Cementir Holding N.v. · MIL:CEM
Cementir — dbAccess Italy Conference 2012
25 slides from Cementir's conference presentation, May 17, 2012
Slide 1: dbAccess Italy Conference, London, May 17th 2012
dbAccess Italy dbA It l conference f London, May 17th 2012
Slide 2: Group Overview
GROUP OVERVIEW Cc cementirholding
Slide 3: International presence
International presence 3 Cementir Holding operates plants in 15 countries ~ 15 mt of cement capacity; 3.8 m mc of Rmc and 3.8 m mc of aggregates sold in 2011 DENMARK - NORWAY - SWEDEN ICELAND - GERMANY - UK THE NETHERLANDS - ITALY - POLAND - PORTUGAL USA* TURKEY EGYPT CHINA MALAYSIA Grey Cement plan
Slide 4: Successful expansion from local to global player
Successful expansion of Cementir Holding from local 4 to global player... Since 2001 over Euro 1.1 billion invested to increase geographical diversification: today 84% of sales derive from international operations 2011 Revenues by geography 2011 EBITDA by geography excluding Italy 2011 Revenues by b
Slide 5: Historical M&A Activity
Historical M&A Activity 5 BUSINESS TARGET COUNTRY YEAR DESCRIPTION Acquisition of 14 plants Readymix 2010 Price: EUR 8.5m 8 5m Acquisition of Sureko Waste management 2009 Price: EUR 10.7m Acquisition of Kudsk & Dahl Aggregates 2008 Price: EUR 21m Readymix Acquisition of 4K-Beton A/S 2006 Price: EUR
Slide 6: Ebitda breakdown by business segment (1996-2011)
Ebitda breakdown by business segment (1996-2011) 6 • Cementir Holding has grown significantly through acquisitions, entirely financed by cash flow and debt • In 2011 Ebitda reversed its three-years decline Total Ebitda €M: 11,2 27,9 23,5 49,0 62,7 68,6 84,7 87,8 96,1 184,4 247,4 274,1 209,2 135,5 10
Slide 7: Global leadership in white cement
Global leadership in white cement 7 Cementir Holding is #1 worldwide with 3m tons of production capacity Units: Kt 5855 3150 5860 3990 760 999 Europe North America 2790 2455 China Middle East 2800 2187 3095 1662 Asia 1218 1084 (excl. China) Africa Latin America 0 39 Oceania Global capacity* p y : 22
Slide 8: Q1 2012 Results Highlights
Q1 2012 RESULTS HIGHLIGHTS Cc cementirholding
Slide 9: P&L Highlights
P&L Highlights 9 Comments on Q1 2012 results P&L (EUR ‘000) Q1 2012 Q1 2011 Chg % Revenues 195,381 188,561 3,6% • Despite volumes sold decline, average pricing was better across the Group Raw Materials and Fuels costs (99 789) (99,789) (98 928) (98,928) 0 9% 0.9% Personnel costs (38,836) (38,066) 2%
Slide 10: 2011 Results Highlights
2011 RESULTS HIGHLIGHTS Cc cementirholding
Slide 11: P&L Highlights
P&L Highlights 11 P&L (EUR ‘000) FY 2011 FY 2010 Chg % Revenues 933,014 842,260 10.8% Raw Materials and Fuels costs (448,968) (400,071) 12.2% Personnel costs (154,459) (145,267) 6.3% Other operating costs (226,075) (211,381) 7% Ebitda 124,191 108,930 14% g Ebitda Margin 13.3% 12.9% D&A (87,985) (86,
Slide 12: Countries contributions to yoy growth of 2011 Revenues and Ebitda
Countries contributions to yoy growth of 2011 Revenues and Ebitda 12 Revenue contribution +17% +4% +12% +21% -19% +31% -15% +10% Comments on 2011 results € million 50,0 , 21,1 50 8 50,8 • Denmark: good performance thanks to strong 179,7 volume sales increase, especially in ready-mix 147,8 953,7 254,
Slide 13: Net Debt, Cash Flow and Dividends
Net Debt, Cash Flow and Dividends 13 • Sound financial profile: Group gearing ratio improved significantly (33% at the end of 2011, from 40.1% on 31 December 2008) • Comfortable Equity ratio and Net debt / Ebitda compared to industry standards M EUR Net Debt and Cash Flow Key financial ratios (2007-
Slide 14: Main operating challenges
Main operating challenges 14 • Energy and Fuels costs incidence increased from 15% to 24% of Revenues between 2006 and 2011 • Restructuring program partially offset by higher energy costs Cash costs / Total Revenues • In 2011 fuels and electricity costs i increased d b by +20% and d +4% +4%. Respect
Slide 15: Divisional Breakdown of 2011 Results
15 DIVISIONAL BREAKDOWN OF 2011 RESULTS
Slide 16: Denmark
Denmark 16 Cementir Holding is the only cement producer and #1 in RMC • Domestic building activity increase was driven by government major infrastructure programs launched to counter the slowdown in private construction • Per capita p cement consumption p todayy is back to ’93 ((200 kg/capita), g p
Slide 17: Other Scandinavian Countries
Other Scandinavian Countries 17 Cementir Holding is the #1 RMC player in Norway and a leading player in Sweden • Unicon* reached 0.85m mc sold in Norway and 0.2m mc sold in Sweden RMC • Yearly Net Sales increased y-o-y by +21%, Ebitda by +2% • Aggregates (granite, sand and gravel) sales reached 3mt
Slide 18: Turkey
Turkey 18 Cementir Holding is the 1st international cement producer and #3 overall • Strong economic momentum due to infrastructure spending and low interest rates by historical standards, underpinning residential demand Cement • Grey cement sales reached a historical peak of 4.7mt • RMC volumes sol
Slide 19: Turkey Waste Management Business
Turkey 19 Waste Management Business ISTANBUL ANKARA KULA • Waste is strategically important to reduce fossil fuels impact on cement and to lower overall energy costs • 2011 Waste business Sales reached Euro 5,6 million • Over €60m investment plan over 4 years in both Hazardous and Municipal waste wi
Slide 20: Italy
Italy 20 Cementir Holding is the 4th cement producer •Net Sales increased by 12,4% y-o-y thanks to cement volumes growth and change in RMC perimeter (14 new RMC plants acquired from It l Italcementi ti att the th end d off November N b 2010 as partt off an assett swap)) • Negative Ebitda of € -8m du
Slide 21: Egypt
Egypt 21 Cementir Holding is the 1st white cement producer • Net Sales decreased y-o-y by -19%, Ebitda by -35%; despite this decline, profitability is still one of the highest in the Group • Geopolitical uncertainties dominate the scene. Visibility on trading remains extremely low SINAI EL ARISH Cem
Slide 22: Far East
Far East 22 Cementir Holding is one of the leading producers in domestic white cement • China: domestic sales increased thanks to full new contribution capacity Cement • Malaysia: good domestic performance with lower exports mainly to Australia, Hong Kong, South Korea and Singapore Plants 1 White ca
Slide 23: The Caltagirone Group
THE CALTAGIRONE GROUP Cc cementirholding
Slide 24: Group structure and main shareholders
Group structure and main shareholders* 24 • Caltagirone Spa Group is a family-controlled industrial concern with aggregated ’11 sales of € 1.45 bn • The Group holds financial investments in several quoted companies Mkt cap: 183 35.6% 66.7% 56.5% 31.7% MEDIA CONSTRUCTION CEMENT Main shareholders 25.5
Slide 25: Legal disclaimer
Legal disclaimer 25 This presentation has been prepared by and is the sole responsibility of Cementir Holding S.p.A. (the “Company”) for the sole purpose described herein. In no case may it or any other statement (oral or otherwise) made at any time in connection herewith be interpreted as an offer