Significant facts and figures
Consolidated sales in the 2011 financial year came to €2,265 million, representing an increase of 12.5% and growth of 9.6% at constant scope and exchange rates compared with 2010.
Over the same period, the sales recorded by the Cement business posted a rise of 9.5%, while sales at the Concrete & Aggregates and Other Products & Services businesses advanced by 8.5% and 12.4% respectively.
The breakdown of operational sales in 2011 between the Group’s various businesses showed a small decline at the Cement division, which contributed 52.1% compared with 53.0% in 2010. The Concrete & Aggregates division contributed 32.8% of operational sales, up very slightly from 32.6% in 2010. The Other Products & Services division generated 15.0% of operational sales in 2011 compared with 14.4% in 2010.
This sales growth achieved by the Group during 2011 was driven by its continued momentum in emerging markets, with the exception of Egypt, an improving economic and industry picture in mature markets and the impact of more clement weather conditions in Europe. In addition, the Group’s performance was boosted by a positive impact from changes in the scope of consolidation, owing chiefly to the consolidation over the full year of Bharathi Cement in India (consolidated starting from May 1st , 2010) and to a lesser extent, the first-time consolidation of concrete and aggregates companies in Switzerland and France.
Vicat’s geographical sales mix showed a strong increase in the contribution from Turkey, India and Kazakhstan (+35.3%) and France (+10.7%). The top line rose briskly in Europe (+6.8%), and trends improved in the United States (+3.3%). Given the knock-on effects of events on the market at the beginning of the year in Egypt, sales in the Africa and Middle East region declined by 3.1%.
The Group’s operating performance (EBITDA margin) was down compared with 2010, primarily as a result of:
- The very significant impact of events in Egypt on the market and on the operating environment ; in addition, the Group did not benefit in 2011 from the €18 million in non-recurring income recorded in 2010 in respect of the retroactive adjustment to the clay tax,
- the macroeconomic situation in the United States, even though the Group noted an improvement in trends during the second half of 2011,
- start-up costs related to the greenfield Jambyl Cement plant in Kazakhstan,
- a slight increase in energy costs.
Conversely, 2011 operating performance benefited from the following factors:
- a positive volume effect deriving from the gradual business recovery in mature markets and further strong momentum in emerging markets, with the exception of Egypt,
- the positive effects of the successful geographical diversification of the Group’s business activities and in particular the rapid ramp-up in the Bharathi Cement plant in India,
- the combined effects of efficient plants and of the ongoing efforts to keep costs under control.
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