Slide 1: Financial Results – Q1 2010
Financial Results – Q1 2010 Analysts’ conference call Athens - May 17, 2010
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 – Q1 2010
Performance Highlights – Q1 2010 • Turnover at €286.1m, reduced by 7.1% • EBITDA stood at €61.2m, a decline of 5.1% • Profit before taxes reached €21.2m, down by 3.9% • Net Profit after taxes and minority interests was €24.8m, up by 16.2% • Organic SG&A reduced by €2.5m or 8% • Agreed with IFC to se
Slide 5: Agenda
Agenda ¾ Performance Highlights ¾ Market Overviews ¾ Group Financial Results ¾ Outlook 5
Slide 6: Consolidated Turnover & EBITDA by Region – Q1 2010
Consolidated Turnover & EBITDA by Region – Q1 2010 Turnover (€m) EBITDA (€m) 108,7 36% 21,9 38% +0% GREECE GREECE +1% 35% 108,4 34% 21,7 25% 71,0 -30% -11% -6,5 USA € USA n/a 33% 100,9 14% 9,3 9% 25,3 20% 12,1 SEE -20% SEE +61% 10% 31,8 12% 7,5 28% 81,1 55% 33,6 E. MED. +21% E.MED. 22% 66,9 +30% 40%
Slide 7: Greece & W. Europe Financial Results Q1 2010
Greece & W. Europe Financial Results Q1 2010 Domestic cement demand declined further, reflecting the economy slowdown and the fiscal tightening +4%(2) Increased export volumes Prices broadly stable Positive impact from lower fuel prices Turnover EBITDA (€ in millions) (€ in millions) 0.3% 0.
Slide 8: USA Financial Results Q1 2010
USA Financial Results Q1 2010 Cement volumes continued to decline Prices eroded in $ terms, more pronounced in Florida Stimulus package not materially impacted the -19%(2) market yet In Lake Belt, ACE granted new mining permits -20%(2) Completed the disposal of a non-core quarry in Kentuck
Slide 9: South Eastern Europe Financial Results Q1 2010
South Eastern Europe Financial Results Q1 2010 Demand declined in all markets, more pronounced in Bulgaria New plant in Albania commenced production in March 2010 -7%(2) Prices stable, except in Bulgaria Fuel prices drop benefited the EBITDA positively Turnover EBITDA (€ in millions) (€ in m
Slide 10: Eastern Mediterranean Financial Results Q1 2010
Eastern Mediterranean Financial Results Q1 2010 Volume growth continued in Egypt, albeit at lower pace Agreed with IFC to sell up to 16% for €80 Imported volumes to meet demand, despite the normal ramp-up of production from the 2nd line in Beni Suef 22%(2) The weakening of the Egyptian pound
Slide 11: Agenda
Agenda ¾ Performance Highlights ¾ Market Overviews ¾ Group Financial Results ¾ Outlook 11
Slide 12: Key Sales Volumes – Q1 2010
Key Sales Volumes – Q1 2010 1st Quarter 4 3,7 3,3 3,2 3,1 3 +13%(3) +6%(3) 2 0,9 1 0,8 -8%(3) 0 (1) (2) (4) Cement Aggregates Ready-mix (tn m) (tn m) (m3 m) 2009 2010 (1) Cement sales include clinker and cementitious materials (2) Includes Egypt & Turkey at 100%, even when accounted for on a proport
Slide 13: Group Turnover & EBITDA Q1 2010
Group Turnover & EBITDA Q1 2010 Turnover EBITDA (€ in millions) (€ in millions) -7.1% -5.1% 307,9 (5,5) 80 310 (16.3) 64,4 (0,7) (2.6) 61,2 -1.8% 60 290 286.1 -1.1% -4.0% -5.3% 40 270 20 20.9% EBITDA margin 21.4% 250 0 Turnover Translation Organic Turnover EBITDA Translation Organic EBITDA 2009 Impa
Slide 14: Financial Highlights Q1 2010
Financial Highlights Q1 2010 1st Quarter 2010 (€ in millions) 2010 2009 Var 10 vs 09 Turnover 286,1 307,9 -7,1% EBITDA 61,2 64,4 -5,1% EBITDA Margin 21,4 20,9 +0,5pts Profit before taxes 21,2 22,1 -3,9% Net Profit after taxes & 24,8 21,3 16,2% Minorities 31st Mar 2010 31st Dec 2009 Var 10 vs 09 Shar
Slide 15: Foreign Exchange Rates Q1 2010
Foreign Exchange Rates Q1 2010 Actual Actual Variance 31/03/10 vs BALANCE SHEET 31/3/2010 31/12/2009 31/12/09 €1 = USD 1.35 1.44 6% €1 = EGP 7.42 7.90 6% 1USD=EGP 5.51 5.48 0% €1 = RSD 99.76 95.89 -4% €1 = ALL 139.05 137.96 -1% €1 = TRY 2.05 2.15 5% Avg Q1 10 vs P&L Avg Q1 10 Avg Q1 09 Q1 09 €1 = US
Slide 16: Consolidated CAPEX & EBITDA by Region Q1 2010
Consolidated CAPEX & EBITDA by Region Q1 2010 CAPEX (€m) EBITDA (€m) 21,9 1,9 GREECE GREECE 21,7 2,4 1,4 -6,5 USA € USA € 2,0 9,3 10,5 12,1 SEE SEE 18,2 7,5 5,0 33,6 E. MED. E.MED. 29,5 25,9 0 10 20 30 -10 0 10 20 30 40 2010 2009 2010 2009 CAPEX program linked to business expansion, mainly the new p
Slide 17: Debt as of 31.03.2010
Debt as of 31.03.2010 Group Debt (€ in millions) 1,400 1184 1265 1208 1211 Net debt Gross debt 1059 1072 988 1035 1,200 1,000 675 746 720 736 729 1154 800 533 587 532 490 488 560 513 465 1058 1133 1114 1028 1029 971 988 600 400 200 494 417 455 392 524 582 529 569 565 411 394 363 0 327 Q1 Q2 Q3 Q4 Q1
Slide 18: Sources and Uses of Cash 1st Quarter 2010
Sources and Uses of Cash 1st Quarter 2010 Sources and Uses of Cash (€ in millions) 70 61 (22) 60 50 (23) 40 30 (17) (16) 20 10 0 -10 -20 (17) -30 EBITDA Net CapEx & Operating Interest, Tax, Net FX Increase in 3M 2010 Investments Working Dividends & Impact Net Debt Capital Provisions 31/03/10 Free Ca
Slide 19: Agenda
Agenda ¾ Performance Highlights ¾ Market Overviews ¾ Group Financial Results ¾ Outlook 19
Slide 20: 2010 Outlook
2010 Outlook • Emerging markets to drive cement growth, decoupling from Europe & N. America • In Greece, the deepening crisis will weigh on the real economy and cement demand will decline further • In the US, the PCA forecasts +5% growth in cement consumption, skewed towards the end of 2010 • In SEE