The document provides an overview of HeidelbergCement's half year 2016 results. Key points include:
- Solid start to the year with volume increases across all business lines and an 8.5% increase in operating EBITDA.
- Net debt was reduced to €5.9 billion while leverage decreased to 2.2x.
- 45% of Italcementi shares have been acquired and the mandatory takeover offer for the remaining shares will begin at the end of August.
- Regional results were positively reported across most areas with particularly strong performance in North America where margins continued to improve.
HeidelbergCement reported solid results for the first quarter of 2016, with mid-single digit increases in both cement and aggregates volumes and a 13% increase in operating EBITDA. The company saw strong operational performance across all business lines leading to margin improvements. Additionally, net debt was reduced to €5.9 billion while leverage decreased to 2.2x. The company increased its full year operating EBITDA target to "high single to double digit growth" and remains on track to complete the Italcementi acquisition in the second half of 2016.
This document summarizes HeidelbergCement's third quarter 2016 results. Key points include:
- Operating EBITDA increased 2% and operating income increased 4% compared to the prior year on a like-for-like basis.
- Integration of the Italcementi acquisition is progressing faster than planned, with synergies above €400 million already achieved.
- Volumes increased across all business lines (cement, aggregates, ready-mix concrete, asphalt) in all regions.
- Margin improvement programs like the "Competence Center RMC" aim to further boost margins over the next few years.
- The outlook for 2016 is confirmed despite some challenging market conditions.
- Group revenue was stable at €2.8 billion, while operating income improved 19.9% to €138 million due to margin improvements across all business lines.
- Sales volumes grew for cement, aggregates, and ready-mixed concrete due to market recovery in North America, Europe, and Asia.
- Outlook for 2016 was raised, expecting further sales volume growth and a moderate rise in revenue with a high single to double digit increase in operating income. The acquisition of Italcementi is expected to be concluded in the second half of 2016.
HeidelbergCement reported its 2015 full year results and 2016 outlook. Key points:
- 2015 was the best year since the financial crisis with EBITDA up 14% to €2.6 billion and group profit up 65% to €800 million.
- Net debt was reduced to €5.3 billion, significantly below the target of 2.5x leverage.
- The Italcementi acquisition remains on track with synergy potential increased to €400 million.
- Outlook for 2016 is for mid to high single digit organic growth in revenues, EBITDA, and operating income.
This document provides an overview and results for HeidelbergCement for 2016. Key points include:
- Volumes increased across all business lines, with cement volumes up 3%, aggregates up 3%, and ready-mix up 1%. Operating EBITDA and income grew organically by 5% and 6% respectively.
- Results were mixed by region, with strong growth in North America offset by pressure in Southern Europe and weather impacts elsewhere. Integration of Italcementi assets is ongoing.
- An outlook for 2017 forecasts continued volume growth, with a focus on cost efficiency and improving profitability of recently acquired assets. Net debt is expected to remain below €9 billion.
HeidelbergCement held a Capital Markets Day in London on November 10, 2016 to discuss the company's growth strategy and performance. The presentation outlines HeidelbergCement's integration of Italcementi, which expanded its global footprint and added cement capacity. The integration is progressing faster than expected, with redundant headquarters closed and efficiency programs from HeidelbergCement applied. Synergies from the acquisition have been significantly increased to over €400 million. The presentation also highlights HeidelbergCement's continued improvement in financial metrics like EBITDA, free cash flow, and return on invested capital.
HeidelbergCement reported its first quarter 2015 results, with revenues increasing 12% year-over-year to €2.8 billion driven by strong growth across all major markets. Operating EBITDA increased 46% to €299 million, with a margin of 10.6% compared to 8.1% in the prior year. Cement volumes were down 1% while aggregates volumes grew 4%. The results reflected continued focus on margin improvement programs and strong demand growth. Energy costs declined significantly year-over-year providing a tailwind for margins in 2015. The company reiterated its outlook for double-digit revenue, income and net income growth in 2015.
Presentation of the CEO Dr. Bernd Scheifele, Annual General Meeting 2017HeidelbergCement
The document discusses HeidelbergCement's annual general meeting in 2017. It summarizes that in 2016, HeidelbergCement strengthened its position through acquiring Italcementi, achieved an investment grade rating, and increased results. Key financial figures for 2016 show revenue growth due to the acquisition and increased profits. An outlook expects further growth in 2017 despite challenging market conditions.
HeidelbergCement reported solid results for the first quarter of 2016, with mid-single digit increases in both cement and aggregates volumes and a 13% increase in operating EBITDA. The company saw strong operational performance across all business lines leading to margin improvements. Additionally, net debt was reduced to €5.9 billion while leverage decreased to 2.2x. The company increased its full year operating EBITDA target to "high single to double digit growth" and remains on track to complete the Italcementi acquisition in the second half of 2016.
This document summarizes HeidelbergCement's third quarter 2016 results. Key points include:
- Operating EBITDA increased 2% and operating income increased 4% compared to the prior year on a like-for-like basis.
- Integration of the Italcementi acquisition is progressing faster than planned, with synergies above €400 million already achieved.
- Volumes increased across all business lines (cement, aggregates, ready-mix concrete, asphalt) in all regions.
- Margin improvement programs like the "Competence Center RMC" aim to further boost margins over the next few years.
- The outlook for 2016 is confirmed despite some challenging market conditions.
- Group revenue was stable at €2.8 billion, while operating income improved 19.9% to €138 million due to margin improvements across all business lines.
- Sales volumes grew for cement, aggregates, and ready-mixed concrete due to market recovery in North America, Europe, and Asia.
- Outlook for 2016 was raised, expecting further sales volume growth and a moderate rise in revenue with a high single to double digit increase in operating income. The acquisition of Italcementi is expected to be concluded in the second half of 2016.
HeidelbergCement reported its 2015 full year results and 2016 outlook. Key points:
- 2015 was the best year since the financial crisis with EBITDA up 14% to €2.6 billion and group profit up 65% to €800 million.
- Net debt was reduced to €5.3 billion, significantly below the target of 2.5x leverage.
- The Italcementi acquisition remains on track with synergy potential increased to €400 million.
- Outlook for 2016 is for mid to high single digit organic growth in revenues, EBITDA, and operating income.
This document provides an overview and results for HeidelbergCement for 2016. Key points include:
- Volumes increased across all business lines, with cement volumes up 3%, aggregates up 3%, and ready-mix up 1%. Operating EBITDA and income grew organically by 5% and 6% respectively.
- Results were mixed by region, with strong growth in North America offset by pressure in Southern Europe and weather impacts elsewhere. Integration of Italcementi assets is ongoing.
- An outlook for 2017 forecasts continued volume growth, with a focus on cost efficiency and improving profitability of recently acquired assets. Net debt is expected to remain below €9 billion.
HeidelbergCement held a Capital Markets Day in London on November 10, 2016 to discuss the company's growth strategy and performance. The presentation outlines HeidelbergCement's integration of Italcementi, which expanded its global footprint and added cement capacity. The integration is progressing faster than expected, with redundant headquarters closed and efficiency programs from HeidelbergCement applied. Synergies from the acquisition have been significantly increased to over €400 million. The presentation also highlights HeidelbergCement's continued improvement in financial metrics like EBITDA, free cash flow, and return on invested capital.
HeidelbergCement reported its first quarter 2015 results, with revenues increasing 12% year-over-year to €2.8 billion driven by strong growth across all major markets. Operating EBITDA increased 46% to €299 million, with a margin of 10.6% compared to 8.1% in the prior year. Cement volumes were down 1% while aggregates volumes grew 4%. The results reflected continued focus on margin improvement programs and strong demand growth. Energy costs declined significantly year-over-year providing a tailwind for margins in 2015. The company reiterated its outlook for double-digit revenue, income and net income growth in 2015.
Presentation of the CEO Dr. Bernd Scheifele, Annual General Meeting 2017HeidelbergCement
The document discusses HeidelbergCement's annual general meeting in 2017. It summarizes that in 2016, HeidelbergCement strengthened its position through acquiring Italcementi, achieved an investment grade rating, and increased results. Key financial figures for 2016 show revenue growth due to the acquisition and increased profits. An outlook expects further growth in 2017 despite challenging market conditions.
HeidelbergCement achieved its key operational and financial targets for 2014. Revenue increased 4% to €12.6 billion and operating EBITDA increased 3% to €2.3 billion. Net debt was significantly reduced through the successful disposal of the building products business for over €1.2 billion. The dividend was proposed to increase 25% to €0.75 per share. For 2015, double digit percentage increases are expected in revenue, operating income and net income, and net debt/EBITDA is targeted to remain below 2.8x.
HeidelbergCement Half-Year Financial Report January to June 2017HeidelbergCement
The document provides an overview of HeidelbergCement's 2017 half year results. Some key points:
- Group profit increased 17% year-over-year to 288 million euros due to successful integration of the Italcementi acquisition.
- Revenue increased 29% and operating EBITDA increased 22% compared to the prior year period. Synergy targets from the Italcementi acquisition were already achieved in June, exceeding expectations.
- Results were solid despite headwinds from weather, Easter timing, and Ramadan. An upward trend was seen starting in May. Cash flow was impacted by increased working capital and an acquisition in the Pacific Northwest. Full year outlook is confirmed.
HeidelbergCement: Interim Financial Report January to March 2017HeidelbergCement
The document provides an overview and key figures for HeidelbergCement's 2017 first quarter results. Some of the key points included:
- Cement and aggregates volumes were above the prior year levels based on proforma figures, though operating EBITDA was slightly down 2% due to cost inflation and weather impacts.
- The integration of Italcementi is progressing on track, with improvements clearly visible in results. Synergies are ahead of targets.
- Results were solid across most regions despite strong prior year comparisons and cost inflation, though some emerging markets faced pressure.
- The outlook for energy costs improved due to declining commodity prices, and a solid demand outlook is expected in key
HeidelbergCement reports results for the third quarter of 2017 HeidelbergCement
This document provides an overview and key figures from HeidelbergCement's 2017 third quarter results presentation. Some key points:
- Organic growth turned positive in Q3 2017, with like-for-like EBITDA increasing 7% and the Group margin reaching 23%.
- Synergy targets from the Italcementi acquisition were significantly over-achieved.
- EPS increased 38% to €2.42, driven by improved net financial results and stable costs.
- Group share of profit increased 42% to €481 million in Q3 2017.
- Free cash flow generation of €1.2 billion over the last 12 months brought net debt down to €9.6
The document provides a trading statement and financial information for HeidelbergCement for 2014. Some key points:
- Solid volume increases were seen in all business lines across the group. Revenue increased 8% on a like-for-like basis and operating EBITDA increased 9% on a like-for-like basis.
- The disposal of the Building Products business line was successfully completed for 1.4 billion USD. Net debt was reduced to below 7 billion EUR.
- 5.6 million tons of new cement capacity was commissioned in Africa, Indonesia, and Kazakhstan.
- In North America, the market recovery continued with prices up across all business lines and regions. Volumes also increased
The document provides an overview and key figures for HeidelbergCement's 2018 half year results. Some of the key points included:
- Revenue increased 9% on a like-for-like basis, with operating EBITDA up 3% and operating income up 5% for the first half of 2018 compared to the same period in 2017.
- Net debt was reduced by €170 million compared to the prior year, totaling €9,970 million at the end of the second quarter of 2018.
- Volume growth was reported across all business lines, with cement volumes up 3% and aggregate volumes up 2% on a like-for-like basis.
- The outlook for 2018 was confirmed, with
2014 Half-Year Results - The slides for the analyst presentationLafarge
- Sales were up 3% like-for-like in Q2, with cement volumes up 4% due to price increases and higher demand. EBITDA was up 9% at constant rates, supported by cost cutting measures.
- Cost-saving and innovation initiatives delivered €165M in savings in Q2, on track to meet annual targets. EBITDA margin increased 140bps to 24.3% due to cost measures and price rises.
- €1.1Bn of divestments have been secured year-to-date, with €0.4Bn received in the first half, supporting debt reduction goals. Outlook for 2014 cement market growth remains at 2-5%.
2015 First Quarter Results - The slides for the analyst presentation Lafarge
- Lafarge reported solid results for the first quarter of 2015, with EBITDA up 17% supported by cost reduction, pricing, and innovation actions. EBITDA margin increased 180 basis points.
- Cement prices were up 0.6% versus last year and 2.7% compared to Q4 2014. Like-for-like EBITDA was up 14% and net debt was down versus first quarter 2014.
- Lafarge confirmed its target to generate EBITDA of between €3 and €3.2 billion for 2015 and reduce net debt to between €8.5 and €9 billion by year-end.
2014 Nine Months Results - The slides for the analyst presentationLafarge
The document provides financial results for Lafarge for the first nine months of 2014. Key points include:
- Sales and EBITDA grew 2% in Q3 on a like-for-like basis, with growth in the US and emerging markets offsetting declines in Europe.
- Cost reduction objectives for 2014 and 2015 are confirmed to offset foreign exchange impacts and lower volumes in some regions.
- The planned merger with Holcim is proceeding on track with regulatory approvals completed.
CIECH reported financial results for the first three quarters of 2016, with adjusted EBITDA rising 11.5% year-over-year to PLN 646.9 million. Revenue increased 3.6% to PLN 2,547.5 million. The soda segment performed well due to higher sales volumes and prices as well as lower energy costs. While some segments faced challenges like lower sales volumes, overall the company exceeded consensus forecasts for revenue and profits. CIECH expects further revenue growth through expanding product portfolios and global markets in coming quarters.
2014 Full Year Results - The slides for the analyst presentationLafarge
Lafarge reported solid 2014 full year results in a volatile environment, with growth in key markets like the US and Middle East & Africa. Cost reduction and innovation efforts generated €600m in savings, exceeding targets. EBITDA was €2.721 billion and net income was affected by one-off items. The merger with Holcim remains on track for completion in 2015. Operational reviews showed volume growth in North America and cost cutting offsetting lower volumes in Western Europe. Central & Eastern Europe saw EBITDA margin improvements from self-help measures.
Leonardo's 1Q 2017 results presentation summarizes the company's financial performance for the first quarter of 2017. Key highlights include:
- New orders were in line with or above expectations across sectors such as helicopters, electronics, and aeronautics.
- Revenues were softer than the previous quarter due to expected lower volumes, though profitability continued to improve across sectors driven by efficiency improvements.
- Guidance for full-year 2017 is confirmed, with expectations for revenues to remain around 2016 levels and further improvements in profitability.
- Leonardo delivered strong results in the first 9 months of 2016 despite challenging market conditions, with record new orders of €15.5 billion driven by the €7.95 billion Eurofighter contract for Kuwait.
- Profitability improved with net income more than doubling to €343 million, supported by lower financial expenses.
- The company expects continued good performance in the fourth quarter and remains on track to meet full-year guidance.
- Eni reported interim results for Q2 2013, with adjusted net profit down 58% from Q2 2012 due to volatility in Libya and Nigeria production and weak European economies.
- E&P production was down slightly from last year excluding Libya and Nigeria disruptions, while exploration success added nearly 1 billion boe of new resources in H1 2013.
- Measures were taken to reduce costs in G&P, R&M and Chemicals to counter weak market conditions through renegotiating supply contracts and cutting refining and polyethylene capacity.
- Net debt was reduced to €16.5 billion helped by divestment proceeds although profitability was lower than guidance due to delayed effects of price reviews.
- Eni reported its Q3 2012 results, highlighting production growth in E&P driven by increasing Libyan volumes and exploration successes.
- Adjusted operating profit fell slightly to €4,361 million while adjusted net profit was stable at €1,777 million.
- Net debt was reduced through asset sales and operating cash flow, falling to €19.6 billion at the end of September.
- Oil and gas production increased 8.9% year-on-year to 1,678 kboe/d for the first nine months, with significant growth in Africa.
CIECH is a leading Polish chemical company with over 70 years of experience in world markets. It has 8 production plants across Poland, Germany and Romania and over 3,700 employees. CIECH operates across four business segments: soda, organic, silicates and glass, and transport. In recent years, CIECH has optimized operations, invested in new projects, and refinanced debt to significantly increase profits. Looking ahead, CIECH aims to further grow its soda segment, expand in organic chemicals like plant protection, and pursue other investment and modernization projects to continue its stable development.
- Eni reported its Q2 2014 results, with adjusted net profit up 51% from Q2 2013 to €868 million, and adjusted operating profit up 39% to €2.728 billion.
- Oil and gas production was down 3.9% to 1,584 kboe/d compared to Q2 2013. Refined product sales fell 10.4% while gas sales declined 5.4%.
- The Exploration & Production division saw adjusted operating profit decrease 13% to €1,577 million due to lower production, while Refining & Marketing adjusted operating profit fell 24% to €1,648 million due to lower sales and margins.
The document outlines Eni's 2013 financial results and its strategy for 2014-2017. Key points include:
- Eni generated robust cash flows in 2013 despite challenging market conditions.
- The company expects its resilience to support strong cash returns from 2014-2017 through upstream growth, mid/downstream restructuring, and strict capital discipline.
- Eni will focus on high-value exploration and production projects to fuel upstream cash flow growth while rightsizing mid/downstream segments.
This document is HeidelbergCement's 2015 sustainability report. It discusses the company's strategy and approach to sustainability management. Key points include:
- HeidelbergCement is committed to responsible corporate governance and aims to achieve business objectives in an ethical manner.
- Compliance with laws and international standards is a priority, and the company has a compliance program including a Code of Conduct and whistleblower system.
- In 2015, the company strengthened its processes for evaluating business partners against sanctions lists and implemented a new system for assessing corruption risks.
- The sustainability strategy focuses on issues like climate protection, resource efficiency, occupational safety, and stakeholder engagement.
Eni reported its H1 2015 results and strategy update, highlighting the following:
1) All mid-downstream segments were profitable, production grew strongly in E&P, and cost reductions led to savings of over €1.4 billion.
2) Oil and gas production increased 9% compared to H1 2014, and 2015 guidance was raised from 5% to over 7% growth.
3) Exploration performance was robust with resources of 500 million boe found at a cost below $2/boe.
4) Mid-downstream segments exceeded economic targets and accelerated breakeven points in chemicals and refining.
Snam and its peers reported largely positive 1Q 2015 results. Snam's net profit increased 11% year-over-year to €325 million, driven by growth in revenue and efficiency measures. Italgas, a Snam subsidiary, acquired full control of Acam Gas. Stock markets were mostly higher in April, while the utility sector rose 0.8%, bolstered by French water companies. Oil prices significantly increased in April due to production declines and geopolitical tensions.
HeidelbergCement achieved its key operational and financial targets for 2014. Revenue increased 4% to €12.6 billion and operating EBITDA increased 3% to €2.3 billion. Net debt was significantly reduced through the successful disposal of the building products business for over €1.2 billion. The dividend was proposed to increase 25% to €0.75 per share. For 2015, double digit percentage increases are expected in revenue, operating income and net income, and net debt/EBITDA is targeted to remain below 2.8x.
HeidelbergCement Half-Year Financial Report January to June 2017HeidelbergCement
The document provides an overview of HeidelbergCement's 2017 half year results. Some key points:
- Group profit increased 17% year-over-year to 288 million euros due to successful integration of the Italcementi acquisition.
- Revenue increased 29% and operating EBITDA increased 22% compared to the prior year period. Synergy targets from the Italcementi acquisition were already achieved in June, exceeding expectations.
- Results were solid despite headwinds from weather, Easter timing, and Ramadan. An upward trend was seen starting in May. Cash flow was impacted by increased working capital and an acquisition in the Pacific Northwest. Full year outlook is confirmed.
HeidelbergCement: Interim Financial Report January to March 2017HeidelbergCement
The document provides an overview and key figures for HeidelbergCement's 2017 first quarter results. Some of the key points included:
- Cement and aggregates volumes were above the prior year levels based on proforma figures, though operating EBITDA was slightly down 2% due to cost inflation and weather impacts.
- The integration of Italcementi is progressing on track, with improvements clearly visible in results. Synergies are ahead of targets.
- Results were solid across most regions despite strong prior year comparisons and cost inflation, though some emerging markets faced pressure.
- The outlook for energy costs improved due to declining commodity prices, and a solid demand outlook is expected in key
HeidelbergCement reports results for the third quarter of 2017 HeidelbergCement
This document provides an overview and key figures from HeidelbergCement's 2017 third quarter results presentation. Some key points:
- Organic growth turned positive in Q3 2017, with like-for-like EBITDA increasing 7% and the Group margin reaching 23%.
- Synergy targets from the Italcementi acquisition were significantly over-achieved.
- EPS increased 38% to €2.42, driven by improved net financial results and stable costs.
- Group share of profit increased 42% to €481 million in Q3 2017.
- Free cash flow generation of €1.2 billion over the last 12 months brought net debt down to €9.6
The document provides a trading statement and financial information for HeidelbergCement for 2014. Some key points:
- Solid volume increases were seen in all business lines across the group. Revenue increased 8% on a like-for-like basis and operating EBITDA increased 9% on a like-for-like basis.
- The disposal of the Building Products business line was successfully completed for 1.4 billion USD. Net debt was reduced to below 7 billion EUR.
- 5.6 million tons of new cement capacity was commissioned in Africa, Indonesia, and Kazakhstan.
- In North America, the market recovery continued with prices up across all business lines and regions. Volumes also increased
The document provides an overview and key figures for HeidelbergCement's 2018 half year results. Some of the key points included:
- Revenue increased 9% on a like-for-like basis, with operating EBITDA up 3% and operating income up 5% for the first half of 2018 compared to the same period in 2017.
- Net debt was reduced by €170 million compared to the prior year, totaling €9,970 million at the end of the second quarter of 2018.
- Volume growth was reported across all business lines, with cement volumes up 3% and aggregate volumes up 2% on a like-for-like basis.
- The outlook for 2018 was confirmed, with
2014 Half-Year Results - The slides for the analyst presentationLafarge
- Sales were up 3% like-for-like in Q2, with cement volumes up 4% due to price increases and higher demand. EBITDA was up 9% at constant rates, supported by cost cutting measures.
- Cost-saving and innovation initiatives delivered €165M in savings in Q2, on track to meet annual targets. EBITDA margin increased 140bps to 24.3% due to cost measures and price rises.
- €1.1Bn of divestments have been secured year-to-date, with €0.4Bn received in the first half, supporting debt reduction goals. Outlook for 2014 cement market growth remains at 2-5%.
2015 First Quarter Results - The slides for the analyst presentation Lafarge
- Lafarge reported solid results for the first quarter of 2015, with EBITDA up 17% supported by cost reduction, pricing, and innovation actions. EBITDA margin increased 180 basis points.
- Cement prices were up 0.6% versus last year and 2.7% compared to Q4 2014. Like-for-like EBITDA was up 14% and net debt was down versus first quarter 2014.
- Lafarge confirmed its target to generate EBITDA of between €3 and €3.2 billion for 2015 and reduce net debt to between €8.5 and €9 billion by year-end.
2014 Nine Months Results - The slides for the analyst presentationLafarge
The document provides financial results for Lafarge for the first nine months of 2014. Key points include:
- Sales and EBITDA grew 2% in Q3 on a like-for-like basis, with growth in the US and emerging markets offsetting declines in Europe.
- Cost reduction objectives for 2014 and 2015 are confirmed to offset foreign exchange impacts and lower volumes in some regions.
- The planned merger with Holcim is proceeding on track with regulatory approvals completed.
CIECH reported financial results for the first three quarters of 2016, with adjusted EBITDA rising 11.5% year-over-year to PLN 646.9 million. Revenue increased 3.6% to PLN 2,547.5 million. The soda segment performed well due to higher sales volumes and prices as well as lower energy costs. While some segments faced challenges like lower sales volumes, overall the company exceeded consensus forecasts for revenue and profits. CIECH expects further revenue growth through expanding product portfolios and global markets in coming quarters.
2014 Full Year Results - The slides for the analyst presentationLafarge
Lafarge reported solid 2014 full year results in a volatile environment, with growth in key markets like the US and Middle East & Africa. Cost reduction and innovation efforts generated €600m in savings, exceeding targets. EBITDA was €2.721 billion and net income was affected by one-off items. The merger with Holcim remains on track for completion in 2015. Operational reviews showed volume growth in North America and cost cutting offsetting lower volumes in Western Europe. Central & Eastern Europe saw EBITDA margin improvements from self-help measures.
Leonardo's 1Q 2017 results presentation summarizes the company's financial performance for the first quarter of 2017. Key highlights include:
- New orders were in line with or above expectations across sectors such as helicopters, electronics, and aeronautics.
- Revenues were softer than the previous quarter due to expected lower volumes, though profitability continued to improve across sectors driven by efficiency improvements.
- Guidance for full-year 2017 is confirmed, with expectations for revenues to remain around 2016 levels and further improvements in profitability.
- Leonardo delivered strong results in the first 9 months of 2016 despite challenging market conditions, with record new orders of €15.5 billion driven by the €7.95 billion Eurofighter contract for Kuwait.
- Profitability improved with net income more than doubling to €343 million, supported by lower financial expenses.
- The company expects continued good performance in the fourth quarter and remains on track to meet full-year guidance.
- Eni reported interim results for Q2 2013, with adjusted net profit down 58% from Q2 2012 due to volatility in Libya and Nigeria production and weak European economies.
- E&P production was down slightly from last year excluding Libya and Nigeria disruptions, while exploration success added nearly 1 billion boe of new resources in H1 2013.
- Measures were taken to reduce costs in G&P, R&M and Chemicals to counter weak market conditions through renegotiating supply contracts and cutting refining and polyethylene capacity.
- Net debt was reduced to €16.5 billion helped by divestment proceeds although profitability was lower than guidance due to delayed effects of price reviews.
- Eni reported its Q3 2012 results, highlighting production growth in E&P driven by increasing Libyan volumes and exploration successes.
- Adjusted operating profit fell slightly to €4,361 million while adjusted net profit was stable at €1,777 million.
- Net debt was reduced through asset sales and operating cash flow, falling to €19.6 billion at the end of September.
- Oil and gas production increased 8.9% year-on-year to 1,678 kboe/d for the first nine months, with significant growth in Africa.
CIECH is a leading Polish chemical company with over 70 years of experience in world markets. It has 8 production plants across Poland, Germany and Romania and over 3,700 employees. CIECH operates across four business segments: soda, organic, silicates and glass, and transport. In recent years, CIECH has optimized operations, invested in new projects, and refinanced debt to significantly increase profits. Looking ahead, CIECH aims to further grow its soda segment, expand in organic chemicals like plant protection, and pursue other investment and modernization projects to continue its stable development.
- Eni reported its Q2 2014 results, with adjusted net profit up 51% from Q2 2013 to €868 million, and adjusted operating profit up 39% to €2.728 billion.
- Oil and gas production was down 3.9% to 1,584 kboe/d compared to Q2 2013. Refined product sales fell 10.4% while gas sales declined 5.4%.
- The Exploration & Production division saw adjusted operating profit decrease 13% to €1,577 million due to lower production, while Refining & Marketing adjusted operating profit fell 24% to €1,648 million due to lower sales and margins.
The document outlines Eni's 2013 financial results and its strategy for 2014-2017. Key points include:
- Eni generated robust cash flows in 2013 despite challenging market conditions.
- The company expects its resilience to support strong cash returns from 2014-2017 through upstream growth, mid/downstream restructuring, and strict capital discipline.
- Eni will focus on high-value exploration and production projects to fuel upstream cash flow growth while rightsizing mid/downstream segments.
This document is HeidelbergCement's 2015 sustainability report. It discusses the company's strategy and approach to sustainability management. Key points include:
- HeidelbergCement is committed to responsible corporate governance and aims to achieve business objectives in an ethical manner.
- Compliance with laws and international standards is a priority, and the company has a compliance program including a Code of Conduct and whistleblower system.
- In 2015, the company strengthened its processes for evaluating business partners against sanctions lists and implemented a new system for assessing corruption risks.
- The sustainability strategy focuses on issues like climate protection, resource efficiency, occupational safety, and stakeholder engagement.
Eni reported its H1 2015 results and strategy update, highlighting the following:
1) All mid-downstream segments were profitable, production grew strongly in E&P, and cost reductions led to savings of over €1.4 billion.
2) Oil and gas production increased 9% compared to H1 2014, and 2015 guidance was raised from 5% to over 7% growth.
3) Exploration performance was robust with resources of 500 million boe found at a cost below $2/boe.
4) Mid-downstream segments exceeded economic targets and accelerated breakeven points in chemicals and refining.
Snam and its peers reported largely positive 1Q 2015 results. Snam's net profit increased 11% year-over-year to €325 million, driven by growth in revenue and efficiency measures. Italgas, a Snam subsidiary, acquired full control of Acam Gas. Stock markets were mostly higher in April, while the utility sector rose 0.8%, bolstered by French water companies. Oil prices significantly increased in April due to production declines and geopolitical tensions.
- Revenue declined 8% to €178.9 million in Q1 2017 compared to Q1 2016, due to the expected seasonal downturn in demand for mobile device PCBs.
- EBITDA was €18.8 million versus €45.5 million in the previous year, influenced by start-up effects of the new Chongqing plant. Excluding these effects, EBITDA was €38.1 million.
- Net loss was €13.6 million compared to a €19.6 million profit in the previous year, due to start-up costs and higher financing costs.
- LafargeHolcim reported a 6% increase in adjusted operating EBITDA for Q2 2016 compared to the same period in 2015 on a like-for-like basis. The company exceeded its CHF 3.5 billion divestment target and profitability improved due to effective pricing strategies, cost discipline, and synergies from the merger. The outlook for 2016 was confirmed.
Financial results for the first half of 2016 were positive for CIECH S.A.:
- Revenue grew 2.1% year-over-year and adjusted EBITDA increased 14.0% due to higher sales volumes and favorable currency exchange rates.
- The adjusted EBITDA margin expanded to 25.6% from 23.0% in the prior year period.
- For the second half of the year, CIECH S.A. expects continued implementation of investment projects and challenges from volatility in raw material prices and currency exchange rates.
Ageas is an international insurance group with a heritage spanning 190 years. Present in 13 countries across Europe and Asia, the company offers Life and Non-Life solutions to millions of Retail and Business customers.
Ageas helps customers to manage, anticipate and insure their risks through a wide range of products designed for their needs both today and in the future. Distinguished by an expertise in partnerships, Ageas has developed long term agreements with market-leading local financial institutions and distributors around the world allowing it to stay close to the customer.
A positive trend in global stock markets in July was driven by developments in the Greek crisis. Oil prices declined sharply due to weak fundamentals and increased Iranian supply. Snam shares closed up 5% in July, outperforming utility sector indexes, as half-year results met expectations. Snam reported a 9.1% rise in first half net profit supported by infrastructure investments and contributions from associates.
HeidelbergCement reported its 2018 full year results, with revenues reaching a record high of 18 billion euros. Volume increased in all business lines, and price increases were achieved in almost all markets. EBITDA was stable despite significant cost inflation and weather impacts. EPS increased 25% to 5.76 euros, driven mainly by strong performance below EBITDA. Net debt was reduced further despite higher growth capex. Portfolio optimization efforts led to close to 600 million euros in disposals in 2018. Solid EBITDA growth and further net debt reduction are expected in 2019.
- Revenue increased 11.2% to €222.1 million due to additional capacities in Chongqing and strong demand for IC substrates.
- EBITDA rose 75.4% to €52 million thanks to higher earnings from Chongqing and positive valuation effects. The EBITDA margin increased to 23.4%.
- Profit for the period improved to €13.5 million compared to a loss of €11.2 million in the prior year, as investments in recent years increased productivity.
Klöckner & Co AG reported strong results for Q1 2008, with sales up 7.1% and EBITDA increasing 18.3% compared to Q1 2007. The company benefited from price increases and further expanded through acquisitions. Klöckner expects continued profitable growth in 2008, supported by a favorable steel market environment and contributions from acquisitions and optimization programs. Management raised full-year 2008 guidance and now expects results to exceed 2007 levels.
- Revenue remained stable at €386.5 million, matching the previous year's strong level. However, profitability declined due to start-up costs associated with the new Chongqing plant.
- EBITDA decreased 44% to €52.1 million due to €37.3 million in start-up costs for Chongqing. Excluding this, EBITDA declined 5% and the margin was nearly unchanged at 23.8%.
- Net loss was €14.8 million compared to €42.1 million profit in the previous year, due to the Chongqing start-up costs and higher financing expenses. Outlook for the year remains cautious due to ongoing ramp-up
- AT&S, a manufacturer of high-end printed circuit boards and IC substrates, increased revenue and profits in the first half of the 2018/19 fiscal year compared to the same period last year. Revenue grew 6.4% to €516.9 million driven by additional capacity from new Chinese plants and strong demand for IC substrates.
- EBITDA improved 32.5% to €138.3 million due to the positive contributions from the Chinese plants, and the EBITDA margin increased to 26.8%. Net profit more than tripled to €55.4 million.
- The company upgraded its full-year guidance, now expecting 6-8% revenue growth and an EBITDA margin of
- Revenue increased 5.3% to €615.1 million due to first revenues from new IC substrate and circuit board plants in China, though profitability declined.
- EBITDA fell 27.2% to €102.1 million due to €51.6 million in start-up costs for the new China plants, while adjusted EBITDA rose 8.5% as cost cuts offset price pressure.
- Net loss of €19.7 million compared to €60.2 million profit last year primarily from start-up effects and higher financing costs, though core business profitability improved.
- Revenue increased 25.7% to €485.7 million due to strong customer demand and better than expected ramp-up of new technology.
- EBITDA doubled to €104.4 million, with the margin increasing 8% to 21.5% due to efficiency measures overcoming challenges faster.
- Net profit turned positive to €15.4 million compared to a loss of €14.8 million previously, with earnings per share of €0.40.
The document summarizes Generali Group's 2016 first half results. Key highlights include:
- Operating result decreased 10.5% to €2.487 billion mainly due to lower investment gains.
- Net result decreased 9.9% to €1.178 billion.
- Life operating result decreased 3.5% to €1.653 billion due to lower investment gains, partly offset by improving technical margins and expenses.
- P&C combined ratio improved slightly to 92.3% from 92.6%.
- Klöckner & Co reported financial results for Q1 2013 that were impacted by macroeconomic uncertainty, price declines, and severe weather in Europe. Turnover increased 3.8% quarter-over-quarter but decreased 11.4% year-over-year.
- EBITDA came in at the low end of guidance at €29 million, benefiting from cost reductions of €16 million from the restructuring program but hampered by declining sales volumes and prices.
- The restructuring program is nearly complete, having reduced headcount by 1,600 and closed 50 of 60 targeted sites. The program has significantly improved Klöckner & Co's margins and cost base.
The document provides an overview of Snam's 2014 financial results and March 2015 performance in the stock market and energy sector. Some key points:
- Snam reported €1.198 billion in net profit for 2014, up 30.6% from 2013. The company also proposed a dividend of €0.25 per share.
- In March, European stock markets were mixed, with Italian markets up 3.7% due to ECB bond purchases while US markets fell on a strong dollar. Oil prices also declined in March.
- Snam's stock price closed unchanged at €4.52 in March. Peer companies like Terna and Enagas also reported 2014 financial results in late February and March.
Ageas is an international insurance group with a heritage spanning 190 years. Present in 13 countries across Europe and Asia, the company offers Life and Non-Life solutions to millions of Retail and Business customers.
- The company reported significant increases in revenue, earnings, and profitability in the first 9 months of 2017/18 compared to the same period last year. Revenue was up 24.5% and EBITDA increased 86.3% due to strong operating performance and new technology.
- Gross profit margin increased to 18.2% from 7.9% last year. Profit for the period improved to €47.8 million from a €19.7 million loss previously.
- Equity increased 29.4% to €699.1 million due to successful placement of a €175 million hybrid bond and profit for the period, improving the equity ratio to 45.6%.
Similar to Q2 2016 Presentation HeidelbergCement (20)
The Sustainability Report 2018 highlights important topics and challenges for HeidelbergCement in its drive for sustainable development. Readers also learn about the successes and aims of corporate sustainability management, as well as the company’s activities in the arena of environmental protection, employees, workplace safety and social responsibility. The report deals with the business year 2018 of the HeidelbergCement Group.
Der Nachhaltigkeitsbericht 2018 stellt die für HeidelbergCement wichtigen Themen und Herausforderungen einer nachhaltigen Entwicklung dar. Darüber hinaus informiert er über Erfolge und Ziele unseres unternehmerischen Nachhaltigkeitsmanagements sowie über Maßnahmen in den Bereichen Umweltschutz, Mitarbeiter und Arbeitssicherheit sowie gesellschaftliches Engagement. Er bezieht sich dabei auf das Geschäftsjahr 2018 des HeidelbergCement Konzerns, das vom 1. Januar bis zum 31. Dezember reicht.
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- HeidelbergCement reported increased sales volumes and revenue in the first half of 2018 compared to the previous year. Revenue was up 6% excluding consolidation and exchange rate effects.
- The financial result improved by €26 million to €-155 million. Profit for the period improved by 30% to €375 million, driven by growth in sales volumes and improved financial results.
- Outlook for 2018 remains unchanged with expected continued growth in sales volumes and a moderate increase in revenue and profit.
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Der Nachhaltigkeitsbericht 2017 stellt die für HeidelbergCement wichtigen Themen und Herausforderungen einer nachhaltigen Entwicklung dar. Darüber hinaus informiert er über Erfolge und Ziele unseres unternehmerischen Nachhaltigkeitsmanagements sowie über Maßnahmen in den Bereichen Umweltschutz, Mitarbeiter und Arbeitssicherheit sowie gesellschaftliches Engagement. Er bezieht sich dabei auf das Geschäftsjahr 2017 des HeidelbergCement Konzerns, das vom 1. Januar bis zum 31. Dezember reicht.
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1. Slide 1 - 2016 Half year Results - 29 July 2016
HeidelbergCement
2016 Half Year Results
29 July 2016
Dr. Bernd Scheifele, CEO and Dr. Lorenz Näger, CFO
Norcem Brevik Plant / Norway
2. Slide 2 - 2016 Half year Results - 29 July 2016
Restrictions on communications about Italcementi
Situation:
An offering document regarding the Mandatory Takeover Offer (MTO) of the remaining Italcementi shares has
been approved by CONSOB and published to the capital markets on 28 July 2016.
Implications on communications about Italcementi:
During the time when the offering document is public and active, HeidelbergCement and Italcementi will not make
any further detailed comments on the business activities of Italcementi, the first-half 2016 earnings and outlook
and the synergies beyond what is published in the prospectus and Italcementi’s half year report.
The half year report of Italcementi will be published on 1 August and has been incorporated in the prospectus by
reference.
During the abovementioned period Italcementi will disclose to the market all the information required by
applicable laws.
HeidelbergCement will start to report details on the business including the activities acquired through Italcementi
with its Q3 earnings that are scheduled to be announced on 9 November 2016.
3. Slide 3 - 2016 Half year Results - 29 July 2016
Contents
Page
1. Overview and key figures 4
2. Results by Group areas 13
3. Financial report 25
4. Outlook 2016 33
5. Appendix 36
4. Slide 4 - 2016 Half year Results - 29 July 2016
Market and financial overview Q2 2016
Solid start of the year signals another strong year ahead
– Volumes increase in all business lines
– Operating EBITDA up +8.5%; Operating Income up +11.2% 1)
– Group EBITDA margin reaches 22.1%
Group share of profit €m 47 above prior year (+17%)
Net debt down to €bn 5.9 (prior year: €bn 6.3); leverage at 2.2x (prior year: 2.6x)
LTM free cash flow generation above €bn 1 driven by strong operational result
45% of Italcementi shares acquired. MTO for remaining shares in Italcementi will start
end of August.
SPA signed for Belgium assets. Final bids for US assets to be received in first half
August.
1) Like for like excluding currency and scope impacts
Solid set of figures driven by strong operational and financial performance
7. Slide 7 - 2016 Half year Results - 29 July 2016
North America
Africa-Eastern Mediterranean BasinNorthern and Eastern Europe-Central Asia
Asia-PacificWestern and Southern Europe
Mt Mt Mm³
Group Sales Volumes
1.7
31.5
3.4 1.6
32.5
3.4
-1% -7%
+3%
Ready MixAggregatesCement
Q2 2016Q2 2015
3.0
15.0
4.3 3.3
15.1
4.6
+1%
+10%+6%
Ready MixAggregatesCement
1.5
9.3
6.2
1.7
9.3
6.6
0%
+14%
+6%
Ready MixAggregatesCement
0.7
2.3
1.9
0.7
2.3
1.9
0%
-5%
-2%
Ready MixAggregatesCement
2.7
9.1
6.0
2.8
9.9
5.8
+9%
+1%
-3%
Ready MixAggregatesCement
67.1
+3%
Group Aggregates
69.121.9
+2%
Group Cement
22.3 9.6
+4%
Group Ready-mixed concrete
10.0
8. Slide 8 - 2016 Half year Results - 29 July 2016
EBITDA continues to grow
Mar 16
19.0%
2,613
2,382
18.4%
Jun 15
19.6%
18.7%
2,479
Sep 15
2,541
2,634
Dec 15Mar 15Dec 14
2,673
19.9%
19.4%
Jun 16
2,288
18.1%
Last 12 months rolling EBITDA in €m
Last 12 months rolling EBITDA Margin
Solid operational performance clearly visible in EBITDA and margin
9. Slide 9 - 2016 Half year Results - 29 July 2016
Energy costs continue to decline
We continue to benefit from low costs and structured energy management
1,1461,2081,2421,2831,3071,308
Sep 15
13,385
Jun 15
13,269
Mar 15
12,928
Dec 14
1,299
12,614
Jun 16
13,401
Mar 16
13,461
Dec 15
13,465
Total Energy CostRevenue
9.6%
9.2%
9.0%
8.6%
9.9%
10.1%10.3%
Total energy cost as % of revenues
€m
*) All values based on last 12 months rolling figures.
10. Slide 10 - 2016 Half year Results - 29 July 2016
Italcementi transaction update
Closing & Divestments MTO Process
Organization /
Transaction
45% of shares acquired.
Italcementi will be fully
consolidated as of 1st
July.
Belgium assets: SPA
signed for 312m€. EC
approval required
US assets: Strong
interest. Final bids due in
first half August.
High confidence to
achieve attractive
proceeds from
divestments.
CONSOB approved MTO
prospectus on 26th July.
Acceptance period to start
on 29th August and end on
30th September.
Target is to delist
Italcementi before the end
of the year.
Group organization and
key personnel decisions
post transaction are
already announced.
Management Meeting
held on 4th and 5th July
with Italcementi.
On-site validation of the
top-down synergies
completed after visiting
all cement plants.
Transaction on track, whole process will be finalized before year-end.
11. Slide 11 - 2016 Half year Results - 29 July 2016
€m 400 targeted synergies are detailed and translated into actionable
measures per country and per function
HQ Trading NAM FRA BENE ITA ESP KAZ BUL GRE EGY MOR IND THAI Other
SG&A
SSC
Blue Collar
Operations
Purchasing
Logistics
IT
Reporting
R&D
Insurance
Trading
Other
Tax
Treasury
Value for each single box is defined by
actionable measures
€m 400 target confirmed !
12. Slide 12 - 2016 Half year Results - 29 July 2016
Contents
Page
1. Overview and key figures 4
2. Results by Group areas 13
3. Financial report 24
4. Outlook 2016 33
5. Appendix 36
13. Slide 13 - 2016 Half year Results - 29 July 2016
North America
USA:
– Cement: H1 volume development better than expected; in Q2, strong increase in Region South, whereas Region North and
West were negatively impacted by bad weather; prices significantly above prior year in all regions; additional price increases
implemented in Q2.
– Aggregates: strong volume and price development; Region West negatively affected by bad weather; positive outlook driven
by long term highway bill (FAST Act).
– Significant margin improvements in cement and aggregates.
Canada:
– Aggregates and concrete volume virtually stable in Q2.
– Significant drop in demand in Alberta due to low oil price is to a large extent compensated by strong demand in BC and
Washington.
– Price increases have been executed.
North America June Year to Date Q2
2015 2016 variance L-f-L 2015 2016 variance L-f-L
Volumes
Cement volume ('000 t) 5.634 5.896 262 4,7 % 4,7 % 3.417 3.374 -43 -1,3 % -1,3 %
Aggregates volume ('000 t) 49.651 53.775 4.124 8,3 % 8,3 % 31.514 32.519 1.005 3,2 % 3,2 %
Ready mix volume ('000 m3
) 2.969 2.898 -71 -2,4 % -2,4 % 1.678 1.566 -111 -6,6 % -6,6 %
Asphalt volume ('000 t) 1.246 1.459 213 17,1 % 17,1 % 990 1.227 237 23,9 % 23,9 %
Operational result (EURm)
Revenue 1.640 1.717 77 4,7 % 6,4 % 1.017 1.003 -14 -1,4 % 1,1 %
Operating EBITDA 290 366 76 26,2 % 28,5 % 252 282 30 11,8 % 13,8 %
in % of revenue 17,7 % 21,3 % 24,8 % 28,1 %
Operating income 173 243 70 40,7 % 43,9 % 191 219 28 14,8 % 16,6 %
Revenue (EURm)
Cement 621 655 34 5,5 % 382 377 -5 -1,3 %
Aggregates 627 686 59 9,4 % 396 405 8 2,1 %
RMC + Asphalt 450 438 -12 -2,8 % 274 257 -16 -6,0 %
Opr. EBITDA margin (%)
Cement 19,6 % 23,2 % +369 bps 26,4 % 30,3 % +383 bps
Aggregates 22,3 % 27,4 % +506 bps 30,8 % 36,6 % +577 bps
RMC + Asphalt 2,9 % 4,5 % +165 bps 6,6 % 7,9 % +131 bps
14. Slide 14 - 2016 Half year Results - 29 July 2016
Cement LTM EBITDA Margin (*) Aggregates LTM EBITDA Margin (*)
North America: Margin improvement continues
Jun 16
34.7%
21.6%
Mar 16
34.5%
20.3%
Dec 15
34.1%
19.4%
Sep 15
33.3%
18.3%
Jun 15
32.5%
17.1%
Mar 15
31.5%
15.7%
Dec 14
30.8%
15.1%
CanadaUS
Jun 16
28.7%
29.8%
Mar 16
28.7%
28.0%
Dec 15
28.5%
27.4%
Sep 15
28.6%
26.9%
Jun 15
27.8%
26.3%
Mar 15
29.5%
25.3%
Dec 14
30.2%
25.5%
CanadaUS
*) Values based on last 12 months rolling figures.
**) Based on local currency, year to date June 2016.
Almost 100% operating leverage in North America! (**)
15. Slide 15 - 2016 Half year Results - 29 July 2016
Western and Southern Europe
Continuation of solid result development
UK: Market continues to grow; positive cement and concrete price development; no negative impact from Brexit visible
so far: first two weeks of July were strong; solid order book.
Germany: Sales volumes considerably above prior year in all business lines, supported by increased residential demand
and higher infrastructure investments; significant increase in contribution margin due to lower variable cost.
Benelux: EBITDA up clearly; increased volumes and contribution margin in cement business line; market recovery,
particularly in the Netherlands.
Spain: Difficult H1; political uncertainty leads to delays in investments.
West & South Europe June Year to Date Q2
2015 2016 variance L-f-L 2015 2016 variance L-f-L
Volumes
Cement volume ('000 t) 7.592 7.970 379 5,0 % 5,0 % 4.298 4.572 274 6,4 % 6,4 %
Aggregates volume ('000 t) 27.220 27.207 -13 0,0 % 0,0 % 14.957 15.127 170 1,1 % 1,1 %
Ready mix volume ('000 m3
) 5.293 5.719 427 8,1 % 8,1 % 2.968 3.265 297 10,0 % 10,0 %
Asphalt volume ('000 t) 1.543 1.388 -156 -10,1 % -10,1 % 792 745 -48 -6,0 % -6,0 %
Operational result (EURm)
Revenue 1.581 1.562 -19 -1,2 % 4,8 % 883 879 -4 -0,5 % 6,5 %
Operating EBITDA 196 220 23 11,9 % 23,8 % 169 185 16 9,6 % 18,6 %
in % of revenue 12,4 % 14,1 % 19,2 % 21,1 %
Operating income 100 135 35 35,1 % 60,4 % 121 142 22 18,2 % 29,6 %
Revenue (EURm)
Cement 660 668 9 1,3 % 375 378 4 1,0 %
Aggregates 387 374 -13 -3,4 % 211 204 -7 -3,3 %
RMC + Asphalt 641 640 -1 -0,1 % 350 356 6 1,7 %
Opr. EBITDA margin (%)
Cement 16,3 % 20,1 % +380 bps 27,3 % 32,3 % +504 bps
Aggregates 18,7 % 18,1 % -63 bps 21,0 % 19,1 % -198 bps
RMC + Asphalt 1,6 % 3,5 % +184 bps 3,2 % 5,1 % +192 bps
16. Slide 16 - 2016 Half year Results - 29 July 2016
UK and BrExit
We are cautiously optimistic and will continue to outperform the market as a result of unique
footprint, fully vertically integrated business model and strong local management team
Recent developments show early indications of stabilization
Strong volume development in Q2 with cement volumes up more than 4%.
The last two weeks after the political stabilization have been amongst the best this year.
July demand is clearly ahead of our previous expectations.
Projects in the pipeline provide a positive Outlook for UK
o More than 200,000m3 concrete needed for the projects already commenced so far in 2016.
o Thames Tideway Tunnel: No expectations of delay. Around 300,000m3 concrete needed.
o Hinkley Power Plant: EDF already announced BrExit is no barrier.
o Renaker (High towers in Manchester): Due to start in October and run for 3 years.
o High Speed Train London – Birmingham: Huge project ; several mt aggregates needed.
o Road Projects: Silvertown Tunnel, A14 project and M4 South Wales (~5mt AGG).
17. Slide 17 - 2016 Half year Results - 29 July 2016
Northern and Eastern Europe - Central Asia
Northern Europe: Increased building materials demand in Sweden, especially in residential; volumes in Norway up
clearly and better than expected, driven mainly by infrastructure projects. We are confident for the rest of the year.
Poland: Stable market demand; weaker than expected growth in infrastructure and commercial segment; negative
cement pricing trend stopped.
Czech Republic: Strong Q2 result due to increased volumes in all business lines, cement price increase and lower
energy costs.
Romania: EBITDA margin improves, driven by volume increase and lower variable costs.
Russia: Volume and pricing up, driven by Moscow and St. Petersburg markets.
Ukraine: Positive volume and result development from in H1 from low level; strong price increase implemented.
Kazakhstan: Increased demand in Q2; prices considerably above prior year.
North & East Europe - CA June Year to Date Q2
2015 2016 variance L-f-L 2015 2016 variance L-f-L
Volumes
Cement volume ('000 t) 10.088 10.549 462 4,6 % 4,6 % 6.246 6.598 351 5,6 % 5,6 %
Aggregates volume ('000 t) 14.351 13.924 -427 -3,0 % -4,7 % 9.332 9.317 -15 -0,2 % -1,9 %
Ready mix volume ('000 m3
) 2.496 2.779 284 11,4 % 3,1 % 1.466 1.676 210 14,3 % 7,0 %
Asphalt volume ('000 t) 0 0 0 N/A N/A 0 0 0 N/A N/A
Operational result (EURm)
Revenue 972 1.079 107 11,0 % 3,0 % 589 659 70 11,8 % 6,2 %
Operating EBITDA 132 147 15 11,6 % 7,9 % 123 139 17 13,7 % 13,5 %
in % of revenue 13,6 % 13,6 % 20,8 % 21,1 %
Operating income 61 75 14 22,8 % 9,7 % 86 103 17 20,0 % 17,3 %
Revenue (EURm)
Cement 631 606 -25 -4,0 % 389 381 -8 -2,2 %
Aggregates 115 101 -14 -12,2 % 73 68 -5 -7,1 %
RMC + Asphalt 236 248 12 5,0 % 135 148 13 9,3 %
Opr. EBITDA margin (%)
Cement 14,4 % 16,4 % +207 bps 22,3 % 24,6 % +231 bps
Aggregates 10,2 % 7,1 % -313 bps 18,5 % 18,3 % -16 bps
RMC + Asphalt 6,2 % 5,9 % -24 bps 8,3 % 9,4 % +110 bps
18. Slide 18 - 2016 Half year Results - 29 July 2016
Follo Line Tunnel Oslo
22 km new double rail track, 20 km tunnel, two
separate tubes
• Currently the largest
infrastructure project in
Norway
• 300,000 tons cement
supply contract for
three years won by HC
• HC well positioned
around Oslo
Very well positioned for infrastructure projects in key markets
Fehmarn Belt Link
18 km immersed road/rail PRECAST tunnel
between DK and DE
• One of the largest
infrastructure projects in
Europe
• Major contracts awarded
to contractor
consortiums
• HC targeting 1mt cement
and >5mt aggregates
Stockholm Bypass
21 km highway, 3 lanes in each direction, 18 km in
tunnels (2 separate tubes)
• Currently the largest
infrastructure project
in Sweden
• HC with a strong
position and product
range in Stockholm
• First two contracts
have been won by HC
Nord Stream 2
1200 km twin gas pipeline through Baltic Sea
• HC is targeting
450,000 t of cement
required for pipe
coating
19. Slide 19 - 2016 Half year Results - 29 July 2016
Asia-Pacific
Indonesia: Cement volume down in Q2, due to delays in commercial property and infrastructure projects in our core
markets; strict cost management partially compensate margin pressure from lower prices; new kiln line P14 has started
production; positive impact on costs expected for H2.
India: Clear result improvement driven by moderate volume increase, price increases in Q2, and lower energy costs by
use of own waste heat recovery power plant.
China: Demand still significantly below prior year, especially in the Northwest; price increases implemented in Q2, but
prices still substantially down year-on-year.
Bangladesh: EBITDA clearly above prior year due to significantly improved volumes and lower raw material costs
Australia: Volume growth in all business lines driven by strong residential construction demand and integrated supply
chain management; strong demand on the East Coast compensates for weaker mining sector.
Asia - Pacific June Year to Date Q2
2015 2016 variance L-f-L 2015 2016 variance L-f-L
Volumes
Cement volume ('000 t) 11.613 11.656 43 0,4 % 0,4 % 6.023 5.834 -189 -3,1 % -3,1 %
Aggregates volume ('000 t) 17.866 18.921 1.055 5,9 % -3,3 % 9.063 9.852 789 8,7 % -2,2 %
Ready mix volume ('000 m3
) 5.295 5.148 -147 -2,8 % -2,8 % 2.724 2.761 37 1,4 % 1,4 %
Asphalt volume ('000 t) 1.042 878 -164 -15,7 % -15,7 % 570 472 -98 -17,2 % -17,2 %
Operational result (EURm)
Revenue 1.422 1.304 -118 -8,3 % -5,2 % 728 667 -62 -8,5 % -5,6 %
Operating EBITDA 362 315 -47 -12,9 % -10,5 % 181 163 -18 -10,0 % -7,8 %
in % of revenue 25,5 % 24,2 % 24,9 % 24,5 %
Operating income 295 250 -45 -15,3 % -12,9 % 147 130 -17 -11,7 % -9,6 %
Revenue (EURm)
Cement 761 675 -86 -11,4 % 387 331 -56 -14,6 %
Aggregates 273 278 5 1,8 % 139 146 7 5,0 %
RMC + Asphalt 542 500 -42 -7,8 % 282 269 -13 -4,7 %
Opr. EBITDA margin (%)
Cement 31,3 % 29,7 % -157 bps 30,2 % 28,2 % -199 bps
Aggregates 28,9 % 27,7 % -120 bps 28,8 % 29,6 % +82 bps
RMC + Asphalt 0,3 % -0,2 % -49 bps 0,2 % 1,4 % +116 bps
20. Slide 20 - 2016 Half year Results - 29 July 2016
Cement sales volumes Operating EBITDA (€m)* EBITDA Margin
Demand increase in
India and Bangladesh
more than offsets volume
decline in Indonesia.
Almost half of total region
EBITDA is generated
outside of Indonesia.
Solid performance in
Australia and improved
margins in India,
Malaysia and
Bangladesh limit the
margin decline in region.
Solid performance in Asia Pacific despite pressure in Indonesia market
3,293
8,129
11,613
3,527
8,320
11,656
Jun 2016Jun 2015
Rest of Asia Pacific Indonesia
143
163
152
315
Jun 2016Jun 2015
347
204
25.5%
24.2%
19.3%18.7%
34.4%
31.6%
Jun 2015 Jun 2016
Rest of Asia Pacific Indonesia
Indonesia
Total AsPac
Rest of AsPac
*) 2015 figures are adjusted for currency impact.
21. Slide 21 - 2016 Half year Results - 29 July 2016
Africa - Eastern Mediterranean Basin
Tanzania: Moderate result improvement due to strong market growth; price pressure from increased competition.
Togo: Volume increase and good production lead to improved Operating EBITDA margin.
Ghana: EBITDA margin above prior year as a result of lower variable costs and resilient pricing; volumes decline due to
weaker demand and increased competitive pressure.
DR Congo: Volume and result below prior year due to increased import pressure.
Israel: Stable result on a high level driven by solid demand and lower variable costs.
Turkey: Sales volumes clearly up; stable domestic prices; export prices clearly down. Margins up driven by lower energy
prices (mainly petcoke).
Africa - Eastern Med. Basin June Year to Date Q2
2015 2016 variance L-f-L 2015 2016 variance L-f-L
Volumes
Cement volume ('000 t) 3.852 3.822 -30 -0,8 % -1,7 % 1.950 1.916 -34 -1,7 % -3,5 %
Aggregates volume ('000 t) 4.317 4.551 235 5,4 % 5,4 % 2.262 2.262 0 0,0 % 0,0 %
Ready mix volume ('000 m3
) 1.367 1.378 11 0,8 % 0,8 % 726 691 -35 -4,8 % -4,8 %
Asphalt volume ('000 t) 207 231 24 11,7 % 11,7 % 118 131 14 11,7 % 11,7 %
Operational result (EURm)
Revenue 493 465 -29 -5,8 % -0,8 % 242 224 -17 -7,2 % -4,7 %
Operating EBITDA 132 121 -11 -8,1 % -2,3 % 59 57 -2 -3,0 % -0,4 %
in % of revenue 26,7 % 26,1 % 24,2 % 25,3 %
Operating income 111 101 -11 -9,6 % -3,1 % 48 46 -2 -4,7 % -1,5 %
Revenue (EURm)
Cement 365 335 -30 -8,2 % 172 159 -13 -7,7 %
Aggregates 40 41 2 4,1 % 21 21 0 -0,7 %
RMC + Asphalt 101 102 0 0,5 % 55 52 -3 -5,8 %
Opr. EBITDA margin (%)
Cement 26,9 % 26,4 % -41 bps 23,5 % 25,3 % +180 bps
Aggregates 24,3 % 25,3 % +97 bps 23,2 % 25,1 % +188 bps
RMC + Asphalt 2,7 % 3,2 % +47 bps 3,6 % 3,4 % -20 bps
22. Slide 22 - 2016 Half year Results - 29 July 2016
Group Services
Despite competitive market conditions, international sales volumes of 11.4mt are in line with H1 2015.
Stable EBITDA margin in H1, despite declining revenues.
Low cost sourcing of raw materials and low freight rates continue to contribute significantly to the profitability of HC
grinding units and bulk import terminals.
Group Services June Year to Date Q2
2015 2016 variance L-f-L 2015 2016 variance L-f-L
Operational result (EURm)
Revenue 572 458 -114 -19,9 % -19,9 % 290 228 -61 -21,2 % -19,6 %
Operating EBITDA 13 11 -2 -16,8 % -16,8 % 7 4 -3 -37,9 % -36,7 %
in % of revenue 2,4 % 2,4 % 2,3 % 1,8 %
Operating income 13 11 -2 -17,1 % -17,1 % 7 4 -3 -38,4 % -37,1 %
23. Slide 23 - 2016 Half year Results - 29 July 2016
Contents
Page
1. Overview and key figures 4
2. Results by Group areas 13
3. Financial report 24
4. Outlook 2016 33
5. Appendix 36
24. Slide 24 - 2016 Half year Results - 29 July 2016
Key financial messages Q2 2016
Summary
HC (“stand alone”) well on track to achieve the ambitious targets for 2016
Profitable growth and continuous improvement of result
– Good operational development supported by significant improvements of items below OIBD leads to
increase in Group share of profit by 17% (€m 47) to €m 318 (Q2 2015: €m 272)
– Further improvement of financial expenses by €m 20 to €m -107 (Q2 2015: €m - 127)
Accelerated deleveraging continued
– Net debt reduced by ca. €m 466 vs. Q2 2015 and strategic target of leverage of 2,2x achieved
– Free Cash Flow up by €m 331 over the last twelve months to €m 1,169 (Q2 2015: €m 838; LTM)
Italcementi acquisition
– Financing of acquisition concluded by issuance of bond of €m 750 in June
– Acquisition of 45% share in Italcementi from Italmobiliare on July 1st; MTO for remaining shares in
Italcementi will run from end of August until the end of September
– SPA for sale of ITC Belgium (CCB) signed with Cementir (Caltagirone Group)
– Strong interest in ITC assets to be disposed in North America; final bids due in first half August
– Expectations confirmed: Disposal proceeds of at least €bn 1 achievable (slightly ahead of plan)
25. Slide 25 - 2016 Half year Results - 29 July 2016
€m June Year to Date Q2
2015 2016 Variance 2015 2016 Variance
Operating income 672 739 10 % 557 601 8 %
Additional ordinary result 11 -16 N/A -5 -12 -132 %
Result from participations 8 6 -30 % 14 11 -25 %
Financial result -285 -221 23 % -127 -107 16 %
Income taxes -142 -131 8 % -108 -95 12 %
Net result from continued operations 264 376 43 % 331 398 20 %
Net result from discontinued operations -22 -22 -3 % -9 -12 -45 %
Minorities -94 -108 -15 % -51 -67 -31 %
Group share of profit 148 246 66 % 271 318 17 %
Income Statement June 2016
Group share of profit increased significantly
Strong result driven by operational performance and management of items below OI
26. Slide 26 - 2016 Half year Results - 29 July 2016
Cash flow statement Group June 2016
Strong operational cash flow key driver for accelerated deleveraging
€m June Year to Date Q2
2015 2016 Variance 2015 2016 Variance
Cash flow 598 786 188 497 584 87
Changes in working capital -455 -377 78 -78 -33 45
Decrease in provisions through cash payments -110 -196 -85 -58 -75 -17
Cash flow from operating activities - discontinued operations -47 47 -2 2
Cash flow from operating activities -15 214 228 359 475 117
Total investments -406 -444 -38 -218 -187 31
Proceeds from fixed asset disposals/consolidation 55 70 15 31 52 21
Cash flow from investing activities - discontinued operations 1,231 -1,231
Cash flow from investing activities 880 -373 -1,254 -188 -135 52
Free cash flow 866 -160 -1,025 171 340 169
Capital decrease - non-controlling shareholders -6 6 -6 6
Dividend payments -350 -317 33 -347 -310 37
Transactions between shareholders -14 -6 8 -14 -6 8
Net change in bonds and loans -497 1,725 2,223 -55 505 560
Cash flow from financing activities - discontinued operations -5 5
Cash flow from financing activities -872 1,403 2,274 -422 188 611
Net change in cash and cash equivalents -6 1,243 1,249 -252 528 780
Effect of exchange rate changes 41 5 -36 -45 24 68
Change in cash and cash equivalents 35 1,248 1,212 -296 552 848
27. Slide 27 - 2016 Half year Results - 29 July 2016
Usage of free cash flow
Net debt reduced by €m - 466 vs. Q2 2015
89
269
556
3315
€m -466
Net Debt
June 2016
5,865
Accounting
& currency
effects
Debt paybackNet Debt
June 2015
6,331
Proceeds
disposal
"HBP"
1,245
Accounting
& currency
effects
Debt paybackNet Debt
June 2014
7,912
Accounting
& currency
effects
Debt payback
286 2)
Net debt
June 2013
7,929
€m
1) Before growth CapEx and disposals (incl. cashflow from discontinued operations)
2) Before cartel fine payment
364 284286
934
475 3585
838
Q2 2014 (last 12 months)
277 336
1.169
556
Debt paybackFCF 1) Growth CapEx Dividends
Q2 2015 (last 12 months) Q2 2016 (last 12 months)
29. Slide 29 - 2016 Half year Results - 29 July 2016
5,286
5,970
6,331
6,957
7,307
7,047
7,770
8,146
8,423
5,890
6,127
5,865
2.2
2.0
2.62.6
3.0
3.3
2.9
3.3
3.6
4.0
6.0
Q1
2015
€m -466
2.2
Q1
2016
2015Q3
2015
2.3
Q2
2015
2014201320122011201020092008
11,566
3.9
2007
14,608
Q2
2016
Net debt development
Net debt reduced by €m 466 in Q2 2016
Strategic target: Well in line with
Investment Grade metrics
Net debt / OIBD (LTM)
Net debt (in €m) *
* Incl. put-option minorities from 2014 onwards
Further reduction of net debt in Q2 2016
Net debt clearly in line with Investment Grade metrics
30. Slide 30 - 2016 Half year Results - 29 July 2016
Short-term liquidity headroom
as per 30 June 2016 in €m
2,793
363
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
Total liquidity
5,448
Total maturities < 12 months
2,227
121
34
2,621
68
1,675
Restricted cash
Free credit lines*
Accrued interest
Subsidiary
Other
Bond
Free cash
*) Total committed confirmed credit line €m 3,000
(Guarantee utilization €m 206)
• 2,050 m€ bridge financing for Italcementi acquisition is not included in the liquidity.
31. Slide 31 - 2016 Half year Results - 29 July 2016
0
500
1,000
1,500
500
520
2021
667
667
20222020
1,070
1,050
20
2019
1,024
1,000
23 1
2018
1,015
1,000
14
1,014
2023
20
521
1,138
1,192
35
675
2016
1,196
53
980
2017
750
750
2024
Bond
Debt Instruments
Syndicated Facility (SFA)
Debt maturity profile
as per 30 June 2016 in €m
32. Slide 32 - 2016 Half year Results - 29 July 2016
Contents
Page
1. Overview and key figures 4
2. Results by Group areas 15
3. Financial report 24
4. Outlook 2016 33
5. Appendix 36
33. Slide 33 - 2016 Half year Results - 29 July 2016
Global cement market outlook 2016
US:
• Continuation of strong demand
• Increase in prices
Global consumption is expected to decline (~2%) driven by slowdown in China, Russia and Brazil
Increased export volumes from China and Iran may create pressure on pricing
Canada:
• Demand increase in Western Canada
• Stable pricing
South America:
• Demand decline in Brazil
• Mostly stable pricing
Europe:
• Growth in UK and Germany.
Slight recovery in other markets.
• Partly stable, partly increasing pricing
Mediterranean:
• Demand increase.
• Price pressure in Spain &
Turkey.
Middle East:
• Demand growth in Egypt.
• Stable pricing.
Western Africa:
• Moderate growth.
• Price pressure.
Eastern Africa:
• Solid growth.
• Price pressure.
India:
• Stable growth.
• Slight price
increase.
Indonesia:
• Moderate growth.
• Decreasing prices.
China:
• Demand decline.
• Prices under pressure.
Russia:
• Demand decline.
• Slight increase in
prices.
34. Slide 34 - 2016 Half year Results - 29 July 2016
Targets 2016 (HeidelbergCement stand-alone)
2016 Target
Volumes
Increase in all business
lines
Operating EBITDA
(like for like, excluding FX and scope)
High single to double digit
organic growth
CapEx €bn 1.1
Maintenance €m 500
Expansion €m 600
Energy cost Flat to slightly lower
Current tax rate ~25 %
35. Slide 35 - 2016 Half year Results - 29 July 2016
Contents
Page
1. Overview and key figures 4
2. Results by Group areas 13
3. Financial report 24
4. Outlook 2016 33
5. Appendix 36
37. Slide 37 - 2016 Half year Results - 29 July 2016
Currency and Scope Impacts
Revenues June Year to Date Q2
Cons. Decons. Curr. Cons. Decons. Curr.
North America 0 0 -27 0 0 -25
West & South Europe 0 -45 -45 0 -25 -32
North & East Europe 222 -74 -66 121 -41 -42
Asia - Pacific 23 0 -70 14 0 -37
Africa - Med. Basin 3 0 -27 3 0 -9
Group Services 0 0 0 0 0 -6
TOTAL GROUP 247 -119 -235 138 -67 -151
Operating EBITDA June Year to Date Q2
Cons. Decons. Curr. Cons. Decons. Curr.
North America 0 0 -5 0 0 -4
West & South Europe 0 -12 -7 0 -7 -5
North & East Europe 16 -8 -3 10 -4 -4
Asia - Pacific 5 0 -15 3 0 -8
Africa - Med. Basin -1 0 -7 -1 0 -1
Group Services 0 0 0 0 0 0
TOTAL GROUP 20 -20 -37 12 -12 -23
Operating Income June Year to Date Q2
Cons. Decons. Curr. Cons. Decons. Curr.
North America 0 0 -4 0 0 -3
West & South Europe 0 -12 -4 0 -7 -4
North & East Europe 12 -7 3 8 -4 -1
Asia - Pacific 3 0 -12 3 0 -6
Africa - Med. Basin -1 0 -7 -1 0 -1
Group Services 0 0 0 0 0 0
TOTAL GROUP 14 -18 -23 9 -11 -14
Cement Volume June Year to Date Q2
Cons. Decons. Curr. Cons. Decons. Curr.
North America 0 0 0 0 0 0
West & South Europe 0 0 0 0 0 0
North & East Europe 0 0 0 0 0 0
Asia - Pacific 0 0 0 0 0 0
Africa - Med. Basin 35 0 0 35 0 0
Group Services 0 0 0 0 0 0
TOTAL GROUP 35 0 0 35 0 0
Aggregates Volume June Year to Date Q2
Cons. Decons. Curr. Cons. Decons. Curr.
North America 0 0 0 0 0 0
West & South Europe 0 0 0 0 0 0
North & East Europe 251 0 0 160 0 0
Asia - Pacific 1,653 0 0 991 0 0
Africa - Med. Basin 0 0 0 0 0 0
Group Services 0 0 0 0 0 0
TOTAL GROUP 1,904 0 0 1,151 0 0
RMC Volume June Year to Date Q2
Cons. Decons. Curr. Cons. Decons. Curr.
North America 0 0 0 0 0 0
West & South Europe 0 0 0 0 0 0
North & East Europe 206 0 0 108 0 0
Asia - Pacific 0 0 0 0 0 0
Africa - Med. Basin 0 0 0 0 0 0
Group Services 0 0 0 0 0 0
TOTAL GROUP 206 0 0 108 0 0
38. Slide 38 - 2016 Half year Results - 29 July 2016
Contact information and event calendar
Contact information
Investor Relations
Mr. Ozan Kacar
Phone: +49 (0) 6221 481 13925
Fax: +49 (0) 6221 481 13217
Mr. Steffen Schebesta, CFA
Phone: +49 (0) 6221 481 39568
Fax: +49 (0) 6221 481 13217
ir-info@heidelbergcement.com
www.heidelbergcement.com
Corporate Communications
Mr. Andreas Schaller
Phone: +49 (0) 6221 481 13249
Fax: +49 (0) 6221 481 13217
info@heidelbergcement.com
Event calendar
09 Nov 2016 2016 third quarter results
39. Slide 39 - 2016 Half year Results - 29 July 2016
Unless otherwise indicated, the financial information provided herein has been prepared under International Financial Reporting
Standards (IFRS).
This presentation contains forward-looking statements and information. Forward-looking statements and information are statements
that are not historical facts, related to future, not past, events. They include statements about our believes and expectations and the
assumptions underlying them. These statements and information are based on plans, estimates, projections as they are currently
available to the management of HeidelbergCement. Forward-looking statements and information therefore speak only as of the date
they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
By their very nature, forward-looking statements and information are subject to certain risks and uncertainties. A variety of factors,
many of which are beyond HeidelbergCement’s control, could cause actual results to defer materially from those that may be
expressed or implied by such forward-looking statement or information. For HeidelbergCement particular uncertainties arise, among
others, from changes in general economic and business conditions in Germany, in Europe, in the United States and elsewhere from
which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets; the possibility that
prices will decline as result of continued adverse market conditions to a greater extent than currently anticipated by
HeidelbergCement’s management; developments in the financial markets, including fluctuations in interest and exchange rates,
commodity and equity prices, debt prices (credit spreads) and financial assets generally; continued volatility and a further
deterioration of capital markets; a worsening in the conditions of the credit business and, in particular, additional uncertainties
arising out of the subprime, financial market and liquidity crises; the outcome of pending investigations and legal proceedings and
actions resulting from the findings of these investigations; as well as various other factors. More detailed information about certain of
the risk factors affecting HeidelbergCement is contained throughout this presentation and in HeidelbergCement’s financial reports,
which are available on the HeidelbergCement website, www.heidelbergcement.com. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described
in the relevant forward-looking statement or information as expected, anticipated, intended, planned, believed, sought, estimated or
projected.
Disclaimer