East and West Africa Cement Companies Report November 2011

Notes
Lafarge WAPCO- 5 Year CGR and Forec asts
Year-end: December 2006 2007 2008 2009 2010 2011F 2012F CAGR
Revenue 39,518
EBITDA 14,263
38,655
11,877
43,274
14,390
EBIT 12,921
PBT 12,119
PAT 1,864
EPS 3.65
DPS 1.00
Current assets 16,329
12,536
10,964
3.56
1.20
17,180
13,033
11,252
3.75
0.60
18,587
Cash 5,974
Non current assets 32,425
Total assets 42,574
Current liabilities 15,973
Non-current liabilities 2,340
Interest bearing debt 7,234
33,416
48,754
15,254
15,016
2,536
43,181
61,768
18,099
3,213
-
45,590
11,223
9,837
9,237
5,055
1.68
0.10
17,422
3,628
69,741
87,163
10,674
32,778
24,793
22
43,841
10,078
8,426
8,464
4,881
1.63
0.24
17,669
5,248
100,812
118,481
58,071
12,119
59,185
15,388
13,080
12,725
8,526
2.84
0.43
21,280
4,717
101,232
122,512
60,107
12,119
76,941
24,621
20,928
16,927
13,542
4.51
0.68
24,601
2,579
111,624
136,225
61,304
22,119
2.6%
-8.3%
-8.6%
27.2%
-18.3%
-29.7%
Shareholders equity 25,547 32,806 40,456 43,711 48,292 50,285 62,803 17.3%
Shares in issue 3,002
Capacity 0.50
-
-
3,002
-
3,002
EBITDA margin (%) 36.1% 30.7% 33.3% 24.6% 23.0% 26.0% 32.0%
Operating margin (%) 29.9% 21.6% 19.2% 22.1% 27.2%
RoAA (%) 24.0% 20.4% 6.8% 4.7% 7.1% 10.5%
RoAE (%) 37.6% 30.7% 12.0% 10.6% 17.3% 23.9%
Enterprise Value 112,114.6 112,645.6 114,783.6
EV/EBITDA 11.1 7.3 4.7
EV/Tonne (USD) 1,441.1 160.9 163.9
4.50
4.50
2.0%