Holcim - November 2013

Holcim's turnover for the first nine months declined by 6.1 per cent to CHF14,941m, while in euro terms the reduction was eight per cent to EUR12,136m and in US dollar terms the decline was 5.7 per cent. The Asia-Pacific region generated 37.5 per cent of group turnover, down from 39.3 per cent a year earlier, while Europe represented 28.4 per cent, up from 26.5 per cent. Latin America contributed 17.1 per cent against 15.6 per cent, North America 15.7 per cent against 14.3 per cent and Africa/Middle East 4.4 per cent. Margins, however, improved and the operating EBITDA was off by a lesser 4.1 per cent to CHF2951m (EUR2397m) in Swiss franc terms, and by 6.1 per cent by when measured in euros and off by 3.7 per cent in US dollar terms. The contributions from the associates, the largest of which is in China, were stable at around CHF100m. The trading profit decreased by 1.7 per cent to CHF1798m (EUR1460m) but the net attributable profit rose by 33.5 per cent to CHF1040m (EUR845m). Net debt at the end of September was 11.2 per cent lower at CHF10,280m (EUR8350m), giving a gearing level of 54.9 per cent compared with 56.3 per cent a year earlier.

Capital investment during the nine months was 33.9 per cent lower at CHF848m (EUR689m), with maintenance capital expenditure ahead by 3.8 per cent to CHF387m (EUR314m) and expansion investments absorbing 97.3 per cent less at CHF461m (EUR374m). Net spending on acquisitions, however, jumped from CHF67m to CHF410m (EUR333m). For the full year, Holcim is indicating capital expenditure of some CHF2200m, of which around CHF750m, or some 34 per cent, would be maintenance expenditure.


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