6 - Vicat

EXAMINATION OF THE FINANCIAL CONDITION AND RESULTS9 9.2. COMPARISON OF RESULTS FOR 2009 AND 2008Consolidated sales in the United States declined by30.4 %, and 35.8 % at constant scope and exchangerate, with the full year effect of the integration of theWalker group in May 2008. EBITDA shows a 75.7 %drop, 76.4 % at constant scope and exchange rate.Despite considerable efforts to reduce costs,which were decided upon as part of the additional“Performance Plus” plan, the EBITDA margin on theoperational sales contracted sharply due to the combinedeffect of the significant drop in volumes andthe very strong pricing pressures in the South East,and even more so in California.9.2.2.2.4. Income statement Turkey, Kazakhstan and India(in millions of euros) 2009 2008PublishedVariation (%)At constant scopeand exchange rateConsolidated sales 156 187 (16.5) (5.4)EBITDA 22 35 (38.0) (28.7)EBIT 8 17 (55.4) (46.7)Consolidated sales in Turkey declined by 16.5 %, and5.4 % at constant exchange rate, given depreciationof the Turkish lira. EBITDA shows a 28.7 % drop atconstant exchange rate. Overall, the EBITDA marginin Turkey (excluding Kazakhstan and India) has declinedstrongly, from 19.8 % in 2008 to 14.9 % in 2009.The margin improved through the year, reflecting thegradually more favorable economic environment, thegrowth in sales volumes which, combined with theeffects of the costs cutting measures, boosted theEBITDA margin in the 2 nd half of the year.This change is the result of a difficult market situationcaused by the combination of the continuing declinein consumption and the arrival on the market of newcapacities. In the Cement business, the increase insales volumes in the last quarter did not fully compensatethe effect of the decline in the first 9 months,while prices remained under pressure throughout thisperiod. This two-fold change was combined with thecontinuing rise in the cost of fuels.In the Concrete & Aggregates business, the EBITDAmargin recovered slightly compared with 2008,thanks to the significant increase in volumes, inparticular in the Ankara area, and in spite of a pronounceddrop in sales prices.Furthermore, the geographical region’s EBITDAincludes the running costs of projects in Kazakhstanand India.9.2.2.2.5. Income statement Africa and Middle EastVariation (%)Published At constant scope(in millions of euros) 2009 2008and exchange rateConsolidated sales 411 302 36.3 31.1EBITDA 153 117 31.5 26.8EBIT 123 94 30.9 26.5Consolidated sales for Africa and the Middle East regionhave grown strongly by 31.1 % at constant scopeand exchange rate. The EBITDA margin has droppedslightly from 38.6 % in 2008 to 37.2 % in 2009.In West Africa, business has grown by 9.7 % at constantscope and exchange rate and EBITDA is stable,with the increase in volumes and prices compensatingfor the continuing rise in energy costs and theincrease in clinker purchases prior to the commissioningof the new Sococim Industries kiln.2009 registration document - VICAT 81