2011 Annual Report - Italcementi Group

2011 Annual Report
Presentation 4
General information 15
Annual Report Consolidated Annual Report Directors’ report 28
Extraordinary session Italcementi S.p.A. Annual Report Consolidated financial statements 63
Nevertheless, these trends were countered by continuing programs to recover industrial
and procurement efficiency, associated with the elimination of clinker purchases.
Morocco
In Morocco, cement consumption in 2011 was very healthy, upheld chiefly by private
investment in housing and by the public works sector.
At the end of March, the Agadir plant was permanently shut down, replaced by the new
cement plant in Ait Baha. In October, the Laâyoune wind farm was officially opened (5.25
MW); the farm provides power for the neighboring grinding center.
Group domestic cement sales volumes rose by 8.1%. The increase in overall cement and
clinker volumes, including exports, was 9.1%.
Sales volumes of ready mixed concrete, sustained largely by activities in the Casablanca
area, were up 10.9%, while sales of aggregates fell by 17.0% on a highly competitive
market.
Operating results made significant progress, thanks to higher revenue (volume and price
effects) and the sharp reduction in clinker purchases as a result of the additional capacity
provided by the Ait Baha plant, whose overall efficiency produced benefits sufficient to
counter the large increase in fuel costs.
Others
In Bulgaria, cement consumption decreased, but at a much slower rate than in 2010.
Group overall cement and clinker sales volumes were significantly lower at the end of the
first half but then made a strong recovery to keep the full-year reduction at 3.8%. Operating
results made healthy progress thanks to management of CO 2 emission rights.
In Kuwait, in an upbeat economic scenario, Group cement sales volumes increased by
4.5%, although sales prices were affected by the large decrease at the end of 2010.
Operating results were helped by sales in ready mixed concrete, in terms both of volumes
(+22.8%), and of sales prices, and were up with respect to 2010.
49
www.italcementigroup.com