Slide 1: Financial Results – First Half 2013
Financial Results – First Half 2013 Analysts’ conference call Athens, 1st August, 2013
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 Group Financial Results Market Overviews Outlook 3
Slide 4: Positive Trends, Despite Uncertainties
Positive Trends, Despite Uncertainties 8% top-line growth in H1 2013, excluding negative translation impact. US recovery picks-up pace. Resilient Eastern Mediterranean operating profitability, despite adverse conditions. Exports partially mitigate impact from weak markets in Greece and South
Slide 5: 5th Consecutive Quarter of Top-Line Growth
5th Consecutive Quarter of Top-Line Growth 5
Slide 6: 6M 2013 Net Profit Impacted by Unrealized FX Losses
6M 2013 Net Profit Impacted by Unrealized FX Losses Evolution of Group Net Profit After Taxes and Minorities (€ in millions) EBITDA (Net of FX) EBITDA FX (19.9) Change in Operating Profitability 6
Slide 7: Unrealized Losses from FX Variation Take a Toll on 6M 2013 Net Profits
Unrealized Losses from FX Variation Take a Toll on 6M 2013 Net Profits 7
Slide 8: Sales Growth Driven Mainly by the US and Exports
Sales Growth Driven Mainly by the US and Exports 6 Months 2nd Quarter 10.0 6.0 2012A 2012A 8.5 2013A 4.9 2013A 7.8 5.0 4.6 8.0 5.9 4.0 6.0 5.1 3.1 +9%(3) 3.0 +8%(3) 2.7 4.0 +15%(3) 2.0 +17%(3) 2.0 1.66 1.64 0.89 0.86 1.0 -1%(3) -4%(3) 0.0 (1) (2) 0.0 (1) (2) Cement Aggregates Ready-mix Cement Aggreg
Slide 9: Top Line Growth and Resilient Operating Profitability
Top Line Growth and Resilient Operating Profitability Turnover Reconciliation EBITDA Reconciliation 6 Months Turnover Reconciliation EBITDA Reconciliation 2nd Quarter 21.4% 18.9% 9
Slide 10: €55m Operating Free Cash Flow
€55m Operating Free Cash Flow Sources and Uses of Cash (€ in millions) Operating Free Cash Flow 100 92 (3) (19) 90 80 (15) 70 60 (6) (44) 50 40 30 20 €55m 5 10 10 0 EBITDA 6M Non-Cash CapEx Operating Disposals Interest, Tax, Net FX Impact Change in 2013 Items Working Net of Dividends Net Debt Capita
Slide 11: Net Debt Reduction Exceeding €0.5 B since 2009
Net Debt Reduction Exceeding €0.5 B since 2009 Group Net Debt (€ in millions) 1,300 1154 1,100 1029 1028 971 988 917 873 900 777 777 788 745 768 708 700 640 667 Net debt 630 596 586 500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009 2010 2011 2012 2013 11
Slide 12: Agenda
Agenda Group Financial Results Market Overviews Outlook 12
Slide 13: Sales Growth in most Regions with US Operating Profitability on the Rise
Sales Growth in most Regions with US Operating Profitability on the Rise after a Prolonged Trough H1 2013 Turnover (€m) H1 2013 EBITDA (€m) 29% 15% 38% 42% 27% -11 25% -11 14% 9% 30% 73% 28% 55%
Slide 14: Drop in Profitability in Greece is Abated by Increased Exports and Restructuring
Drop in Profitability in Greece is Abated by Increased Exports and Restructuring Cement domestic sales volumes continue to decline but at a slower pace. Decline is offset by robust exports, which support plant operating rates. Prices continue to come under pressure. No sales of carbon rights
Slide 15: US Growth in Operating Profitability Picking Up Pace
US Growth in Operating Profitability Picking Up Pace Housing starts on the rebound with existing home inventory at pre-bubble levels and new home supply at 50-year lows. Demand driven by accelerated recovery in the Florida residential sector. Cement consumption in the South Atlantic region inc
Slide 16: In SEE Lower Prices vs. Last Year Drive Operating Profitability Down
In SEE Lower Prices vs. Last Year Drive Operating Profitability Down In SEE construction activity may be stabilizing slowly, albeit it remains still in the shadow of Eurozone uncertainties. Sales volume growth supported by exports from the region. Prices in the region stabilize at low levels,
Slide 17: EMED Operating Profitability Resilient, Despite Political Instability
EMED Operating Profitability Resilient, Despite Political Instability, Higher Costs and EGP Depreciation Political uncertainties construe a challenging business environment in Egypt. Egypt construction activity remains resilient. Contraction of cement-market consumption by 4% in 1H may reflect r
Slide 18: Agenda
Agenda Group Financial Results Market Overviews Outlook 18
Slide 19: Outlook 2013
Outlook 2013 • Greece: Demand nearing the bottom? • US: Recovery picks up pace • South Eastern Europe: Early signs of an improvement • Eastern Med: Challenging environment, low visibility in Egypt • Focus remains on: ¾ Free cash flow generation ¾ Productivity initiatives ¾ Reducing carbon footprint