HeidelbergCement
HeidelbergCement's turnover improved by 5.8% to €11,761.8m in 2010 and the EBITDA improved by 6.5% to €2239.4m. At the trading level, there was an 8.6% advance to €1430.3m. Net interest payments were 8.2% lower at €583.8m and total financial charge fell by 16.0% to €734.8m, giving a pre-tax profit of €599,1m compared with a €14.5m loss in 2009. The net attributable profit jumped from €42.6m to €342.7m. The net debt at the end of the year was 3.3% lower at €8146m and the gearing ratio fell by a further 17.9% to 62.9%. Capital investment has began to increase again and rose by 6.3% to €872m, with around €1050m being planned for this year. Group sales of cementitous materials declined by 1.2% to 78.4Mt, but the international trading volume did improve by 13.8% to 9.6Mt. Cement shipments were stable, but the clinker volume was well ahead. The aggregates volume was a marginal 0.1% higher at 239.7Mt, while ready-mixed concrete shipments were stable at 35.0Mm³ but sales of asphalt declined by 9.4% to 9.1Mt.
In Western and Northern Europe, turnover was off by 1.0% to €3811m and the EBITDA by 0.6% to €683m. Turnover in cementitous materials edged up by 1.5% to €1625m and that of aggregates rose by 5.0% to €770m, while in other construction materials there was a 17.1% reduction to €433m. The cement tonnage declined by 6.3% to 19.7Mt, though British, Swedish and Estonian cement volumes were ahead, volumes elsewhere were lower, including slag in Great Britain. Aggregates volumes improved in the Baltic states and to some extent also in Great Britain and were stable in Germany and Sweden, but declined in Norway and the Benelux, giving a 1.1% overall reduction to 68.8Mt. Ready-mixed concrete deliveries were 3.3% lower at 11.7Mm³.
The Eastern European and Central Asian turnover declined by 11.2% to €1138m and the EBITDA fell by 17.3% to €299m. Turnover in cement was down by 13.6% to €865m, but increased by 3.0% in aggregates to €125m. Tonnages declined by an underlying 5.5% in cement to 14.2Mt and by 5.7% to 20.1Mt in aggregates, while ready-mixed concrete deliveries were 4.5% lower at 3.9Mm³. Notable declines in cement deliveries were seen in the Hungarian, Czech and Bosnian markets. Polish volumes were slightly lower over the year, but there is a clear improving trend in this important market. Volumes in Russia, the Ukraine, Georgia and Kazakhstan all improved. A majority stake in the Russian CJSC 'Construction Materials' which has an annual clinker capacity of 2.0Mt, was acquired during the year and the completion of the Tula works should add a similar capacity increase in 2011.
North American turnover recovered by 4.9% to €3033m, and the EBITDA by 31.6% to €448m. The turnover in cement improved by 3.7% to €883m and by 11.6% to €921m in aggregates, but in other construction products there was a 2.0% reduction to €707m. Deliveries of cementitous materials were marginally lower at 10.0Mt but the aggregates volume improved by 2.8% to 105.0Mt, in both cases helped by strong demand in the Canadian Prairies. Ready-mixed concrete deliveries continued to suffer from weak US housing markets and declined by 4.2% to 5.4Mm³, but sales of asphalt rose by 5.0% to 3.7Mt.
Asia-Pacific turnover rose by 18.0% to €2609m and the EBITDA advanced by 17.4% to €718m. The cement turnover rose by 20.8% to €1547m, with aggregates improving by 25.6% to €446m and other materials by 18.5% to €34m. Cement deliveries were 4.3% higher at 26.6Mt, aggregates shipments were 0.1Mt lower at 33.4Mt while ready-mixed concrete deliveries improved by 4.9% to 8.9Mm³. Indonesian domestic deliveries improved by 8.5% and exports were reduced by 35%, giving a total volume 3.2% higher at 13.9Mt, while ready-mixed concrete deliveries grew by double digits. The Chinese joint ventures improved cement volumes by 2.1% to 7.3Mt. Volumes in Bangladesh rose substantially and a new 0.8Mt grinding centre should be commissioned in 2011. New capacity is being built in India, with two new works coming on stream next year.
In Africa and the Mediterranean area, turnover improved by 12.0% to €938m, but the EBITDA eased by 0.9% to €156m. Turnover in cement rose by 16.5% to €647m as the volume improved by 12.3% to 8.2Mt. The aggregates business suffered from the continuing fall in activity in Spain, which was not fully compensated by better volumes in Turkey and Israel and declined by 3.6% to €85m. In ready-mixed concrete, however, weaker Spanish activity was fully compensated for by Turkey and, to a lesser extent, Israel and volumes rose by 8.9% to 5.0Mm³. The African subsidiaries increased cement deliveries by 12.7% to 5.2Mt. The important Ghana market performed particularly strongly and all markets apart from Benin improved. The Turkish joint venture Akçansa increased cement and clinker volumes by 14.5% to 7.6Mt, with domestic deliveries up by over 20% and cement sales by the African companies also increasing, while clinker sales were reduced. Akçansa's aggregates and concrete volumes also rose.
