Slide 1: Financial Results – Nine months 2009
Financial Results – Nine months 2009 Athens, November 25, 2009
Slide 2: Disclaimer
Disclaimer •This document contains forward-looking statements relating to the Group’s future business, development and economic performance. It also includes statements from sources that have not been independently verified by the Company. •Such statements may be subject to a number of risks, uncert
Slide 3: Agenda
Agenda ¾ Performance Highlights ¾ Market Overviews ¾ Group Financial Results ¾ Outlook 3
Slide 4: Group Turnover & EBITDA – Quarterly Analysis
Group Turnover & EBITDA – Quarterly Analysis Turnover (€m) EBITDA (€m) & EBITDA Margin 1400 350 1184 291 1200 300 1046 258 1000 250 800 200 600 150 24.7% 425 115 419 24.6% 375 363 97 99 97 400 340 100 308 77 64 27.1% 26.7% 200 50 22.6% 25.7% 23.6% 20.9% 0 0 Q1 Q2 Q3 YTD Q1 Q2 Q3 YTD 2008 2009 2008 2
Slide 5: Performance Highlights - Nine Months 2009
Performance Highlights - Nine Months 2009 • Net Profit after taxes and minority interests down by -36.5%; In Q3 decline rate reduced to 6.3% • Cement volumes declined in all markets, except Eastern Mediterranean • Cement prices proved broadly resilient • Major CAPEX projects (Egypt & Albania) were o
Slide 6: Agenda
Agenda ¾ Performance Highlights ¾ Market Overviews ¾ Group Financial Results ¾ Outlook 6
Slide 7: Consolidated Turnover & EBITDA by Region – Nine months 2009
Consolidated Turnover & EBITDA by Region – Nine months 2009 Turnover (€m) EBITDA (€m) 36% 380,3 37% 96,0 -29% -22% GREECE GREECE 41% 488,1 47% 135,5 28% 291,1 11% 28,1 USA € -21% USA € -20% 31% 366,5 12% 35,1 24.7% 24.6% 16% 168,7 24% 61,4 SEE -23% SEE -26% 26.7% 19% 218,7 28% 82,6 20% 206,2 28% 72,
Slide 8: Greece & W. Europe Financial Results Nine Months 2009
Greece & W. Europe Financial Results Nine Months 2009 ● Domestic demand continues to decline reflecting the economy slowdown ● Excessive house inventory weighs on demand ● Prices remained resilient (€ in millions) Turnover (€ in millions) EBITDA -22.1% -29.1% 600 160 488.1 135.5 (39.5) (108.1) 500 3
Slide 9: USA Financial Results Nine Months 2009
USA Financial Results Nine Months 2009 ● Volumes continued to decline across all PCA revised downwards the total US cement consumption for 2009 at segments -26% from -22% ● Stimulus package not seen in the market yet FLORIDA SOUTH ATLANTIC USA (1) Cement Market Volumes ● Prices slightly eroded in $
Slide 10: South Eastern Europe Financial Results Nine Months 2009
South Eastern Europe Financial Results Nine Months 2009 • Demand declined in all markets • New plant in Albania progresses according to plan (Q1 2010), while keep building market share through imports • Prices ahead of last year in all markets except Bulgaria • Fuel prices drop start benefiting EBIT
Slide 11: Eastern Mediterranean Financial Results Nine Months 2009
Eastern Mediterranean Financial Results Nine Months 2009 • In Egypt, volume and prices ahead of last year • Beni Suef 2nd line commenced production in November; building market share through purchased clinker & imported cement/clinker • Exports slowdown from Turkey challenges surplus absorption and
Slide 12: Agenda
Agenda ¾ Performance Highlights ¾ Market Overviews ¾ Group Financial Results ¾ Outlook 12
Slide 13: Key Sales Volume – Nine Months & Q3 2009
Key Sales Volume – Nine Months & Q3 2009 3rd Quarter Nine Months -2%(3) -11%(3) -8%(3) -17%(3) 5 4,7 4,4 16 4,5 4,3 4,2 14,0 4 14 13,0 11,9 11,7 3,5 12 3 10 2,5 -26%(3) -29%(3) 8 2 6 1,5 1,3 4,2 1,0 4 1 2,9 0,5 2 0 (1) (2) 0 (1) (2) Cement (tn m) Aggregates (tn m) Ready-mix (m3 m) Cement (tn m) Aggr
Slide 14: Group Turnover & EBITDA Nine Months & Q3 2009
Group Turnover & EBITDA Nine Months & Q3 2009 Turnover (Nine Months) EBITDA (Nine Months) (€ in millions) (€ in millions) (203.1) -11.6% -11.4% 1183,5 32,0 291 3,8 1.200 300 (48.4) 2.7% 33,7 1046,2 1.3% 11,6 257,9 1.000 250 -17.2% 2.8% -16.6% 4.0% 800 -14.4% 200 -12.6% 24.6% EBITDA margin 24.7% 600
Slide 15: Financial Highlights – Nine Months & Q3 2009
Financial Highlights – Nine Months & Q3 2009 3rd Quarter 2009 Nine Months 2009 (€ in millions) (€ in millions) 2009 2008 Var 09 vs 08 2009 2008 Var 09 vs 08 Turnover 362,6 418,5 -13,4% Turnover 1.046,2 1.183,5 -11,6% EBITDA 96,8 98,9 -2,1% EBITDA 257,9 291,0 -11,4% EBITDA Margin 26,7 23,6 +3.1pts EB
Slide 16: Group Net Profit after Tax – Nine Months 2009
Group Net Profit after Tax – Nine Months 2009 Group Net Profit (€ in millions) 180 163.2 1.0 (12.9) 160 (48.4) 140 120 2.6 103.7 (4.6) (9.3) 4.6 100 7.5 80 60 NPAT 2008 Depn. Taxes Organic Interest FX Diff. Scope Minority Other NPAT 2009 EBITDA Changes & Interest Growth Other Net profit after taxes
Slide 17: Foreign Exchange Rates – Nine Months 2009
Foreign Exchange Rates– Nine Months 2009 (€ in millions) P&L impacted by the strengthening of the $ and EGP vs. the € 17
Slide 18: Consolidated CAPEX & EBITDA by Region – Nine months 2009
Consolidated CAPEX & EBITDA by Region – Nine months 2009 CAPEX (€m) EBITDA (€m) 5,5 96,0 GREECE GREECE 21,2 135,5 6,8 28,1 USA € USA € 36,8 35,1 24.7% 24.6% 64,6 61,4 SEE SEE 26.7% 48,6 82,6 65,3 72,5 E. MED. E.MED. 31,6 37,9 0 20 40 60 80 0 50 100 150 2008 ACT 2009 ACT 2008 ACT 2009 ACT Continued C
Slide 19: Debt as of 30.09.2009
Debt as of 30.09.2009 Group Net Debt (€ in millions) 1,400 1,265 1,208 1,211 1,184 1,200 1,059 1,072 1,133 1,114 1,154 1,000 1,058 1,028 1,029 800 746 736 729 720 675 593 587 547 537 560 600 533 532 513 490 488 463 465 582 562 569 565 524 529 498 498 494 400 455 414 411 417 394 392 363 327 200 Q1 Q2
Slide 20: Sources and Uses of Cash – Nine Months 2009
Sources and Uses of Cash – Nine Months 2009 Sources and Uses (€ in millions) 300 258 250 200 150 28 100 33 85 (155) 50 (79) 0 EBITDA 9M 2009 CapEx & Investments Operating Working Int., Tax, Dividends Net FX Impact Decrease in Net Debt Capital 30/09/09 Q3: 97 (45) (13) (58) 18 (1) Operating Free Cash
Slide 21: Agenda
Agenda ¾ Performance Highlights ¾ Market Overviews ¾ Group Financial Results ¾ Outlook 21
Slide 22: 2009 Outlook
2009 Outlook • Market trends not expected to change materially in the balance of the year • Demand in Greece will keep declining • US remains challenging; PCA revised 2009 forecast downwards to -27% • In SEE, decline of demand is expected to continue • Market growth in Egypt is sustained throughout