West China Cement Ltd. · HKEX:2233
West China Cement — FY2024 Earnings Presentation
28 slides from West China Cement's earnings presentation, March 2025
Slide 1: 2024 Annual Results
2024 Annual Results March 2025
Slide 2: Important Disclaimer and Notice to Recipients
Important Disclaimer and Notice to Recipients Institutional presentation materials By attending the meeting where this presentation is made, or by reading the presentation materials, you agree to be bound by the following limitations: The information in this presentation has been prepared by represe
Slide 3: Company Overview
nN OO ASR 7K BBRAGI Aaa WEST CHINA CEMENT LIMITED Company Overview
Slide 4: Company Overview
Company Overview Western China focus – Shaanxi, Xinjiang and Guizhou The largest Market leader in Southern cement producer in and Eastern Central Shaanxi Province by NSP Shaanxi production capacity Cement capacity: 39.3mt Shaanxi: 21.7mt Xinjiang: 3.5mt Aggregates capacity: Guizhou: 1.8mt 15.0mt Moz
Slide 5: 2024 Annual Results
nN OO ASR 7K BBRAGI Aaa WEST CHINA CEMENT LIMITED 2024 Annual Results
Slide 6: 2024 Annual Results Highlights
2024 Annual Results Highlights ◼ Operational Cement: – Period-end installed capacity of 39.3mt (31 Dec 2023: 31.8mt) Regional operational metrics (Cement) – Sales volume of 19.2mt (31 Dec 2023: 19.8mt). Including clinker sales 20.0mt (31 PRC Africa Uzbekistan Total Dec 2023: 20.5mt) – ASP of RMB338/
Slide 7: Financial Analysis and KPIs
Financial Analysis and KPIs RMB Million Ended Ended % Ended Ended (unless otherwise specified) 31 Dec 2024 31 Dec 2023 Change 31 Dec 2024 31 Dec 2023 Sales Volume: Cement: Cement (mt) 19.2 19.8 (3.0%) ASP/t (RMB) 338 360 Aggregates (mt) 3.48 4.05 (14.1%) - PRC 268 292 Commercial Concrete (mcm) 1.39
Slide 8: Production Cost Analysis
Production Cost Analysis Production Cost (Cement) Average Coal Cost (RMB per ton) RMB (million) 1,200 1,039 6,000.0 1,000 878 779 729 800 600 486 5191.1 400 5,069.8 5,000.0 6.9% 200 6.3% 4,729.9 4,637.6 0 5.4% 6.2% 2020 2021 2022 2023 2024 6.6% 7.1% 5.9% Average Electricity Cost 3,955.3 6.1% 14.1% 1
Slide 9: Operations & Markets
nN OO ASR 7K BBRAGI Aaa WEST CHINA CEMENT LIMITED Operations & Markets
Slide 10: WCC Position in Shaanxi
WCC Position in Shaanxi NSP production capacity: NSP production capacity: 23.1 million tons 3.6 million tons WCC: 6.1m ◼ Southern Shaanxi – Shangluo, Ankang & Hanzhong NSP production capacity: An area dominated by the Qingling Mountains 12.6 million tons Yulin NSP production capacity: Market sha
Slide 11: Central Shaanxi – Competitive Landscape
Central Shaanxi – Competitive Landscape WCC-Hancheng: 2.0mt Shengwei-Jingyang: 2.2mt Manyi: 2.2mt Jidong-Jingyang: 4.4mt Conch-Fenghuang: 2.0mt Conch-Liquan: 4.4mt WCC-Yaowangshan: 1.1mt Conch-Qianxian: 2.2mt Tongchuan WCC-Tongchuan: 5.0mt Jidong-Fufeng: 4.4mt Weinan Shaanxi Coal-Fuping: 4.0mt Conch
Slide 12: Southern Shaanxi – Competitive Landscape
Southern Shaanxi – Competitive Landscape WCC-Xixiang: 1.1mt WCC- Zhen’an: 0.7mt WCC-Yangxian: 1.1mt WCC-Danfeng 1: 1.1mt WCC-Danfeng 2: 1.5mt WCC-Mianxian: 1.1mt Shangluo Hanzhong Ankang Jinlong: 1.1mt WCC-Xunyang: 2mt SINOMA-Hanjiang: 2.2mt WCC Sinoma Other Indicated tonnage is annual cement capaci
Slide 13: Emission Controls and Cost Savings
Emission Controls and Cost Savings New environmental standards – upgrades and cost savings Progress Impact ◼ Reduce 30% electricity consumption Residual heat recovery systems ◼ Decrease CO₂ emissions by c.22,000 55% of total capacity tons/year/mn tons Denitration ◼ Installation completed at all plan
Slide 14: Shaanxi Demand Outlook – Infrastructure Led
Shaanxi Demand Outlook – Infrastructure Led Key infrastructure projects Yanan-Yulin-Eerduosi High-Speed Railway Xi’an-Shiyan Railway Xi’an-Ankang Railway ◼ The newly constructed Yan’an-Yulin High-speed ◼ The project starts at Xi'an East Station to Shiyan ◼ Xi’an-Ankang Railway starts from Xi'an East
Slide 15: Shaanxi Demand Outlook – Infrastructure Led
Shaanxi Demand Outlook – Infrastructure Led Other infrastructure projects Planned Planned Project Name Construction Project Name Construction Period Period Railway Xi’an-Yan’an Railway (Central Region) 2020-2025 Huaneng Power-Coal Transportation Railway 2021-2025 (Central Region) Expressway Huyi-Zho
Slide 16: Shaanxi Demand Outlook – Infrastructure Led
Shaanxi Demand Outlook – Infrastructure Led Other infrastructure projects scheduled to commence construction Planned Planned Project Name Construction Project Name Construction Period Period Railway Xi'an-Hancheng Intercity Railway (Central Region) TBC Caotang Industrial Zone Railway (Dedicated Frei
Slide 17: Xinjiang and Guizhou Diversified Revenue Source
Xinjiang and Guizhou Diversified Revenue Source ◼ Guizhou Strategic location close to Guiyang city within “Gui- An New Area” Guiyang Huaxi Plant Annual Capacity (mt): 1.8 Buoyant infrastructure led cement market Commissioned: April 2015 Well positioned for ongoing infrastructure demand Yining
Slide 18: Africa - Diversified Revenue Source
Africa - Diversified Revenue Source National Cement Plant Annual Capacity (mt): 1.3 Commissioned: November 2022 ◼ D.R. Congo Strategic location close to the Lake Tanganyika which enabling exports to nearby countries, i.e. Rwanda, Burundi, western Tanzania Buoyant infrastructure led cement market
Slide 19: Uzbekistan - Diversified Revenue Source
Uzbekistan - Diversified Revenue Source Andijan Plant Annual Capacity (mt): 2.5 Commissioned: May 2024 ◼ Uzbekistan Buoyant infrastructure led cement market Well positioned for ongoing infrastructure demand 20
Slide 20: Financial Performance
nN OO ASR 7K BBRAGI Aaa WEST CHINA CEMENT LIMITED Financial Performance
Slide 21: Operational Performance
Operational Performance Sales volume of cement Revenue (RMB per ton) (RMB mn) 10,000 24 9,021 8,489 8,345 19.9 19.8 19.2 8,003 20 18.5 8,000 16 6,000 12 4,000 8 2,000 4 0 0 2021 2022 2023 2024 2021 2022 2023 2024 Gross profit and gross profit margin EBITDA and EBITDA margin (RMB mn) (RMB mn) 3,000 3
Slide 22: Debt Profile & Key Credit Ratios
Debt Profile & Key Credit Ratios Debt profile 1 Total debt/EBITDA Net debt/EBITDA 5.0x 3.5x 3.4x 4.4x 2.9x 4.0x 3.6x 2.8x 2.4x 2.9x 3.0x 3.0x 2.1x 1.6x 2.0x 1.4x 1.0x 0.7x 0.0x 0.0x Bank 2021 2022 2023 2024 2021 2022 2023 2024 Senior notes borrowings 38.7% 61.3% Total debt/total capitalization 2 Int
Slide 23: Appendices
nN OO ASR 7K BBRAGI Aaa WEST CHINA CEMENT LIMITED Appendices
Slide 24: Summary of Consolidated Income Statement
Financial Information Summary of Consolidated Income Statement For the year ended 31 December RMB ’000 2021 2022 2023 2024 Revenue 8,002,791 8,489,135 9,020,901 8,344,946 Cost of Sales (5,626,224) (6,307,305) (6,560,882) (6,371,161) Gross Profit 2,376,567 2,181,830 2,460,019 1,973,785 Selling and ma
Slide 25: Summary of Consolidated Balance Sheet
Financial Information Summary of Consolidated Balance Sheet Assets As at 31 December Liabilities and Equity As at 31 December RMB ’000 2021 2022 2023 2024 RMB ’000 2021 2022 2023 2024 Non-current assets Non-current liabilities Property, plant and equipment (“PPE”) 13,884,979 18,195,355 20,809,466 23
Slide 26: Summary Consolidated Cash Flow Statements
Financial Information Summary Consolidated Cash Flow Statements For the year ended 31 December RMB ’000 2021 2022 2023 2024 Net cash generated from operating activities 1,959,650 2,134,538 2,700,141 2,042,739 Net cash used in investing activities (3,516,628) (3,275,319) (3,353,393) (1,878,291) Net c
Slide 27: Board of Directors
Board of Directors ◼ Over 33 years of cernent industry experience Mr. Zhang Jimin, ◼ Chairman of the Shaanxi Cement Association and Vice Chairman of the China Cement Association Chairman & Executive Director ◼ Received professional training course in economic management from Peking University ◼ Over
Slide 28: Contact Us
Contact Us WEST CHINA CEMENT LIMITED 中国西部水泥有限公司 YAOBAI SPECIAL CEMENT GROUP CO., LTD. 尧柏特种水泥集团有限公司 No. 336 4th Shenzhou Road 中国 陕西省 西安市 Aerospace Industrial Base 长安区 Chang’an District 航天基地 Xi’an, Shaanxi, China 神舟四路336号 Tel: +86 29 8925 4988 电话： +86 29 8925 4988 Fax: +86 29 8925 4088 传真： +86 29 8925