2012 Annual Report - Italcementi Group

Revenue
Recurring
EBITDA
EBITDA
Employees
2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Total 439.5 405.1 44.5 16.3 51.3 23.0 (16.3) (45.4) 26.5 18.4 1,413 1,485
EBIT
Capital
expenditure
In the USA, although cement consumption on the Group markets fell slightly in the second
half of the year, it was positive overall thanks to healthy progress in the first half, sustained
by very favorable meteorological conditions and by a moderate upturn in the residential and
commercial sectors.
In this context, Group cement sales volumes made marginal progress (+0.3%) with a
positive trend in average revenue per unit, which also benefited from the lower impact of
distribution and supply chain expense.
Ready mixed concrete sales volumes increased by 3.4% while aggregates showed a
stronger improvement of 11.5%, supported by an important project on an electric power
station near the Front Royal site.
Recurring EBITDA made a strong improvement compared with 2011 due to growth in
revenues (volume and price effect) and containment of operating expense, and also thanks
to the measures taken to cut fixed costs, which began at the end of 2011.
EMERGING EUROPE, NORTH AFRICA AND MIDDLE EAST
Egypt Morocco Others (1) Total Emerging
Europe, North Africa
and Middle East
Full-cycle cement plants 5 3 2 10
Grinding centers - 1 - 1
Terminals - - 2 2
Quarries - 4 - 4
Ready mixed concrete plants 20 26 9 55
Revenue
2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Egypt 563.9 551.8 126.9 129.6 127.1 129.6 (24.2) 63.2 31.2 39.1 4,573 4,622
Morocco 325.4 353.2 137.4 152.2 137.8 153.2 100.6 115.7 18.7 34.7 978 984
Others (1) 119.5 105.4 22.9 36.6 22.9 36.7 12.2 17.4 20.2 8.9 736 764
Eliminations - (0.3) - - - - - - - - - -
Total 1,008.7 1,010.1 287.2 318.4 287.8 319.5 88.6 196.3 70.1 82.7 6,287 6,370
(1) Bulgaria, Kuwait, Saudi Arabia
Recurring
EBITDA
EBITDA
EBIT
Capital
expenditure
Employees
Egypt
The general situation in Egypt remained fragile, even though signs of stabilization emerged
after the presidential elections in June. Despite the weaknesses in the general situation,
cement consumption grew, buoyed above all by the residential sector, with an estimated
improvement of around 5% from 2011.
The difficult competitive environment created by the presence of new production capacity
on the market, together with a commercial policy to support sales prices, which led to an
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