half year results 2004 holcim ltd

Half Year Results 2004 holcim ltd Strength. Performance. Passion Strength. Performance. Passion Strength. Performance. Passion. Major changes in the scope of consolidation 3 Half-year results 2004 Balance s heet 30.6.03 31.12.03 30.6.04 +/- 1 EUR 1.55 1.56 1.53 -1.9% 1 USD 1.36 1.24 1.26 1.6% 1 African Basket (EGP, ZAR, MAD) 2 1.02 1.00 1.04 4.0% 1 Asian Basket (AUD, NZD, THB, PHP) 2 1.03 1.00 0.98 -2.0% Statement of income average exchange H1 02 H1 03 H1 04 +/- 1 EUR 1.47 1.50 1.55 3.3% 1 USD 1.63 1.35 1.27 -5.9% 1 African Basket (EGP, ZAR, MAD) 1 1.02 1.00 1.05 5.0% 1 Asian Basket (AUD, NZD, THB, PHP) 1 1.13 1.00 1.02 2.0% Effective as at Cement capacity + Proportionate consolidation of Cement Australia (integration of Queensland Cement) June 1, 2003 – – Eternit AG, Switzerland November 10, 2003 – + Alpha Cement, Russia December 31, 2003 4.3 million t + Rohrbach Zement / – Geisingen January 1, 2004 – +/– Various smaller companies 1 weighted by net sales H1 2003 2 weighted by net sales full year 2003 4 Half-year results 2004 Cement and clinker sales volumes by region Million t 7.2 8.0 12.6 14.9 H1 2003 H1 2004 9.4 9.9 12.4 11.7 6.9 6.2 ∆ H1 03/H1 04 Volume Change in Total structure Europe 4.0% 14.3% 18.3% North America 11.1% 0.0% 11.1% Latin America 5.3% 0.0% 5.3% Africa Middle East 9.7% 1.6% 11.3% Asia Pacific 6.0% 0.0% 6.0% Total 5.6% 4.4% 10.0% 5 Half-year results 2004 Sales volumes aggregates and ready-mix concrete Aggregates sales in million t Ready-mix concrete sales in million m 3 48.6 42.3 +5.8% 42.9 +1.4% +13.3% 12.2 12.6 13.8 + 9.5% 0.0% Exchange rates +3.3% H1 2002 H1 2003 H1 2004 6 Half-year results 2004 Net sales Million CHF 6'441 6'317 5'804 Volume / price 32 0.5% -136 -2.1% 526 9.0% Change in structure 188 2.9% 67 1.0% 45 0.8% Forex movements -361 -5.5% -568 -8.8% -58 -1.0% Total change -141 -2.1% -637 -9.9% 513 8.8% H1 2002 H1 2003 H1 2004 7 Half-year results 2004 Net sales by region Million CHF 2'112 2'342 H1 2003 H1 2004 1'003 1'088 565 725 843 947 1'381 1'420 ∆ H1 03/H1 04 Volume/ Change in Currency Total price structure Europe 6.2% 1.6% 3.1% 10.9% North America 11.4% 0.9% -3.8% 8.5% Latin America 9.4% 0.1% -6.7% 2.8% Africa Middle East 25.0% 2.5% 0.8% 28.3% Asia Pacific 15.5% -1.4% -1.8% 12.3% Total 9.0% 0.8% -1.0% 8.8% 8 Half-year results 2004 Net sales by region Sales H1 2004 Europe 36% North America 17% Latin Asia Pacific 14% America 22% Africa Middle East 11% 9 Half-year results 2004 Operating EBITDA Million CHF 25.7% 1'656 Margin 26.3% 27.2% 1'720 1'527 Volume / price / cost 45 2.7% 7 0.4% 215 14.1% Change in structure 28 1.7% 41 2.5% 11 0.7% Forex movements -95 -5.7% -177 -10.7% -33 -2.2% Total change -22 -1.3% -129 -7.8% 193 12.6% H1 2002 H1 2003 H1 2004 10 Half-year results 2004 EBITDA Million CHF Margin 26.5% 1'706 - 4.6% 27.0% 1'566 - 8.2% 27.7% 1'752 + 11.9% H1 2002 H1 2003 H1 2004 11 Half-year results 2004 Operating profit Million CHF Margin 14.5% 15.2% 935 884 17.0% 1'071 Volume / price / cost 12 1.2% 31 3.3% 201 22.8% Change in structure -17 -1.7% 24 2.6% 8 0.9% Forex movements -57 -5.7% -106 -11.4% -22 -2.5% Total change -62 -6.2% -51 -5.5% 187 21.2% H1 2002 H1 2003 H1 2004 12 Half-year results 2004 Operating profit by region Million CHF 266 5 5 350 163 H1 2003 H1 2004 385 372 121 96 120 ∆ H1 03/H1 04 Volume/ Change in Currency Total price/cost structure Europe 24.0% 3.8% 3.8% 31.6% North America 117.8% 4.4% -11.1% 111.1% Latin America 2.8% 0.3% -6.5% -3.4% Africa Middle East 32.2% 2.5% 0.0% 34.7% Asia Pacific 31.3% -6.3% 0.0% 25.0% Total 22.8% 0.9% -2.5% 21.2% 13 Half-year results 2004 Group net income Before minority interests in million CHF After minority interests in million CHF 491 427 402 370 292 273 H1 2002 H1 2003 H1 2004 14 Half-year results 2004 Half-Year +/- 2003 2004 602 688 14.3% -342 -287 -16.1% 260 401 54.2% -216 -155 -28.2% -372 -1'104 196.8% -260 -312 20.0% -588 -1'170 99.0% Cash flow f rom oper ating activi ties Million CHF 12.1% 10.4% 781 10.9% 688 602 Volume / price / cost 187 30.3% -133 -17.0% 96 16.0% Change in structure 25 4.1% 33 4.2% 8 1.3% Forex movements -48 -7.8% -79 -10.1% -18 -3.0% Total change 164 26.6% -179 -22.9% 86 14.3% H1 2002 H1 2003 H1 2004 15 Half-year results 2004 Cash flow statement Investments to maintain productive 16 Half-year results 2004 Million CHF Full Year 2003 Cash flow from operating activities 2'619 capacity and to secure competitiveness -802 Free cash flow 1'817 Expansion investments -490 Financial investments net -442 Dividends paid -368 Financing surplus (requirement) 517 Half-Year +/- 2003 2004 -588 -1'170 99.0% - 1'456 6 -47 719 -436 3 34 140 -163 -216.4% Financing (De)Increase in cash 17 Half-year results 2004 Financial position 100.2% 9'651 9'672 87.4% 9'499 8'299 75.9% 10'623 8'061 30.06.2003 31.12.2003 30.06.2004 Equity in million CHF Net financial debt in million CHF Gearing 18 Half-year results 2004 Million CHF Full Year 2003 Financing surplus (requirement) 517 Capital paid-in 26 Movements of treasury shares net 4 (De)Increase in financing liabilities -676 Decrease in marketable securities 30 and cash equivalents -99 Strength. Performance. Passion. 19 Half-year results 2004 Contact information a nd event calendar Contact information Investor Relations Phone +41 58 858 87 87 Fax +41 58 858 87 19 investor.relations@holcim.com www.holcim.com/investors Mailing list: www.holcim.com/subscribe Address: Hagenholzstrasse 85 8050 Zurich Switzerland Event calendar November 3, 2004 Third quarter results 2004 Conference for press and analysts March 2, 2005 Annual results 2004 Conference for press and analysts May 2, 2005 First quarter results 2005 May 3, 2005 General Meeting of Shareholders May 6, 2005 Dividend payment August 18, 2005 Half-year results 2005 November 9, 2005 Third quarter results 2005 Conference for press and analysts 20 Half-year results 2004 Half-Year Results 2004 1.40 1.85 32.1% 39.3% 2.15 2.66 23.7% 28.4% Half-Year +/- 2003 2004 in CHF in loc. curr. 5'804 6'317 8.8% 9.8% 1'527 1'720 12.6% 14.8% 884 1'071 21.2% 23.6% 273 370 35.5% 42.9% 602 688 14.3% 17.3% Strength. Performance. Passion. Key financial figures Million CHF Group net income Cash flow from Cash EPS in CHF 1 1 Excludes the amortization of goodwill and other intangible assets 2 Half-year results 2004 Full Year 2003 Net sales 12'600 Operating EBITDA 3'311 Operating profit 1'925 after minority interests 686 operating activities 2'619 EPS in CHF 3.51 4.96 Balance s heet 30.6.03 31.12.03 30.6.04 +/- 1 EUR 1.55 1.56 1.53 -1.9% 1 USD 1.36 1.24 1.26 1.6% 1 African Basket (EGP, ZAR, MAD) 2 1.02 1.00 1.04 4.0% 1 Asian Basket (AUD, NZD, THB, PHP) 2 1.03 1.00 0.98 -2.0% Statement of income average exchange H1 02 H1 03 H1 04 +/- 1 EUR 1.47 1.50 1.55 3.3% 1 USD 1.63 1.35 1.27 -5.9% 1 African Basket (EGP, ZAR, MAD) 1 1.02 1.00 1.05 5.0% 1 Asian Basket (AUD, NZD, THB, PHP) 1 1.13 1.00 1.02 2.0% Effective as at Cement capacity + Proportionate consolidation of Cement Australia (integration of Queensland Cement) June 1, 2003 – – Eternit AG, Switzerland November 10, 2003 – + Alpha Cement, Russia December 31, 2003 4.3 million t + Rohrbach Zement / – Geisingen January 1, 2004 – +/– Various smaller companies [...]... Hagenholzstrasse 85 8050 Zurich Switzerland November 3, 2004 Third quarter results 2004 Conference for press and analysts March 2, 2005 Annual results 2004 Conference for press and analysts May 6, 2005 Dividend payment August 18, 2005 Half- year results 2005 November 9, 2005 Third quarter results 2005 Conference for press and analysts 20 Half- year results 2004 ... 32.2% 2.5% 0.0% 34.7% 31.3% -6.3% 0.0% 25.0% 22.8% 0.9% -2.5% 21.2% 13 Half- year results 2004 Group net income Before minority interests in million CHF After minority interests in million CHF 491 427 402 370 292 273 H1 2002 H1 2003 H1 2004 14 Half- year results 2004 Cash flow from operating activities Million CHF Half- Year +/- 2003 2004 602 688 14.3% -342 -16.1% 260 Volume / price / c -287 401 -155 -28.2%...Major changes in the scope of consolidation 3 Half- year results 2004 1 2 4 weighted by net sales H1 2003 weighted by net sales full year 2003 Half- year results 2004 Exchange rates Cement and clinker sales volumes by region Million t 12.6 H1 2003 H1 2004 14.9 8.0 7.2 11.7 6.2 9.9 12.4 6.9 ∆ H1 03/H1 04 Volume Change in 4.0% 11.1% 5.3% 9.7% 6.0% 5.6%... -95 -22 1.7% -5.7% -1.3% 0.4% 215 14.1% 41 2.5% -177 -10.7% -129 -7.8% 7 11 -33 193 0.7% -2.2% 12.6% H1 2002 H1 2003 H1 2004 10 Half- year results 2004 EBITDA Million CHF 26.5% Margin 27.0% 27.7% 1'566 + 11.9% 1'752 1'706 - 4.6% - 8.2% H1 2002 H1 2003 H1 2004 11 Half- year results 2004 Operating profit Mar Million CHF gin 14.5% 935 15.2% 17.0% 1'071 884 Volume / price / cost Change in structure Forex... Million CHF re 1.3% -179 -22.9% 187 30.3% -133 - 96 16.0% 25 4.1% 33 -48 -18 86 -7.8% -79 -10.1% -3.0% 14.3% Full Year H1 2002 Cash flow from operating activities 2003 2003 H1 2'619 H1 2004 15 Half- year results 2004 Cash flow statement Investments to maintain productive 4.2%8 Half- Year +/- 2003 2004 -588 -1'170 - 1'456 2003 -47 517 -436 26 Movements of treasury shares net 3 34 4 (De)Increase in financing... financing liabilities 140 Decrease in marketable securities -163 Million CHF Financing surplus (requirement) 6 Capital paid-in 719 Financing 99.0% Full Year 16 Half- year results 2004 -676 -216.4% 30 and cash equivalents -99 (De)Increase in cash 17 Half- year results 2004 capacity and to secure competitiveness -802 Free cash flow 1'817 Expansion investments -490 Financial investments net -442 Financial position... Equity in million CHF 31.12.2003 30.06 .2004 Net financial debt in million CHF Gearing 18 Half- year results 2004 Contact information and event calendar Contact information Investor Relations Phone +41 58 858 87 87 Fax +41 58 858 87 19 investor.relations @holcim. com www .holcim. com/investors Event calendar Mailing list: May 2, 2005 First quarter results 2005 www .holcim. com/subscribe May 3, 2005 General... America Africa Middle East Asia Pacific Total 18.3% 11.1% 5.3% 11.3% 6.0% 10.0% 5 Half- year results 2004 Sales volumes aggregates and ready-mix concrete Aggregates sales in million t Ready-mix concrete sales in million m3 48.6 42.3 +5.8% +13.3% 42.9 +1.4% 12.2 13.8 12.6 + 9.5% 0.0% H1 2002 H1 2003 H1 2004 6 Half- year results 2004 Net sales Million CHF 6'441 6'317 5'804 Volume / price Change in structure... 25.0% 2.5% 0.8% Asia Pacific 15.5% -1.4% -1.8% Total 9.0% 0.8% -1.0% 1'420 Total 10.9% 8.5% 2.8% 28.3% 12.3% 8.8% 8 Half- year results 2004 Net sales by region Sales H1 2004 Europe 36% North America 17% Latin America 22% Asia Pacific 14% Africa Middle East 11% 9 Half- year results 2004 Operating EBITDA Million CHF Margin 26.3% 25.7% 1'656 27.2% 1'720 1'527 Volume / price / cost 45 2.7% Change in structure... H1 2004 7 Half- year results 2004 Net sales by region Million CHF 1'003 2'112 1'088 843 725 565 1'381 H1 2003 H1 2004 2'342 ∆ H1 03/H1 04 947 Volume/ Change in Currency price structure Europe 6.2% 1.6% 3.1% North America 11.4% 0.9% -3.8% Latin America 9.4% 0.1% -6.7% Africa Middle East 25.0% 2.5% 0.8% Asia Pacific 15.5% -1.4% -1.8% Total 9.0% 0.8% -1.0% 1'420 Total 10.9% 8.5% 2.8% 28.3% 12.3% 8.8% 8 Half- year . 2005 Third quarter results 2005 Conference for press and analysts 20 Half- year results 2004 Half- Year Results 2004 1.40 1.85 32.1% 39.3% 2.15 2.66 23.7% 28.4% Half- Year +/- 2003 2004 in CHF in . 86 14.3% H1 2002 H1 2003 H1 2004 15 Half- year results 2004 Cash flow statement Investments to maintain productive 16 Half- year results 2004 Million CHF Full Year 2003 Cash flow from . H1 2004 10 Half- year results 2004 EBITDA Million CHF Margin 26.5% 1'706 - 4.6% 27.0% 1'566 - 8.2% 27.7% 1'752 + 11.9% H1 2002 H1 2003 H1 2004 11 Half- year results 2004 Operating