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Lafarge nine months sales up by 4% but profit down

09 November 2012

France: Lafarge has reported that its sales have risen by 4% to Euro4.39bn in the first nine months of 2012, compared to Euro4.21bn in the same period of 2011. However, the French multinational cement producer's profits are still suffering due to restructuring charges and an impairment in the second quarter. So far in 2012 Lafarge's net income has fallen by 44% to Euro332m from Euro596m. For the third quarter of 2012 net income fell by 5% to Euro319m from Euro336m.

Lafarge's earnings before interest, taxes, depreciation and amortisation (EBITDA) for its cement business rose by 5% for the first nine months of 2012 to Euro2.22bn from Euro2.08bn in 2011. Cement sales increased by 3% to Euro7.90bn from Euro7.49bn. Cement volumes declined by 2% to 106Mt from 109Mt. For the third quarter of 2012 cement volumes declined by 4% year-on-year to 36.6Mt from 38.2Mt in 2011. Lafarge attributed this to the construction slowdown in Europe, unfavourable third quarter weather conditions in the central United States and the sale of some of its US assets to Eagle Materials in October 2012.

"Our actions to generate sales growth and cash, reduce debt and improve returns led to a fourth consecutive quarter of positive trends even in a lower growth volume environment. These actions will accelerate as we implement Euro550m of innovation and cost savings initiatives in 2013 of our four year, Euro1.75bn additional EBITDA plan," said Bruno Lafont, chairman and chief executive officer of Lafarge.

By region cement volumes declined by 10% in north America to 4.1Mt year-on-year in the third quarter of 2012 from 4.5Mt. Western Europe saw a decline of 12% in the third quarter to Euro4.2Mt from Euro4.9Mt. Lafarge's central and eastern Europe region saw a drop of 8% to 4.5Mt from 4.7Mt. In Poland the group blamed a slowdown on the aftermath of the European Football Championship in June 2012. In Russia a production 'limitation' at a plant near Moscow caused problems. In the 'Middle East and Africa' region volumes fell by 4% to 10.8Mt from 11.4Mt.

In Latin America cement volumes rose by 5% to 2.4Mt from 2.3Mt. Cement sales in the region were led by a 12% boost in Brazil. In Asia volumes rose by 3% to 10.6Mt from 104Mt. Lafarge singled out a 25% increases in domestic cement sales in India, 11% in the Philippines and 14% in Indonesia. Despite increases in volumes in China, Lafarge noted that cement sales were impacted by slower construction growth and increased competition.

In its outlook Lafarge concluded that it expects to see cement demand growing from 1-4% in 2012 driven by emerging markets. The group will hold its target of reducing net debt to below Euro10bn as soon as possible in 2013.

Published in Global Cement News
Tagged under
  • Lafarge
  • France
  • Results
  • GCW75

HeidelbergCement reports revenue up by 9.4% so far in 2012

08 November 2012

Germany: HeidelbergCement has reported that its revenue for the first nine months of 2012 rose by 9.4% to Euro10.5bn from Euro9.62bn in 2011. The German construction materials group reported that earnings before interest and income taxes (EBIT) stayed flat at Euro1.07bn in 2012 compared to Euro1.08bn in 2011. Profit before tax fell by 5% to Euro601m from Euro635m.

Results for the third quarter of 2012 showed a different trend, with increasing EBIT and profit. Revenue rose by 9% to Euro3.94bn from Euro3.62bn compared with the same quarter of 2011. EBIT rose by 11% to Euro608m from Euro548m. Profit before tax rose by 6% to Euro427 from Euro403m. At the end of September 2012 the group's net debt stood at Euro7.76bn, a reduction of Euro740m compared to September 2011.

Cement and clinker sales rose by 2.5% for the first nine months of 2012, to 67Mt from 65.4Mt in 2011. By quarter, its sales remained flat, hitting 24.3Mt in the third quarter of 2012. The group attributed the increase for the nine-month period to a continued recovery of residential construction in North America and a persistently strong demand in Asia. The group blamed declining infrastructure expenditure in some European markets for its losses. The largest contribution to sales volumes was made by the 'Asia-Pacific' group area, followed by North America. The sales volumes of the 'Eastern Europe-Central Asia' and 'Africa-Mediterranean Basin' group areas remained at the previous year's level.

Published in Global Cement News
Tagged under
  • Results
  • Germany
  • HeidelbergCement
  • GCW75

Italcementi’s nine month profit crashes by 92%

08 November 2012

Italy: Italcementi's net profit for the first nine months of 2012 has fallen by 92% to Euro17.1m from Euro213m in the same period in 2011. The Italian cement major blamed the on-going crisis in western Europe and new competition in Egypt and Morocco.

Italcementi's revenue for the year to 30 September 2012 fell by 4.4% to Euro3.39bn from Euro3.55bn. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) fell by 11.6% to Euro517m from Euro584m. For the third quarter of 2012, year-on-year decreases in revenue and EBITDA were similar to the year-to-date results. However, the company's net profit fell by 34.7% to Euro16.3m from Euro25m.

Italcementi's 'Central Western Europe' region sold 12.2Mt of cement during the first nine months of 2012, a drop of 16.8% compared to the same period in 2011. The 'Emerging Europe, North Africa and Middle East' region sold 11.1Mt, a drop of 4.9%. North America remained flat with 3.2Mt sold. Asia posted a rise of 7.1% with 7.6Mt sold.

In its report Italcementi singled out significant cement and clinker sales improvements in India and Thailand. Despite declining volumes in Egypt the company pointed out that as the country's political situation stabilises, the strengthening upturn in consumption could offer opportunities for improvements in group operations on the main market in the North Africa and the Middle East.

In its outlook the company called for greater caution given an intensification of decline in demand in the third quarter of 2012. It also mentioned that, in addition to completing the investments and efficiency measures planned during the year, the company is preparing new measures to 'significantly' reduce operating costs.

Published in Global Cement News
Tagged under
  • Results
  • Italy
  • Italcementi
  • GCW75

Same old story: cement overcapacity in China

Written by Global Cement staff
07 November 2012

Liu Ming of the National Development and Reform Commission (NDRC) once again stated the obvious this week: China is producing too much cement.

He made the same warning on overcapacity that has been made all year. Officials from the NDRC have recommended stricter controls on new capacity, faster mergers and acquisitions, elimination of out-dated capacity and faster industry upgrades. Unsurprisingly this is exactly the line that China's Ministry of Industry and Information Technology (MIIT) was hawking in its 12th Five-year Plan (2011-2015) for the country's building materials industry that it released back in 2011.

So what's actually happened since last time Liu Ming played Cassandra?

Back in July 2012, at the time of the half-year financial reports, it looked like Chinese cement producers were facing profit gaps of around 50%. Now it looks worse. Major producer China National Building Material Co (CNBM) has reported a drop in net profit of 40% to US$575m for the nine months to 30 September 2012. Anhui Conch has reported a drop in net profit of 57% to US$632m. China National Materials Co Ltd (Sinoma) has reported a 76% drop in net profit to US$48.8m for the same period. Jidong Cement reported a 83% drop in net profit to US$38.6m.

In 2010 Chinese cement production was 1.87Bt. In 2011 it was 2.06Bt, according to Chinese state-released statistics. From January to September 2012, the country produced 1.59Bt of cement, a year-on-year increase of 6.7%. For the full year of 2012 it is estimated that China will produce 2.8Bt/yr. However, according to the NDRC production growth have fallen to 6.7% in 2012 compared to 11.4% in 2011. Capacity is still rising whilst profits are plummeting.

At the start of 2012 the Chinese Vice Minister of Environment Protection, Zhang Lijun, announced that the ministry plans to introduce stricter rules on NOx emissions from cement plants. At the time it was reckoned that the move could wipe out a third of the industry's total net profits. Then in September 2012, industry reports suggested that the government was now going to set nitrogen oxide emissions to 300mg/m3, below the international standard of 400mg/m3. It was estimated that only about a third of producers would be able to afford the necessary upgraded equipment to meet the requirement. Then, also in September 2012, the Guangdong Emissions Trading Scheme (GETS) was launched, which might offer another way of restraining production.

In summary: profits are tumbling, production is probably slowing and new controls are as-yet unbinding. Yet, perhaps Liu Ming repeated his warning for one particular audience who can make a difference. On 8 November 2012 the Chinese Communist Party holds its 18th national congress to decide the new leadership. Producers like West China Cement are certainly hoping this shakes things up. It recently announced that it was waiting for new infrastructure projects to be approved to swallow up its growing surplus.

Published in Analysis
Tagged under
  • CNBM
  • China
  • Anhui Conch
  • Jidong
  • MIIT
  • GCW74
  • NDRC
  • Sinoma

Vulcan announces leadership appointments

Written by Global Cement staff
07 November 2012

US: Vulcan Materials Company has announced four personnel changes as part its process to develop its new leadership team for the future. Danny R Shepherd, aged 61, has been appointed to the position of executive vice president and chief operating officer. He was formerly the executive vice president of construction materials.

Robert A Wason IV, aged 61 and senior vice president - general counsel, will retire from Vulcan at the end of October 2013. He will now assume the role of senior advisor to the executive management team until that time.

Michael R Mills, aged 52 currently senior vice president - east region, has been appointed to the position of senior vice president, general counsel. He will report to Donald M James, chairman and chief executive officer. Mills will also serve as the company's corporate compliance officer.

John R. McPherson, aged 44 and currently senior vice president - strategic planning and business development, has been appointed to the position of senior vice president - east region. He replaces Michael Mills and will report to Danny Shepherd in his new role as executive vice president and chief operating officer.

Published in People
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