Holcim

Holcim's turnover improved by 2.5% to CHF21,653m, but in euro terms there was a 12.5% increase to €15,691m and Asia Pacific has taken over from Europe as the largest source of turnover. The operating EBITDA declined by 2.5% to CHF4,513m, but rose by 6.7% to €3270m in euros and by 2.1% in US dollars. The trading profit came down by 5.8% to CHF2619m (€1898m), while the net attributable profit was off by 19.6% at CHF1182m (€857m). The proceeds from the sale of emission rights amounted to CHF95m, compared with CHF90m in 2009. Net debt at the end of December was 17.9% lower at CHF11,363m (€9090m) to give a gearing level of 53.8%. Capital investment in 2010 was reduced by 30.9% to CHF1592m (€1,274m).

Group cement deliveries increased by 3.6% to 136.7Mt and the sales of other binders recovered by 17.1% to 4.1Mt. The cement capacity was increased by 4.2% to 211.5Mt. The global aggregates volume advanced by 10.1% to 157.9Mt, while ready-mixed concrete deliveries rose by 9.8% to 45.9Mm³. Sales of asphalt were 3.6% lower at 10.6Mt.

Turnover in the Asia Pacific area rose by 24.0% to CHF7,958m (€6366m) and the EBITDA improved by 3.4% to CHF1820m (€1456m). Cement deliveries improved by 6.1% to 71.4Mt. The strongest volume increases were seen in Sir Lanka, Bangladesh and Thailand and only in Australia and New Zealand were shipments lower. The volume increases in the Philippines and in Indonesia were achieved in spite of adverse climatic conditions. Of the two major Indian cement producers ACC sold 0.9% less cement at 21.3Mt, but Ambuja Cements increased cement and clinker volumes by 8.2% to 20.3Mt. ACC now has an annual capacity of 30Mt and Ambuja Cements should reach 27Mt later this year. The aggregates volume jumped by 153.8% to 26.4Mt, boosted by a full year's contribution from the former Cemex business in Australia, and ready-mixed concrete deliveries forged ahead by 56.8% to 12.7Mm³. Additional batching plants were opened in Vietnam and Malaysia.

The European turnover declined by 10.7% to CHF6535m (€5,228m) and the EBITDA by 15.2% to CHF1045m (€836m). Cement deliveries declined by 2.6% to 26.2Mt. In aggregates, volumes were off by 1.0% to 77.6Mt and ready-mixed concrete deliveries were 5.9% lower at 16.0Mm³. Asphalt volumes, on the other hand, increased by 1.8% to 5.7Mt. In Switzerland, cement volumes increased and additional volumes had to be imported from the Dotternhausen works in Germany. British, French and German volumes all increased and an import terminal was acquired near Nantes. Russian volumes increased in the second half and ended the year slightly higher. Czech cement production was also ahead, as was Spain, thanks to increased export volume, but elsewhere in Europe cement deliveries were down. Downstream volumes improved in Britain, France, Belgium, Switzerland and Serbia, but were generally lower elsewhere in Europe.

The North American turnover was off by a further 6.9% to CHF3240m (€2592m), but the EBITDA recovered by 15.0% to CHF460m (€368m). Cement deliveries improved by 3.7% to 11.1Mt thanks mainly to good Canadian markets and a full year's benefit of the new 4.0Mta Sainte Genevieve works on the Mississippi. Cement volumes rose by 7.9% in Canada and by 2.2% in the USA, but US prices came down by 6.9%. The number of quarries and pits declined by 7.6% and shipments of aggregates were off by 2.5% to 39.2Mt, while ready-mixed concrete volumes increased by 1.8% to 5.6Mm³, but the asphalt volume came down by 9.3% to 4.9Mt.

In Latin America, turnover rose by 2.8% to CHF3442m (€2754m) but the EBITDA declined by 7.2% to CHF999m (€799m). Cement shipments declined by 0.4% to 22.7Mt, while aggregates shipments increased by 3.4% to 12.2Mt and the ready-mixed concrete production rose by 4.0% to 10.5Mm³. Holcim sold notably more cement in Brazil, Argentina and Colombia, with downstream products also being ahead in Chile. Holcim's Mexican domestic volumes, and those in Central America, were lower, but the outlook for Holcim Apasco is positive and a new 1.6Mt integrated works was commissioned at Hermosillo in Sonora, taking the annual capacity up to 12Mt. A third cement mill increased the capacity of the Nobsa works in Colombia to 2.1Mt.

The Africa and the Middle East region is by far the smallest, with 13 cement works. Turnover decreased by 9.0% to CHF1098m (€878m) and the EBITDA eased by 3.8% to CHF359m (€287m). Cement deliveries edged ahead by 1.1% to 8.9Mt, but the aggregates output was off by 3.8% to 2.5Mt and ready-mixed concrete shipments were stable overall at 1.1Mm³. Holcim Maroc, the largest contributor, sold less cement and concrete, but more aggregates. Holcim increased volumes in the Lebanon and in western Africa and the cement tonnage in the Indian Ocean area was stable.

The Holcim works at Catskill, New York, which has been shut down on two occasions because of weak demand will be mothballed from the 13th of June.