Slide 1: Financial Results – First Quarter 2012
Financial Results – First Quarter 2012 Analysts’ conference call Athens, May 3, 2012
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: Harsh Winter in the Balkans, Greece, and Turkey Slows Down Seasonally Weak 1st Quarter Sales
Harsh Winter in the Balkans, Greece, and Turkey Slows Down Seasonally Weak 1st Quarter Sales In Million Euro, unless otherwise stated Q1 2012 Q1 2011 Variance Net Sales 225.4 252.9 -10.9% EBITDA 34.1 48.2 -29.3% Adjusted EBITDA (1) 39.5 47.8 -17.4% FX Gains/Losses -2.9 -14.1 Profit Before Taxes -17.
Slide 5: Weak Sales Volume in Greece and SEE Overshadows Growth Momentum in US and Egypt
Weak Sales Volume in Greece and SEE Overshadows Growth Momentum in US and Egypt Turnover Reconciliation 1St Quarter (€ in millions) 3.7 -31.2 260 -10.9% 252.9 250 1.5% 240 230 225.4 4.0 2011 220 3.4 -12.4% 3.2 2012 210 3.0 2.7 200 2.4 Turnover 2011 Translation Organic Turnover 2012 Impact Growth 2.0
Slide 6: More than 1/3 of Targeted Restructuring Plan Savings in 2012 Materialize in the 1st Quarter
More than 1/3 of Targeted Restructuring Plan Savings in 2012 Materialize in the 1st Quarter 18,0 6,6 Q1 Q2 Q3 Q4 2012 Target Cumulative Cash Flow Impact 2012 Recurring EBITDA Savings -18 +3 +29 6.6 18.0 6
Slide 7: NPAT Impacted by Lower Operating Profitability
NPAT Impacted by Lower Operating Profitability 2012 Group Net Profit After Taxes and Minorities (Reconciliation vs. 2011) (€ in millions) 0 -5 -3.9 -10 -15 -8.3 -20 -5.8 -19.4 -25 -5.8 -30 -5.7 11.2 -1.0 -35 NPAT Organic Adjusted Interest Taxes Other FX Gains/ NPAT 2011 EBITDA EBITDA Losses 2012 Var
Slide 8: Seasonal Inventory Built-up Drives High Working Capital
Seasonal Inventory Built-up Drives High Working Capital Sources and Uses of Cash (€ in millions) 60 Operating Free Cash Flow 40 34 (5) (9) (73) 20 0 -20 €-53m -40 (15) -60 (20) 8 -80 (80) -100 EBITDA 3M Non-Cash CapEx Operating Acquisitions/ Interest, Tax, Net FX Change in 2012 Items Working Disposa
Slide 9: Seasonal Increase in Net Debt
Seasonal Increase in Net Debt Group Net Debt (€ in millions) 1,200 1154 1114 1028 1029 988 1,000 971 917 873 777 777 788 800 768 745 Net debt 708 600 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2008 2009 2010 2011 2012 9
Slide 10: Agenda
Agenda Group Financial Results Market Overviews Outlook 10
Slide 11: Underlying Regional Trends Remain Unaffected Despite Seasonal 1st Quarter Distortions
Underlying Regional Trends Remain Unaffected Despite Seasonal 1st Quarter Distortions Q1 Turnover (€m) Q1 EBITDA (€m) 20% 46.0 -37% 38% 12.8 GREECE GREECE 70% 29% 72.6 16% 7.5 35% 79.7 -1.5 -4% USA 15% USA 74% 27% 69.4 -5.7 -12% 12% 27.2 -22% 11%3.9 SEE SEE -68% 14% 35.1 25% 12.3 33% 72.5 55% 18.9 E
Slide 12: Sales of Surplus Carbon Rights Offset Impact from Weak 1st Quarter Demand in Greece
Sales of Surplus Carbon Rights Offset Impact from Weak 1st Quarter Demand in Greece Greek sovereign debt crisis drives building activity to record lows. Continued decline in sales volumes across all products and market segments. Quarter-on-quarter selling prices decline in all products. Expo
Slide 13: Mild Weather Supports Increased Construction Activity and Renews Hopes for a Turnaround in the USA
Mild Weather Supports Increased Construction Activity and Renews Hopes for a Turnaround in the USA USA cement consumption increased by 20% in the first quarter. After steep 5-year decline, are residential and commercial construction firmly trending up? New housing permits seem to support upwar
Slide 14: Harsh Winter in SEE Drives Sales and Profits Down
Harsh Winter in SEE Drives Sales and Profits Down Growing demand in construction materials affected by poor weather conditions in the 1st quarter. Double digit volume decline vs. last year. Cement prices on an upward trend in most countries. Executed option to acquire stake of minority share
Slide 15: EBITDA performance in the EMED Region Affected Mainly by Early Employee Profit Sharing Scheme
EBITDA performance in the EMED Region Affected Mainly by Early Employee Profit Sharing Scheme In Egypt cement consumption increases by +15% vs. last year. Supply and demand close to balance despite new capacity additions Prices increase versus Q4, but still lag 1Q11 levels. €10.7m employee p
Slide 16: Agenda
Agenda Group Financial Results Market Overviews Outlook 16
Slide 17: Outlook 2012
Outlook 2012 • Greece: Further substantial decline in demand • US: Optimism returns • South Eastern Europe: Improving trends • Eastern Med: Growth in Turkey, Transition progressing in Egypt • Energy costs: Roughly stable (excluding Egypt) • Pricing: Some upside potential (excluding Greece) • Focus r