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News GCW99

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European Q1 cement round-up

08 May 2013

Once again the winter weather was bad in Europe. Once again the major European cement producers reported a fall in sales. So what has changed between the first quarters of 2012 and 2013?

Lafarge's cement sales volumes in Western Europe for the first quarter of 2013 fell by 24% year-on-year, compared to an 11% drop in 2012. Holcim's decline in volumes stabilised, compared to a 13.2% drop in 2012. HeidelbergCement's volume decline increased slightly, from a drop of 8% in 2012 to one of 10% in 2013. Cemex didn't release sales volumes figures for cement but overall net sales in its Northern Europe region fell by 13% in 2013 compared to 11% in 2012. Italcementi's cement sales volumes maintained a steady decline in both the first quarters of 2012 and 2013 at about 19%.

Even with the reduced number of working days for the quarter in 2013 taken into account, things are not looking good. Generally the results fit the prediction made by the UK Mineral Products Association (in the UK at least) that construction activity remains subdued in 2013 so far.

Profitability measures for the European divisions of the big producers, such as earnings before interest, taxes, depreciation and amortisation (EBITDA), reinforce the gloomy outlook, suggesting that most of the cost cutting exercises aren't having much effect on investor balance sheets quite yet. Lafarge's EBITDA in Western Europe fell by 94% to Euro5m. HeidelbergCement's loss before interest and taxes (EBIT) increased to Euro91m. Cemex's operating EBITDA fell from US$55m in 2012 to a loss of US$17m in 2013. Italcementi's EBITDA decreased to Euro12.8m.

Only Holcim reversed this trend, growing its EBITDA by 43% to Euro23.5m. The Holcim Leadership Journey appears to be working. Although the sale of a 25% stake in Cement Australia certainly helped.

Elsewhere, we have an additional story at add to last week's focus on Iraq, with the announcement that Mondi has opened an industrial bags plant in Iraq. It's based in Sulaimaniyah in northern Iraq near to the new Sinoma-Lafarge project that we reported on.

Finally, the news that the Competition Commission of India has been asked to investigate a complaint against a Chinese waste heat recovery vendor raises tensions between the world's largest two cement producers. The story echoes similar trends in the gypsum wallboard business in April 2013 where a selective anti-dumping duty was imposed on imports from China, Indonesia, Thailand and the UAE. Watch this space.

Published in Analysis
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Lopatin replaces Horholiuk as director-general at Eurocement Ukraine

08 May 2013

Ukraine: The supervisory board of Eurocement Ukraine has relieved acting director-general Vitalii Horholiuk and appointed Oleg Lopatin director-general, according to a company statement. The decision to dismiss Horholiuk was due to Lopatin obtaining a work permit for Ukraine. Previously, Lopatin managed the Voronezh branch of Eurocement Group, based in Moscow, Russia.

Published in People
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Poor Holcim Q1 results saved by Cement Australia sale

08 May 2013

Switzerland: Despite net sales falling Holcim has reported a net income of Euro240m for the first quarter of 2013, compared to Euro91m in the same period in 2012. The gain was principally made through the sale of Holcim's 25% stake in Cement Australia. Elsewhere, market and weather induced decreases in sales volumes in all segments and higher variable costs impacted operating results.

The building materials producer reported that net sales fell by 7.2% to Euro3.52bn in the first quarter of 2013 from Euro3.84bn in the same period of 2012. Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 10.3% to Euro681m from Euro617m. Sales of cement fell by 5% to 32.1Mt from 33.7Mt.

By region sales of cement fell in Asia Pacific by 3.8% to 18.6Mt from 19.4Mt. In Latin America sales of cement remained stable at 5.9%. In Europe sales of cement fell by 2.5% to 4.4Mt from 4.5Mt. Weaker construction activities were noted in India, Morocco and France.

In its outlook Holcim expected an increase in sales of cement in 2013 led by its Asia Pacific, North America and Latin America regions.

Published in Global Cement News
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HeidelbergCement reports stable Q1

08 May 2013

Germany: HeidelbergCement has reported stable revenues for the first quarter of 2013 at Euro2.76bn compared to Euro2.80bn in the same period of 2012. The German cement producer commented that weak sales volumes in Europe and North America, caused by bad weather and reducing working days, were mostly offset by growth in cement sales volumes in North America, Asia and Africa.

Group share of loss grew to Euro235m in the first quarter of 2013 from Euro208m in the same period in 2012. This follows the announcement by HeidelbergCement in April 2013 that its profits would be hit by a Euro30m fine in the second quarter of 2013 due to previous cartel infringements.

Sales volumes of cement and clinker remained stable at 18.1Mt. By business line, revenues for cement in Western and Northern Europe fell by 9.8% to Euro321m from Euro356m. In the Eastern Europe and Central Asia region revenues fell by 7% to Euro147m from Euro158m. In North America revenues rose by 8% to Euro222m from Euro205m. In the Asia Pacific region revenues rose by 8% to Euro507m from Euro468m. In the Africa-Mediterranean Basin region revenues rose by 5% to Euro201m from Euro191m.

For its outlook for the remainder of 2013, HeidelbergCement expects continued demand for building materials in North America, Asia and Africa. In Europe and Central Asia, the group anticipates stability in Germany, Northern Europe, Russia and Central Asia and weak development elsewhere.

Published in Global Cement News
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Italcementi loss grows in Q1

08 May 2013

Italy: Italcementi's loss for the first quarter of 2013 has grown to Euro58.5m from Euro34.4m in the same period in 2012. The Italian cement producer singled out poor weather in March 2013 and the absence of income from CO2 emission rights as contributing factors.

Group revenue fell by 9.3% to Euro0.96bn in the first quarter of 2013 from Euro1.03bn in the same period in 2012. Earnings before interest, taxes, depreciation and amortisation (EBITDA) fell by 36.8% to Euro88.7m from Euro140m.

Revenue for the group's cement and clinker sector fell by 9.5% to Euro627m from Euro693m. Total cement and clinker sales volumes fell by 9.6% to 10Mt. By region, in central Western Europe sales volumes fell by 18.6% to 3Mt. In North America sales volumes fell by 3.9% to 0.7Mt. In the group's 'Emerging Europe, North Africa and Middle East' region sales volumes fell by 14.6% to 3.3Mt. In Asia sales volumes rose by 11.2% to 2.7Mt. Particular drops in revenue were noted in Italy (22.3%) and Spain (28.9%).

In its quarterly report Italcementi described how the group is coping with the fall in cement consumption in Italy from 46.5Mt in 2006 to 25.5Mt in 2012 with its 'Project 2015' programme that was announced in December 2012. During 2013 a number of continuous-cycle plants will continue to operate only as grinding centres. The group also placed the value of lost CO2 emission rights income - principally from Italy, France and Bulgaria – at Euro18m in 2012.

In its outlook Italcementi believes that its full-year recurring EBITDA will be substantially stable compared with 2012. The healthy trends on the Asian and North American markets together with the benefits arising from the on-going efficiency measures should counterbalance the effects of the reduction in demand expected on the European markets.

Published in Global Cement News
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Ciments Français revenue down by 7.3% to Euro819m in Q1

08 May 2013

France: Ciments Français' revenue fell by 7.3% year-on-year to Euro819m in the first quarter of 2013, from Euro884m in the same quarter in 2012. The Italcementi subsidiary commented that the first quarter of 2012 had suffered due to bad weather.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) fell by 14.9% to Euro112m in the first quarter of 2013 from Euro132m in the first quarter of 2012. By business segment, revenues for cement and clinker fell by 8% to Euro556m from Euro604m.

In Western Europe sales volumes of cement and clinker fell by 14.1% to 1.9Mt. In North America sales volumes fell by 3.9% to 0.7Mt. In the company's emerging Europe, North Africa and Middle East region sales volumes rose by 11.2% to 2.7Mt. In Asia sales volumes rose by 11.2% to 2.7Mt.

By revenue, particular decreases were recorded in France, Belgium and Spain. In France and Belgium revenues fell by 10% to Euro319m from Euro354m. In Spain revenues fell by 29% to Euro21.7m from Euro30.5m. In India sales revenues fell by 4% to Euro61.3m from Euro63.9m. A recurring EBITDA decrease in France and Belgium was attributed to bad weather and a fall in CO2 sales. In India it was attributed to a decrease in prices and a negative exchange rate effect.

The group confirmed its projections for 2013, which forecast a maintenance of EBITDA in 2013. Its projections are based on a recovery of some markets and a significant contribution from an improvement in production efficiency and a reduction in overheads.

Published in Global Cement News
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Dyckerhoff sales fall by 11% to Euro256m in first quarter of 2013

08 May 2013

Germany: Dyckerhoff Group's sales fell by 11% year-on-year to Euro256m in the first quarter of 2013, from Euro289m in the same period in 2012. The group attributed the fall to harsh weather conditions. Exceptions to the decline were reported in Russia and the US where sales rose and remained stable respectively.

Group loss before interest, taxes, depreciation and amortisation (EBITDA) decreased to Euro9m in the first quarter of 2013 from Euro0m in the same quarter in 2012.

"For 2013 as a whole, we continue expecting group sales and EBITDA at a similar level to 2012", commented Wolfgang Bauer, CEO of Dyckerhoff AG. He based his prediction on the assumption that the weather-related volume decreases of the first quarter could be caught up.

Published in Global Cement News
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Dangote net profit soars by 80% to US$340m in Q1

08 May 2013

Nigeria: Dangote Cement has reported a rise in net profit of 80.7% to US$340m in the first quarter of 2013 from US$188m in the same period in 2012. The Nigerian cement producer attributed the gain to an increased market demand of 15.7% (estimated 5.4Mt), improved gas supply and falling imports of cement into the Nigerian market.

Dangote's revenue rose by 39.5% to US$604m from US$433m. Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 67.3% to US$398m from US$238m.

"Our 38% increase in volumes far outpaced the Nigerian market's strong growth of 16%," commented Devakumar Edwin, group managing director and chief executive of Dangote Cement. "Our gas supply has been better this year and that has driven margins upwards from the first quarter of 2012, when our new capacity at Ibese and Obajana was just coming on stream.

In its outlook Dangote reported that the strong demand had continued in April 2013. It noted that gas supply problems, which hindered its Obajan cement plant in particular, might continue in 2013. Cement exports are expected to make a modest contribution to 2013 sales.

Published in Global Cement News
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Lafarge Canada and partners invest US$8m in alternative fuels at Bath cement plant

08 May 2013

Canada: Lafarge Canada, Natural Resources Canada, the Queen's Institute for Energy and Environmental Policy and Carbon Management Canada have announced that they are investing more than US$8m to develop the use of alternative fuels at Lafarge Canada's cement plant in Bath, Ontario. This multi-partner initiative intends to produce low-emission, low-carbon fuels from local supplies such as construction and demolition site debris (wood based), railway ties, and other energy containing materials that aren't presently recycled.

"We are delighted to bring this world-class demonstration initiative to the Canadian cement industry. We believe that this project is exactly in line with our mission of building better cities by lowering our carbon footprint, making use of local fuel supplies and creating local sustainable jobs," said Bob Cartmel, President and Chief Executive Officer in Eastern Canada for Lafarge Canada Inc.

According to figures released by Lafarge, the Canadian cement industry currently emits about 3.8% of the country's carbon dioxide (CO2) emissions and about 30 - 40% of those emissions are due to fossil fuel use.

Carbon Management Canada (CMC), a network of Centres of Excellence that supports research to reduce CO2 emissions, is providing a US$400,000 grant over three years to a research team working on the project. Natural Resources Canada is awarding US$2.68m to Lafarge Canada to construct a full-scale demonstration plant. Other project partners include Pollution Probe, WWF Canada, Queen's University, the Cement Association of Canada, Mesa Bioenergy, Scott Environmental and Rail Link, a Metis company.

Published in Global Cement News
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Indian competition commission targets Chinese WHR vendor

08 May 2013

India: The Competition Commission of India (CCI) is investigating a complaint against a Chinese company offering waste heat recovery (WHR) solutions for the cement industry. This case is believed to be the first instance where a Chinese company has been affected by Indian competition law.

According to sources quoted by the Financial Express, Transparent Energy Systems (TESPL) filed a complaint against the Indian operations of Nanjing Triumph Kaineng (NTK). The complainant alleged the Chinese firm is severely impacting its business by quoting prices for tenders much below the market rates.

NTK specialises in WHR and accounts for a 30% market share of WHR power generation in the Chinese cement industry. It entered the Indian market in 2011 through a joint-venture with Tecpro Systems.

Published in Global Cement News
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