HeidelbergCement. Results January to March 2007 Heidelberg, 10 May 2007 Dr. Bernd Scheifele, CEO and Dr. Lorenz Näger, CFO

Transcription

1 HeidelbergCement Results January to March 2007 Heidelberg, 10 May 2007 Dr. Bernd Scheifele, CEO and Dr. Lorenz Näger, CFO Slide

2 Contents Overview Key figures Results per Group area Financial report Outlook Slide

3 Overview: Excellent start in 2007 Turnover rises by 18.1 %, exceeding EUR 2 billion Significant increases in Eastern Europe, Norway, Germany, Turkey and maxit Group Another high rise in operating income With EUR 119 million, profit for the financial year more than trebled HeidelbergCement is reviewing its options regarding Hanson PLC Slide

4 Rise in HeidelbergCement share price Share price January 2006 to April 2007 Index (Base: 2 January 2006 = 100) 160,0 150,0 140,0 130,0 120,0 110,0 100,0 90,0 Jan. 06 Feb. 06 Mrz. 06 Apr. 06 Mai. 06 Jun. 06 Jul. 06 Aug. 06 Sep. 06 Okt. 06 Nov. 06 Dez. 06 Jan. 07 Feb. 07 Mrz. 07 Apr. 07 HeidelbergCement share MDAX Slide

5 Contents Overview Key figures Results per Group area Financial report Outlook Slide

6 Significant increase in cement and clinker sales volumes January March in Mt +32.8% +24.4% +23.3% +12.5% +8.2% +27.4% +19.8% -11.2% -11.2% 5,1 6,3 7,7 8,3 4,8 5,2 5,8 6,6 3,4 2,8 3,0 3, LFL LFL LFL 2007 North America Europe-Central Asia Asia-Africa- Total Group 2005: 12.7 Mt 2006: 14.8 Mt (+16.8%) Like for like*: 16.5 Mt (+12.1%) 2007: 17.9 Mio t (+20.9%) Mediterranean Basin * without newly consolidated companies Slide

7 Double-digit increase in ready-mixed concrete and aggregates Sales volumes January to March* Ready-mixed concrete Mm 3 Aggregates Mt +25.6% % Mm 3 Mm 3 Mt Mt (*Icluding non-consolidated volumes) Slide

8 Turnover rises by 18% January March in EURm +34,0% +24.6% % % % % North America Europe-Central Asia Asia-Africa- Mediterranean Basin +9.0% % maxit Group +21.1% +15.2% Group Services Total Group , ,744 (+28.7%) ,060 (+18.1%) Slide

9 Operating income with strong organic growth EURm January - March 2007 PY Act Var. PY % Operative % Cons. Decons. Currency Europe-Central Asia North America ,9% -3-5,2% -6 Asia-Africa- Mediterranean Basin ,2% 9 28,6% maxit Group Group Services ,8% -1-36,5% 0 Total ,8% ,1% Slide

10 Sharp rise in key figures EURm Turnover OIBD Operating income % +49.0% % % % Slide

11 Contents Overview Key figures Results per Group area Financial report Outlook Slide

12 Highest growth in Europe-Central Asia Generally favourable economic environment with significant upswing in Germany High rise in sales volumes and turnover, especially in Eastern Europe, Norway and Germany boosted by mild winter Progress in efficiency and productivity led to considerable improvement of results Ground breaking ceremony for greenfield plant in Tula/Moscow area January - March EURm variance Op. Cons. Curr. Turnover ,0% OIBD ,0% in % of turnover 5% 12% Operating income Shipments Cement/clinker (mt) 6,25 8,30 32,8% Rmc (m cbm)* 2,84 3,59 26,5% Aggregates (mt)* 9,64 13,58 40,9% * incl. non-consolidated volumes Slide

13 North America slightly weakened Strong commercial construction partly compensates for decline in housing sector Fully utilised domestic cement capacities Imports were cut back according to market demand Deliveries of ready-mixed concrete and aggregates fell slightly due to bad weather on the East Coast Turnover declined by 2.7 % in USD January - March EURm variance Op. Cons. Curr. Turnover ,7% OIBD ,3% -3-8 in % of turnover 16% 16% Operating income ,9% -3-6 Shipments Cement/clinker (mt) 3,36 2,99-11,2% Rmc (m cbm) 2,07 2,06-0,6% Aggregates (mt) 5,53 5,46-1,2% Slide

14 Asia-Africa-Mediterranean Basin Cement and clinker sales volumes rose like for like by 12.5 % Continuous economic expansion in emerging Asian markets Recovery of cement market in Indonesia and high increase in China and India USD 100 million investment in increase of cement capacity in Tanzania Turkey changed from cement exporter to importer due to high domestic demand January - March EURm variance Op. Cons. Curr. Turnover ,3% OIBD ,6% in % of turnover 19% 19% Asia ,7% Africa ,7% 9-1 Med. Basin ,2% 5-1 Operating income ,2% Shipments Cement/clinker (mt) 5,17 6,58 27,4% Rmc (million cbm) 0,45 0,52 17,2% Slide

15 Group Services Slight increase in cement and clinker trading volumes Opening of new sales office in Shanghai End of May Cost-effective purchase of fossil fuels thanks to longterm supply contracts January - March EURm variance Op. Cons. Curr. Turnover ,2% OIBD ,4% -1 0 in % of turnover 3% 1% Operating income ,8% -1 0 Traded volume Cement (mt) 1,9 1,7-11,8% Clinker (mt) 0,9 1,2 27,8% Slide

16 maxit Group continues success story Positive development in almost all markets, especially in Northern and Eastern Europe Double-digit growth in sales volumes and turnover in most countries Significant improvement of results due to restructuring in Germany High priority of cost-efficiency in all countries Focus on products with added value January - March EURm variance Op. Cons. Curr. Turnover ,2% 61 OIBD ,2% 20 in % of turnover 4% 10% Operating income Slide

17 Contents Overview Key figures Results per Group area Financial report Outlook Slide

18 Financial key figures significantly improved January - March variance analysis EURm variance Op. Cons. Curr. Turnover ,1% ,2% OIBD ,0% 94 49,2% in % of turnover 10,9% 13,7% Operating income ,8% ,6% Group share in profit ,1% EPS in EUR (IAS 33) 0,25 0,94 Investing activities Fixed assets Financial assets Total investments Slide

19 Profit and loss accounts January-March 2007 EURm March March March Change /2006 Turnover % Operating income before depreciation (OIBD) % Depreciation of tangible fixed assets and intangible assets % Operating income % Additional ordinary result % Results from other participations % Earnings before interest and income taxes (EBIT) % Financial result % Profit/loss before tax % Taxes on income % Profit/loss for the financial year % Group share % Slide

20 Cash flow statement January-March 2007 EURm January-March January-March January-March Cash flow from operating activities Cash flow Changes in working capital Cash flow from investing activities Intangible assets Tangible fixed assets Financial fixed assets Proceed from fixed asset disposals/consolidation Cash flow from financing activities Capital increase Dividend payments Net proceeds from bonds and loans Change in cash & cash equivalents Cash & cash equivalents at 1 January Effect of exchange rate changes Cash & cash equivalents on 31 March (*) Slide (*) In the balance sheet, the item "Securities and similar rights" also lists the market value of hedging transactions and the "available for sale financial assets" amounting to: EUR 6.8 million (previous year: 35.5)

21 Balance sheet as of 31 March 2007 EURm 31 Dec Dec Mar Variance Mar/Dec Assets Intangible assets Tangible fixed assets Financial fixed assets Fixed assets Deferred taxes Receivables Stocks Cash at bank and in hand Balance sheet total Liabilities Capital entitled to shareholders Minority interests Equity Provisions Deferred taxes Operating liabilities Financial liabilities Balance sheet total Net Debt (excl. puttable Minorities) Gearing 70,1 % 52,5 % 55,5 % Slide

22 Maturity Profile Net Debt as per 31 March 2007 M year 2 year 3 year 4 year 5 year 6 year 7 year 8 year 9 year 10 year > 2014 Rec. Adj Benchmark Bonds (09/10) Net Debt (ex bond) Slide

23 Net Debt Composition as per 31 March 2007 Slide

24 Flexible Funding Structure as per 31 March 2007 Slide

25 Contents Overview Key figures Results per Group area Financial report Outlook Slide

26 Strategy for long-term success Expansion of the cement business in growth markets Increased vertical integration of aggregates and ready-mixed concrete in mature markets Management focus on efficiency increase and cost leadership Long-term growth due to social responsibility and environmental precaution: energy efficiency, preservation of raw material resources and climate protection Slide

27 Global economy 2007 GDP growth forecast Russia: 6.3% USA: 2.3% EU-16: 2.6% Germany: 2.4% new EU countries: 5.4% China: 10.0% India: 8.5% Indonesia: 5.0% Source: Spring survey Slide

28 Prospects Confidence for continued upturn in the global economy Risks from development of US property market, US dollar exchange rate, energy prices and from seasonal effects in fourth quarter HeidelbergCement is focused on internal growth, consistent cost leadership and strategic investments in order to expand its international market position High impetus from European and Asian markets Stable development in North America Slide