Annual Report 2014

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Activity report Cladding & building boards 2.1 Cladding & building boards By far Etex’s biggest business segment, cladding and building boards made of fibre cement and gypsum managed to put up an overall moderate to fairly positive performance in 2014 — posting varying results around the globe. Not only is Etex a world-leading provider of building boards for both internal and external building applications, we also offer a wide range of decorative fibre cement cladding boards. In Europe, Etex is among the top players in the cladding sector, for large panels as well as sidings. Outside Europe, we are pursuing further growth in various fibre cement markets of Latin America, Africa and Asia Pacific. A leader in fibre cement Fibre cement in Europe: challenging but overall rewarding From size to look and feel: historical habits account for market-specific product requirements across Europe. We constantly renew our broad portfolio to meet our customers’ demands. Especially in terms of architectural design and sustainable construction. Our priorities in Europe These local differences aside, building methods do not vary greatly from one European country to another. The economic situation in our business territories, on the other hand, influences our cladding and building boards business to a larger extent. Our fibre cement cladding activities continue to grow globally, posting mixed results depending on the business territory. Our main priority is to boost further growth in this segment. In terms of volume and financial results, we expect both our turnover and bottom line to increase throughout 2015 Highlights of our European markets In Belgium, our cladding activities achieved strong operational results. Cedral Click, our fibre cement product with a tongue-and-groove interlocking, and our architectural façade brand Equitone continue growing. Also in France, our sidings business grew substantially. Our Cedral range was off to a very good start. Although Spain’s gross domestic product (GDP) returned to positive growth, its cladding sector still posted lower sales than in 2013. We see a different picture in Poland, where our cladding business is performing well. This is especially true for Equitone, which posted impressive growth figures in all of Europe. As for Cedral, just like in Ireland, Spain and Norway and Sweden, we have set up a separate sales organisation in Poland. This investment is expected to produce further favourable results. In Lithuania and the other Baltic states, our growth in this unique market is mainly driven by renovation. As the European Union is subsidising the reconversion of old buildings, this offers quite some growth opportunities for our fibre cement cladding. Our business in Russia enters a crucial year, after five difficult years. We have put a bigger sales team in place, which resulted in increased sales figures and excellent promotions. However, we remain vigilant with respect to the country’s economical and political uncertainty. Russia remains a good market for Cedral. Our upper-range product is an excellent alternative for pvc, metal or wood. 26
Etex Annual Report 2014 Activity report Cladding & building boards QQEuronit Spain and Eternit Belgium provided 25,000 m² Equitone Tectiva for the Judicial Police headquarters in Lisbon, Portugal. Architect: Saraiva & Associados. qqOur black-coloured Equitone Natura covers the Skisport Gymnasium in Klingenthal (Germany). Architect: m2rarchitecture, Spitfire Studios, London / Photographer: Conné van d’Grachten, Ulm, Germany. 27
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