2010 Annual Report - S&B

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Financial HighlightsContinuing operationsEvolution of Key FiguresSalesEBITDAEarnings Per ShareNet Debt355423456336420616765600.470.56154191203390.351221130.260.05in € million‘06 ‘07 ‘08 ‘09 ‘10in € million‘06 ‘07 ‘08 ‘09 ‘10in €‘06 ‘07 ‘08 ‘09 ‘10in € million‘06 ‘07 ‘08 ‘09 ‘10Net Debt / EBITDANet Debt / EquityTrade Working Capital / SalesNet Capex / Sales2.52.83.1 3.11.90.901.031.0527.2% 27.0%26.0%23.4%20.0%5.8%6.1%6.6%9.0%5.8%0.530.46‘06 ‘07 ‘08 ‘09 ‘10‘06 ‘07 ‘08 ‘09 ‘10‘06 ‘07 ‘08 ‘09 ‘10‘06 ‘07 ‘08 ‘09 ‘108 S&B Industrial Minerals S.A.
2010 2009 2008 2007SUMMARY P&L (€ ’000s)Sales 420,134 335,835 456,393 423,298EBITDA 1 59,817 38,958 65,290 67,036Operating Profit 27,611 14,365 37,878 39,838Profit before Taxes 21,758 7,325 19,846 31,400Net Profit 12,875 1,900 14,258 22,374Net Profit (after Tax & Minorities) 13,133 2,085 13,988 22,505EBITDA margin 14.2% 11.6% 14.3% 15.8%Operating profit margin 6.6% 4.3% 8.3% 9.4%Outstanding No of Shares 51,782,200 41,425,760 31,010,717 30,876,660Basic Weighted Average No of Shares 2 51,233,839 43,543,176 40,541,119 40,262,012DATA PER SHARE (€)Basic Earnings per Share 2 0.26 0.05 0.35 0.56Cash Earnings per Share (CEPS) 2,3 0.87 0.61 0.98 1.19Dividend per Share - nominal 0.25 * 0.12 0.16 0.31Dividend per Share - adjusted 2 0.25 * 0.10 0.10 0.19* proposed capital return instead of a dividendSUMMARY FINANCIAL POSITION (€ ’000s)AssetsNon-current assets 333,000 335,923 330,280 322,935Current assets 190,671 174,933 180,625 175,105Total assets 523,671 510,856 510,905 498,040LiabilitiesNon-current liabilities 172,641 207,147 172,048 223,714Current liabilities 108,072 72,682 145,078 88,875Total liabilities 280,713 279,829 317,126 312,589EquityOwners of the Company 242,397 229,932 192,445 183,829Non-controlling interests 561 1,095 1,334 1,622Total equity 242,958 231,027 193,779 185,451ROE 4 5.3% 0.8% 7.4% 12.1%Net Debt 112,913 121,920 203,149 190,900Free Cash Flow from Operations 43,540 87,033 34,606 35,481Notes:1. EBITDA: Profit before income tax, depreciation, financial and investment results2. In line with IFRS requirements, the weighted average number of shares in all years prior to 2009 has been adjusted to reflect the rights issue completedon September 21, 2009 using a 1.049 factor on the average number of shares prior to that date. In addition, for all years prior to 2010 it hasbeen adjusted to reflect the 1-for-4 bonus share issue completed on August 9, 2010 using a 1.25 factor on the average number of shares prior tothat date. As a result, all per share indicators in all years prior to 2010 (except for nominal dividends ) are equally adjusted for both of these corporateactions.3. Cash Earnings per Share (CEPS) = [Net Group Profit (after Tax & Minorities) + Depreciation&Amortisation] / Basic Weighted Average No of Shares4. Return on Equity (ROE) = Net Profit / Total EquityAnnual Report 20109
Page 1: RecapturingvalueAnnual Report 2010
Page 4 and 5: Raw materialsshipped to our plantat
Page 6: Our PurposeWe provide innovative in
Page 9: Recapturing valueFor our Group, 201
Page 13 and 14: Sampling inthe Formsandlaboratory i
Page 15 and 16: 26mines46plants & processingunits26
Page 19 and 20: Management ReportSalesin € millio
Page 21 and 22: CEO successionEfthimios O. VidalisK
Page 23 and 24: Standard procedure ofraw material e
Page 25 and 26: Casting fluxes areexposed to severa
Page 27 and 28: ...to everyday livingCivil Engineer
Page 29 and 30: 2010 Bauxite Salesby SegmentAlumina
Page 31 and 32: 2010 Bentonite Salesby Segment2010
Page 33 and 34: 2010 Continuous Casting Fluxes Sale
Page 35 and 36: 2010 Minerals Trading Salesby Segme
Page 37 and 38: 2010 Perlite Salesby Segment2010 Pe
Page 39 and 40: Sustaining Values2010 has been a ye
Page 41 and 42: 2010 at a GlancePeopleHealth & Safe
Page 43 and 44: The Board of Directors acts as the
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Page 47 and 48: Human Resources CommitteeIt consist
Page 49: Raw Materials riskS&B generally pos
Page 52 and 53: S&B is committed to creatingsustain
Page 54 and 55: GlossaryAluminous cements Cements c
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58 S&B Industrial Minerals S.A.This
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The Continuous Casting Fluxes (CCF)
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Management does not anticipate that
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Statement on Corporate Governance,
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Specific information, in accordance
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S&B Industrial Minerals S.A.CONSOLI
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S&B Industrial Minerals S.A.STATEME
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S&B Industrial Minerals S.A.SEPARAT
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ations where their local currency i
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(n) Investments and other financial
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(ii) Share Appreciation Rights (“
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sition by adjusting the relative as
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In summary, the fair values of iden
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The unaudited tax years of each Gro
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16. PROPERTY, PLANT AND EQUIPMENTPr
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Property, plant and equipment inclu
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20.INVESTMENTS IN ASSOCIATESInvestm
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22.RELATED PARTY TRANSACTIONSTransa
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Compensation of key management pers
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ury shares at an average price of
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Expense recognised in P&LThe cost o
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34.DERIVATIVE FINANCIAL INSTRUMENTS
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The table below summarizes the matu
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The following tables present sales
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110 S&B Industrial Minerals S.A.Thi
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This report is a publication of S&B
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2010 Annual Report - S&B

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