BOARD OF DIRECTORS EXAMINES SALES FIGURES FOR YEAR TO DECEMBER 31, 2013
 Italcementi Group revenue 4,235.4 million euro (-5.4%, -2.2% like-forlike and at constant exchange rates)
 Sales volumes: 43.1 million metric tons of cement and clinker, 32.5
million metric tons of aggregates and 12.3 million m3 of ready mixed
concrete.
 Net debt shows further reduction to 1,940 million euro (an
improvement of approximately 60 million euro from the end of 2012).
 Fourth-quarter estimates confirm an additional improvement in
profitability.
Bergamo, February 6, 2014 – The Italcementi Board of Directors has examined figures
on the Group sales performance for the year to December 31, 2013.
In the countries where the Group operates, 2013 was another year affected by the
repercussions of the economic crisis, which had a particularly notable impact on demand
for construction materials in Continental Europe; meanwhile, the Asian markets continued
to make a positive contribution, while a recovery emerged in North America, although
trends were not uniform in all areas. The situation remained difficult in Egypt, where
strong potential domestic demand was contrasted by limited energy availability, which
reduced cement production capacity.
Overall, these effects generated a reduction in sales volumes (cement and clinker -6%,
aggregates -4.2%, ready mixed concrete -4.7%). With the trend in local currency sales
prices showing a general improvement compared with 2012 – with the exception of India –
in 2013 the Italcementi Group recorded consolidated revenue of 4,235.4 million euro, a
downturn of 5.4% from 2012. Net of the significant impact of the exchange-rate effect, the
revenue reduction was 2.2%.
For the fourth quarter, despite a 6% reduction in revenue to 1,017.9 million euro, arising
mainly from a negative exchange-rate effect and a smaller contribution from exports, the
estimates of a further improvement in profit margins were confirmed. 2013 fourth-quarter
recurring EBITDA will be up on the year-earlier period, thanks to a positive price dynamic
and the significant impact of the management and industrial efficiency plans introduced
during the year.
These measures, together with the action taken to optimize cash flows, also generated an
additional reduction in net debt, which stood at approximately 1,940 million euro at the
end of the year, an improvement of approximately 60 million euro from the end of 2012.
*****
In 2013, consolidated cement and clinker sales volumes totaled 43.1 million metric tons
(-6.0%), a reduction chiefly due to the continuing stagnation in demand in southern
Europe (the largest decrease was on the Italian market, where demand dropped by
19.9%) and to the situation in Egypt (-17.6% considering that energy procurement
difficulties also halved the country’s exports). The Asian markets continued to make a
positive contribution, notably Thailand (+5.5%) and India (+1.6%), while the sales upturn
in North America was confirmed (+1.5%).
Sales volumes of aggregates amounted to 32.5 million metric tons (-4.2%), reflecting a
fall on all markets except Morocco and France-Belgium, while sales volumes of ready
mixed concrete were 12.3 million cubic meters (-4.7%), a decrease largely caused by
market weakness in Central Western Europe, mitigated by healthy performance in North
Africa and Asia.
Sales volumes and
internal
Cement and clinker
(millions of metric tons)
2013
transfers (1)
Central Western
Europe
North America
% change vs.
2012
A
Aggregates
Ready mixed concrete
(millions of metric tons)
(millions of m3)
2013
% change vs.
2012
B
14.5
(9.3)
(9.3)
4.3
1.5
1.5
29.1
A
B
(4.3)
(4.3)
2013
% change vs.
2012
A
B
8.0 (11.0) (11.0)
1.4 (10.0) (10.0)
0.7
(9.7)
(9.7)
Emerging Europe,
North Africa and
Middle East
13.2 (11.7) (11.7)
1.9
6.7
6.7
2.5
7.3
7.3
Asia
10.5
3.8
0.1
n.s.
n.s.
1.0
37.2
37.2
3.0 (17.0) (17.0)
-
-
-
n.s.
n.s.
n.s.
Cement and clinker
trading
3.8
Eliminations
(2.3)
n.s.
n.s.
-
-
-
-
-
-
Total
43.1
(6.0)
(6.0)
32.5
(4.2)
(4.2)
12.3
(4.7)
(4.7)
Central Western Europe: Italy, France-Belgium, Spain, Greece North America: U.S.A., Canada, Puerto Rico
Emerging Europe, North Africa and Middle East: Egypt, Morocco, Bulgaria, Kuwait, Saudi Arabia. Asia: Thailand,
India, Kazakhstan
(1) Amounts refer to consolidated and proportionately consolidated companies; A: Historic – B: On a like-for-like
basis; n.s.: not significant
Consolidated revenue was 4,235.4 million euro, down 5.4% from 2012. The decline was
caused by the exchange-rate effect for 3.2% (specifically, the performance of the Egyptian
pound, the rupee and the US dollar). Net of the exchange-rate effect, the positive sales
prices trend generated growth in the emerging countries (+9.2% in Asia and +2.5% in
Emerging Europe, North Africa and Middle East) and substantial stability in North America
Page 2
(+0.7%), whereas Central Western Europe reported a revenue decline of 7.5% (largely
arising from performance on the Italian market).
Revenue
by geographical area
2013
2012
% change
% change
(1)
(in millions of euro)
2,234.8
2,416.6
(7.5)
(7.5)
North America
Emerging Europe, North Africa
and Middle East
428.7
439.5
(2.5)
0.7
944
1,008.7
(6.4)
2.5
Asia
532.1
520.9
2.1
9.2
Cement and clinker trading
176.1
213.0
(17.3)
(13.0)
Others
308.5
342.2
(9.9)
(8.8)
Eliminations
(388.7)
(462.2)
Total
4,235.4
4,478.8
(5.4)
(2.2)
Central Western Europe
(1) On a like-for-like basis and at constant exchange rates
The table below sets out consolidated revenue by business segment:
Revenue by business
segment
2013
2012
% change
(in millions of euro)
% change
(1)
Cement and clinker
2,716.8
2,903.5
(6.4)
(2.1)
RMC/Aggregates
1,248.7
1,280.3
(2.5)
(1.4)
Other
269.9
295.0
(8.5)
(6.9)
Total
4,235.4
4,478.8
(5.4)
(2.2)
(1) On a like-for-like basis and at constant exchange rates
Cement and clinker sales in the fourth quarter were down 7.2% compared with the yearearlier period, largely as a result of the downturn on the European markets – with the
exception of France/Belgium -, the situation in Egypt (where exports were particularly
badly affected) and the contraction in North America and in Bulgaria.
Page 3
Sales volumes and
Cement and clinker
(millions of metric tons)
internal transfers (1)
Q4
2013
Aggregates
Ready mixed concrete
(millions of metric tons)
(millions of m3)
% change vs.
Q4 2012
A
B
Q4
2013
% change vs.
Q4 2012
A
B
Q4
2013
% change vs.
Q4 2012
A
B
Central Western
Europe
3.5
(8.3)
(8.3)
7.1
North America
1.0
(4.9)
(4.9)
0.3 (21.5) (21.5)
0.2
(6.2)
(6.2)
Emerging Europe,
North Africa and
Middle East
3.4 (10.7) (10.7)
0.3 (31.4) (31.4)
0.6
2.8
2.8
2.5
1.4
n.s.
n.s.
n.s.
0.3
22.7
22.7
0.6 (42.4) (42.4)
-
-
-
n.s.
n.s.
n.s.
1.4
(4.3)
(4.3)
1.9 (11.7) (11.7)
Asia
Cement and clinker
trading
Eliminations
(0.5)
n.s.
n.s.
-
-
-
-
-
-
Total
10.5
(7.2)
(7.2)
7.8
(6.9)
(6.9)
3.0
(6.5)
(6.5)
(1) Amounts refer to consolidated and proportionately consolidated companies;
basis; n.s.: not significant
A: Historic – B: On a like-for-like
Fourth-quarter consolidated revenue amounted to 1,017.9 million euro (-6.0% from the
fourth quarter of 2012).
Revenue
by geographical area
Q4
2013
Q4
2012
% change
% change
(1)
(in millions of euro)
539.1
571.6
(5.7)
(5.7)
98.4
108.1
(9.0)
(4.4)
Emerging Europe, North Africa
and Middle East
235.2
249.4
(5.7)
4.3
Asia
120.5
127.5
(5.5)
7.4
Cement and clinker trading
36.8
53.8
(31.5)
(27.5)
Others
77.0
84.4
(8.8)
(7.8)
(89.1)
(111.7)
1,017.9
1,083.1
(6.0)
(1.7)
Central Western Europe
North America
Eliminations
Total
(1) On a like-for-like basis and at constant exchange rates
The Board of Directors will examine the figures in the 2013 financial statements at a
meeting scheduled for March 6, 2014.
Page 4
The manager in charge of preparing the company’s financial reports, Carlo Bianchini,
declares, pursuant to paragraph 2 article 154 bis of the Consolidated Law on Finance, that
the accounting information contained in this press release corresponds to the document
results, books and accounting entries.
Disclaimer
This press release, and the section headed “Outlook” in particular, may contain forward-looking statements. These
statements are based on the Group's current expectations and projections about future events and, by their nature, are
subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or
exist in the future, and, as such, undue reliance should not be placed on them. Actual results may differ materially from
those expressed in such statements as a result of a variety of factors, including: continued volatility and further deterioration
of capital and financial markets, changes in commodity prices, changes in general economic conditions, economic growth
and other changes in business conditions, changes in laws and regulations and the institutional environment (in each case
in Italy or abroad), and many other factors, most of which are beyond the Group’s control.
ITALCEMENTI GROUP ON THE INTERNET: www.italcementigroup.com
Italcementi
Media Relations
Tel. (39) 02.29024.212
Italcementi
Investor Relations
Tel. (39) 035.396.750/866
Page 5
Download

Press release - Italcementi Group