Displaying items by tag: France

France: Italcementi has announced that it will target the minority holdings of Ciments Français with a buyout bid of Euro79.5/share, excluding dividend, from 13 June - 3 July 2014. The announcement follows the receipt of regulatory clearance.

Italcementi unveiled the final offer price on 20 May 2014. The company said at the time that it held 83.83% of the share capital and 91.03% of the voting rights of Ciments Français and that its bid had a maximum total counter-value of some Euro464m.

The move is in line with a drive to increase Italcementi's capital and streamline the group's structure. It will use the proceeds from a capital hike of up to Euro500m to bankroll the recommended offer. In the event that Italcementi builds a stake of at least 95% through the tender offer, it would initiate, within three months from the completion of the bid, a squeeze-out procedure for the rest of the shares at the offer price.

France: Italcementi has set the final price for the buyout offer targeting the minority holdings in its French arm Ciments Français SA at Euro79.50/share, excluding dividend.

Italcementi, which currently owns 83.83% of the share capital and 91.03% of the voting rights of Ciments Français, has increased the bid by Euro3.00/share from the Euro78.00/share announced on 6 March 2014, which included a dividend of Euro1.50/share.

The price was boosted after taking into consideration the assessment by Ciments Français and its advisor, FINEXSI, the revised growth projections of the group and recent industry developments. The bid, which is in line with a drive to increase Italcementi's capital and streamline the group's structure, is to be launched in June 2014 and has a maximum total counter-value of some Euro463.5m. Italcementi will use proceeds from a capital hike of up to Euro500m to bankroll the offer.

Ciments Français' board noted that the price is deemed fair by the advisor and is in the high-end of the established valuation range. Moreover, the move is seen to allow Ciments Français to conduct its operations more efficiently, the board added. In the event that Italcementi builds a stake of at least 95% through the tender offer, it would initiate, within three months from the completion of the bid, a squeeze-out procedure for the rest of the shares at the offer price.

France: Lafarge's net loss has grown by 15% year-on-year for the first quarter of 2014, from Euro117m in 2013 to Euro135m in 2014. The company blamed the result on the 'seasonality' of its business and the effect of the variations of the net-of-tax gains and losses on divestments.

Overall sales across all business lines fell by 2% year-on-year to Euro2.63bn from Euro2.68bn. Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 21% to Euro343m from Euro342m. Notably an improvement in EBITDA in the group's Western Europe region was noted.

"Our first quarter results confirmed the positive trends experienced at the end of 2013. Our volumes were supported by continuing growth in emerging markets and the progressive improvement in several European markets. North America was affected by a harsh winter but the underlying market trends are positive. Our outlook for the year is confirmed and we expect to see cement demand growth in our markets of between 2% to 5% in 2014," commented chairman and chief executive of Lafarge, Bruno Lafont.

For its cement business, cement sales volumes rose by 8% to 25.9Mt from 23.9Mt. Despite this rise in volumes, cement sales remained static at Euro365m for the quarter.

By region for its cement business, Lafarge reported static sales volumes for cement year-on-year for the quarter in North America due to adverse weather. Sales volumes rose by 7% to 2.6Mt in Western Europe with notable improvements recorded in Spain and Greece. Volumes rose by 19% to 1.9Mt in Central and Eastern Europe with increases in Poland and Romania but a fall in sales in Russia. In the group's Middle East and Africa region cement sales volumes rose by 15% to 10.5Mt. In Latin America sales volumes fell by 15% to 1.9Mt impacted by group divestment and deconsolidation in Honduras and Mexico, despite increase sales volumes in Brazil. In Asia sales rose by 7% to 7.5Mt.

France: Vicat Group has announced its results for the first quarter of 2014, which show a 14% improvement to sales compared to the first quarter of 2013. The group highlighted improved conditions in Egypt, the United States, West Africa and Turkey, increasing sales in India and favourable weather conditions in its native France as among the reasons for the improvement.

Sales for the three months to 31 March 2014 were Euro536m, an increase of 9.2% (14% after adjusting for constant scope and exchange rates). Vicat's cement sector saw sales of Euro275m for the quarter, up from Euro256m in the first quarter of 2013, a year-on-year improvement of 7.4%(15.2% at constant scope and exchange rates). Cement sales volumes were up by 6% across Vicat's global operations.

"Vicat achieved strong sales growth in the first quarter of 2014. Our businesses benefited from mild weather conditions in France and were able to capture positive momentum in the Swiss, US and Turkish construction sectors," said Vicat's CEO Guy Sidos. "The return to growth in Egypt is a positive sign for our full-year performance and we are continuing to ramp-up our business in India, although prices are likely to remain volatile. The group is still gradually reaping the benefits of its investments over the last few years, using its strong market positions to maximise cash flow and continue reducing debt."

In Europe (excluding France) consolidated sales were Euro89m, 22.2% higher than the Euro72m seen in the first quarter of 2013. Switzerland was highlighted as a good performer, with 13% growth in cement sales, while Italy saw consolidated sales fall by 17.6% year-on-year due to a 19.2% fall in volumes.

In the United States, sales were Euro51m compared to Euro46m in the first quarter of 2013, a 9.5% rise year-on-year. The group said that business continued to pick up in the country, with cement sales picking up by 13.9% and volumes increasing by 3%.

In Turkey sales were Euro44m, 25.8% higher (at constant scope and exchange rates) than in the year-earlier quarter. In India sales came to Euro47m, 27.2% higher (at constant scope and exchange rates) year-on-year. In Kazakhstan sales fell by 14% to Euro9m (at constant scope and exchange rates), which resulted from comparison to unusually high sales in the first quarter of 2013.

In Africa and the Middle East Vicat's consolidated sales were Euro98m, a 12.9% improvement over the first quarter of 2013 when it took Euro87m. Egypt saw a 26.7% improvement year-on-year, while west Africa saw revenues up Euro11.6% due to a 14% improvement in sales volumes.

In the rest of 2014 Vicat expects the French market to gradually stabilise and the Swiss market to continue to be strong. Italy is likely to remain weak, while volume rises and price increasese are expected in the United States. In Turkey Vicat warns that further growth will be dependent on foreign exchange effects and potential after-effects of elections. It says that Egypt remains unpredictable but plans for gradual improvement to the security situation. West Africa is expected to be buoyant in terms of consumption but warns against increased competition that may dampen prices. In India, weak infrastructure development will continue to adversely affect volumes, as will chronic overcapacity in the nation's cement industry. In Kazakhstan, it expects its strong local position to continue to reap rewards.

France: The Vicat board of directors has appointed Guy Sidos as the new chairman, in addition to his current position as chief executive officer. The board also appointed Jacques Merceron-Vicat as honourary chairman.

Sidos, aged 51, is the son-in-law of outgoing chairman and former CEO Jacques Merceron-Vicat. His appointment is intended to continue Vicat's independent outlook. Sidos is a graduate engineer of France's Navy School. After joining the Vicat Group in 1999 he held a number of operational positions, particularly in the US, before being appointed COO in 2004, then CEO in 2008. He will henceforth hold this position alongside that of chairman after the annual general meeting on 6 May 2014.

France: Lafarge's financial results for 2013 have been rescued by an improved fourth quarter year-on-year. It reported a 2% decrease in sales year-on-year to Euro3.71bn for the fourth quarter of 2013 fromEuro3.81bn in 2012. Overall sales for 2013 fell by 4% to Euro15.2bn from Euro15.8bn. The French-based multinational building producer reported increasing sales on a like-for-like basis for both the final quarter and the full year. It attributed the improvement to growing sales volumes, ongoing growth in most emerging markets, the recovery in the United States and stabilisation in Europe.

"In the fourth quarter we saw much more positive operational trends, accelerating compared to the third quarter, while exchange rates continued to be adverse," said Chairman and Chief Executive Officer of Lafarge, Bruno Lafont.

Sales volumes of cement for the 2013 financial year fell by 3% year-on-year to 137Mt from 141Mt. Earnings before interest, taxes, depreciation and amortisation (EBITDA) fell by 9% to Euro3.10bn from Euro3.42bn.

By region, sales volumes of cement fell in North America by 12% in 2013 to 11.3Mt from 12.8Mt but the residential sector in the US recovered. In Western Europe they fell by 14% to 14Mt from 16.4Mt but the French construction market was described as 'resilient' and sales rose in the UK. In Central and Eastern Europe they fell by 6% to 12.5Mt from 13.2Mt, with particular problems in Poland and Romania. In Middle East and Africa they fell by 2% to 44.4Mt from 45.2Mt with problems noted in Egypt, Morocco and Kenya. In Latin America they fell by 4% to 8.8Mt from 9.2Mt affected by 'subdued' growth in Brazil. Although on like-for-like basis they rose by 1%. In Asia cement sales rose by 3% to 45.8Mt from 44.3Mt led by a strong market in the Philippines despite Typhoon Haiyan.

For its outlook Lafarge expects to sees cement growth in its markets of between 2 to 5% in 2014 versus 2013 with markets benefiting from recovery in the US, stabilisation in Europe and on-going growth in emerging markets.

France: The Vicat Group has reported that sales by its cement business fell by 4% year-on-year to Euro1.11bn in 2013 from Euro1.16bn in 2012. No reason was provided for this decline. The French building materials manufacturer produced 18Mt of cement in 2013. Across all business lines the company's sales remained flat at Euro2.29bn.

By region, Vicat saw cement sales fall by 7.6% year-on-year in France due to poor weather and 'challenging' economic conditions. Cement sales rose by 6.3% in the US, led by infrastructure growth in California. In Turkey cement sales rose by 16.7% and in West Africa sales fell by 4.7%.

France: Lafarge has stockpiled carbon permits in the European Union for the first nine months of 2013 due to weak prices. The multinational cement producer confirmed the situation to Reuters following the release of its third quarter results on 6 November 2013.

"Given the current price for CO₂ rights there is not a strong rationale for sale compared to holding them for the future," said a Lafarge spokeswoman. Lafarge made Euro56m from selling carbon permits in the first nine months of 2012. Holcim reported in its third quarter results for 2013 that its revenue from the sale of CO₂ emission certificates in the first nine months of 2013 fell by 17% year-on-year to Euro8.10m from Euro9.7m.

The EU Emissions Trading Scheme (ETS) has seen the price of carbon permits fall by over 80% to Euro4/t in August 2013 from Euro30/t in 2008. The scheme has been undermined by an oversupply of permits.

France: Lafarge has reported that its sales fell by 4% year-on-year to Euro4.24bn for the third quarter of 2013 from Euro4.39bn for the same period in 2012. The France-based building materials multinational blamed the results on adverse exchange rates which had a negative impact of 7% on both sales and profit indicators such as earnings before interest, taxes, depreciation and amortisation (EBITDA). Lafarge reported that its EBITDA fell by 6% year-on-year to Euro 1.01bn for the third quarter of 2013. Cement volumes remained stable at 36.7Mt.

By business region, cement sales volumes fell in North America, Western Europe, Central and Eastern Europe and Latin America for both the third quarter and the year to date. Mixed results were reported in the Middle East and Africa where cement sales volumes have fallen overall so far in 2013 but rose in the third quarter. Asia saw cement volumes rise in both periods.

Lafarge expects that the cement sector will grow at 0 - 3% in 2013 compared to 2012 due to market recovery in the US, continuing growth in most emerging markets and 'stabilisation' in Europe. The company intends to reduce its net debt to below Euro10bn in 2013, and below Euro9bn in 2014.

France: The Vicat Group has reported that its consolidated cement sales have fallen by 2.8% year-on-year to Euro855m for the first nine months of 2013 from Euro879 in 2012. No reason was given for the decline. Cement sales volumes rose by 1.4% year-on-year to 13.7Mt. Overall the company saw its total sales remain stable year-on-year at Euro1.74bn.

"The United States, Switzerland, Turkey and Kazakhstan again delivered healthy business levels while political and security factors in Egypt and competition in India and Senegal continued to weigh on the Group's performance in these regions," said Guy Sidos, CEO of Vicat.