Annual Report 2014

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Activity report Roofing 2.2 Roofing Europe’s market conditions had a considerable influence on our roofing business. Meanwhile, the African and Latin American markets did not live up to our expectations. Grasping the nettle, we have taken all necessary measures to tackle this situation. QQA low pitched barn conversion in Easingwold, North Yorkshire used Melodie clay pantiles in Natural Red to create a stunning guest suite complete with bedroom, ensuite, lounge and kitchen. Architect: Lawrence Hannah. Picture provided by Marley Eternit. QQDomino clay tiles from Eternit Belgium were used for this house in Erpent. Photographer: Marcel Van Coile, Zemst, Belgium. 34
Etex Annual Report 2014 Activity report Roofing PPBlue black fibre cement slates from Eternit Germany are used for this family home in Dieburg, Germany. Architect: Stephan Kollmann, Dieburg. Photographer: Conné van d’Grachten, Ulm, Germany. Etex’s roots in roofing stretch as far back as 1905, the year when our very first factory started manufacturing flat fibre cement slates in the Belgian town of Haren. Today, we offer a wide variety of roofing elements, both small (such as fibre cement slates, and clay and concrete tiles) and large (primarily corrugated sheets). In Belgium, the market has not fluctuated greatly since the beginning of the financial crisis in 2008. The new-build construction business somewhat slowed down, but that was compensated by the renovation market. At the same time, we continue to witness the slowly growing popularity of flat roofs. Our priorities for Europe On the European market, Etex has by far the widest range of small roofing materials, used for both residential and non-residential applications. As one of the continent’s top industry players, we intend to further support and magnify our strong market position. How? By reaping the fruits of the best manufacturing technology and processes and by introducing new and optimised products. Results in line with Europe’s market conditions Market conditions in Europe — which depend greatly on the continent’s economic situation — have a considerable impact on the roofing business. In the Netherlands, the construction market again dropped significantly. The outlook for 2015 is slightly better, though. We further developed Eterclean, our service for asbestos removal coordination, as the government is now stimulating its removal and replacement in buildings. Overall, Germany posted good results. Nonetheless, we have noticed that multifamily housing is becoming increasingly popular, leading to a drop in pitched roof construction and tiles sales. Since the summer 2014, the market for Creaton has somewhat shrunk and the very good start of the year could not compensate for that. Thanks to continued investments in our Eternit factories we had better margins than in 2013. We are now further streamlining our organisation and investing in concrete tiles with an improved quality. ppMarley Eternit’s fibre cement open protected ridges were used to create an effective ventilation system in the bull accommodation unit of this Knocknagael national bull stud farm in Inverness, England, by ensuring a constant outflow of stale, moist air. The width of the air gap created by the open ridge was specifically designed for the number of bulls and size of the building. Contractor: Robinsons Scotland Ltd / Client: Knocknagael Farm. Picture provided by Marley Eternit. The Scandinavian market for fibre cement corrugated sheets—Denmark, Sweden and Norway—has dropped compared to 2013. The start-up of our new factory for clay tiles in Poland initially experienced teething troubles. The scrap rates were too high, which meant that there were too many failed assemblies. In the meantime, we have reached the targeted quality level. This positively impacted our bottom line. Also, our capacity utilisation rose further and is expected to reach its full potential in 2016-17. The markets in Portugal and Spain seem to have stabilised. While we do not notice a major recovery, the countries’ GDPs are on the rise. This could indicate future growth. In Spain our new route-to-market with DIY products started paying off. In Portugal, we increased our savings by creating synergies 35
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