Displaying items by tag: Results

Italy: Buzzi Unicem has posted a net profit of Euro85m for the first nine months of 2012, a 40.4% increase year-on-year. Buzzi's net sales grew by 1.7% to Euro2.15bn and earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 11.7% to Euro368.7m. Its net debt fell to Euro1.10bn at the end of June 2012 from Euro1.14bn at the end of 2011.

On the basis of the results in the year so far, the company has raised its EBITDA guidance for 2012 to Euro450m.

Denmark: The Danish cement plant manufacturer FLSmidth & Co. A/S has continued strong growth in both revenue and order intake over the nine month period to 30 September 2012. The company's full year revenue guidance has been maintained, based on expectations of strong revenue generation in the fourth quarter.

In the third quarter of 2012 FLSmidth's order intake increased by 11% to Euro1.07bn from Euro962m in the third quarter of 2011. Revenue increased by 23% year-on-year to Euro847m from Euro688m and earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 6% to Euro95.1m from Euro89.7m. The profit for the period decreased by 6% to Euro50.6m from Euro54.1m in the third quarter of 2011.

Over the nine months to 30 September 2012 FLSmidth's order intake increased by 19% year-on-year to Euro2.90bn from Euro2.44bn and its order backlog increased by 13% to Euro4.18bn. Revenue for the nine months increased by 23% to Euro2.25bn. Nine month EBITDA was up by 16% to Euro204m. Profit for the period decreased by 3% to Euro113m.

FLSmidth has maintained its full year revenue guidance for continuing activities of Euro3.35-3.48bn. Cash flow from investing activities (exclusive of acquisitions and their subsequent capital expenditure needs) is expected to amount to Euro102.9m in 2012 due to investments in service supercentres and expansion of manufacturing in India and China.

Oman: Raysut Cement has reported that its profit before tax rose by 62% to US$49.4m for the first nine months of 2012. This compares to US$30.7m for the same period in 2011. Oman's biggest cement producer has attributed the increase to higher sales volumes of cement and better price 'realisation'.

Raysut Cement's revenue for the first nine months of 2012 rose by 12% to US$183m, compared to US$163m in 2011. The group's subsidiary Pioneer Cement reported a profit of US$9.79m in 2012 compared to US$3.87m in 2011.

The group produced 2.83Mt of cement in the first nine months of 2012, an increase of 21% year-on-year compared to 2.33Mt in 2011. It produced 2.63Mt of clinker, an increase of 4% year-on-year compared to 2.53Mt in 2011. The group sold 2.84Mt of cement during the first nine months of 2012, compared to 2.40Mt in 2011.

In its forecast Raysut predicted that the construction industry in Oman would grow to US$5bn by 2016 at an average rate of 6%. It supported this assertion with the news that a number of formerly suspended programmes in the United Arab Emirates (UAE) have been reinstated. Yet the group added that cement supplies in Oman remain under 'significant' pressure from imports from UAE. It is estimated that UAE has an overcapacity of cement of around 65%. Raysut also expects that demand in Yemen and east Africa will aid the company.

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.

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.

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.

Switzerland: Holcim Ltd has released its financial results for the first nine months of 2012, which show a 4.8% increase in net sales and over 10% year-on-year improvement in net profit. The group says that its results show the 'advantage of a strong presence in emerging markets, where construction activity remains high.'

Holcim says that its 'unique' geographic diversification has helped support it through a difficult time in its native Europe, allowing it to achieve an increase in consolidated sales of cement, often at better prices. Holcim's group companies in India, the Philippines, Indonesia, Russia, Thailand, Mexico and the USA recorded significantly higher cement sales year-on-year in the period under review. Its consolidated cement sales increased by 3% in the first nine months of 2012 to 111.4Mt.

Despite the difficult market situation in Europe, Holcim's consolidated net sales for the nine months increased by 4.8% to Euro13.4bn and operating earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 5.9% to Euro2.57bn. Its operating profit increased by 7.2% to Euro1.57bn. Holcim said that these results reflected the solid performance in a number of emerging markets, stronger demand for building materials in North America, improvements in efficiency and the first successes of the Holcim Leadership Journey. Holcim increased its net income by 10.3% year-on-year to Euro910m.

Holcim expects demand for building materials to rise in emerging markets in the whole of 2012 in Asia and Latin America, as well as in Russia and Azerbaijan. In North America, it expects that its cement volumes will also increase. In Europe however, sales volumes are expected to decrease in all business segments.

Holcim reiterated its stance that cost management, including the Holcim Leadership Journey programme, will be paid very close attention. It said that it will continue to pass on inflation-induced cost increases. Its approach to new investments will remain cautious. Holcim expects to achieve organic growth in 2012 on the level of operating EBITDA and to reap the first positive effects of the Holcim Leadership Journey in 2012.

China: China National Building Material Co (CNBM), a major State-owned cement producer in China, has reported a net profit of US$575m for the first nine months 2012, a year-on-year decrease of 40%. Operating revenue during the period rose by 7% to US$9.58bn. Net profit for the third quarter fell by 29% to US$271m, while operating revenue rose by 2% to US$3.46bn.

France: Vicat has reported that its sales for the nine months ending 30 September 2012 remained flat year-on-year at Euro1.73bn. The French construction company reported sales of Euro879m for its cement business for the period, compared to Euro873m for the first nine months in 2011.

Consolidated sales for the third quarter of 2012 were Euro602m, a rise of 3.5% year-on-year. The breakdown of nine-month sales by business shows that the contribution of the cement business remained stable at 52.6% of total operational sales, as opposed to 52.5% in the first nine months of 2011.

"Vicat's performance in the first nine months of 2012 confirms the wisdom of the group's cautious development strategy. Investment under the 2010 performance plan and acquisitions in India and Kazakhstan enabled Vicat to achieve growth in business volumes in the third quarter, despite a macroeconomic environment that remains mixed," said Vicat's management board in a statement.

Vicat's cement business sales dropped in France, Egypt and West Africa. In France sales fell by 11.8% due to poor weather in early 2012, the end of some large projects and the weaker economic and industry environment. In Egypt consolidated sales fell by 30.3%. Operational performance in Egypt continued to be affected by problems with security and fuel supplies. Vicat's gas supply was cut off due to maintenance work on a pipeline, while the whole of Egypt experienced a serious shortage of fuel oil. Maintenance work completed in early October 2012. In West Africa consolidated sales fell by 6.7% and cement volume remained flat.

In the US the company's cement business posted an increase in its consolidated sales which were up by 21.1%. This increase was driven by strong growth in sales volumes in California and the Southeast region. In Turkey, India and Kazakhstan consolidated sales grew by 11.1%. This was the result of a sharp upturn in the market, which began in the second quarter and continued in the third.

In India, sales were Euro118m in the first nine months of 2012, a rise of 34.6%. Vicat maintained its strong performance in India, with the ongoing build-up of production at Bharathi Cement's modern plant. In the first nine months of 2011 cement volumes were almost 1.9Mt. In Kazakhstan, the build-up of operational and commercial activity at the Jambyl Cement plant continued. Revenue in the first nine months was Euro51m compared to Euro20m in 2011. This performance was driven by very strong volume growth, with more than 0.77Mt sold in the first nine months of 2012 as a result of major infrastructure and housing projects.

Nigeria: Dangote Cement has reported a pre-tax profit of US$674m for the nine months ending 30 September 2012, a rise of 13.5% compared to the same period in 2011. The company's sales revenue increased to US$1.33bn, a rise of 19.8%. The cessation of lower-margin imports and their replacement with locally-produced cement has helped to reduce the cost of sales, but the potential gains in margin were largely offset by increased use of furnace oil at higher-than expected levels during 2012.

In its unaudited results for the first nine months of 2012 Dangote reported that cement sales were 7.7Mt, with all cement sold produced locally. In spite of these achievements, the company said the third quarter sales were seriously affected by heavy rainfall and flooding but that margins were rising as gas supplies return to normal. Serious flooding affected Kogi and Benue states in the third quarter of 2012 where two Dangote plants are located.

"In spite of these problems we have increased sales by nearly 20% in the first nine months of 2012, with sales of locally produced cement rising by nearly 51%. Even in the difficult third quarter we increased shipments by nearly 8% during a period in which we estimate the industry increased volumes by less than 4%, so it is clear we are increasing our market share," said chief executive of Dangote Cement, Devakumar Edwin.

Dangote Cement is Nigeria's leading cement producer with three plants in Nigeria and plans to expand in 13 other African countries. The group is a fully integrated quarry-to-depot producer with an expected production capacity of 19Mt/yr in Nigeria by the end of 2012, increasing to as much as 35.25Mt/yr by 2015. The group plans to build a further 19Mt/yr of production and import capacity across Africa by 2015.