the great care for Customers, as well as on the

market and new technologies. The Group, in fact, has always maintained a medium-long

term growth strategy.

Well aware that we are acting in a market in which the Group is present with top quality

products, the year 2015 had been a positive period for our Group which, at global level,

almost reached 13% growth.

In 2015 as well, investments in R&D for new products and technologies grew, always

striving to meet the necessities of each single market in which the Group operates and

aims to be leader.

Having said the above, our commitment in a sustainable development of products and

industrial processes, with materials specially studied to reduce energy consumption and

the issue of volatile and safe organic substances in the environment, as well as specially

studied to be friendly for workers, applicators and end users.

We hereby highlight the main investments made over the year and developed in our 17

main research centres, coordinated by the central lab in Milan:

– for Mapei Korea Ltd, a new range of coloured cement mortar joints, called KERACOLOR K

was developed, together with a new basic adhesive, KERASET K. Both products are

compliant with KS standards to better meet the requirements of Korean installers.

These products come to complete the already wide product range developed for this

specific country. Always for the Korean market, the formula Ademastik K was further

optimized;

– as regards our Group, the S1 adhesives, called “deformable”, are always being optimized

and even more products are being added to the product range. As per the Italian market,

the new super white versions of KERAFLEX MAXI S1 (C2TES1) were developed for all

production sites, to meet the increased demand by installers;

– as for the Bulgarian market, a new, non-thixotropic formula, KERAFLEX PLUS S1

(C2ES1), was developed. This formula allows for the flooring of large formats, with an

easier wetting of the rear of tiles;

– as for Mapei UK Ltd, a semi-lightened, fibred rapid adhesive, called KERAQUICK XL

Fiberlite -C2FTS1, was developed;

5 5

– for the Italian market, self-levelling smoothing cementitious products were developed,

such as ULTRAPLAN FAST TRACK, which is matched with ULTRAPLAN QUICK TRAFFIC,

already introduced on the market;

– for the Norwegian market, in which Mapei As is leader, a new high-thickness, smoothing

compound (Uniplan Pro) was developed and introduced for primer-free applications;

– for the Chinese market, the product NOVOPLAN 165 was developed. It offers a low-

price smoothing for large-scale projects based on local raw materials that will allow us to

better compete with other local competitors;

– for the French market, a smoothing, thixotropic formula, PLANIPREP FLASH, was

developed to be matched with the already existing PLANIPREP SC. This new product is

characterised by a high malleability and quick drying that renders it the ideal product for

substrate preparation before the laying of resilient flooring.

– for the Panamanian market, the product DURSILITE GLOSS has been developed. This

is an acrylic gloss finish for luxury interiors and it comes to complete the range already

introduced in previous years;

– for the Turkish market, we have introduced FARBER AQUA SATEN, semi-glossy, acrylic

paint, which is abrasion-resistant and easy to clean; FARBER AQUASIL, an acrylic-

siloxane interior paint, which is glossy and washable as well as products for the tinting

machine, such as FASSADE EXTREME, FASSADE EXTREME MATT, and FASSADE

NANOTHERMAL PLUS;

– all polyurethane formulas for industrial flooring, such as MAPEFLOOR PU 460 , PU461,

PU 470 and decorative flooring have been reviewed over the year;

– as regards the naval segment, we have introduced MAPEDECK LITESCREED, and

the sound-proof membrane MAPEDECK VISCOELASTIC 100, as well as the new

polyurethane adhesive ULTRABOND PU ECO 2K, with a good fire-proof resistance,

rapid hardening and IMO certification;

– as regards the waterproofing segment of flat covers, AQUAFLEX ROOF PLUS was

developed and tested. This is an acryl-polyurethane membrane, which is UV-resistant

and highly durable, with a SRI (solar reflectans index) of 107;

– for the Singapore market, MAPELASTIC HIGH FLEX was introduced. This is an elastic,

cement-based, waterproofing membrane, compliant with HDB standards with extension

of 150%;

– in order to reinforce our leadership in the sector of structural reinforcements of buildings

in concrete, we have developed new, highly performing, cement formulas, both

reinforced through fibres (PLANITOP HPC 46, PLANITOP HPC FLOOR, MAPEGROUT

BETONTECH HPC), or not reinforced (BETONFLUID C60-75, PLANITOP HPC LV).

5 6

M A N A G E M E N T R E P O R T

Environment, health and safety The Group’s strong commitment on issues concerning Health-Safety-Environment has led

to a remarkable reduction in the number of injuries compared to the previous year (-23%).

The geographical areas which contributed the most to this achievement are Europe, and

above all North America. The situation of the Italian sites remains at a good level and

remarkably lower compared to the Group average. In particular, the situation of the plant in

Latina should be mentioned, which has reported “no accidents” for more than four years.

An important initiative launched by the Management during 2015 is the obtaining of

the Management System for Environment (pursuant to the ISO 14001 standard) and

of the Safety Certification Scheme (pursuant to BS OHSAS 18001 standard), also for

R&D laboratories and its Headquarters in Milan. This decision is a clear willingness to

continue considering Health, Safety and Environment as key elements for the business

management, as well as elements that are extremely important under the ethical point of

view; the above, in perfect compliance with the latest HSE Policy of the Mapei Group and

its Code of Ethics.

Always regarding certificates, it is worth noting the new certificates on the Environment

Management Systems (ISO 14001), obtained by the North-American plants in Dalton

(USA), S. Bernardino (USA) and Brampton (Canada), and the double certification on

Environment Management Systems (BS OHSAS 18001) obtained by Mapei Far East in

Singapore.

As regards North America, the implementation project on organization has been completed.

This envisaged to endow each single factory with a person in charge of the HSE area. The

implementation was carried out through the training of new persons, while informing the

Unit Managers (Head of the production sites) on these issues.

At European level, the new standards included in two European Directives on energy

efficiency and major accident hazards had important effects on the larger-size plants.

The directive on energy efficiency required to carry out energy auditing on the larger-

sized sites by year end. The outcome of these audits permitted to identify the energy

consumption of the main areas within the sites and the related possible interventions

aimed at energy efficiency. These indications have already been adopted in some plants,

with investment projects which will permit to reduce energy consumption; some of them

have very interesting returns on investment.

The directive on major accident hazards, adopted by the domestic legislative authorities

with the Legislative Decree 105/15, will primarily affect the Italian plants. This will involve

audits on industrial accident hazards and subsequent information to Authorities and

population. This is however an activity which will allow to obtain a deep understanding of

the inner hazards of production processes, as well as to envisage structural, procedural

interventions, as well as training, with a further improvement of safety levels in our sites.

5 7

Quality managementAgain in 2015, the actions promoting the culture of quality in our Group continued with the

aim of ameliorating the Group’s organization.

The new edition of ISO 9001 on Quality Management Systems was published in September

2015. This introduced various important news in terms of risk analysis, in an even more

complex, demanding and dynamic environment, that the Mapei Group has already

adopted for the management of processes and activities affecting the quality of products

and services.

The main target of the corporate Quality Management System is to rapidly seize trends

and changes with the aim of continuously improving products and services offered to the

market. This system should firstly take account of needs and expectations of customers

and involved parties, with special care to corporate economic aspects and customers, in

view of a sustainable and durable output.

A support to affiliated companies endowed with a certified Quality Management System will

be developed in the next few months. These companies are currently 38, plus Polyglass

USA Inc and Mapei Vietnam Ltd, which were added in 2015, in view of a coordinated

adoption of the revised standard.

The IT support for the management and dissemination of DoP and some environmental

certificates (GEV, Blue Angel and EPD) was completed, and affiliated companies continued

to receive assistance for the management of novelties brought to CRP by the Delegated

Regulations published in 2014.

The new range of products was specially developed for the naval industry, and obtained

the certificate of compliance with the MED directive (Marine Equipment Directive 96/98/

EC).

A further process integration is scheduled in 2016, with the implementation of the new

corporate management system Microsoft Dynamics AX, as well as with the sharing and

coordination of the activities necessary to implement the SGAS for offices and laboratories

in the headquarters of Mapei Spa.

Information TechnologyOver 2015, IT activities were carried out essentially in three macro areas:

– Maintenance and Support to both the Legacy system (Mapei Sw), still used by most

of the Group associated companies, and the Dynamics Ax system, for the associated

companies that are already operating on the new ERP platform.

– Start-up of the new AX Core Model platform, for the companies acting in Vietnam, Brazil

and Denmark.

– Finalization and execution of the work plan for the go-live of the parent company Mapei

Spa on the new system Dynamics Ax took place on January 4th, 2016.

5 8

M A N A G E M E N T R E P O R T

As regards the last issue, in the first half of 2015, the testing of the Core Model functions

was completed with all the Project teams. External resources were involved to support the

tailoring of the software.

In the second half of the year, attention focused on the preparation of data migration, which

was considered a key factor for a successful go-live. Data translation programmes and

sharing of results with key users allowed us to migrate all personal data of the static type,

in the first phase, since the beginning of December. These data were then maintained in

parallel on both Mapei Sw and AX Core Model. The migration of dynamic data occurred

at the beginning of 2016.

Always in the second half of 2015, a widespread training program was defined and managed,

taking into account not only the new system functions, but also some organizational and

process changes that were envisaged with the introduction of Ax Core Model. The training

programme, addressed to internal resources and external consultants, was carried out

extensively in all operating headquarters.

Based on the above, since the morning of January 4th, all the Italian headquarters of Mapei

Spa (Plants in Mediglia and Latina, distribution warehouse in Sassuolo, external machining

department in Ravenna, Administrative office and R&D laboratory), began their activities on

the new AX Core Model system.

Upon start-up, no particular problems or inconveniences for customers were highlighted.

The production departments were in a position to start their activities, and follow the new

process with efficacy and without delays. As from the second operating week, normal

shifting was recovered.

Operating support activities at the various plants continued in the first two/three weeks of

2016.

Human resourcesAs at December 31st 2015, the headcount was 8,098, out of which 115 refer to sports

activities (U.S. Sassuolo Calcio Srl and Mapei Stadium Srl).

As at December 31st 2015, Mapei Group headcount, related to the core business, was

7,983, compared to 7,665 in 2014, which represents an increase of 318 equal to 4.1%.

Pro-Forma total cost for the year amounted to € 445.7 million compared to € 398.7 million

in the previous year, with an increase of 11.8%.

The following chart compares the headcount incidence by geographical macro-areas in

the last two financial years:

5 9

25.3% 24.3%

17.2%

22.7%

7.5%

1.1% 1.9%

25.5% 23.6%

18.1%

22.2%

7.7%

1.2% 1.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Italy WesternEurope

EasternEurope

Americas Asia Oceania Africa

2015

2014

The table below shows the breakdown of Group headcount by category and by

geographical area:

Blue collars White collarsand Directors

Total as at 12.31.15

Total as at 12.31.14 increase %

Italy 865 1,153 2,018 1,953 3.3

Western Europe 564 1,372 1,936 1,809 7.0

Eastern Europe 391 981 1,372 1,388 - 1.2

Americas 892 924 1,816 1,703 6.6

Asia 163 439 602 593 1.5

Oceania 12 78 90 88 2.3

Africa 99 50 149 131 13.7

Total 2,986 4,997 7,983 7,665 4.1

The numbers confirm the continuous growth trend of the Group, achieved also through

continuous investments in human resources, not only considering numbers but also quality.

Special attention was given to salary and wages. The MBO (Management by Objectives)

policy is now consolidated and applied to almost all the General Managers, while proving to

be an effective and structured system to assess performance, which can be also adapted

to context and local variables.

The exhaustive audit of remuneration packages continued for local management teams,

with the aim of ensuring internal and external fair treatment, with the correct positioning

of wages and salaries on the market. Further progress was made in this direction, even

more systematically, through the harmonization of incentive schemes that are currently

being used for the sales department. The aim is not only the achievement of sales targets,

6 0

M A N A G E M E N T R E P O R T

but also the creation of a careful and constructive partnership with our old and new

customers.

Moreover, the attention was still focused on the analyses of key structures and organizational

processes, in the aim of rendering them consistent with the strengthening and evolution of

the business. The co-ordination efforts between Corporate HR & Organization Management

and the local staff referees continue through meetings and sharing of best practices.

International mobility projects are being implemented within the entire Group, which enjoy

initial success for a policy that reflects the commitment for an effective management of

skills and a strengthening of the Group structure at global level. The very low turnover of

people leaving the Group awards these policies, while confirming the attention to young

people and “best performers”.

During 2015 again, all General Managers, employees and collaborators were involved

in projects on the values of the Group Code of Ethics, while confirming the Group’s

commitment towards loyalty and transparency as inalienable values.

Lastly, it is worth noting that attention was focused on the development of training courses

for managers and potential resources. These courses will be carried out in the next few

years and will ensure the exchange of experiences between the various affiliated companies

and an even more profitable intercultural exchange.

We feel committed to once again thank all our Employees and Collaborators all over

the world who, with their daily commitment, allowed our Group to successfully face a

competitive and difficult market, with a final result that we consider to be highly satisfactory.

Risk managementThe Group operates in the building sector and is generally subject to inherent risks and

uncertainty factors. We have identified the main risk areas, while striving to define the

suited instruments to mitigate them.

Financial requirements and cash management risks

Financial risks are constantly monitored by Corporate Treasury in order to have a proper

coverage. Main sources of financing for the Group consist of credit lines granted, short

term bank loans, mid/long term bank loans, bonds and soft loans, mainly held by the Parent

Company. The main goal of these instruments is to finance Group operating activities.

At the reporting date, the main sources of financing of the Mapei Group, in addition to the

use of flows generated by the operating management, are composed of short-term bank

borrowings, medium and long-term bank borrowings and loans of European and world

credit institutions, as well as bond loans, mainly issued by the Parent Company, which

are used to support the development of our business. Some of these loans are subject to

covenants. The cash surplus is kept on the bank accounts in order to have it immediately

available.

6 1

In the Notes to the financial statements, paragraph “Payables due to banks”, we have

underlined the exposure towards credit institutions of each single company. We should

also note that, as at the end of the financial year, the Group holds cash on hand amounting

to €  86.6 million, as well as credit lines amounting to more than €  396 million, which

have been made available by prominent credit institutions, have not been used, but are

promptly available.

Interest rates risks

This is the risk resulting from any significant increase in financial charges on floating rate

loans. We deem that, in this period, the risk is fairly remote. For this reason, our Treasury

Service decided to use mainly loans, both short and medium/long-term, at floating rates

which enable us to obtain a lower cost of money.

At the end of 2015 Mapei Group had three derivative contracts related to interest rate

coverage. These hedging contracts are related to the utilization of the short and midterm

credit lines described above. All financial income and expenses related to these contracts

have been booked in the financial statements of the year. As at December 31st, 2015,

the notional value of these contracts amounted to € 91.2 million, of which € 87.5 million

pertaining to Mapei Spa and € 3.7 million to Polyglass Spa. The mark-to-market value of

these two contracts as at December 31st, 2015 showed a risk amounting to € 0.9 million.

Currency fluctuations risks

This risk is limited for our Group, because all our foreign subsidiaries, operating outside the

Eurozone, benefit from a natural hedging, given that commercial transactions are mostly

carried out in local currency. Currency fluctuations are constantly monitored by Corporate

Treasury. As regards loans in foreign currency, our Treasury Service constantly monitors

the fluctuations of currencies to provide for a prompt intervention, if required.

Credit management risks

Group Management adopted restrictive policies in order to reduce credit risk, also through

the management of credit limits based on internal ratings. The maximum exposure to this

risk is equal to the value of Trade receivables, as stated in the financial statements.

In this extremely difficult period on several markets, especially European ones, we

have strengthened our cooperation with companies specialized in credit rating for the

construction sector. With regard to this risk, we however specify that Group’s business

operations have a good credit quality. Moreover, we believe that provisions made with

respect to insolvency risks are consistent.

It is also noted that, by working with a high number of customers, our Group does not

show significant credit positions, which imply an excessive credit concentration.

Environmental risks

Our Group Is committed to the protection of the environment and to the safety in the

production sites. Most of our plants are certified to fulfil environment and safety standards.

6 2

M A N A G E M E N T R E P O R T

Our subsidiaries have dedicated departments in order to manage these tasks. On a

Corporate level, a function HSE (Health, Safety and Environment) has been created.

Fiscal audit risks

In December 2015, we settled a dispute with Italian Tax Authorities through a global

agreement on two outstanding cases related to Mapei Spa. The first concerned a general

assessment for the years from 2003 to 2009, which began in November 2009. The second

involved the years from 2010 to 2012 and began in March 2015.

There are no relevant fiscal risks related to the rest of the Group companies.

Legal litigation risks

In 2011, Flag Spa, a company of the French group Soprema, initiated a legal action

against Polyglass Spa and the parent company Mapei Spa, for the claimed violation of

confidential information and fair competition principles related to the construction of the

first PVC membranes production plant. In the case was also called the company S.A.T.

Engineering di Francesco D’Ursi & C Sas, as co-owner with Flag Spa of the patents in

connection with the plant in object.

With sentence of June 11th, 2015, the Court of Milan rejected the appeals of Flag Spa

against both Polyglass Spa and Mapei Spa, as well as the appeals against other parties,

and ordered Flag Spa to pay the legal costs. The companies Flag Spa, D’Ursi and SAT

Engineering objected the decision and our companies cross-appealed the costs of the

proceedings, which were paid to a lower extent than due. The sentence is expected by

February 2017.

Although the level of uncertainty that characterises these proceedings, we believe that no

significant liabilities for the companies should occur, at least to the extent asked for by the

plaintiff, which, in any case, cannot be quantified at the moment. This opinion is based

on the fact that valid defence elements were brought before the Court and the technical

expertise did not assess the existence of a valid know-how owned by Flag Spa.

Some other legal disputes, of an irrelevant amount and with counterparts of our companies,

are monitored also through our lawyers. Where necessary the coverage of the insurance

policy is activated. In most other cases, based on experience gained over the years,

we believe that no significant liabilities will be charged to our company and therefore no

specific actions are required to offset this type of risks.

Related party transactionsAll shareholdings with subsidiaries and associated companies are described in the Notes

to the Financial Statements.

There were no significant transactions with related parties.

6 3

Transactions involving company shares or shares of controlling companiesMapei Spa and all its subsidiaries and/or associates neither hold shares of the Holding

company nor, during the year, bought or sold any share of the company itself. At the end

of 2015, Group subsidiaries did not hold any share of Mapei Spa.

Mapei Spa held 3,060,000 treasury shares, having nominal value of € 1 each, for a total value

of € 3,060,000, corresponding to 6.052% of the share capital, having counterbalanced

value in Equity Reserves for the amount of €  51.5 million. This amount is unchanged

compared to the previous year.

Important events subsequent to the close of the financial yearNo other significant events occurred which could require additional comments on the

Group’s economic, equity and financial position as at December 31st 2015.

Developments in the financial results expected in 2016As at April 30th, 2016, the Group’s sales increased by over 5% compared to the previous

year. Excellent performance was recorded by our American companies (+13.5%) and

Western European companies (7.5%). Without the negative effect of exchange rates

recorded at the beginning of the year, growth would have been 7.8%.

Over the last few months, also profitability had a good performance. We expect that the

end of the year will show a better result than 2015.

Milan, May 27th 2016

The Sole Shareholder

Mr. Giorgio Squinzi

6 4

6 5

Mapei Group Consolidated Financial Statements

6 6

6 7

B A L A N C E S H E E T

ASSETS12.31.2015 12.31.2014 Difference

B) Fixed AssetsI Intangible assets

1) Establishment and broadening costs 335,948 7,323 328,625

3) Industrial patents 825,543 1,114,291 (288,748)

4) Governament concessions, know how, licenses, trade-marks and similar rights 3,896,611 1,543,066 2,353,545

5) Goodwill 32,584,211 39,495,240 (6,911,029)

6) Assets in progress and payments in advance 8,903,562 5,624,876 3,278,686

7) Other intangible assets 60,221,212 47,223,149 12,998,063

Total intangible assets 106,767,087 95,007,945 11,759,142

II Tangible assets

1) Land and buildings 343,974,034 329,344,829 14,629,205

2) Plant and machinery 128,352,848 120,919,670 7,433,178

3) Industrial and commercial equipment 9,546,476 8,896,115 650,361

4) Other tangible assets 17,109,000 16,634,912 474,088

5) Assets in progress and payments in advance 26,268,638 31,018,932 (4,750,294)

Total tangible assets 525,250,996 506,814,458 18,436,538

III Financial assets

1) Investments in:

a) subsidiaries 90,779 90,458 321

d) other companies 256,828 4,756,886 (4,500,058)

2) Financial credits towards:

d) others 1,781,991 1,308,421 473,570

3) Term securities 1,295,044 1,308,798 (13,754)

4) Own Shares 51,515,113 51,515,113 0

Total financial assets 54,939,755 58,979,676 (4,039,921)

Total Fixed Assets 686,957,838 660,802,079 26,155,759

6 8

B A L A N C E S H E E T

ASSETS12.31.2015 12.31.2014 Difference

C) Current Assets

I Inventories

1) Raw materials, packaging and supplies 127,466,193 126,274,490 1,191,703

2) Work in progress and semi-finished goods 7,995,701 7,767,159 228,542

3) Work in progress on a contract basis 102,444 93,825 8,619

4) Finished products and merchandise 143,596,788 134,815,310 8,781,478

5) Advances to suppliers 405,092 515,933 (110,841)

Total inventory 279,566,218 269,466,717 10,099,501

II Receivables

1) Trade receivables (net of allowance for doubtful credits) 458,583,444 425,684,404 32,899,040

2) Trade receivables towards subsidiaries 0 125,353 (125,353)

4) bis Receivables towards tax offices 28,687,268 28,625,696 61,572

4) ter Deferred tax assets 24,379,677 30,193,012 (5,813,335)

5) Other receivables 59,798,278 42,734,401 17,063,877

Total receivables 571,448,667 527,362,866 44,085,801

III Other current assets

6) Marketable securities 6,424 6,674 (250)

Total other current assets 6,424 6,674 (250)

IV Cash on hand and banks

1) Bank & postal current accounts 83,367,186 51,440,782 31,926,404

3) Cash 4,142,316 2,564,324 1,577,992

Total cash & bank 87,509,502 54,005,106 33,504,396

Total current assets 938,530,811 850,841,363 87,689,448

D) Accruals and pre-payments 8,962,682 7,445,603 1,517,079

Total assets 1,634,451,331 1,519,089,045 115,362,286

6 9

LIABILITIES & NET WORTH12.31.2015 12.31.2014 Difference

A) Net WorthI Share capital 50,560,000 50,560,000 0

III Revaluation reserves 78,687,539 78,687,539 0

IV Legal reserve 10,112,000 10,112,000 0

VI Own Shares Reserve 51,515,113 51,515,113 0

VII Other reserves 21,707,900 9,918,367 11,789,533

Translation reserve 8,900,183 (455,065) 9,355,248

Consolidation reserve 1,493,976 1,907,863 (413,887)

VIII Accumulated profit/(loss) brought forward 459,164,716 449,397,985 9,766,731

IX Net Profit 45,564,943 23,368,934 22,196,009

Total Net Worth 727,706,370 675,012,736 52,693,634

Minority Capital and Reserves 683,778 525,733 158,045

Minority Profit (Loss) (353,208) 128,710 (481,918)

Total Net Worth & Minority Interests 728,036,940 675,667,179 52,369,761

B) Sundry risks and other Funds1) Pension funds 21,618,908 20,320,069 1,298,839

2) Taxation 17,257,960 23,272,256 (6,014,296)

3) Others 19,080,484 13,802,263 5,278,221

Total Sundry risk and other funds 57,957,352 57,394,588 562,764

C) Staff severance Reserve 11,355,715 11,739,029 (383,314)

D) Liabilities1) Bonds

a) repayable within 12 months 46,000,000 0 46,000,000

b) repayable after 12 months 0 46,000,000 (46,000,000)

4) Banks

a) repayable within 12 months 144,498,186 175,779,152 (31,280,966)

b) repayable after 12 months 266,321,845 189,123,601 77,198,244

5) Other financial institutions

a) repayable within 12 months 2,025,472 1,761,495 263,977

b) repayable after 12 months 5,737,715 5,858,870 (121,155)

6) Advances from customers 3,260,806 3,499,979 (239,173)

7) Trade payables 219,095,357 211,346,627 7,748,730

8) Draft and promissory notes 1,114,182 730,415 383,767

12) Due to tax office 32,959,777 23,979,688 8,980,089

13) Social security contributions 11,369,028 11,356,810 12,218

14) Other payables 93,615,130 90,546,554 3,068,576

Total Liabilities 825,997,498 759,983,191 66,014,307

E) Accruals and pre-payments 11,103,826 14,305,058 (3,201,232)

Total liabilities and net worth 1,634,451,331 1,519,089,045 115,362,286

ContingenciesNotional value of derivative contracts 91,156,382 51,673,697 39,482,685

Guarantees to third-party 15,052,622 18,924,261 (3,871,639)

Guarantees from third parties 6,011,350 4,852,229 1,159,121

Total contingencies 112,220,354 75,450,187 36,770,167

7 0

S T A T E M E N T O F I N C O M E

12.31.2015 12.31.2014 Difference

A) Value of production1) Net sales 2,179,676,544 1,940,241,877 239,434,667

2) Increase/(decrease) in stock of work in progress, finished and semi-finished products 6,147,377 9,340,889 (3,193,512)

3) Changes in work in progress 85,200 0 85,200

4) Capitalised costs 803,916 1,179,861 (375,945)

5) Other revenues 40,145,425 26,617,900 13,527,525

Total Value of production 2,226,858,462 1,977,380,527 249,392,735

B) Production costs

6) Purchase of raw materials, packaging and suppliers (1,024,682,373) (955,168,252) (69,514,121)

7) Purchase of services (409,504,709) (372,694,392) (36,810,317)

8) Rentals and leasing (32,242,516) (29,196,204) (3,046,312)

9) Labour costs

a) wages and salaries (392,697,461) (347,114,894) (45,582,567)

b) social security contributions (66,498,066) (62,612,580) (3,885,486)

c) provision for staff severance (7,573,678) (6,842,074) (731,604)

d) provision for pension funds (4,923,944) (4,395,335) (528,609)

e) other labour costs (23,517,119) (23,290,746) (226,373)

Total labour costs (495,210,268) (444,255,629) (50,954,639)

10) Depreciation, amortisation and doubtful credits provisions

a) amortisation of intangible fixed assets (24,892,438) (20,729,918) (4,162,520)

b) depreciation of tangible fixed assets (57,277,411) (53,690,677) (3,586,734)

c) other devaluation of fixed assets (3,780,970) 0 (3,780,970)

d) provision for doubtful credits, cash & bank and other current asset devaluations (8,606,938) (11,903,944) 3,297,006

Total depreciation, amortisation and doubtful credits provisions (94,557,757) (86,324,539) (8,233,218)

11) Decrease/(increase) in stock of raw materials, pack., suppl. and merch. (1,996,337) 17,694,360 (19,690,697)

12) Sundry risk provisions (3,143,274) (796,553) (2,346,721)

14) Other operating costs (32,550,611) (45,552,737) 13,002,126

Total Production costs (2,093,887,845) (1,916,293,946) (177,593,899)

Earning before interest and tax 132,970,617 61,086,581 71,798,836

7 1

12.31.2015 12.31.2014 Difference

C) Financial income and expenses16) Other financial income

b) term securities 7,970 9,744 (1,774)

c) marketable securities 5,572 3,645 1,927

d) other proceeds 714,228 823,081 (108,853)

17) Interest paid and other financial charges (10,246,612) (10,174,560) (72,052)

17) bis Gains and losses on exchange rates 4,147,059 2,510,966 1,636,093

Total Financial income and expenses (5,371,783) (6,827,124) 1,455,341

D) Adjustments in the value of Finacial assets19) Devaluations

b) devaluation of other financial assets (7,670) (23,530) 15,860

Total adjustments in the value of finacial assets (7,670) (23,530) 15,860

E) Extraordinary items20) Extraordinary income

a) gains on disposal of assets 22,483 436,904 (414,421)

b) other extraordinary income 1,098,738 1,049,270 49,468

21) Extraordinary losses

a) losses on disposal of assets (636,107) (111,228) (524,879)

b) taxation related to previous accounting periods (25,258,898) (883,738) (24,375,160)

c) other extraordinary losses (13,764,225) (12,632,935) (1,131,290)

Total extraordinary items (38,538,009) (12,141,727) (26,396,282)

Profit/(loss) before tax 89,053,155 42,094,200 46,958,955

22 a) Income tax (45,030,835) (23,969,318) (21,061,517)

22 b) Anticipated (Deferred) tax 1,189,415 5,372,762 (4,183,347)

Total taxes (43,841,420) (18,596,556) (25,244,864)

23) Profit (loss) for the year 45,211,735 23,497,644 21,714,091

Minority interests (353,208) 128,710 (481,918)

Net profit 45,564,943 23,368,934 22,196,009

7 2

C A S H F L O W S T A T E M E N T

12.31.2015 12.31.2014 Difference

Profit / (Loss) for the year 45,211,735 23,368,934 21,842,801

Income taxes 43,841,420 18,596,556 25,244,864

Interest expense/(interest income) 10,246,612 9,338,090 908,522

Profit/(Loss) for the year before income tax, interest, capital gain/loss 99,299,767 51,303,580 47,996,187

Adjustment of non-monetary elements having counterbalance in Net Working Capital 72,694,639 79,278,291 (6,583,652)

Depreciation of tangible assets 57,277,411 53,690,677 3,586,734

Amortisation intangible assets 24,892,438 20,729,918 4,162,520

Staff Severance provision (464,768) (1,002,786) 538,018

Change in reserves (11,469,282) 4,850,171 (16,319,453)

Devaluation/(Revaluation) 3,788,640 23,530 3,765,110

Other movements in reserves due to consolidation operations (1,329,800) 986,781 (2,316,581)

Net Cash before Working Capital 171,994,406 130,581,871 41,412,535

Working Capital Surplus/(Requirement) (29,322,449) (35,898,537) 6,576,088

(Increase) / Decrease in Net trade receivables (24,949,237) (31,831,693) 6,882,456

(Increase) / Decrease in inventories (3,658,960) (27,962,696) 24,303,736

(Increase) / Decrease in Other receivables (7,560,847) (42,534,834) 34,973,987

Increase / (Decrease) in Trade payables 6,130,860 5,359,133 771,727

Increase / (Decrease) in Other payables 715,735 61,071,553 (60,355,818)

Net Cash after Working Capital 142,671,957 94,683,334 47,988,623

Other adjustments

Interest cashed/paid (9,762,948) (9,338,090) (424,858)

(Income taxes, paid) (38,215,289) (18,596,556) (19,618,733)

Total other adjustments (47,978,237) (27,934,646) (20,043,591)

Net cash provided by / (used in) the operating activity (A) 94,693,720 66,748,688 27,945,032

Cash flow from investing activities (99,660,334) (134,395,396) 34,735,062

Intangible assets (37,788,055) (70,608,900) 32,820,845

Tangible assets (inclusive of the change in the consolidation area) (66,003,432) (60,952,139) (5,051,293)

Investments 4,131,153 (2,834,357) 6,965,510

(Increase)/Decrease in other ml/t receivables (net of other ml/t payable) (281,878) 2,151,940 (2,433,818)

Net cash (used in) / provided by the investing activity (B) (99,942,212) (132,243,456) 32,301,244

Cash flow from financing activities

Increase / (Decrease) in Shareholders’ Equity (2,226,562) 1,178,165 (3,404,727)

Dividends paid (1,500,000) (100,000) (1,400,000)

Increase of Net Equity Reserves (726,562) 1,278,165 (2,004,727)

Increase / (Decrease) in Loans and ml/t borrowings: 40,979,450 68,353,676 (27,374,226)

Loans and other ml/t borrowings 52,581,609 154,446,871 (101,865,262)

S/t bank and other financial institution (11,602,159) (86,093,195) 74,491,036

Net cash provided by / (used in) the financing activity (C) 38,752,888 69,531,841 (30,778,953 )

Increase / (Decrease) in cash and banks (A+B+C) 33,504,396 4,037,073 29,467,323

Cash on hand and banks as at January 1st, 2015 54,005,106

Cash on hand and banks as at December 31st, 2015 87,509,502

7 3

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Year ended December 31st, 2015

Structure and contents of Balance Sheet and Profit and Loss StatementThese Consolidated Financial Statements as per December 31st, 2015, are composed

of the Balance Sheet, the Profit and Loss Statement and the Notes to the Financial

Statements and are prepared according to the general principles set forth in the Italian

Legislative Decree n. 127 dated April 9th, 1991, which fulfils the Fourth and Seventh

EC Directives. These principles have been integrated with the accounting principles

elaborated by the Consiglio Nazionale dei Dottori Commercialisti e Ragionieri (C.N.D.C.R.)

(the Italian Accounting Profession) and the Organismo Italiano di Contabilità (O.IC.) (the

Italian Accounting Organisation). These standards have been recently revised and updated

by the Body itself.

Significant events occurring after year-end are included in the Report to the Sole

Shareholder.

Balance Sheet and Profit and Loss Statement items having a balance equal to zero are not

disclosed; all amounts indicated in these notes to the consolidated financial statements are

expressed in Euros and compared with previous year.

Consolidation criteria and changes occurring during the financial yearIn accordance with articles 38 and 39 of the Italian Law Decree no. 127 dated 1991, listed

below are the companies directly or indirectly controlled by Mapei Spa and included in the

consolidated results on a line-by-line basis:

7 4

N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S

Company Location Cur- rency

Share Capital Direct Ownership

Indirect Ownership

Adesital Spa Fiorano EUR 1,600,000 100% 0%

Cercol Spa Sassuolo EUR 520,000 100% 0%

General Resource Technology Corporation Eagan USD 19,823,630 0% 100%

Gorka Cement Spzoo Trzebinia PLN 10,000,000 100% 0%

Ibermapei Sa Barcellona EUR 7,662,904 100% 0%

Lusomapei Sa Anadia EUR 6,803,993 100% 0%

Mapefin Austria Gmbh Nußdorf EUR 35,000 0% 100%

Mapefin Deutschland Gmbh Wiesbaden EUR 25,000 100% 0%

Mapei Ab Stoccolma SEK 10,272,000 0% 100%

Mapei Argentina Sa Buenos Aires ARS 55,695,588 86% 14%

Mapei As Sagstua NOK 24,148,950 100% 0%

Mapei Australia Pty Ltd Brisbane AUD 8,400,000 100% 0%

Mapei Benelux Sa Liegi EUR 1,215,990 100% 0%

Mapei Betontechnik Gmbh Langenwang EUR 210,000 0% 100%

Mapei Brasil Construction Materials Ltda San Paolo BRL 7,700,000 91% 9%

Mapei Bulgaria Eood Ruse BGN 12,869,230 100% 0%

Mapei Caribe Inc Portorico USD 2,001,000 0% 100%

Mapei China Ltd Hong Kong HKD 169,800,000 100% 0%

Mapei Construction Chemicals Panama Sa Panama City PAB 4,200,000 100% 0%

Mapei Construction Chemicals Llc Dubai AED 300,000 49% 0%

Mapei Construction Materials Co Ltd Canton RMB 41,350,000 0% 100%

Mapei Construction Materials Co Ltd Shanghai RMB 59,357,606 0% 100%

Mapei Construction Products India Ltd Bangalore INR 430,000,000 100% 0%

Mapei Corp Ft. Lauderdale USD 80,697,440 100% 0%

Mapei Costa Rica Sa San Josè CRC 5,381,300 0% 100%

Mapei Croatia Doo Zagreb HRK 1,250,000 100% 0%

Mapei Denmark As Fredriksberg DKK 500,600 100% 0%

Mapei Doha Llc Doha QAR 200,000 49% 0%

Mapei Doo Lubiana EUR 208,646 100% 0%

Mapei East Corp Ft. Lauderdale USD 1,000 0% 100%

Mapei Far East Pte Ltd Singapore SGD 21,200,000 100% 0%

Mapei France Sa Saint Alban EUR 5,000,000 100% 0%

Mapei Gmbh (A) Traismauer EUR 8,500,000 100% 0%

Mapei Gmbh (D) Erlenbach EUR 3,500,000 100% 0%

Mapei Hellas Sa Atene EUR 10,500,000 100% 0%

Mapei Inc Montreal CAD 3,794,499 100% 0%

Mapei Indonesia Construction Products Pt Bekasi IDR 3,255,500,000 1% 99%

Mapei Kft Budaors HUF 400,000,000 73% 27%

Mapei Korea Ltd Chungbuk KRW 8,736,860,000 100% 0%

7 5

Company Location Cur- rency

Share Capital Direct Ownership

Indirect Ownership

Mapei Malaysia Sdn Bhd Selangor MYR 9,000,000 0% 100%

Mapei Mexico Sa de cv Queratero MXN 41,110,940 1% 99%

Mapei Nederland Bv Almelo EUR 2,900,000 100% 0%

Mapei New Zealand Ltd Auckland NZD 1,800,000 100% 0%

Mapei Oy Helsinki EUR 7,568 0% 100%

Mapei Polska Spzoo Gliwice PLN 35,000,000 100% 0%

Mapei Romania Srl Bucarest RON 4,014,140 100% 0%

Mapei Sk Sro Bratislava EUR 497,910 0% 100%

Mapei SRB Doo Belgrado RSD 55,375,000 100% 0%

Mapei Sro Olomouc CZK 75,100,000 67% 33%

Mapei South Africa Pty ltd Johannesburg ZAR 85,275,520 100% 0%

Mapei Stadium Srl Reggio Emilia EUR 20,000 100% 0%

Mapei Suisse Sa Sorens CHF 4,000,000 95% 4%

Mapei UK Ltd West Midlands GBP 7,300,000 100% 0%

Mapei Ukraina Llc Kiev UAH 55,897,722 100% 0%

Mapei Venezuela Ca Caracas USD 2,287,743 0% 79%

Mapei Vietnam Ltd Danang VND 68,869,400,000 100% 0%

Mapei Yapi Kimyasallari Ins. San. Ve Tic. As Ankara TRY 5,442,632 100% 0%

Mosaico+ Srl Modena EUR 1,600,000 100% 0%

Mosaico Plus Ukraine Llc Kiev UAH 105,580 0% 100%

Polyglass GB Ltd Willenhall GBP 50,100 0% 100%

Polyglass Romania Srl Lasi RON 90,200 0% 100%

Polyglass Spa Ponte di Piave EUR 30,000,000 100% 0%

Polyglass Usa Inc Ft. Lauderdale USD 7,500,934 0% 100%

Progetto Mosaico+ Srl Spilimbergo EUR 100,000 0% 50%

Rasco Bitumentechnik Gmbh Augustdorf EUR 25,000 0% 100%

Resconsult As Nord Odal NOK 120,000 0% 100%

Sopro Bauchemie Gmbh (D) Wiesbaden EUR 18,000,000 0% 100%

Sopro Bauchemie Gmbh (A) Asten EUR 2,617,167 0% 100%

Sopro Hungaria Kft Budakeszi HUF 37,000,000 0% 100%

Sopro Nederland Bv Nieuwegein EUR 18,000 0% 100%

Sopro Polska Spzoo Varsavia PLN 26,714,500 0% 100%

U.S. Sassuolo Calcio Srl Sassuolo EUR 5,000,000 100% 0%

Vaga Srl Costa De’ Nobili EUR 4,267,000 100% 0%

Vinavil Americas Inc Montreal CAD 100 0% 100%

Vinavil Egypt for Chemicals Sae Suez I.Z. EGP 30,000,000 50% 0%

Vinavil Spa Milano EUR 6,000,000 100% 0%

Zao Mapei Mosca RUR 934,100,000 100% 0%

4307721 Canada Inc Laval CAD 100 0% 100%

7 6

N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S

The Mapei Group Consolidated Financial Statements at December 31st, 2015 are based

on the Financial Statements of the parent company and the Italian and foreign companies

under its control.

The companies Mapei Indonesia Construction Product Pt, held by Mapei Far East, and

Mapei Costa Rica Sa, held by Mapei Construction Chemicals Panama Sa, which became

operative in 2015, were consolidated on a line-by-line basis.

It is mentioned that the company Mapei Middle East Fzco (50% owned by Mapei Spa) and

the company Mapei Perù Sac. are not included in the consolidation area and are measured

at cost, since they were not operative during 2015.

Moreover, the company Vaga Società Agricola Ss (90% owned), which is measured at

cost, is not included in the consolidation area due to the low financial relevance.

Principles of consolidationFinancial Statements of the companies included in the consolidation area are consolidated

on a line-by-line basis, irrespective of the percentage of ownership. In addition, costs and

revenues of Subsidiaries included in the consolidation area were considered from the date

of inclusion in the Consolidated Financial Statements.

In particular, with reference to the companies included in the consolidation area, they were

consolidated on a line-by-line basis, as follows:

1) The book value of Investments included in the consolidation area is eliminated against

the related net worth following the full consolidation method and, where the direct or

indirect investment is lower than 100%, minority interests are recognised.

2) In case of difference between the book value and the related net worth of the investment

at the moment of its acquisition, the exceeding value is attributed directly to the company

assets included in the consolidation area and, where not possible, the difference is

posted as “Difference from consolidation” and amortised on a straight-line basis in

accordance with the residual value.

3) In case the of negative difference, it is posted as a Net worth Reserve named “Consolidation

reserve” or, in case it is related to forecasted negative results, provisioned in a risk fund.

Eliminations from the Consolidated Financial Statements are the followings:

– all intercompany receivables and payables as well as costs and revenues between

consolidated companies;

– all significant intercompany gains and losses deriving from the sale of fixed assets

between consolidated companies;

– any profit, if material, deriving from trade between consolidated companies;

– dividends received, with reference to the part realised with consolidated companies.

7 7

Financial Statements used for the consolidationThe Consolidated Financial Statements have been prepared using the Financial Statements

for the year-ended December 31st, 2015 of the companies included in the consolidation,

approved by correspondent Boards of Directors. The individual Statements have been

reclassified and adjusted, where required, to conform to Group accounting principles.

The conversion of Balance Sheets accounts expressed in foreign currencies has been

carried out on the basis of exchange rates existing at the end of the financial year. The

conversion of Profit and Loss accounts has been carried out on the basis of average

exchange rates for the financial year. The differences arising from the conversion of

Financial Statements expressed in foreign currencies have been posted to the “Translation

reserve” included in net worth.

The following exchange rates were used for the current year:

Currency Average rate Final rate

Argentinian Pesos 0.09757 0.07094Australian Dollar 0.67728 0.67128Brazilian Real 0.27142 0.23193British Pound 1.37741 1.36258Bulgarian Lev 0.51130 0.51130Canadian Dollar 0.70542 0.66155Chinese Ren Min Bi 0.14341 0.14163Costa Rica Colon 0.00169 0.00171Czech Crown 0.03701 0.03665Danish Crown 0.13407 0.13400Egyptian Pound 0.11697 0.11736Hong Kong Dollar 0.11625 0.11852Hungarian Florin 0.00323 0.00316Indian Rupee 0.01405 0.01388Indonesia Rupia 0.00007 0.00007Korean Won Sud 0.00080 0.00078Malaysian Ringgit 0.23087 0.21295Mexican Pesos 0.05682 0.05287New Zealander Dollar 0.62865 0.62802Norwegian Crown 0.11184 0.10413Panama Balboa 0.90123 0.91853Polish Zloty 0.23907 0.23453Riyal Qatar 0.24756 0.25234Romanian New Lev 0.22496 0.22104Russian Rouble 0.01470 0.01240Serbian Dinar 0.00829 0.00823Singapore Dollar 0.65569 0.64863South African Rand 0.07066 0.05899Swedish Crown 0.10690 0.10882Swiss Franc 0.93668 0.92293Turkish Lira 0.33093 0.31481Ucrainian Hryvnia 0.04117 0.03823United Arab Emirates Dirham 0.24547 0.25021US Dollar 0.90123 0.91853Vietnamese Dong 0.00004 0.00004

7 8

N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S

Accounting policiesThe accounting policies ex art. 2426 of Italian Civil Code are compliant with those adopted

for the consolidated Financial Statements of the previous year, with the exception of the

changes required for the aforementioned accounting principles. There have been no

exceptional events disregarding the art. 2423 bis, 2 comma, and 2423, 4 comma of Italian

Civil Code.

It is also mentioned that, if needed, the amounts of the previous year have been reclassified,

ex art. 2423 ter, 5 comma of Italian Civil Code, in order to be comparable.

Intangible assets

Intangible assets are stated at purchase price, inclusive of all directly attributable costs,

and amortised systematically over the period of their estimated useful life. The following

rates have been applied:

Rate

Trade Marks 20%

Goodwill 10%

Other Intangible assets 20%

Know How 5-50%

Amortisation of goodwill is determined in ten years, a period considered representative of

the estimated useful life.

Depreciation of leasehold improvements and assets subject to long term financing are

determined on the basis of the residual length of each underlying contract.

Other Intangible Assets also include the players’ registration rights, stated at purchase

price, inclusive of all directly attributable costs, net of the amortization, calculated on the

basis of the players’ contract.

Intangible assets are reduced in case of permanent losses of value. In case the reasons for

devaluation are no longer valid, the asset will be revaluated until, maximum, its historical

cost.

Tangible assets

Tangible assets are stated at purchase price, inclusive of all directly attributable costs,

re-valued, where specified, and when permitted by law. Plants and buildings under

construction are recorded at cost and are not subject to depreciation until the assets are

placed into service.

Assets are depreciated systematically on the basis of rates determined in accordance with

their residual value and estimated useful lives. The rates have been used are as follows:

7 9

Asset Class Rate

Industrial buildings 3-4%

Plant and machinery 10-11.5%

Industrial equipment 40%

Forklifts 20%

Small buildings 10%

Office equipment 20%

Office furniture 12%

Trucks 20%

Cars 25%

Ordinary maintenance costs are charged directly to Profit and Loss as incurred, while

extraordinary maintenance costs are capitalised and depreciated at rates applicable to the

underlying assets.

Financial leasing contracts are recorded in accordance with International Accounting

Standard no. 17. The value of the tangible asset is capitalised in the relevant Balance

Sheet caption; the residual debt is recorded in liabilities with interest and depreciation

charged to Profit and Loss.

Government grants have been deducted from the related tangible asset and are credited

to Profit and Loss through a reduction of the related depreciation expense.

Tangible assets are reduced in case of permanent losses of value; in case the reasons for

devaluation are no longer valid, the asset will be revaluated back to its historical cost.

Financial assets

Other equity investments are recorded at cost adjusted for any permanent impairment of

their value.

Securities not representing equity investments are stated at the lower of cost or market

value at the close of the financial year.

In case the reasons for devaluation are no longer valid, Financial assets are restated at their

original value.

Own Share

The own shares are booked at the acquisition cost, having double entry in the specific

Equity reserve. The acquisition cost has to be eventually changed in accordance to constant

value losses. Once the devaluation effect disappear the value has to be revaluated.

Inventories

Raw materials, supplies and finished goods inventories are stated at the lower between

cost or market using the “first in first out” (FIFO) method.

8 0

N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S

When market conditions indicate a permanently reduced realisable value if compared with

the FIFO, the value of the Inventory is reduced to the net realisable value.

Inventories of maintenance and marketing material are recorded at a weighted average

cost.

Inventory is restated to its realisable value through a provision in case of obsolete or slow

moving goods.

Accounts receivable

Accounts receivable are recorded at their nominal value and restated to their net realisable

value through provisions for doubtful accounts.

Cash on hand and banks

Receivables from bank and postal accounts deriving from deposits and ordinary accounts

are recorded at their nominal value.

Cash on hand is recorded at its nominal value.

Accruals and pre-payments assets and liabilities

These items represent the current portion of costs and proceeds related to two or more

financial years as required by accrual basis accounting.

Sundry risks and other funds

These are provisions made to cover certain or probable losses where either the amount

or the payment date are uncertain. The amounts provided reflect management’s best

estimate based on the available information.

Staff severance reserve

The staff severance reserve is maintained at a value sufficient to cover the entire accumulated

provision for every employee in conformity with current legislation and collective labour and

benefit contracts.

Accounts payable

All payables are recorded at their nominal value.

Some payables related to other financial institution are directly bounded to the respect

of some covenants. In case covenants are not respected, if necessary, the medium/long

term payables have to be reclassify in the short term.

Guarantees and other contingent liabilities

Guarantees reported in the Contingencies are valued on the basis of their underlying

obligations. Contingent liabilities include the notional value of the I.R.S. derivative contracts

at the end of the financial year.

8 1

Recognition of revenues and costs

Revenues recorded in the Income Statement are reported on an accrual basis net of

returns, discounts and rebates. In detail:

– revenues from the sale of goods are recognised when the ownership of the goods is

transferred, normally the date of shipment, unless otherwise specified in the contract;

– revenues from the sale of services are recognised when the service is fully performed in

accordance with the terms of the contract;

– costs are recognized on an accrual basis;

– financial interests and proceeds are recognised on an accrual basis.

Current and deferred income tax

Taxes for the period are determined on the basis of a realistic estimate of the amounts to

be paid according to existing legislation.

In accordance with accounting principle no. 25, drawn up by the Italian Accounting

Profession (“Organismo Italiano di Contabilità”), deferred tax liabilities are recorded in the

account “Taxation funds”, when deferred tax assets are booked in the account “Deferred

Tax Assets”; they reflect the temporary differences between the tax basis of assets and

liabilities and the corresponding book value. Deferred tax assets are recognised upon

the premise of their recoverability in a time-length covered by Management Business

plan.

Derivative contracts

Revenues and costs arising from interest and exchange rate derivative instruments, held

for non-speculative purposes, are accounted for on an accrual basis. The notional value of

such contracts is disclosed in the contingencies line.

Derivative contracts not meeting all the conditions for being defined as hedging contracts

are restated at their fair value at the closing date.

Derogations from accounting standards

It is to be noted that in the attached Statements there were no derogations from the

accounting standards as provided for by Subsection 4 of Art. 2423 of the Italian Civil

Code.

8 2

N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S

Notes to the Balance SheetAll amounts in Euros.

Assets

Intangible assetsThe breakdown of intangible assets at the end of the financial year is as follows:

12.31.2015 12.31.2014 Difference

Establishment and broadening costs 335,948 7,323 328,625 Industrial patents 825,543 1,114,291 -288,748

Governament Concessions, know how, licenses, trade-marks and similar rights 3,896,611 1,543,066 2,353,545

Goodwill 32,584,211 39,495,240 -6,911,029Assets in progress and payments in advance 8,903,562 5,624,876 3,278,686Other intangible assets 60,221,212 47,223,149 12,998,063

Total 106,767,087 95,007,945 11,759,142

The increase in item “Concessions, licenses and trademarks” is attributable to the rights

related to the quarry in Piacenza, that Vaga Srl began to exploit in 2015.

The decrease in item “Goodwill” results from the write offs and amortisation made during

the year.

Moreover, it is worth noting that a goodwill of € 689,739, related to the company Mapei

Construction Chemicals Panama Sa, acquired in 2011, was entered due to a more correct

reclassification of some items in the financial statements.

The table here below summarises the Goodwill composition:

Goodwill

Opening balance 149,249,673Exchange difference opening balance 2,340,241Increase 676,747Exchange difference variation 12,991

Acquisition cost 152,279,652Opening balance - Cumulated Amortisation 109,754,433Exchange difference opening balance 438,553Increase - Amortisation/Devaluation 9,470,658Exchange difference variation 31,797

Cumulated amortisation 119,695,441

Total 32,584,211

8 3

The breakdown of Goodwill by legal Entity as at December 31st, 2015 is as follows:

Acquisition cost Accumulated amortisation Total

Adesital Spa 1,869,925 1,869,925 0Vaga Srl 3,762,175 3,762,175 0Lusomapei Sa 421,065 421,065 0Ibermapei Sa 431,735 431,735 0Gorka Cement Spzoo 656,179 656,179 0Mapei Construction Chemicals Llc 6,435,320 4,131,169 2,304,151Vinavil Egypt for Chemicals Sae 8,593,446 2,148,361 6,445,085Mapei Betontechnik Gmbh 14,736,189 9,934,018 4,802,171Mosaico + Srl 2,933,938 2,933,938 0Mapei Korea Ltd 4,337,860 2,437,035 1,900,825Mapei Construction Chemicals Panama Sa 689,739 281,303 408,435Mapei Yapi Kimyasallari Ins San Ve Tic As 7,961,867 3,961,867 4,000,000Mapei Construction Materials (Guagzhou) Co Ltd 2,527,748 2,527,748 0Sopro Group 48,807,022 48,401,570 405,454Mapei As 9,284,890 9,284,890 0Mapei Inc 279,302 279,302 0Mapei Corp Group 32,071,348 22,216,003 9,855,345Polyglass Group 4,477,181 2,014,435 2,462,745Cercol Spa 2,002,723 2,002,723 0

Total 152,279,652 119,695,441 32,584,211

Goodwill included in Intangible assets is justified by the profit generated and by the market

and technological potentiality provided by the purchased companies. Goodwill of Mapei

Yapi Kimyasallari Ins. San. Ve Tic. As was partially written down in light of the expected

future cash flows.

The increase in “assets in progress and payments in advance” is due to the investment

made by Mapei Spa for the new Group ERP system.

The increase in “other intangible assets” is due to the increase in value of item “Football

players’ registration rights” of the company U.S. Sassuolo Calcio Srl.

Amortisation for the year amounts to € 24,892,438 (€ 20,729,918 in 2014).

Tangible assetsThe breakdown of tangible assets at the end of the financial year is as follows:

12.31.2015 12.31.2014 Difference

Land and buildings 343,974,034 329,344,829 14,629,205 Plants and machinery 128,352,848 120,919,670 7,433,178 Industrial and commercial equipment 9,546,476 8,896,115 650,361 Other tangible assets 17,109,000 16,634,912 474,088 Assets in progress and payments in advance 26,268,638 31,018,932 -4,750,294

Total 525,250,996 506,814,458 18,436,538

8 4

N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S

The change of € 18,436,538, net of depreciation of € 57,277,411 (€ 53,690,677 in 2014)

is detailed as follows:

Land and buildings

Plant and machinery

Industrial and commercial equipment

Other tangible assets

Assets in progress and payments in

advance

Total

Book value at 12.31.2014 511,300,407 563,867,032 55,917,046 64,793,596 31,018,932 1,226,897,013 Increase 14,442,121 16,426,195 3,751,595 6,242,255 27,144,855 68,007,021 Thereof due to change in the consolidation area - 31,627 - 16,398 - 48,025

(Decrease) -126,767 -1,542,183 -974,455 -6,160,068 - -8,803,474 Reclassification 10,816,406 21,324,638 326,274 242,041 -32,749,084 -39,724 Revaluation/(devaluation) - Exchange rate difference 9,545,023 9,993,160 1,223,204 1,456,876 853,935 23,072,198

Book value at 12.31.2015 545,977,190 610,068,842 60,243,664 66,574,700 26,268,638 1,309,133,034

Accumulated Depre-ciation at 12.31.2014 181,955,577 442,947,362 47,020,931 48,158,684 720,082,554

Depreciation 17,150,450 30,852,237 3,524,759 5,749,965 57,277,411 Reclassification 78,435 -18,749 87,037 -186,447 -39,724 (Decrease) -78,050 -487,174 -859,287 -5,353,955 -6,778,466 Exchange rate difference 2,896,744 8,422,318 923,748 1,097,453 13,340,263

Accumulated Depre-ciation at 12.31.2015 202,003,156 481,715,994 50,697,188 49,465,700 783,882,038

Net book value at 12.31.2015 343,974,034 128,352,848 9,546,476 17,109,000 26,268,638 525,250,996

Changes incurred during the year are as follows:

Mapei Corp made investments for approximately € 10,000,000 for the purchase of the spry

dryer machinery for the production site in Chicago (Illinois), as well as for the enlargement

of the warehouse and the renewal of the plant in Garland (Texas).

Polyglass USA Inc made investments of approximately €  8,300,000, mainly due to

the purchase of a land and a new building in Waco (Texas) and the purchase of a new

packaging system in the plant of Winter Haven (Florida).

Mapei Australia made investments of approximately € 7,000,000 for the construction of a

new production site near Brisbane (Queensland).

Mapei Spa made investments of approximately € 5,700,000 for the purchase of a building

in Milan and the expansion of Mediglia and Sassuolo production sites.

Mapei Construction Products India Ltd made investments of approximately € 4,000,000

for the construction of a new production site in Vadodara (Gujarat).

Mapei Benelux Sa made investments of approximately € 4,000,000, mainly related to the

expansion of the warehouse near Liège.

8 5

Vinavil Spa made investments of approximately € 3,100,000, mainly related to rationalization

and strengthening actions on the production and stocking capacities of the site in

Ravenna, especially on the “Raviflex bag filler” plant, as well as to the installation of a tank

for Acrylamide and the replacement of a plant for the production of demineralised water in

the site of Villadossola, as well as interventions to comply with safety standards.

Mapei As made investments of approximately €  3,000,000 for the upgrading and

extraordinary maintenance of plants and buildings.

Mapei Stadium Srl made investments of € 1,900,000 for the extraordinary maintenance of

the stadium in Reggio Emilia.

Mapei Yapi Kimyasallari Ins San Ve Tic AS made investments of approximately € 1,700,000,

mainly related to the extension and renovation of the production site in Polatli.

Mapei Polska Spzoo made investments of approximately € 1,600,000, mainly related to

the purchase of office equipment and the maintenance of the production site of Barcin, as

well as to the purchase of silos and equipment for the production site in Gliwice.

General Resource Technology Corporation made investments of approximately € 1,500,000

for the new production sites in Texas and New Jersey.

Gorka Cement Spzoo made investments of approximately € 1,400,000, mainly due to the

upgrading and maintenance of the grinding plant, as well as to the purchase of industrial

equipment for the production site in Trzebinia.

Polyglass Spa made investments of € 1,300,000, primarily for the completion and servicing

of the second production plant of synthetic membranes, the construction of a fire-

extinguishing plant in the bitumen area, the purchase of industrial and office equipment, as

well as interventions to comply with security standards.

Mapei Inc made investments of approximately € 1,300,000, primarily due to the upgrading

and the purchase of new machinery and equipment for the production sites in Laval and

Toronto.

Mapei France Sa made investments of approximately € 1,300,000, mainly for the purchase

of industrial equipment for the production site in Saint Alban.

Mapei Malaysia Sdn Bhd made investments for approximately € 1,200,000 mainly for the

new offices in Kuala Lumpur.

Mapei Argentina Sa made investments of € 800,000 for the refurbishment of offices and

renovation of the production site in Buenos Aires.

Mapei Uk Ltd made investments of approximately €  700,000 for the renovation and

extraordinary maintenance of the production site in Halesowen.

The remaining investments, of around € 8,200,000, were made by all the other companies

and are related to the extraordinary maintenance and renovation of the production sites.

8 6

N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S

The decreases for the year, amounting to around €  2,000,000, net of accumulated

depreciation, are mainly related to disposals of “Plant and Machinery, Equipment and

other Assets (cars, computers and office equipment”) of various companies.

With reference to the variation of the consolidation area, the increase of approximately

€  50,000 is due to the following companies: Mapei Costa Rica Sa e Mapei Indonesia

Construction Product Pt.

The exchange rate effect had a significant impact in the transactions of the year. The

2015 amount of approximately € 23,000,000 is mainly attributable to a revaluation of US

Dollar, Swiss Franc and Dirham of the Arab Emirates, while a devaluation is recorded for

Norwegian Krone and Russian Rouble.

Tangible assets were subjected to monetary revaluations during previous years by Mapei

Spa and by Vinavil Spa in accordance to specific regulations (Italian laws no. 576/75 -

72/83 - 413/91 - 342/00 - 350/03 - 266/05 - 185/08). The detail of monetary revaluations

made during the years is as follows:

Assets revaluated Total

Land 234,108

Building 30,299,995

Plant and Machinery 76,468,018

Industrial and commercial equipment 11,592,187

Other Assets 268,266

Financial assets - Investments in subsidiariesThis item consists of equity investments in non-operational companies during 2015, Mapei

Middle East Fzco and Mapei Perù Sac, as well as in Vaga Società Agricola S.s, not included

in the consolidation area.

The following table shows the breakdown of balances of the above-mentioned equity

investments as at December 31st, 2015, compared with balances as at December 31st,

2014:

Company 12.31.2015 12.31.2014 Difference % of ownership

Mapei Middle East Fzco 81,458 81,458 0 50%

Mapei Perù Sac 321 0 321 100%

Vaga Società Agricola Ss 9,000 9,000 - 90%

Total 90,779 90,458 321

8 7

Financial assets - Investments in other companiesAs at December 31st, 2015 the amount totalled € 256,828 (€ 4,756,886 in 2014) and

mainly refers to minority interests held by Mapei Spa for €  56,332 and Vinavil Spa for

€ 195,909. The detail of other companies investments follows:

Company 12.31.2015 12.31.2014 Difference % of owner-ship

Ravenna Servizi Industriali 195,909 195,909 - 3.50%

Golf Club Modena Spa 18,000 18,000 - 0.05%

Internazionale Marmi e Macchine 10,331 10,331 - 0.10%

STRESS Scarl 24,000 24,000 - 6.00%

Consorzio Cis-e 4,000 4,000 - 5.00%

Inv. U.S. Sassuolo Calcio Srl 0 4,500,000 4,500,000 0

Other minority investments 4,588 4,646 -58

Total 256,828 4,756,886 -4,500,058

Financial assets - Other receivablesOther receivables of €  1,781,991 as at December 31st, 2015 (€  1,308,421 in 2014),

mainly consist of loans related to the core business of Mapei Corp (€ 760,522), Mapei Spa

(€ 288,140), Mapei Construction Chemicals Llc (€ 145,550), the Sopro Group (€ 90,710),

Mapei Romania Srl (€  90,402), Mapei As (€  71,124), Vinavil Egypt for Chemicals Sae

(€ 70,943) and Polyglass Group (€ 66,573).

The interest rate applied to these loans is aligned with market conditions.

Financial assets - Term securitiesThis item amounts to € 1,295,044 (€ 1,308,798 as at December 31st, 2014) and mainly

includes securities held by Mapei Corp (€ 349,040), Sopro Group (€ 305,579), Polyglass

Group (€  303,273), Mapei Gmbh (A) (€  155,772) and Mapei Construction Chemicals

Panama Sa (€ 63,070).

Financial assets - Own SharesTreasury shares total € 51,515,113 at year end, same as in 2014, and are mainly related to

shares owned by Mapei Spa. Own shares as per December 31st 2015 are 3,060,000, of

€ 1 each, for a total nominal value of € 3,060,000, corresponding to 6.052% of total Share

Capital of Mapei Spa.

Current assets - InventoriesInventories breakdown as at December 31st, 2015, compared with December 31st, 2014,

is composed as follows:

8 8

N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S

12.31.2015 12.31.2014 Difference

Raw materials, packaging and supplies 127,466,193 126,274,490 1,191,703 Work in progress and semi-finished goods 7,995,701 7,767,159 228,542 Work in progress on a contract basis 102,444 93,825 8,619 Finished products and merchandise 143,596,788 134,815,310 8,781,478 Advances to suppliers 405,092 515,933 -110,841

Total 279,566,218 269,466,717 10,099,501

The major part of raw material stock is held by Mapei Spa (€ 20,730,579), Mapei Corp

(€  20,660,384), Vinavil Spa (€  15,780,251), Polyglass Group (€  13,807,705), Vinavil

Egypt for Chemicals Sae (€ 5,177,126), Sopro Group (€ 4,318,693), Mapei Polska Spzoo

(€ 3,722,553), Mapei Inc (€ 3,456,142), Mapei France Sa (€ 3,305,803), Gorka Cement

Spzoo (€ 3,190,422), Mapei Far East Pte Ltd (€ 3,073,078), Mapei Construction Chemicals

Llc (€ 2,918,269), Mapei As (€ 2,776,617) and Mapei Gmbh (D) (€ 2,314,694).

Regarding finished products, the major part of the stock is held by Mapei Corp

(€ 23,339,657), Mapei Spa (€ 20,596,545), Polyglass Group (€ 12,804,222), Vinavil Spa

(€ 10,237,669), Mapei Inc. (€ 7,852,191), Sopro Group (€ 6,898,812), Mapei France Sa

(€ 4,770,536), Mapei Polska Spzoo (€ 4,323,546), Mapei As (€ 4,076,417), Mapei Gmbh

(D) (€ 3,813,940), Mapei Construction Chemicals Llc (€ 3,436,324), Gorka Cement Spzoo

(€ 3,335,670), Mosaico+ Srl (€ 2,950,846), Mapei Uk Ltd (€ 2,933,925) and Mapei Suisse

Sa (€ 2,920,264).

Inventories of raw materials are substantially unchanged, thanks to the rationalisation of

procurements in the various production sites.

The increase in inventories of finished goods, compared to the previous year, is attributable

to the increase in turnover. The exchange rate effect also affects this variation.

Current assets - ReceivablesThe breakdown is as follows:

12.31.2015 12.31.2014 Difference

Trade receivables 487,252,188 456,694,306 30,557,882 Allowance for doubtful credits at January 1st, 2015 -31,009,902 -30,963,771 -46,131

Exchange difference opening balance 16,991 50,774 -33,783

Provision to the allowance for credits -8,046,083 -10,967,119 2,921,036

Release of the allowance for credits 10,311,133 10,875,949 -564,816

Exchange difference variation 59,117 -5,735 64,852

Allowance for doubtful credits at December 31st, 2015 28,668,744 31,009,902 2,341,158 Trade receivables (net of allowance for doubtful credits) 458,583,444 425,684,404 32,899,040

Towards subsidiaries - 125,353 -125,353 Towards tax offices 28,687,268 28,625,696 61,572 Deferred tax assets 24,379,677 30,193,012 -5,813,335 Other receivables 59,798,278 42,734,401 17,063,877

Total 571,448,667 527,362,866 44,085,801

8 9

Current assets - Trade ReceivablesThe Companies showing the most significant increase are Mapei Corp (€ 11,405,529),

Mapei Construction Chemicals Llc (€ 5,397,326), Mapei Doha Llc (€ 4,688,137), Mapei Spa

(€ 4,126,126), Mapei Yapi Kimyasallari Ins. San. Ve Tic. San. Ve Tic. As (€ 2,902,979), U.S.

Sassuolo Calcio Srl (€ 2,125,805), Mapei As (€ 1,609,248), Mapei Gmbh (D) (€ 1,546,960),

Mapei Australia Pty Ltd (€ 1,440,947), Mapei Polska Spzoo (€ 1,269,624) and Mapei UK

Ltd (€  1,191,561), mostly due to the increase in turnover.

The provision for doubtful accounts is mainly composed of amounts related to the Polyglass

Group (€ 7,160,994), Mapei Spa (€ 4,293,873), Mapei Yapi Kimyasallari Ins. San. Ve Tic.

As (€ 1,754,990), Sopro Group (€ 1,270,698), Mapei Hellas Sa (€ 1,170,618), Vinavil Spa

(€ 1,108,323), Mapei Corp (€ 790,904), Mapei Australia Pty Ltd (€ 650,613), Adesital Spa

(€ 650,000), Mapei Benelux Sa (€ 625,395) and Cercol Spa (€ 600,000).

Current assets - Receivables towards Tax officesReceivables towards Tax authorities, equal to € 28,687,268 as at December 31st, 2015

(€ 28,625,696 as at December 31st, 2014) mainly refer to receivables from tax authorities

related to income taxes and VAT. The Companies showing the most significant amounts

are Mapei Spa (€ 13,662,179), Mapei Corp (€ 2,050,319), Mapei France Sa (€ 1,732,123),

Mapei Hellas Sa (€ 1,425,000), Polyglass Group (€  1,401,961), Mapei Suisse Sa

(€ 1,080,686) and Mapei Construction Chemicals Panama Sa (€ 945,174).

Current assets - Deferred tax assetsDeferred tax assets, equal to € 24,379,677 as at December 31st, 2015 (€ 30,193,012 as at

December 31st, 2014) are mainly attributable to Mapei Spa (€ 12,604,640), Polyglass Group

(€ 2,379,541), Mapei Corp (€ 1,429,589), U.S. Sassuolo Calcio Srl (€ 1,374,078), Sopro

Group (€ 804,423), Mapei Polska Spzoo (€ 695,589), Mapei Australia Pty Ltd (€ 586,992)

and Mapei Malaysia Sdn Bhd (€ 416,316). The total amount of Deferred Tax assets was

created by Group Companies booking of fiscal losses, costs, provisions, depreciations and

accruals whose tax deduction is deferred to one or more following fiscal years. The amount

has been refundable according to the profitability prospective of the Group companies tax

deductible in two or more exercises. Whenever necessary, the tax rate was adjusted to the

rate set out by the Stability Law. For further details, please refer to the enclosed attachment 3.

Current assets - Other ReceivablesThe breakdown of Other Receivables, totalling € 59,798,278 (€ 42,734,401 in 2014) is

detailed as follows:

12.31.2015 12.31.2014 Difference

Receivables from insurance companies 635,578 987,587 -352,009 Receivables from social security institutions 232,123 251,364 -19,241 Receivables from employees 1,740,292 1,515,254 225,038 Advances to suppliers 7,915,880 8,805,837 -889,957 Other receivables 49,274,405 31,174,359 18,100,046

Total 59,798,278 42,734,401 17,063,877

9 0

N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S

The increase in Other Receivables is mainly attributable to the company U.S. Sassuolo

Calcio Srl and they refer to receivables towards other Football clubs for the disposal of

players’ registration rights.

Current assets - Marketable securitiesAt the end of the year, Marketable securities amounted to € 6,424 (€ 6,674 as at December

31st, 2014) and consists of securities held by Mapei As.

Current assets - Cash and bankThe breakdown is as follows:

12.31.2015 12.31.2014 Difference

Bank and postal current accounts 83,367,186 51,440,782 31,926,404 Cash 4,142,316 2,564,324 1,577,992

Total 87,509,502 54,005,106 33,504,396

Bank and postal deposits represent temporary positions on bank current accounts, at

year end. The most significant amounts are related to Mapei Spa (€ 18,947,826), Vinavil

Egypt for Chemical Sae (€  12,462,648), Mapei Inc (€  6,285,270), Mapei Far East Pte

Ltd (€  5,060,570), Zao Mapei (€  3,439,495), Mapei Corp (€  3,246,008), Mapei Suisse

Sa (€ 2,963,911), Mapei Construction Products India Ltd (€ 2,947,548), Mapei Malaysia

Sdn Bhd (€  2,494,442), Mapei Construction Chemicals Llc (€  2,408,559), Mapei As

(€ 2,064,135) and Sopro Group (€ 2,045,297).

Current assets - Accruals and pre-paymentsThis item amounted to € 8,962,682 as at December 31st, 2015 (€ 7,445,603 as at December

31st, 2014) and it is mainly composed of costs pertaining to future years and held by U.S.

Sassuolo Calcio Srl (€ 2,717,734), Mapei Spa (€ 1,829,685), Mapei Corp (€ 1,353,702),

Polyglass Group (€ 410,438), Mapei As (€ 327,035), Mapei Construction Chemicals Llc

(€ 292,467), Mapei Far East Pte Ltd (€ 231,345), Mapei Suisse Sa (€ 208,367), Mapei

Korea Ltd (€ 181,413) and Mapei France Sa (€ 176,645).

The breakdown is as follows:

12.31.2015 12.31.2014 Difference

Rents 2,901,142 1,853,887 1,047,255 Interests 335,012 529,255 -194,243 Insurances 1,468,957 1,276,093 192,864 Non capitalized grants 203,062 333,494 -130,432 Others 4,054,509 3,452,872 601,637

Total 8,962,682 7,445,601 1,517,081

9 1

Liabilities

Shareholders’ EquityThe breakdown is as follows (movements are disclosed in the enclosed Annex No. 2):

Share capital

The Share capital paid as of December 31st, 2015 is € 50,560,000, entirely paid, equal to

50,560,000 shares of 1 Euro each, without any change from the previous year.

Revaluation Reserve

The Holding Company, Mapei Spa, and Vinavil Spa, during the previous fiscal years made

monetary revaluations of some tangible assets by introducing in the Shareholders’ Equity

a dedicated monetary revaluation reserve of € 78,687,539.

Legal reserve

The legal reserve is recorded on the parent company books; it amounts to € 10,112,000,

unchanged in comparison with 2014.

Own Shares Reserve

Unchanged in comparison with 2014, the reserve for Treasury Shares totals € 51,515,113,

referred to n. 3,060,000 shares having value of 1 Euro each, for a total nominal value

of €  3,060,000; corresponding to 6.052% of Share Capital of Mapei Spa, having

counterbalanced value in Financial Assets.

Other reserves

They amounted to € 21,707,900 as at December 31st, 2015 (€ 9,918,367 as at December

31st, 2014), mainly attributable to Mapei Spa and Vinavil Spa, in compliance with specific

tax law. The difference, compared to the previous year, is attributable to the allocation of a

portion of accumulated profit brought forward made by the Holding Company.

Translation reserve

As at December 31st, 2015 this reserve, deriving from the translation of Financial Statements

expressed in foreign currencies using the current exchange rate method, shows a positive

balance of € 8,900,183 (negative balance of € 455,065 as at December 31st, 2014). The

significant increase is due to the trend of some currencies against Euro, in particular US

Dollar and Swiss Franc, while it is noted a negative trend of Norwegian Krone and Russian

Rouble.

Consolidation reserve

As at December 31st, 2015 this reserve totalled € 1,493,976 (€ 1,907,863 as at December

31st, 2014) and represents the difference between the purchase cost of consolidated

9 2

N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S

subsidiaries and the corresponding share of shareholders’ equity at the date of the first

consolidation. The decrease is attributable to Mapei Yapi Kimyasallari Ins. San. Ve Tic. As,

due to the increase of the investment.

Accumulated profit brought forward

As at December 31st, 2015 this reserve amounted to € 459,164,716 (€ 449,397,985 as at

December 31st, 2014) and includes the total amount of all the non-distributed accumulated

profit brought forward, net of the dividend distributed by Mapei Spa of € 1,500,000.

This reserve showed the following trend:

12.31.2015

Profit / (loss) brought forward - Dec 31st 2014 449,397,985

Consolidated accumulated profit brought forward - 2014 11,579,401

Dividends -1,500,000

Other changes -312,671

Profit/(loss) brought forward December 31st, 2015 459,164,716

Minority equity

Represents minority equity interest in consolidated subsidiaries. As at December 31st,

2015, this reserve amounted to € 330,570 (€ 654,443 as at December 31st, 2014).

Sundry risk and other fundsThis item totalled € 57,957,352 (€ 57,394,588 as at December 31st, 2014) and breaks

down as follows:

12.31.2015 12.31.2014 Difference

Pension Fund 21,618,908 20,320,069 1,298,839

Taxation 17,257,960 23,272,256 -6,014,296

Others 19,080,485 13,802,263 5,278,222

Total 57,957,353 57,394,588 562,765

Pension Funds mainly consist of the pension fund of the Sopro Group (€ 5,962,399), Mapei

Gmbh (D) (€ 2,134,686) and Mapei Corp (€ 539,151), the agents termination indemnity of

Mapei Spa (€ 3,101,768) and the pension fund dedicated to managers and directors of

Mapei Spa (€ 6,383,859), Vinavil Spa (€ 1,064,263) and Cercol Spa (€ 810,220).

9 3

The tax fund consists of deferred tax provision and the tax risk fund. The deferred tax

provision, equal to €  16,757,453, is mainly related to the companies Mapei Corp

(€  6,988,695), Mapei Spa (€  4,115,809), Mapei Inc (€  1,758,870), Mapei France Sa

(€ 1,062,452), Adesital Spa (€ 760,881), Cercol Spa (€ 462,199), Gorka Cement Spzoo

(€ 285,025), Sopro Group (€ 239,653) and Polyglass Group (€ 230,187). The tax risk fund,

equal to € 500,507 (€ 5,746,717 as at December 31st, 2014) was almost entirely used by

Mapei Spa.

Deferred Tax Liabilities are originated by timing differences between the book value of

assets and liabilities included in Financial Statements and their correspondent tax basis.

Movements in this fund during the year 2015 are as follows:

Opening balance - Jan 1st 2015 23,272,256

Exchange difference opening balance 634,730

Increase 3,038,473

Decrease -9,642,677

Exchange difference variations -44,822

Closing balance - Dec 31st 2015 17,257,960

The decrease is mainly due to Mapei Spa, while the main increases are attributable to

Mapei Inc and Polyglass Group.

For further details, please refer to annex 3 of these Notes.

Other funds, equal to €19,080,484 compared to €13,802,263 in 2014, mainly consist

of the provision made by Sopro Group (€ 966,517) for potential future losses, as a result

of the difference between market value and contract value of the building rented, and

related to products guarantee, as well as of the provision of Mapei Gmbh (A) (€ 1,081,964)

related to any future third-party liability risks and the provision for the costs of restoration

of quarries owned by Vaga Srl (€ 592,000). The main increases are attributable to Mapei

Spa (€ 2,000,000), in relation to possible future risks resulting from any future third-party

liability risks and to the Polyglass Group (€ 2,505,766) for the restoration of the product

guarantees provision.

9 4

N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S

Staff severance reserveThe amount as at December 31st, 2015 is € 11,355,715 (€ 11,739,029 as at December

31st, 2014) and covers the whole liability towards employees, in compliance with current

legislation in each single country. During the year, the fund showed the following trend:

Opening balance

Provision (Utilized) Exchange rate

Closing balance

Mapei Spa 5,723,960 4,284,675 4,861,540 - 5,147,095

Vinavil Spa 1,171,005 1,097,079 1,218,857 - 1,049,227

Adesital Spa 268,235 122,436 112,170 - 278,501

Vaga Srl 480,199 94,793 132,462 - 442,530

Ibermapei Sa 123,271 - 86,887 - 36,384

Mapei Benelux Sa 1,808 - 1,808 - -

Mapei Gmbh (A) 657,260 77,033 70,379 - 663,915

Mapei Polska Spzoo 38,368 476 - 75 38,919

Gorka Cement Spzoo 119,152 2,526 2,526 260 119,412

Mapei Hellas Sa 156,979 15,972 - - 172,952

Mapei Construction Chemicals Llc 642,105 308,540 28,979 79,755 1,001,421

U.S. Sassuolo Calcio Srl 296,204 472,694 313,568 - 455,330

Mapei Betontechnik Gmbh 7,193 - 6,746 - 447

Mosaico+ Srl 117,944 35,116 15,578 - 137,482

Progetto Mosaico+ Srl 115,434 33,008 19,966 - 128,476

Mapei Construction Chemicals Panama Sa - 21,562 - 414 21,976

Mapei Doha Llc 3,824 7,813 - 593 12,230

Mapei Costa Rica Sa - 410 - 5 415

Sopro Group 596,092 147,598 170,660 352 573,382

Polyglass Group 957,937 442,936 540,214 - 860,659

Mapei Argentina SA - 277,426 277,426 - -

Cercol Spa 262,057 131,584 178,679 - 214,962

Total 11,739,029 7,573,677 8,038,445 81,454 11,355,715

LiabilitiesThe composition of liabilities is reported and commented below.

Bonds

They amount to €  46,000,000 and consist of a bond loan issued by Mapei Spa. The

amounts are unchanged compared to last year. The loan expires on June 14th, 2016.

9 5

Bank repayable within 12 months

As at December 31st, 2015 bank loans amounted to € 144,498,186 (€ 175,779,152 as at

December 31st, 2014) and refer to the following companies:

12.31.2015 12.31.2014 Difference

Mapei Spa 73,572,860 137,052,830 -63,479,970

Vinavil Spa 1,644 5,178,481 -5,176,837

Adesital Spa 574 856 -282

Vaga Srl 608 860 -252

Mapei France Sa 1,750,114 1,752,952 -2,838

Mapei Benelux Sa 2,500,000 2,500,000 -

Mapei UK Ltd 423 104,855 -104,432

Mapei Construction Chemicals Llc 33,301,321 - 33,301,321

Mapei Polska Spzoo 2,649 431 2,218

Mapei Korea Ltd 1,093,084 1,207,729 -114,645

Vinavil Egypt for Chemicals Sae 1,709,491 2,364,551 -655,060

Mapei Australia Pty Ltd 137 - 137

Mapei Panama Sa 461 42,167 -41,706

Mapei Betontechnik Gmbh - 4 -4

Mosaico+ Srl 2,396 2,398 -2

Progetto Mosaico+ Srl 174,285 313,552 -139,267

Mapei Yapi Kimyasallari Ins. San. Ve Tic As 5,033,133 3,197,877 1,835,256

Mapei China Ltd - 849,527 -849,527

Mapei Construction Materials Co Ltd (Guangzhou) 2,131,961 2,219,612 -87,651

Mapei Malaysia Sdn Bhd 5,813,361 6,898,255 -1,084,894

Mapei As 1,133,489 1,519,759 -386,270

Mapei Corp 9,197,405 520,977 8,676,428

Polyglass Group 397,720 3,372,957 -2,975,237

Cercol Spa 3,015 6,376 -3,361

U.S. Sassuolo Calcio Srl 6,666,922 6,667,176 -254

Mapei SRB Doo 11,133 4,970 6,163

Total 144,498,186 175,779,152 -31,280,966

These amounts also include the current portion of the long-term loans expiring in 2016,

which amount to € 65,933,172 (€ 90,006,260 in the previous financial year). The decrease

in short-term indebtedness is mainly due to the Holding Company for the reimbursement

of the short-term portion of loans.

9 6

N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S

Bank repayable after 12 months

As at December 31st, 2015, they amounted to €  266,321,845 (€  189,123,601 as at

December 31st, 2014) and refer to the following companies:

12.31.2015 12.31.2014 Difference

Mapei Spa 194,666,667 170,000,000 24,666,667

Mapei France Sa 5,821 1,762,676 -1,756,855

Mapei Benelux Sa 3,700,000 - 3,700,000

Mapei Construction Chemicals Llc 27,566,416 - 27,566,416

Mapei As 1,627,096 1,893,939 -266,843

Mapei Inc 2,755,580 2,470,966 284,614

Mapei Corp 27,555,801 591,564 26,964,237

Mapei Construction Chemicals Panama Sa - 13,007 -13,007

Progetto Mosaico + Srl 156,250 - 156,250

Mapei Yapi Kimyasallari Ins. San. Ve Tic As 2,500,865 - 2,500,865

Mapei SRB Doo 1,232 10,411 -9,179

Polyglass Group 786,117 714,371 71,746

U.S. Sassuolo Calcio Srl 5,000,000 11,666,667 -6,666,667

Total 266,321,845 189,123,601 77,198,244

The increase occurred during the year, equal to € 77,198,244, is mainly due to new loans

issued by Mapei Spa, Mapei Construction Chemicals Llc and Mapei Corp with Banca

Regionale Europea, Intesa San Paolo and Unicredit.

The above loans will expire according to the following schedule:

2017 2018 2019 2020 and following

Bank maturity

Loans from banks 80,173,017 74,634,409 94,838,027 16,676,392 266,321,845

Debts to other financial institutions repayable within 12 months

As at December 31st, 2015, the amounted to € 2,025,472 (€ 1,761,495 As at December

31st, 2014) and include the current portion of the long-term finance lease contracts

outstanding with other financial institutions.

The most significant amounts are mainly referred to Mapei Polska Spzoo (€  779,479),

Mapei Corp (€ 480,679), Polyglass Group (€ 379,518) and Mapei As (€ 117,151).

9 7

Debts to other financial institutions repayable after 12 months

As at December 31st, 2015 these debts amounted to € 5,737,715 (€ 5,858,870 as at

December 31st, 2014). The amounts are mainly attributable to the accounting for properties

under finance lease contracts according to the International Accounting Standard no. 17.

The breakdown is referred to the following companies:

12.31.2015 12.31.2014 Difference

Ibermapei Sa 444,172 442,940 1,232

Mapei France Sa - 14,614 -14,614

Mapei Polska Spzoo 546,619 716,380 -169,761

Mapei Bulgaria Eood 117,427 98,486 18,941

Mapei Romania Srl - 94,639 -94,639

Mapei Betontechnik Gmbh 10,877 18,279 -7,402

Mapei Malaysia Sdn Bhd 42,590 - 42,590

Mapei As 702,905 870,936 -168,031

Mapei Inc 10,459 25,227 -14,768

Mapei Corp 676,937 - 676,937

Mapei Argentina Sa 128,862 5,069 123,793

Polyglass Group 3,056,867 3,572,300 -515,433

Total 5,737,715 5,858,870 -121,155

The above loans expire according to the following schedule:

2017 2018 2019 2020 and following

Bank maturity

Loans from other fin. Institutions 1,556,743 1,237,269 995,569 1,948,134 5,737,715

Advances from customers

As at December 31st, 2015, advances from customers totalled € 3,260,806 (€ 3,499,979

as at December 31st, 2014) mostly due to advances from customers of Mapei Corp

(€  2,165,432), Mapei Construction Materials Co Ltd (Guangzhou) (€  337,794), Mapei

Nederland Bv (€ 225,008), Sopro Group (€ 141,121), Zao Mapei (€ 104.276) and Mapei

Betontechnik Gmbh (€ 57,728).

Trade payables

As at December 31st, 2015, they amounted to €  219,095,357 (€  211,346,627 as at

December 31st, 2014) and mainly include trade payables of Mapei Spa (€ 58,588,444),

Gruppo Polyglass (€  24,759,947), Vinavil Spa (€  20,694,046), Sopro Group

9 8

N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S

(€ 13,564,224), Mapei Corp (€ 12,573,335), Mapei Uk Ltd (€ 8,424,956), Vinavil Egypt for

Chemicals Sae (€ 7,377,822), Mapei Construction Chemicals Llc (€ 6,246,454), Mapei

As (€ 5,301,688), Mapei France Sa (€ 4,754,157), Mapei Suisse Sa (€ 4,277,485) and

Vaga Srl (€ 4,081,307).

Draft and promissory notes

As at December 31st, 2015, draft and promissory notes totalled € 1,114,182 (€ 730,415 in

2014) and primarily included draft and promissory notes to suppliers of Mapei Korea Ltd.

Due to Tax office

As at December 31st, 2015, these payables totalled € 32,959,777 (€ 23,979,688 as at

December 31st, 2014), reflecting in full the current tax obligations of the Group.

Social security contributions

As at December 31st, 2015, these totalled € 11,369,028 (€ 11,356,810 as at December

31st, 2014) and are all payable within one year.

Other payables

As at December 31st, 2015, these payables totalled € 93,615,130 (€ 90,546,554 as at

December 31st, 2014). This amount mainly includes payables to Football clubs of U.S.

Sassuolo Calcio Srl (€ 53,935,317) for the purchase of players’ registration rights, payables

to employees of Mapei Spa (€ 10,412,630), Sopro Group (€ 3,155,463), Polyglass Group

(€ 2,920,448),Vinavil Spa (€ 2,676,326), Mapei Corp (€ 2,526,714), Mapei Inc (€ 1,541,630),

Mapei As (€ 1,501,284), Mapei France Sa (€ 1,462,581) and Mapei Construction Chemicals

Llc (€ 1,439,372).

The breakdown by category is detailed below:

12.31.2015 12.31.2014 Difference

Payables to insurance companies 1,567,117 128,381 1,438,736

Payables to employees 36,690,294 35,505,849 1,184,445

Other payables 55,357,719 54,912,324 445,395

Total 93,615,130 90,546,554 3,068,576

Accruals and pre-paymentsAs at December 31st, 2015, the balance was € 11,103,826 (€ 14,305,058 as at December

31st, 2014) and include accruals related to television and media revenues of U.S. Sassuolo

Calcio Srl, to not capitalised grants received by Mapei Hellas Sa from the Greek Government

9 9

for the investment in the production site in Athens and to insurance costs mainly related to

Mapei Corp. The breakdown by category is detailed below:

12.31.2015 12.31.2014 Difference

Rents 875,954 895,650 -19,696

Interests 564,930 1,523,968 -959,038

Insurance 1,592,397 1,439,099 153,298

Leasing 288,556 58,706 229,850

Not capitalized Grants 874,783 1,468,969 -594,186

Other 6,907,206 8,918,666 -2,011,460

Total 11,103,826 14,305,058 -3,201,232

Financial expenses booked to assets in the Balance SheetNo significant financial payments are booked to assets in the Balance Sheet.

ContingenciesThe line includes: the notional value of derivative contracts equal to € 91,156,382 as at

December 31st, 2015 (€ 51,673,697 in 2014) belonging to Mapei Spa and Polyglass Group.

As at December 31st, 2015, third-party guarantees for € 15,052,622 (€ 18,924,261 as

at December 31st, 2014), mainly issued by Mapei Spa, Vaga Srl, Mapei Australia Pty Ltd,

Mapei Yapi Kimyasallari Ins. San. Ve Tic. As, Mapei As, Mosaico+ Srl e Mapei Argentina Sa.

This item also includes guarantees received from third parties amounting to € 6,011,350

(€  4,852,229 as at December 31st, 2014) belonging to Mapei Gmbh (D), Mapei Yapi

Kimyasallari Ins. San. Ve Tic. As and Mapei As.

Other obligations not recorded in the Balance SheetThere are no obligations not recorded in the Statement of Assets and Liabilities.

1 0 0

N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S

Notes to the Profit and Loss Statement

Value of productionNet sales

In 2015, our Group generated an aggregated turnover of €  2,600,082,797 against

€ 2,348,561,970 in 2014. Intercompany sales totalled € 420,406,253 (€ 408,320,093

as at December 31st 2014). The 2015 result is a Group consolidated turnover of

€ 2,179,676,544 against € 1,940,241,877 in 2014, with an increase of € 239,434,667,

equal to 12.3%.

The largest contribution to the increase in customer sales was provided by Mapei Corp,

Polyglass Group, Mapei Construction Chemicals Llc, Mapei Uk Ltd, Mapei Inc, Mapei

Suisse Sa, Mapei Doha Llc, Mapei Gmbh (D), Vinavil Egypt for Chemicals Sae, Mapei As,

Sopro Group, Mapei Far East Pte Ltd, Mapei Kft, Mapei Yapi Kimyasallari Ins. San. Ve Tic.

As, U.S. Sassuolo Calcio Srl, Mapei Spa and Mapei Australia Pty Ltd.

The Group consolidated turnover by geographic area is the following (amounts in millions

of euros):

Geographic area 12.31.2015 12.31.2014 % difference % incidence 2015

% incidence 2014

Italy 545.6 540.0 1.0% 25.1% 27.9%

Western Europe 595.1 561.3 6.0% 27.3% 28.9%

Eastern Europe 214.1 204.4 4.7% 9.8% 10.5%

Americas 604.6 462.7 30.7% 27.7% 23.9%

Asia 148.7 110.9 34.1% 6.8% 5.7%

Oceania 34.0 29.7 14.5% 1.6% 1.5%

Africa 37.6 31.2 20.5% 1.7% 1.6%

Total 2,179.7 1,940.2 12.3% 100.0% 100.0%

Capitalised costs

This line amounts to € 803,916 (€ 1,179,861 in 2014). It is attributable to the Holding

Company and refers to staff costs for the development of the new ERP system.

Other revenues

These amounts totalled € 40,145,425, with an increase of € 13,527,525 compared to

2014, and mainly include gain on disposal of players’ registration rights of U.S. Sassuolo

Calcio Srl (€ 28,887,091), cost recovery and release of funds of Sopro Group (€ 1,794,970),

other operating revenue of Mapei As (€ 1,195,927), employee costs recharged of Mapei

Spa (€ 2,719,764), release of funds and other operating revenues of Mapei Polska Spzoo

(€ 1,114,807).

1 0 1

Production costsProduction costs amounted to € 2,093,887,845, up by € 177,593,899 compared to 2014

and are detailed as follows:

12.31.2015 12.31.2014 Difference

Purchase of raw materials, packaging and supplies 1,024,682,373 955,168,252 69,514,121

Purchase of services 409,504,709 372,694,392 36,810,317

Rentals and leasing 32,242,516 29,196,204 3,046,312

Labour costs 495,210,268 444,255,629 50,954,639

Depreciation, amortisation and doubtful credits provision 94,557,757 86,324,539 8,233,218

Decrease/(increase) in stock of raw materials, pack., suppl. and merch. 1,996,337 -17,694,360 19,690,697

Sundry risk provisions 3,143,274 796,553 2,346,721

Other operating costs 32,550,611 45,552,737 -13,002,126

Total 2,093,887,845 1,916,293,946 177,593,899

Purchase of raw materials, packaging and suppliers

The increase in the purchase of raw materials, packaging and suppliers is mainly due to the

increase in turnover. The relative incidence on revenues decreased compared to last year

thanks to lower prices of raw materials.

Services

Purchase of services refers to industrial services (maintenance, consumption and third-

party services), commercial services (transport, fees, advertising and marketing) and

general services (consultancy, travels, courses, insurance, postal and telephone charges).

The breakdown by nature is detailed below:

12.31.2015 12.31.2014 Difference

Variable costs 70,013,349 66,144,657 3,868,692

Marketing and Advertising 54,563,384 51,040,536 3,522,848

Travel and Entertainment 35,594,638 31,408,023 4,186,615

Freight costs 117,300,925 112,562,567 4,738,358

Insurances 8,484,618 7,398,717 1,085,901

Other industrial and general services 123,547,795 104,139,892 19,407,903

Total 409,504,709 372,694,392 36,810,317

The increase in Freight costs is mainly due to the increase in turnover.

The increase in other industrial and general services is attributable to higher costs related

to maintenance, software and other commercial and professional services.

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N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S

Labour costs

Staff costs in 2015 amounted to € 495,210,268, with an increase of € 50,954,639 compared

to 2014, as a consequence of the new personnel hired. The highest increases were

recorded by Mapei Corp (€ 16,527,821), Polyglass Group (€ 7,821,926), U.S. Sassuolo

Calcio Srl (€  3,949,712), Mapei Spa (€  3,776,630), Mapei Construction Chemicals Llc

(€ 2,117,740), Mapei Uk Ltd (€ 2,000,366), Mapei Inc (€ 1,819,107) and Sopro Group

(€ 1,791,691).

The headcount by geographic area is the following:

12.31.2015 12.31.2014

Blue- collars

White-collars

Total Blue- collars

White-collars

Total

Italy 876 1,257 2,133 858 1,185 2,043

Western Europe 564 1,372 1,936 543 1,266 1,809

Eastern Europe 391 981 1,372 406 982 1,388

Americas 892 924 1,816 789 914 1,703

Asia 163 439 602 173 420 593

Oceania 12 78 90 16 72 88

Africa 99 50 149 84 47 131

Total 2,997 5,101 8,098 2,869 4,886 7,755

Amortisation and depreciation

The amortisation of intangible assets increased compared to the previous year, mainly due

to the amortisation of football players’ registration rights of the company U.S. Sassuolo

Calcio Srl.

The depreciation of tangible assets increased compared to the previous years due to the

investments made.

Other devaluation of fixed assets

This item is related to write downs of players’ registration rights of U.S. Sassuolo Calcio Srl

and partial impairment of goodwill of Mapei Yapi Kimyasallari Ins. San. Ve Tic. As.

Provision for doubtful credits

This item includes allocations to the provision of doubtful accounts and it is mainly

composed of balances of Polyglass Group (€ 2,561,410), Mapei Spa (€ 2,007,713), Cercol

Spa (€ 600,000), Mapei Yapi Kimysallari Ins. San. Ve Tic. As (€ 556,128) and Mapei As

(€ 396,846).

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Sundry risk provisions

This item amounts to € 3,143,274 (€ 796,553 in 2014) and it is mainly attributable to the

Polyglass Group (€ 1,559,999), Vinavil Spa (€ 514,713) and Mapei France Sa (€ 250,481).

Other operating costs

Other operating costs break down as follows:

12.31.2015 12.31.2014 Difference

Associations 1,975,449 2,893,713 -918,264

Property taxes and rates 4,736,507 4,006,198 730,309

Other taxes and duties 4,073,501 3,945,271 128,230

Losses on disposal of assets 164,628 1,543,366 -1,378,738

Consultancy on products 4,131,160 3,415,710 715,450

Gratuity and donations 1,287,011 998,048 288,963

Other operating costs 16,182,355 28,750,431 -12,568,076

Total 32,550,611 45,552,737 -13,002,126

The decrease in other operating costs is primarily attributable to the company U.S. Sassuolo

Calcio Srl, due to the decrease of losses on disposal of player-sharing agreements.

Financial income and expensesOther financial income

Other financial income detailed in line C16) of the Profit and Loss Statement amount to

€  727,770 (€  836,470 in 2014) and are mainly attributable to Zao Mapei (€  267,883),

Polyglass Group (€ 128,967), Mapei Spa (€ 59,770), Mapei Construction Products India

Ltd (€ 59,579), Mapei New Zealand Ltd (€ 41,302) and Mapei As (€ 30,103). These financial

revenues refer to interests income on financial activities of the Mapei Group member

companies.

Interest paid and other financial charges

Interests paid and other financial charges detailed in line C17) of the Profit and Loss

Statement amounted to € 10,246,612 (€ 10,174,560 in 2014) and are mainly attributable

to Mapei Spa (€  4,641,668), Mapei Corp (€  1,168,503), Mapei Yapi Kimyasallari Ins.

San. Ve Tic. San. Ve Tic. As (€ 791,920), Mapei Construction Chemicals Llc (€ 403,110),

Polyglass Group (€  380,990), Mapei Malaysia Sdn Bhd (€  343,978), Sopro Group

(€ 257.423) and Mapei As (€ 255,451), and are related to interest paid on loans and bank

current accounts.

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N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S

Gains and loss on exchange rates

The positive balance on exchange rates (€  4,147,059) reported a clear improvement

compared to 2014 (€ 2,510,966), thanks to the higher revaluation of the Euro over last

year.

Extraordinary income and expenseThe balance of extraordinary items (line E) is negative for € 38,538,009 (€ 12,141,727 in

2014). Item other income (€ 1,121,221) is mainly composed of revenues from previous

years of the Sopro Group and Polyglass Group. The most significant negative amounts

related to previous years tax (€  25,258,898), are primarily attributable to Mapei Spa

(€ 25,043,707).

Income and anticipated (deferred) taxIn 2015 these amounted to € 43,841,420 (€ 18,596,556 at December 31st 2014), of which

€ 45,030,835 for income tax provision, net of € 1,189,415 for deferred tax assets. The item

is primarily attributable to taxes related to Mapei Corp (€ 11,098,449), Polyglass Group

(€ 5,164,779), Sopro Group (€ 4,741,004), Mapei Suisse Sa (€ 3,011,139), U.S. Sassuolo

Calcio Srl (€ 2,566,099), Mapei Uk Ltd (€ 2,317,321), Mapei Polska Spzoo (€ 2,267,650)

and Vinavil Spa (€ 2,159,604). For further details, please refer to annex 3 of these Notes.

Emoluments to the Directors and to the Statutory Auditors of the parent companyManaging Director Euro 1,000,000

Statutory Auditors Euro 160,500

Managing Director

Giorgio Squinzi

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A N N E X 1

Development of net equity of Mapei Group

Net Profit Net Equity

As per Mapei Spa’s Financial Statements 10,362,156 385,765,528

Increase in net profit and net worth arising from consolidation 89,548,137 389,640,473

Consolidation Adjustments:

Dividends from consolidated investments -63,007,070 0

Amortisation of Goodwill -9,534,066 -94,215,183

Devaluation of consolidated investments 22,478,117 36,544,177

Adjustments due to the Group accounting principles -4,845,376 6,412,184

Elimination of intecompany extraordinary gain -21,104 -1,309,887

Deferred taxation 584,149 -4,698,975

Translation Reserve 0 9,568,053

Group 45,564,943 727,706,370

Minority Interest -353,208 330,570

As per Mapei Group Financial Statements (TOTAL) 45,211,735 728,036,940

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A N N E X 2

Statement of changes in Consolidated Shareholders’ equity - 2013-2014-2015

2013 CHANGES As at December 31, 2012

2012 net Profit: Brought Forward

2012 net Profit: Dividends

Translation of the Financial Statements

Adjustments to the consolida-

tion reserveOther changes 2013 net profit As at December

31, 2013

I Share capital 50,560,000 50,560,000 III Rev. Reserve 79,692,811 79,692,811 IV Legal reserve 10,112,000 10,112,000 VI Own Shares Reserve 51,515,113 51,515,113 VII Other reserves 8,913,095 8,913,095 Translation reserve 18,743,026 (27,705,372) (8,962,346)Consolidation reserve 1,898,702 90,320 1,989,022 VIII Profit brought forward 378,904,466 27,336,620 (100,000) 406,141,086 IX Group Net Profit 27,336,620 (27,336,620) 41,997,576 41,997,576

Group Net Equity 627,675,833 0 (100,000) (27,705,372) 90,320 0 41,997,576 641,958,357

Minority interests capital and reserve 9,319,310 663,644 (67,337) (9,475,278) 0 440,339 Minority interest net profit 663,644 (663,644) 115,168 115,168

Total Net Equity 637,658,787 0 (100,000) (27,772,709) (9,384,958) 0 42,112,744 642,513,864

2014 CHANGES As at December 31, 2013

2013 net Profit: Brought Forward

2013 net Profit: Dividends

Translation of the Financial Statements

Adjustments to the consolida-

tion reserveOther changes 2014 net profit As at December

31, 2014

I Share capital 50,560,000 50,560,000 III Rev. Reserve 79,692,811 (1,005,272) 78,687,539 IV Legal reserve 10,112,000 10,112,000 VI Own Shares Reserve 51,515,113 51,515,113 VII Other reserves 8,913,095 1,005,272 9,918,367 Translation reserve (8,962,346) 8,507,281 (455,065)Consolidation reserve 1,989,022 (81,159) 1,907,863 VIII Profit brought forward 406,141,086 41,997,576 (100,000) 1,359,323 449,397,985 IX Group Net Profit 41,997,576 (41,997,576) 23,368,934 23,368,934

Group Net Equity 641,958,357 0 (100,000) 8,507,281 (81,159) 1,359,323 23,368,934 675,012,736

Minority interests capital and reserve 440,339 115,168 (29,774) 0 525,733 Minority interest net profit 115,168 (115,168) 128,710 128,710

Total Net Equity 642,513,864 0 (100,000) 8,477,507 0 1,278,164 23,497,644 675,667,179

2015 CHANGES As at December 31, 2014

2014 net Profit: Brought Forward

2014 net Profit: Dividends

Translation of the Financial Statements

Adjustments to the consolida-

tion reserveOther changes 2015 net profit As at December

31, 2015

I Share capital 50,560,000 50,560,000 III Rev. Reserve 78,687,539 78,687,539 IV Legal reserve 10,112,000 10,112,000 VI Own Shares Reserve 51,515,113 51,515,113 VII Other reserves 9,918,367 11,789,533 21,707,900 Translation reserve (455,065) 9,355,248 8,900,183 Consolidation reserve 1,907,863 (413,887) 1,493,976 VIII Profit brought forward 449,397,985 11,579,401 (1,500,000) (312,670) 459,164,716 IX Group Net Profit 23,368,934 (23,368,934) 45,564,943 45,564,943

Group Net Equity 675,012,736 0 (1,500,000) 9,355,248 0 (726,557) 45,564,943 727,706,370

Minority interests capital and reserve 525,733 128,710 29,335 0 683,778 Minority interest net profit 128,710 (128,710) (353,208) (353,208)

Total Net Equity 675,667,179 0 (1,500,000) 9,384,583 0 (726,557) 45,211,735 728,036,940

1 0 7

A N N E X 3

Deferred tax assets and liabilities2015 2014

Amount of timing

differencesTax Rate Tax Effect

Amount of timing

differencesTax Rate Tax Effect

Deferred tax assets

Cost deductible in more fiscal years 6,287,350 27.5% 1,727,071 1,092,722 29.2% 318,619

Differences in provisions 33,465,602 26.5% 8,873,614 34,089,513 27.2% 9,260,319

Differences in depreciations 4,456,039 30.8% 1,370,472 4,175,336 36.0% 1,503,528

Tax losses carried forward 34,398,239 26.6% 9,167,004 56,794,215 27.5% 15,595,648

Unrealised losses on exchange rates 1,452,300 27.2% 395,536 273,963 25.5% 69,732

Deferred tax assets based on tax credit 367,474 19.9% 73,176 377,267 26.5% 100,010

Others 9,807,252 27.0% 2,644,139 11,069,956 29.4% 3,250,831

Total 90,234,255 24,251,012 107,872,972 30,098,687

Deferred tax liabilities

Tax effect on anticipated depreciations 28,246,133 27.7% 7,824,491 20,916,174 28.6% 5,987,041

Tax effect on leasing reclassification 15,447,077 29.4% 4,545,369 17,008,788 29.5% 5,015,259

Unrealised gains on exchange rates 7,171,033 25.9% 1,853,845 13,139,058 26.6% 3,491,326

Others 7,829,562 32.4% 2,533,748 9,036,099 33.6% 3,031,915

Total 58,693,805 16,757,453 60,100,119 17,525,541

Deferred tax liabilities (assets) net 7,493,559 12,573,146

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A N N E X 4

Sales, receivables and payables analysis by geographic area as per 12.31.2015

Consolidated Turnover

Consolidated Trade Receivables Other Receivables Trade Payables Other Payables

Italy 545,677,157 223,989,806 90,605,725 111,055,334 85,728,244

Europe 809,071,024 115,484,457 11,934,588 56,354,525 35,668,658

Americas 604,616,368 59,177,806 7,159,766 24,654,881 11,276,474

Asia 148,679,035 45,469,353 1,393,451 18,275,281 6,910,922

Oceania 34,041,735 7,935,873 786,538 824,882 1,373,003

Africa 37,591,225 6,526,149 985,155 7,930,454 1,361,622

Total 2,179,676,544 458,583,444 112,865,223 219,095,357 142,318,923

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1 1 0

Reconta Ernst & Young S.p.A.Sede Legale: Via Po, 32 - 00198 RomaCapitale Sociale € 1.402.500,00 i.v.Iscritta alla S.O. del Registro delle Imprese presso la C.C.I.A.A. di RomaCodice fiscale e numero di iscrizione 00434000584 - numero R.E.A. 250904P.IVA 00891231003Iscritta all’Albo Revisori Legali al n. 70945 Pubblicato sulla G.U. Suppl. 13 - IV Serie Speciale del 17/2/1998Iscritta all’Albo Speciale delle società di revisioneConsob al progressivo n. 2 delibera n.10831 del 16/7/1997

A member firm of Ernst & Young Global Limited

Reconta Ernst & Young S.p.A.Via della Chiusa, 220123 Milano

Tel: +39 02 722121Fax: +39 02 72212037ey.com

INDEPENDENT AUDITOR’S REPORT IN ACCORDANCE WITH ARTICLE 14 OFLEGISLATIVE DECREE N. 39, DATED 27 JANUARY 2010(Translation from the original Italian text)

To the Sole Shareholder ofMapei S.p.A.

Report on the consolidated financial statements

We have audited the accompanying consolidated financial statements of Mapei S.p.A. (Mapei Group),which comprise the balance sheet as at December 31st, 2015, the income statement for the year thenended, and the explanatory notes.

Director’s responsibility for the consolidated financial statements

The Director of Mapei S.p.A. is responsible for the preparation of these consolidated financialstatements that give a true and fair view in accordance with the Italian regulations governing financialstatements.

Auditor's responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on ouraudit. We conducted our audit in accordance with International Standards on Auditing (ISA Italia)implemented in accordance with article 11, paragraph 3 of Legislative Decree n. 39, dated 27January 2010. Those standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosuresin the consolidated financial statements. The procedures selected depend on the auditor'sprofessional judgment, including the assessment of the risks of material misstatement of theconsolidated financial statements, whether due to fraud or error. In making those risk assessments,the auditor considers internal control relevant to the entity's preparation of the consolidated financialstatements that give a true and fair view in order to design audit procedures that are appropriate inthe circumstances, but not for the purpose of expressing an opinion on the effectiveness of theentity's internal control. An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of accounting estimates made by Director, as well as evaluating theoverall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion.

Opinion

In our opinion, the consolidated financial statements give a true and fair view of the financial positionof Mapei S.p.A. (Mapei Group) as at December 31st, 2015, and of its financial performance for theyear then ended in accordance with the Italian law.

R E P O R T O F I N D I P E N D E N T A U D I T O R S

1 1 1

Report on other legal and regulatory requirements

We have performed the procedures required under audit standard SA Italia n. 720B in order toexpress an opinion, as required by the law, on the consistency of the Report to the Sole Shareholderwith the consolidated financial statements. The Director of Mapei S.p.A. is responsible for thepreparation of the Report to the Sole Shareholder in accordance with the applicable laws andregulations. In our opinion the Report to the Sole Shareholder is consistent with the consolidatedfinancial statements of Mapei S.p.A. (Mapei Group) as at December 31st, 2015.

Milan, June 27th, 2016

Reconta Ernst & Young S.p.A.Signed by: Renato Macchi, partner

This report has been translated into the English language solely for the convenience of internationalreaders.

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1 1 3

Used all around the world, not only in the residential building sector but also on strategic

infrastructures and large sports complexes and projects, Mapei products contain a high

rate of advanced technology and have an advantage in their quality/price ratio.

Durability, safety, eco-sustainability and specialisation are the main characteristics of

Mapei products.

They are the result of investments that go on to supply and enhance our portfolio of more

than 1,500 products, along with new developments in nano-technology and sustainability,

making Mapei solutions the winning choice for every site around the world, where Mapei

Technical Services are always on hand to give advice and work alongside clients, designers

and contractors.

The following pages illustrate the most important projects carried out in 2015.

The major projects in

2015

1 1 4

P R O D U C T S F O R C E R A M I C S A N D S T O N E M A T E R I A L

Mont Blanc Skyway CablecarCourmayeur (Aosta - Italy)

During the renovation works at the Mont Blanc SkyWay cable-car system, the underground concrete drinking water tanks were waterproofed with MAPEBAND and MAPELASTIC SMART. KERAFLEX MAXI S1 was used to bond the porcelain tiles, while IDROSILEX PRONTO was used to grout the joints. Porcelain tiles were bonded with ULTRALITE S1, KERAFLEX MAXI S1 and KERALASTIC T in the departure station at Pontal d’Entrèves, in the intermediate station at Pavillon du Mont Frèty and in the arrivals station at Punta Helbronner. Joints were grouted with KERACOLOR GG, KERAPOXY FF, KERAPOXY CQ and KERAPOXY.

MAPEI PRODUCTS: KERAFLEX MAXI S1, ULTRALITE S1, KERALASTIC T, KERACOLOR GG, KERACOLOR FF, KERAPOXY CQ, MAPESIL LM, MAPELASTIC SMART, MAPEBAND, IDROSILEX PRONTO

1 1 5

Porto Santo Airport Runway Porto Santo (Madeira, Portugal)

S E A L A N T S A N D E L A S T I C A D H E S I V E S

Porto Santo airport was built in 1959 and then extended several times over the years. Today, the airport has a runway extending over an area of around 3,000 linear metres. Because its life expectancy had been more than exceeded, repair work needed to be carried out to restore the surface of the runway and to put around 500 end sections of the runway back in service which over the years had been cordoned off because of the damage caused by the metal pipework used to drain off the rainwater. Some of the joints were removed, while others were sealed with EPORIP. PRIMER PU60 was then applied, which is used to consolidate and waterproof screeds with residual moisture above recommended levels, followed by MAPEFLEX PB27 sealant for the joints.

MAPEI PRODUCTS: EPORIP, PRIMER PU60, MAPEFLEX PB27

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P R O D U C T S F O R R E S I L I E N T A N D T E X T I L E F L O O R S A N D W A L L S

Nerviòn Plaza Shopping CentreSeville (Spain)

After 15 years of intense use, the granite flooring in the Nerviòn Plaza shopping centre had started to show dangerous signs of wear and it was decided to replace it. The client opted for LVT (Luxury Vinyl Tiles) flooring, the latest evolution in vinyl flooring, which is more resistant and particularly suitable for industrial and public areas. To get good smoothness for some of the surfaces to be covered, the substrates were smoothed over with NIVORAPID mixed with LATEX PLUS instead of water. In other areas, the substrate was treated with ECO PRIM GRIP and smoothed over with a 3 mm layer of ULTRAPLAN self-levelling and smoothing compound. The flooring was then bonded with ULTRABOND ECO 4 LVT, an adhesive developed specifically for bonding LVT.

MAPEI PRODUCTS: ECO PRIM GRIP, LATEX PLUS, NIVORAPID, ULTRABOND ECO 4 LVT, ULTRAPLAN

1 1 7

Luigi Ferraris StadiumGenoa (Italy)

P R O D U C T S F O R S P O R T A N D L E I S U R E

After years of intense activity, the pitch in the Luigi Ferraris Stadium in Genoa underwent significant upgrading work on its structure to bring it up to the high standards required for Serie A football matches. In 2013 Lega Serie A (Serie A’s governing body) decided to adopt the MAPESOIL drainage system. This system involves the installation of a no-pipe drainage system. Water is forced to run off by means of a drainage screed made from MAPESOIL VD hydraulic binder directly below the sandy root-zone underneath the grass surface. Apart from its very high drainage capacity, up to 100 times higher than with a conventional system, one of the many other advantages of MAPESOIL is that water drains off the grass playing surface much more quickly.

MAPEI PRODUCTS: MAPESOIL 50, MAPESOIL VD, MAPETARD, DYNAMON SR4

1 1 8

P R O D U C T S F O R W O O D

Massimo Vittorio Emanuele TheatrePalermo (Italy)

Renovation work was carried out in August 2015 on the cherry wood parquet flooring in the “Great Hall”, or stalls, of the Massimo Vittorio Emanuele Theatre in Palermo.Work started by removing the old, solvent-based fire-proof varnish and applying ULTRACOAT TONING BASE. After sanding the surface again, a coat of ULTRACOAT PREMIUM BASE was applied followed by a first coat of ULTRACOAT HIGH TRAFFIC (30 gloss) varnish. After two hours, a second coat of ULTRACOAT HIGH TRAFFIC was applied in combination with a coat of ULTRACOAT PREMIUM BASE using the wet-on-wet technique. This enabled the flooring to be certified as fire-reaction class CFl and smoke development class S1 in compliance with EN 13501-1:2010 standards.

MAPEI PRODUCTS: ULTRACOAT TONING BASE, ULTRACOAT PREMIUM BASE, ULTRACOAT HIGH TRAFFIC

1 1 9

Santa Bárbara Eco-Beach ResortSão Miguel, Azores (Portugal)

P R O D U C T S F O R C E M E N T I T I O U S A N D R E S I N F L O O R I N G S

In various zones of the Santa Bárbara Eco-Beach Resort the designers opted for cementitious floor and wall coverings using the ULTRATOP LOFT system. The floor and wall coverings were made with ULTRATOP LOFT F and ULTRATOP LOFT W, with a coat of PRIMER G diluted with water applied between the two coats. The final protection for the surfaces was provided by MAPEFLOOR FINISH 52 W and MAPEFLOOR FINISH 58 W. The substrates of the swimming pool were waterproofed with MAPELASTIC, MAPEBAND and MAPENET 150, before bonding mosaics with KERAFLEX MAXI S1 adhesive and grouting joints with KERAPOXY CQ. Cork was used to thermally insulate and soundproof the external façades and it was bonded with KERALASTIC.

MAPEI PRODUCTS: ECO PRIM GRIP, EPORIP, KERAFLEX MAXI S1, KERALASTIC, KERAPOXY CQ, MAPEFLOOR FINISH 52 W, MAPEBAND, MAPEFLOOR FINISH 58 W, MAPELASTIC, MAPENET 150, PRIMER G, PRIMER SN+QUARTZ 0.5, ULTRATOP LOFT F, ULTRATOP LOFT W

1 2 0

P R O D U C T S F O R S O U N D P R O O F I N G

Prima Pearl TowerMelbourne (Australia)

Mapei systems were used for the installation of ceramic tiles and stone slabs in the apartments, swimming pools, steam rooms, balconies, and other areas of the Tower.MAPELASTIC SMART was chosen to waterproof external areas, while MAPELASTIC AQUADEFENSE was selected to waterproof internal areas. Porcelain tiles were bonded on the floors of all apartments using KERABOND PLUS mixed with ISOLASTIC 50 in the wet areas, while KERAFLEX was used to bond the tiles on all other floor areas. Porcelain and mosaic tiles were bonded on the walls with TIXOBOND FINE S1. All the floors and walls joints in the apartments were grouted using KERACOLOR FF. Mosaics were installed in the pools using KERAFLEX while joints were grouted with ULTRACOLOR PLUS. Joints were sealed with MAPESIL AC.

MAPEI PRODUCTS: MAPELASTIC AQUADEFENSE, MAPELASTIC SMART, ISOLASTIC 50, KERABOND PLUS, KERACOLOR FF, KERAFLEX, TIXOBOND FINE S1, ULTRACOLOR PLUS, MAPESIL AC, ULTRABOND ECO 350

1 2 1

Cerchio Viaduct Along the A-25 MotorwayL’Aquila (Italy)

P R O D U C T S F O R B U I L D I N G

The “Cerchio” Viaduct is around 500 m long and is made up of 14 pairs of load-bearing piles and an abutment at each end. It was constructed at the beginning of the 1970’s. The renovation works were carried out between 2013 and 2104. The first step was to prepare the substrate by high-pressure hydro-scarifying to remove all the deteriorated concrete and then replace and integrate the reinforcement rods. To rebuild and strengthen the piles, which required the application of layers from 7 cm to 15 cm thick, MAPEGROUT EASY FLOW mortar and the curing admixture MAPECURE SRA were used. To completely protect the piles and make them waterproofed MAPELASTIC GUARD was applied, a two-component, elastic cementitious mortar for protecting large concrete structures subjected to high stress.

MAPEI PRODUCTS: MAPEGROUT EASY FLOW, MAPECURE SRA, MAPELASTIC GUARD

1 2 2

P R O D U C T S F O R S T R U C T U R A L S T R E N G T H E N I N G

Residential EstatesSingapore (Singapore)

The MAPEWRAP system was used to reinforce columns at the void decks of several housing estates in Singapore. MAPEWRAP 31 SP adhesive was applied on the column surfaces after removing existing paints and plasters. The same adhesive was used for the impregnation of MAPEWRAP G UNI-AX SP uni-directional glass fibre fabrics MAPEWRAP G UNI-AX SP was placed onto the freshly primed columns. These operations were repeated for another two times to complete a total of 3 layers of wrapping around the columns. Sand was broadcasted onto the surfaces while the last layer of MAPEWRAP G UNI-AX SP was still fresh to promote adhesion of the final plaster. ADESILEX PG2 SP was used to repair concrete substrates with big voids before starting reinforcement works.

MAPEI PRODUCTS: ADESILEX PG2 SP*, MAPEWRAP 31 SP*, MAPEWRAP G UNI-AX SP*

* These products are manufactured and distributed on the Singaporean market by Mapei Far East

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Sanctuary of Santa Maria del FonteCaravaggio (Italy)

P R O D U C T S F O R T H E R E S T O R A T I O N O F M A S O N R Y B U I L D I N G S

In the Sanctuary of Santa Maria del Fonte, a MAPE-ANTIQUE dehumidifying cycle was applied to restore the render for the porticoes which had been badly damaged by rising damp and soluble salts. After removing all the old render and washing the walls with low pressure water jets to eliminate all the loose materials, efflorescence and soluble salts, the masonry was treated with MAPE-ANTIQUE RINZAFFO. The next step was to apply a 20 mm thick layer of MAPE-ANTIQUE MC MACCHINA. Once the render was fully cured, the surface was skimmed with MAPE-ANTIQUE FC CIVILE, mixed with a small amount of very fine, ochre-yellow sand to give it the same colour as the original material. The parts of the masonry walls along the colonnades that are most exposed to rain were then treated with ANTIPLUVIOL W.

MAPEI PRODUCTS: MAPE-ANTIQUE ALLETTAMENTO, MAPE- ANTIQUE RINZAFFO, MAPE-ANTIQUE MC MACCHINA, MAPE-ANTIQUE FC CIVILE, ANTIPLUVIOL W

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P R O D U C T S F O R T H E R M A L I N S U L A T I O N

Green ResidencesEkrene (Norway)

The housing project at Ekrene encloses over 100 residential houses located along the coastline of Rogaland. The façades of the houses need to be able to withstand the rough climate and conditions of the coastline. Insulating panels were bonded to the façades using MAPETHERM AR1 GG. One day after bonding the panels, the wall substrates were skimmed with a 2 mm thick coat of MAPETHERM AR1 GG and while it was still wet, MAPETHERM NET glass fibre mesh was embedded in the mortar. After another 24 hours, a second coat of MAPETHERM AR1 GG was applied to completely cover the mesh.After around 10 days, a finishing cycle of the SILANCOLOR system was applied made up of silioxane products such as SILANCOLOR BASE COAT and SILANCOLOR TONACHINO.

MAPEI PRODUCTS: MAPETHERM AR1 GG, MAPETHERM NET, SILANCOLOR BASE COAT, SILANCOLOR TONACHINO

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Vittorio Emanuele General HospitalCatania (Italy)

P R O D U C T S F O R P R O T E C T I V E A N D D E C O R A T I V E C O A T I N G S

The last renovation works at the General Hospital of Catania involved the application of new wall coatings. After a survey by Mapei Technical Services, five different interventions were recommended based on the various types of substrate. The products used included INTOMAP R1 admixed with PLANICRETE, PLANITOP 210 reinforced with MAPENET 150, QUARZOLITE BASE COAT, ELASTOCOLOR TONACHINO PLUS, SILANCOLOR BASE COAT, SILANCOLOR AC TONACHINO, POROMAP RINZAFFO, POROMAP INTONACO, SILANCOLOR PRIMER, SILANCOLOR TONACHINO, and MAPETHERM AR 1 GG reinforced with MAPENET 150.

MAPEI PRODUCTS: ELASTOCOLOR TONACHINO PLUS, INTOMAP R1, MAPENET 150, MAPETHERM AR 1, PLANICRETE, PLANITOP 210, POROMAP INTONACO, POROMAP RINZAFFO, QUARZOLITE BASE COAT, SILANCOLOR TONACHINO, SILANCOLOR PRIMER, SILANCOLOR TONACHINO

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P R O D U C T S F O R W A T E R P R O O F I N G

Demjén Cave Bath and Adventure SpaDemjén (Hungary)

In this large spa theme park MAPEQUICK AF 1000 was used in the design of the shotcrete, while MAPEGROUT 430 and PLANITOP 400 were used to repair the concrete. The cracks were sealed with EPOJET. Before bonding ceramic tiles on walls and floors, the surfaces were treated with PLANITOP FAST 330, ADESILEX P4, PROSFAS and PRIMER G. MAPEBAND, MAPELASTIC, MAPEGUM WPS and MAPELASTIC AQUADEFENSE were used to waterproof the substrates in the swimming pools and bathrooms. Ceramic tiles and glass mosaics were bonded with ELASTORAPID in the pools, with KERAFLEX S1 in the relaxation areas, with KERAFLEX MAXI S1 in the thermal caves. The tile joints in the pools were grouted with KERAPOXY CQ mixed with MAPEGLITTER, while ULTRACOLOR PLUS was used to grout joints in all the other areas.

MAPEI PRODUCTS: MAPEQUICK AF 1000, MAPEGROUT 430, PLANITOP FAST 330, EPOJET, EPORIP, MAPELASTIC, MAPELASTIC AQUADEFENSE, MAPEGUM WPS, MAPEBAND, PRIMER G, PROSFAS, ELASTORAPID, KERAFLEX, KERAFLEX S1, KERAFLEX MAXI S1, KERAQUICK, ADESILEX P9, ADESILEX P4, KERACOLOR GG, KERACOLOR FF FLEX, KERAPOXY DESIGN, MAPEGLITTER, MAPESIL AC

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Allianz TowerMilan (Italy)

A D M I X T U R E S F O R C O N C R E T E

The Allianz Tower, designed by Arata Isozaki with Andrea Maffei Architects, is the new home for the headquarters of the German insurance group Allianz in Milan. Mapei admixtures for the concrete used for its construction, such as MAPEPLAST PZ 300, DYNAMON SR 914, DYNAMON SP1, DYNAMON XTEND W300 and VISCOSTAR 3K. Mapei systems for resin and cementitious floors were applied in the car parks, such as MAPEFLOOR PARKING SYSTEM RLT, MAPEFLOOR PARKING SYSTEM RHT, MAPEFLOOR PARKING SYSTEM ID, MAPEFLOOR PARKING SYSTEM 31 RLT, and ULTRATOP. MAPEGROUT SV, MAPEGROUT BM, CABLEJET and MAPEFILL F were used for anchoring works. The substrates of the bathrooms were treated and waterproofed with MAPELASTIC before bonding ceramic tiles with KERAFLEX MAXI and ADESILEX P9 and grouting joints with ULTRACOLOR PLUS. Joints were sealed with PRIMER FD and MAPESIL AC.

MAPEI PRODUCTS: DYNAMON SP1, DYNAMON XTEND W300, DYNAMON SR 914, MAPEPLAST PZ 300, VISCOSTAR 3K, MAPEFLOOR PARKING SYSTEM, MAPECOLOR PASTE, ULTRATOP, MAPELASTIC SMART, PLANITOP 210, CABLEJET, MAPEFILL F, MAPEGROUT BM, MAPEGROUT SV, PRIMER G, KERAFLEX MAXI, ADESILEX P9, ULTRACOLOR PLUS, PRIMER FD, MAPESIL AC

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P R O D U C T S F O R U N D E R G R O U N D C O N S T R U C T I O N S

Base tunnel along the mountain pass deviationThe A1 Motorway Sasso Marconi-Barberino Del Mugello (Italy)

The base tunnel along the mountain pass deviation of the A1 motorway is 8.6 km long and has a cross-sectional area of 180 m². It is a twin-bore tunnel, one for each of three-lane carriageways. Excavation work on this tunnel started in 2005 and was completed in 2015. Mapei has been involved since the beginning of the works by supplying accelerators from the MAPEQUICK line and superplasticizers for concrete and shotcrete from the DYNAMON line. Thin porcelain tiles were applied on the tunnel piers using KERAFLEX MAXI S1, which was chosen for its high thixotropy, adhesion and deformability. The joints were grouted with KERAPOXY CQ. MAPECOAT T28 and MAPEFLOOR FINISH 58W were used to finish the surfaces of bypasses, fire escapes and emergency exits.

MAPEI PRODUCTS: KERAFLEX MAXI S1, KERAPOXY CQ, MAPECOAT T28, MAPEFLOOR FINISH 58W, MAPEQUICK AF1000, DYNAMON SR3

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Dangote Cement PlantObajana (Nigeria)

C E M E N T A D D I T I V E S F O R C E M E N T

The Obajana Cement Plant, opened in 2006 and located in Nigeria, is one of the largest cement plants in the world, with a total capacity of 13.2 million tons of cement per year. Mapei engineers approached the plant staff to develop tailor-made solutions to improve the performances of the cement and reduce the CO2 emissions. Thanks to the use of the performance enhancer MAGA/VM 123, the cement produced at the plant has increased its strengths from 19-20 MPa at 2 days to 24-25 MPa and, at the same time, the clinker content has been reduced of 5%. We can estimate that, thanks to the Mapei technology, Dangote is saving more than 55 kg of CO2 for every ton of cement produced, which is equivalent to an annual saving of 730,000 tons of CO2 a year for the whole plant.

MAPEI PRODUCTS: MAGA/VM 123

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Edited by

Mapei SpA, Communications and Art Direction

Financial Data

Mapei SpA, Accounting and Controlling Department

Graphic Design

Mapei SpA, Marketing Department

Photos

Mapei SpA photographic records

Printers

Rotolito Lombarda

Milan, August 2016

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HEADQUARTERSMAPEI SpA Via Cafiero, 22 - 20158 MilanTel. +39-02-37673.1 Fax +39-02-37673.214Internet: www.mapei.comE-mail: mapei@mapei.it

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