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Cementos Argos sales drive profits up by 6% to US$218m in 2012

27 February 2013

Colombia: Growth in cement and concrete sales has helped Colombia's largest cement firm, Cementos Argos, to increase its 2012 profits by 5.9% to US$218m, the company has announced in a financial statement.

Overall revenue was up by 23% to US$2.44bn in 2012 compared to 2011. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose by 29% to US$440m. Cementos Argos increased its cement sales by 6% to 10.8Mt in 2012. In the company's Colombian division cement sales rose by 2% to 5.1Mt. In the US division cement sales rose by 13% to 1.6Mt. In its Caribbean division cement sales rose by 21% to 2.8Mt.

"There was a positive trend towards accelerated growth in segments in both infrastructure and construction in general," said the statement.

Published in Global Cement News
Tagged under
  • Colombia
  • Results
  • GCW89

Despite Europe - European cement production in 2012 continued

Written by Global Cement staff
27 February 2013

With the annual results for 2012 in from Lafarge, Holcim and CRH we now return to look at how the European markets coped.

Holcim summed up the mood perfectly in its media release on its annual results for 2012. First it pushed the big positive (net sales up overall) but then finished its first (!) sentence with: '...despite the difficult economic environment in Europe.'

Overall in Europe, Lafarge saw its cement volumes fall by 9% to 29.6Mt from 32.5Mt. Notably sales volumes fell significantly in Spain and Greece, by 26% and 37% respectively.

Holcim saw its cement volumes fall by 2% in Europe to 26.3Mt from 26.8Mt. There were specific country figures from Holcim but it did comment that the 'severe crisis' in southern Europe had 'contaminated' economies further north such as a France, Benelux, Germany and Switzerland.

CRH was less candid about its cement business in Europe although it did report that its sales revenues fell by 10% to Euro2.69bn in 2012 from Euro2.99bn in 2011. Notable losses occurred in Poland (11% volume decline), Ireland (17% decline) and Spain (30% decline).

These figures compare against a 4% decline in volumes in Western and Northern Europe to 22.1Mt from 21.3Mt by HeidelbergCement, a 13% drop in overall net sales to Euro3.05bn in Cemex's Northern Europe section and a 16% drop in volumes to 16Mt from Italcementi in its Central Western Europe region.

The question to ask at this point is how HeidelbergCement and Holcim managed to suffer smaller losses compared to everybody else. Less exposure to southern Europe is one answer. Depressingly though they both suffered similar drops in profit indicators such as earnings before interest, taxes, depreciation, and amortisation (EBITDA) to the others (20% and 33% respectively).

Both Holcim and CRH are expecting continued tough conditions in Europe in 2013. However, both companies are mildly optimistic that the worst has passed, with talk of the work of the European Central Bank supporting peripheral Eurozone economies showing some effect. Lafarge doesn't even mention Europe in its outlook.

As mentioned in Global Cement Weekly #87 on 13 February 2013, EU regional GDP growth is forecast to become positive in 2013. Everybody is going to be watching the European quarterly results for the cement majors in 2013 very carefully indeed. In the meantime all every cement producer with a presence in Europe can do is to carry on cutting costs.

Published in Analysis
Tagged under
  • Europe
  • Holcim
  • Lafarge
  • CRH
  • Results
  • GCW89

CRH chief executive to retire in 2013

Written by Global Cement staff
27 February 2013

Ireland: Myles Lee, the Group Chief Executive of CRH, has confirmed to the board that he intends to retire from the company at the end of 2013 having reached the age of 60. CRH has indicated that it was likely that Albert Manifold, CRH's CEO, would become the new chairman.

Lee has completed a five year term as chief executive and 10 years as an executive director. Lee joined CRH in 1982, joining the board in November 2003 as finance director, later becoming chief executive in January 2009.

Published in People
Tagged under
  • Ireland
  • CRH
  • GCW89

JK Lakshmi Cement chairman dies

Written by Global Cement staff
27 February 2013

India: JK Lakshmi Cement Ltd has informed the Bombay Stock Exchange that Shri Hari Shankar Singhania, chairman of the board of directors of the company and president, JK Organisation, passed away on 22 February 2013 at the age of 80.

Published in People
Tagged under
  • JK Lakshmi Cement
  • India
  • GCW89

Holcim cement sales rise by 2.5% despite Europe

27 February 2013

Switzerland: Swiss-based multinational building materials producer Holcim has reported a 2.5% rise in cement sales to 148Mt in 2012 from 144Mt in 2011. In its media release Holcim mentioned that the increase came, 'despite declines in the European businesses.'

Holcim's net sales rose by 6.4% to Euro17.9bn in 2012 from Euro16.8bn in 2011. Operating earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 3.1% to Euro3.30bn from Euro3.20bn. However, operating profit fell by 3.7% to Euro1.51bn from Euro1.57bn.

In cement deliveries were up in all major group regions except Europe, where only Russia and Azerbaijan posted significant increases in sales, partly also in connection with capacity expansion.

By region, Holcim singled out its Asia Pacific as its 'key growth' area. Sales of cement rose by 5% to 79.2Mt from 75.6Mt. Total net sales rose by 9% to Euro5.47bn from Euro5bn. Thailand and the Philippines were singled out as performing well, while Australia turned in a 'less dynamic performance than in 2011.'

In Latin America sales of cement increased by 3% to 24.9Mt from 24.2Mt. Total net sales rose by 9% to Euro2.29bn from Euro2.11bn. Amidst positive performance in most countries, Argentina witnessed a 'significant' downturn in 2012.

In Europe sales of cement fell by 2% to 2.3Mt from 2.4Mt. Total net sales fell by 3% to Euro2.16 from Euro2.23bn. As Holcim's annual report put it, 'the severe crisis dogging Southern Europe contaminated other countries, also affecting hitherto relatively stable economies such as France, the Benelux states and Germany, with repercussions for Switzerland'. Only Russia and Azerbaijan avoided this.

In North America sales of cement rose by 5% to 12Mt from 11.4Mt as the US economy recovered. Total net sales rose by 13% to Euro1.13bn from Euro1.01bn.

In Africa/Middle East sales of cement fell by 4.4% to 8.4Mt from 8.7Mt. Total net sales fell by 1% to Euro697m from Euro706m. Here, performance was impacted upon by the 'political uncertainties in North Africa and the civil war in Syria.'

In its outlook for 2013 Holcim anticipated an increase in sales of cement in 2013, led by its Asia Pacific, North America and Latin America regions. Margins are expected to improve as its cost saving programme, the 'Holcim Leadership Journey', continues.

Published in Global Cement News
Tagged under
  • Holcim
  • Results
  • GCW89
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