2011 Annual Report - Italcementi Group

ASIA
Thailand India Others (1) Tot al Asia
Full-cycle cement plants 2 2 2 6
Grinding centers 1 1 - 2
Quarries - - - -
RMC plants 33 - 1 34
Revenue
2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010
Thailand 194.1 180.2 23.5 15.0 24.5 14.7 8.0 (7.3) 11.4 7.2 863 846
India 223.5 169.8 57.2 36.0 57.2 35.9 38.7 20.2 42.7 68.9 797 787
Others (1) 81.8 98.9 1.0 17.3 1.1 17.1 (8.6) 7.2 6.5 7.5 604 758
Eliminations - - - - - - - - - - - -
To tal 499.4 449.0 81.8 68.2 82.8 67.7 38.1 20.0 60.6 83.6 2,264 2,391
(1) China and Kazakhstan
Recurring
EBITDA
EBITDA
EBIT
Capital
expenditure
Employees
Thailand
The consequences of the floods that hit the country in the fourth quarter slowed the
economy, which reported only modest progress in 2011; the policies adopted by the
Government should stimulate new economic growth this year.
In 2011 Group domestic cement sales volumes showed a small improvement (+0.4%); total
cement and clinker sales were slightly down (-0.2%) as a result of lower clinker exports,
offset only in part by cement sales to Cambodia.
Average domestic cement sales prices were up on 2010, largely thanks to the first nine
months of the year.
Ready mixed concrete sales volumes fell by 7.2% from 2010.
Overall operating results made progress, helped by the positive trend in sales prices, which
counterbalanced the rise in costs for fuel and operating expenses.
India
In 2011 the economy slowed, with repercussions in the construction sector, where results
failed to meet expectations. India was also troubled by inflationary pressures, which led to
numerous interventions by the central bank, while the local currency depreciated
significantly against the euro. Political instability and tensions contributed to the mood of
uncertainty.
In a competitive arena where pressure was intensified by the arrival of new production
capacity, the healthy trend on markets in southern India in the fourth quarter meant the
year closed with a slight increase in cement consumption compared with 2010.
In June the Group began production at the Chennai grinding center and benefited from
higher production levels in 2010. Its domestic cement sales increased by 7.8%, while total
cement and clinker sales rose by 8.5%.
After collapsing in the first nine months of the previous year, average sales prices made a
significant recovery, which continued throughout the year, stabilizing in the fourth quarter.
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