Slide 1: Financial Results – 2009
Financial Results – 2009 Analysts’ conf. call Athens, March 18, 2010 1
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: Performance Highlights – Full Year 2009
Performance Highlights – Full Year 2009 • Turnover reached €1,361m, a decline of 13.8% • EBITDA stood at €330m, lower by 13.2% • Profit before taxes was €158m, down by 24.7% • Net Profit after taxes & minorities was as €123m, a decline of 40.7%; adjusted for the one-off taxes, the decline is 27.6% •
Slide 5: Group Turnover & EBITDA of Full Year 2009 Quarterly Analysis
Group Turnover & EBITDA of Full Year 2009 Quarterly Analysis Turnover (€m) EBITDA (€m) & EBITDA Margin 1800 1578 1600 400 380 1361 1400 350 330 1200 300 1000 250 800 200 24.2% 600 24.1% 150 425 418 395 115 340 308 376 363 97 99 97 400 314 89 100 77 27.1% 72 64 26.7% 22.6% 25.7% 23.6% 22.6% 200 50 22
Slide 6: Agenda
Agenda ¾ Performance Highlights ¾ Market Overviews ¾ Group Financial Results ¾ Outlook 6
Slide 7: Consolidated Turnover & EBITDA by Region – Full Year 2009
Consolidated Turnover & EBITDA by Region – Full Year 2009 Turnover (€m) EBITDA (€m) 39% 37% -20% -24% 40% 44% 27% -24% 8% -40% 31% 11% 24.7% 24.6% 16% 22% -25% -30% 18% 26.7% 28% 20% 31% +58% +62% 11% 17% Strong performance in East Med increased weight on Group Turnover and EBITDA to 20% and 31% res
Slide 8: Greece & W. Europe Financial Results Full Year 2009
Greece & W. Europe Financial Results Full Year 2009 Domestic cement demand declined reflecting the Greece – Cement Consumption '000 tons Introduction Introduction Eurozone of economy slowdown 14.000 of VAT VAT entry 12.000 Excessive house inventory and declining real 10.000 estate sales weigh on
Slide 9: USA Financial Results Full Year 2009
USA Financial Results Full Year 2009 Volumes continued to decline across all FLORIDA SOUTH ATLANTIC USA (1) segments Cement Market Volumes Stimulus package not materially impacted the market yet Cement Consumption (PCA) YTD December '09 -37% -33% -27% 12 Month 3 Month 12 Month 3 Month 12 Month 3
Slide 10: South Eastern Europe Financial Results Full Year 2009
South Eastern Europe Financial Results Full Year 2009 Demand declined in all markets New plant in Albania progresses according to plan Keep building market share in Albania via imports from Greece Prices ahead of last year in all markets but Bulgaria Fuel prices drop impacted positively th
Slide 11: Eastern Mediterranean Financial Results Full Year 2009
Eastern Mediterranean Financial Results Full Year 2009 In Egypt, volume and prices ahead of last year 2nd line in Beni Suef, Egypt completed and commenced production in November 09; building sales through purchased clinker & imported cement/clinker Exports slowdown in Turkish market challenges
Slide 12: Agenda
Agenda ¾ Performance Highlights ¾ Market Overviews ¾ Group Financial Results ¾ Outlook 12
Slide 13: Key Sales Volumes – Full Year & Q4 2009
Key Sales Volumes – Full Year & Q4 2009 4th Quarter Full Year 20 18.6 5 4.5 17.2 4.2 15.9 4.0 15.3 4 15 3.6 -5%(3) -7%(3) 3 -20%(3) -18%(3) 10 2 5.4 1.2 0.9 5 3.9 1 -24%(3) -28%(3) 0 0 Cement Aggregates Ready-mix Cement(1) (2) Aggregates Ready-mix (1) (2) (tn m) (tn m) (m3 m) (tn m) (tn m) (m3 m) 20
Slide 14: Group Turnover & EBITDA Full Year & Q4 2009
Group Turnover & EBITDA Full Year & Q4 2009 Turnover EBITDA (€ in millions) (€ in millions) -13.8% -13.2% 0.9% -0.1% Full Year -16.9% 2.1% -16.2% 3.1% -14.8% -13.1% 24.1% EBITDA margin 24.2% Turnover Translation Organic Scope Turnover EBITDA Translation Organic Scope EBITDA 2008 Impact Growth Impact
Slide 15: Financial Highlights Full Year & Q4 2009
Financial Highlights Full Year & Q4 2009 4th Quarter 2009 Full Year 2009 (€ in millions) (€ in millions) 2009 2008 Var 09 vs 08 2009 2008 Var 09 vs 08 Turnover 314.3 394.9 -20.4% Turnover 1,360.6 1,578.5 -13.8% EBITDA 71.8 89.1 -19.4% EBITDA 329.8 380.1 -13.2% EBITDA Margin (%) 22.9 22.6 +0,3pts EBI
Slide 16: Group Net Profit after Taxes and Minorities Full Year 2009
Group Net Profit after Taxes and Minorities Full Year 2009 Group Net Profit after taxes and minorities (€ in millions) 260 208.2 2.9 (36.2) 210 (61.4) 160 123.4 1.9 (5.1) 7.5 3.3 2.4 110 60 NPAT Depn. Taxes Organic Interest FX Diff. Scope Minority Other NPAT 2008 EBITDA Changes Interest 2009 Growth
Slide 17: Foreign Exchange Rates Full Year 2009
Foreign Exchange Rates Full Year 2009 Actual Actual Variance 31/12/09 vs (€ in millions) BALANCE SHEET 31/12/2009 31/12/2008 31/12/08 €1 = USD 1.44 1.39 -4% €1 = EGP 7.90 7.68 -3% 1USD=EGP 5.48 5.51 1% €1 = RSD 95.89 88.60 -8% €1 = ALL 137.96 123.80 -11% €1 = TRY 2.15 2.15 0% Avg 12M 09 vs P&L Avg 1
Slide 18: Consolidated CAPEX & EBITDA by Region Full Year 2009
Consolidated CAPEX & EBITDA by Region Full Year 2009 CAPEX (€m) EBITDA (€m) 24.7% 24.6% 27.1% 26.7% 22.6% 25.7% 23.6% 20.9% CAPEX program linked to business expansion, mainly the 2nd production line in Beni Suef and the new plant in Albania. Remaining CAPEX for these two projects in 2010 amounts to
Slide 19: Debt as of 31.12.2009
Debt as of 31.12.2009 Group Debt (€ in millions) 1,400 1265 1184 1208 1211 1,200 1059 1072 1133 1114 1154 988 1,000 1058 1028 1029 971 746 800 720 736 729 675 593 587 547 537 560 600 533 532 513 490 488 465 463 562 582 569 565 524 529 400 498 498 494 455 414 411 417 394 392 Net debt Gross debt 363 3
Slide 20: Sources and Uses of Cash Full Year 2009
Sources and Uses of Cash Full Year 2009 Sources and Uses of Cash (€ in millions) 350 330 (187) 300 250 (83) 73 200 10 143 150 100 50 0 EBITDA 12M 2009 Net CapEx & Operating Working Interest, Tax, Dividends Net FX Impact Decrease in Net Debt Investments Capital & Provisions 31/12/09 Free Cash Flow(1)
Slide 21: Agenda
Agenda ¾ Performance Highlights ¾ Market Overviews ¾ Group Financial Results ¾ Outlook 21
Slide 22: 2010 Outlook
2010 Outlook • Emerging markets drive cement growth, decoupling from Europe & N. America • In Greece, the fiscal crisis will weigh on the real economy and cement demand will decline further • In the US, the PCA forecast of 5% growth in cement consumption is viewed with caution and recovery skewed to