88-96**news ital-ingl 2¡ bozza - Italcementi Group

operativo lordo di Italcementi
Spa, pari a 247,8 milioni di
euro (206,6 milioni nel 2000),
ha registrato un aumento del
19,9% e rappresenta il 29,5%
dei ricavi (27,6% nell’esercizio
precedente). Il risultato
operativo, 185,3 milioni di
euro (109,4 milioni),
rappresenta il 22,1% dei
ricavi.
■■■■■■
T
he positive trend
continues despite the
slowdown in the world
economy and the uncertainty
affecting markets.
In the first quarter of 2002,
overall Group performance
improved compared with the
already positive performance
of the previous year’s first
quarter, in line with the results
recorded at year-end 2001.
In financial year 2001, despite
the unfavorable trend in
energy costs, Italcementi
Group reported a significant
improvement in income from
industrial operations, due to
increased sales and the
successful implementation of
a cost-cutting program.
First quarter 2002
In the first quarter of the year,
the Italcementi Group
recorded net sales of €937.7
million, an increase of 3.3%
compared to the same period
in 2001, due to the growth in
operations (+1.3%), the
enlargement of the
consolidation area (+1.3%), as
well as to translation effects
(+0.7%).
The main contribution to the
increase in net sales came
from the countries in the
European Union, principally
Italy, while the largest
decreases were recorded in
Turkey and, because of low
price levels, Thailand.
First-quarter performance is
not generally representative of
performance for the year as a
whole because of the nature
of the Group’s business
sectors.
In the first quarter gross
operating profit (€176.7
million) and operating income
(€84 million) fell by 1.8% and
2.5% respectively. The
increase in operating costs,
although limited by industrial
efficiency improvement plans,
was aggravated by the
prolonged strike in Ciments
Calcia’s (France) cement
plants. The results were also
affected by the fall in average
unit net sales in Thailand. On
the other hand, performance
was good in Italy and the
other countries in the
European Union and in North
America.
Margine operativo lordo per area
(valori espressi in milioni di euro)
Gross operating profit by geographical area
(in millions of euro)
Unione europea
European Union
di cui Italia / of which Italy
Nord America / North America
Altri (Paesi emergenti)
Others (Emerging markets)
Continua la crescita dei ricavi e dei risultati
(valori espressi in milioni di euro)
Continuing growth trend
(in millions of euro)
Patrimonio netto
di gruppo
Group shareholders’
equity
Ricavi
Net sales
Cash flow
(utile+ammortamenti)
Cash flow
Risultato operativo
Operating income
Utile di gruppo
Group net income
934
69%
28%
17%
14%
1553
2879
411
The reduction in translation
losses against those recorded
last year due to the
devaluation of the Turkish lira
and the contribution of Suez
Cement, which was
consolidated in the first
quarter with the equity
method, were largely
responsible for the significant
growth in income.
In fact, net income rose from
€17.9 to €28.1 million while
Group net income from
€12.2 to €24 million.
The parent company
Italcementi Spa recorded net
sales of €205.4 million
(+6.1%) and gross operating
profit of €52.9 million
(+7.6%), while net income
rose from €16.3 to €20.5
million, an increase of 25.9%
compared to the same period
in 2001.
Full year 2001
During the year, the Group
continued its strategic
expansion in developing
countries with high growth
potential.
335
11.6
40
1578
3018
1.029
68%
28%
16%
16%
2000 2001
436
405
13.4
71
1745
3406
541
Vendite e consumi interni per settore di attività
(a parità di perimetro)
Sales volumes and internal consumption by business
(on a comparable basis)
2000
2001
Cemento e clinker (Mt)
Cement and clinker (Mt)
510
15.0
1911
3811
2071
4063
1997 1998 1999 2000 2001
4.0
138
+3.8%
42.5
In January 2001 Ciments
Français, the sub-holding for
Italcementi Group’s
international activities,
became a 50% shareholder in
the Indian company Zuari
Cement Ltd through a €69
million investment. This is a
50/50 joint venture with Zuari
Industries Ltd, which
contributed its own cement
business, represented by the
facility at Yerraguntla, in
Andhra Pradesh (central
India). Operations were
further reinforced at the
beginning of the current year
through the acquisition by
Zuari Cement of 94.7% of the
share capital of Sri Vishnu
Cement, also based in the
state of Andhra Pradesh.
These investments give the
Group entry on to the third
largest cement market in the
world.
Last October the Group
acquired 25% of Suez
Cement Company, the leading
Egyptian cement company,
which, with a production
640
53.1
Inerti (Mt)
Aggregates (Mt)
533
14.0
163
+0.9%
53.6
657
Calcestruzzo (Mm 3 )
Concrete (Mm 3 )
654
18.4 18.5
16.1
201
+0.7%
%
R.O./Ricavi
%
Operating
income/
Net sales
capacity of 8.5 million metric
tons spread over three sites
(Suez, Quattamiah and
Tourah), has around 25% of
the national market. Ciments
Français has also joined a
shareholders’ agreement,
which represents 74% of
voting rights. At the end of
last year, a further 6.2% was
acquired in the Egyptian
company, thus increasing the
shareholding to 31.2% of the
share capital. The overall
investment was approximately
€279 million. Since closure of
the financial year, an
additional 2.8% shareholding
has been acquired in Suez
Cement.
The consolidated results for
financial 2001, show an
increase in net sales from
€3.811 bn to €4.063 bn: the
6.6% increase was 5.3% due
to increased business, 1.1%
due to the change in the
consolidation area owing to
the proportional consolidation
of the Indian company Zuari
Cement Ltd, and 0.2% due to
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