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Annual Report 2009 Vicat.Pdf ANNUAL REPORT 2009 CONTENTS 01 THE GROUP KEY FIGURES 01 PROFILE 02 MESSAGE FROM THE CHAIRMAN 04 STRATEGIC THRUSTS 06 THREE BUSINESSES FIVE REGIONS 08 france 16 UNITED STATES 20 Europe 24 AFRICA & MIDDLE EAST 30 ASIA 36 HUMAN RESOURCES 40 ENVIRONMENT 44 Corporate governance 44 BOARD AND MANAGEMENT 46 STOCK MARKET AND SHAREHOLDERS 48 GlossarY 49 FINANCIAl REPORT 50 SIMPLIFIED LEGAL ORGANIzATION 51 COMMENTS ON KEY FIGURES 63 CONSOLIDATED FINANCIAL STATEMENTS 106 FINANCIAL STATEMENTS Cover: The Sococim Industries plant reflected in the quarry lake - Rufisque, Senegal CONTENTS PROFILE The Vicat Group is an international cement-manufacturing company with extensive knowhow developed through its background of more than 150 years of research, invention, and countless construction projects. Close to 6,700 members of staff in 11 countries (France, United States, Switzerland, Italy, Turkey, Kazakhstan, India, Senegal, Egypt, Mali, and Mauritania) work to serve large numbers of clients worldwide. A COMMITMENT TO ENVIRONMENTAL PRESERVATION The Vicat Group strives to enhance the environmental performance of its plants, enrich the landscape, and contribute toward the strictly controlled elimination of waste. THREE BUSINESSES 50% 37% of sales of sales Cement CONCRETE & AGGREGATE Production capacity of 241 concrete batching plants marketed 20.8 million tonnes. 7.1 million cubic meters in 2009. 14.5 million tonnes of cement 75 quarries produced. sold in 2009. 18.7 million tonnes of aggregates sold in 2009. 13% of sales OTHER PRODUCTS & SERVICES Construction chemicals, paper, precasting, transport, major works, etc. annual report 2009 - VICAT 3 KEY FIGURES 2005 1,804 2005 466 2006 2,083 2006 564 2007 2,136 2007 593 2008 2,057 2008 528 2009 1,896 2009 473 sales eBiTDa (in millions of euros) (in millions of euros) Sales in 2009 were down 7.8%, or 9.1% at constant the eBItDa margin stands at 24.9%. scope of consolidation and exchange rates. 1000 200 400 600 0 0 1500 2000 2500 500 100 300 500 2005 232 2005 351 2006 314 2006 436 2007 331 2007 477 2008 273 2008 402 2009 234 2009 387 neT profiT Cash flow (in millions of euros) (in millions of euros) Consolidated net profit amounts to 234 million euros, Cash flow remained high in 2009, at 387 million or 12.3% of sales. euros, and produced a free cash flow after industrial investments of 119 million euros. 200 200 400 0 0 100 150 250 300 350 100 300 500 50 2005 229 2005 25% 2006 237 2006 15% 2007 464 2007 30% 2008 465 2008 35% 2009 294 2009 31% ToTal invesTmenTs neT Debt/ToTal equiTy (in millions of euros) (percent) Investment in 2009 was marked by the end of Gearing stood at 31% on December 31, 2009. implementation of the performance 2010 plan and the development of greenfield projects. 200 400 0 0 100 300 500 10 15 20 25 30 35 5 Cement Concrete & Aggregate Other Products & Services operaTional sales 2008 1,142 (before intra-group elimination, 2009 1,129 sales in millions of euros) Business in Cement and Concrete & 2008 882 aggregate represents 87% of 2009 724 operational sales. € 1,896 M 2008 361 2009 314 consolidated net profit eBiTDa 2008 388 (in millions of euros) 2009 364 € 234 M the resistance of the EBItDa 2008 margin in the different businesses 110 1000 1200 2009 200 400 600 800 reflects the determined savings 83 0 measures adopted by the Group. 2008 31 employees 2009 26 6,712 asseTs employeD 2008 1,987 (in millions of euros) 2009 2,134 the rise in assets employed 2008 in Cement is the result of the 485 2009 466 200 400 performance 2010 plan. 0 100 150 250 300 350 50 2008 176 2009 160 invesTmenTs 2008 276 (in millions of euros) 2009 246 the level of investment dropped to 2008 €280 million, after an exceptionally 162 2009 34 1000 high level in 2008. 0 1500 2000 2500 500 2008 28 2009 14 average sTaff 2008 2,504 numBers 2009 2,444 the average headcount 2008 dropped 1.8%. 2,996 2009 200 2,851 0 100 150 250 300 50 2008 1,336 2009 1,417 1000 0 1500 2000 2500 3000 500 message FROM THE CHAIRMAN The year 2009, which was marked by The Group enjoys an excellent, solid a major financial, then economic crisis, financial position and diminishing debt, proved to be challenging. The Vicat with gearing of 31% which enables it to Group was able to maintain its solid study opportunities for external growth performance despite this background, and seize them as they arise. however, as a result of the resources at its command, principally: It was therefore possible, very recently, for Vicat to make its second major • well balanced geographical acquisition in India by taking a 51% diversification, shareholding in Bharathi Cement • modern, efficient industrial facilities, whose plant in the State of Andhra • the positive combined effects of the Pradesh will reach cement production Performance 2010 plan, whose terminal capacity of 5 million tonnes by the end phase saw production-capacity of 2010. increases in Switzerland and Senegal, and the Performance Plus plan which Consequently, although the global surpassed its objectives in 2009. economic situation is uncertain, Vicat is well placed to take advantage of the Vicat enjoys an Growth remains a priority. With this coming economic upswing. Consistent in mind, in 2009 we forged ahead with with the confidence felt in the Group’s excellent, solid financial our greenfield projects in Kazakhstan prospects, it has been decided to and India, in accordance with the maintain the same dividend as in 2008, position which enables initial plans. € 1.50 per share. it to seize opportunities The year ahead is likely to be one of Jacques Merceron-Vicat for external growth. transition and consolidation. For us, Chairman one of its highlights will be the startup of our cement plant in Kazakhstan in the second half of the year. 2 VICAT - annual report 2009 message FROM THE CHIEF EXECUTIVE OFFICER Vicat’s annual figures for 2009 show Our businesses also owed their resistance that despite a testing global economic to improvements above and beyond situation, the Group came out stronger; the savings objectives stipulated under our results can be said to be solid, the Performance Plus plan, the impact of characterized by the very good resistance which on EBITDA attained 61 million euros, of profit margins. The strategy the thus exceeding the initial objective and Chairman, Jacques Merceron-Vicat, chose demonstrating the Group’s ability to to apply around three major issues— adapt to external events. priority development in the cement sector, geographical diversification, and For 2010 the Group is determined to modernization of production resources— pursue its development strategy on the proved to be entirely appropriate. basis of four key components: a solid Mege financial structure; the full achievements This resistance is the result of the robust of the Performance 2010 plan; the health of our Cement business, our core effects of the Performance Plus plan; Jean-Luc activity, accompanied by decisive progress and the development of greenfield © in developing countries. projects. In Kazakhstan, for instance, the 1.1-million-tonne Jambyl Cement Our geographical diversification plant will come on line in the fall of 2010. The Vicat Group came smoothed out the effects of the crisis, And in India the Vicat Sagar Cement which hit hard and deep in the USA, project is on target for starting up its out stronger in 2009 with a drop in business of about one first kiln line around mid 2012. third, hit very hard in Turkey where the despite a testing global combined effects of the recession and By concretizing our search for a new economic situation. overcapacity were clearly felt, and hit facility in India with the acquisition of hard in France, where business declined Bharathi Cement, in the south of Andhra more than 15%, but which was painless Pradesh, in March 2010, the Group has in Switzerland and Italy. In West Africa become a powerful player on the very and Egypt business was excellent in promising market of southern India. 2009. All in all, all businesses combined, while our sales and results are down, By the end of 2010 the Group will have they withstood the onslaught admirably. an annual cement production capacity of more than 24 million tonnes and modern, Their resistance was buoyed up by groundbreaking industrial facilities. completion of the technical aspects of the Performance 2010 plan, a one- 2010 is likely to be year of contrast for million-euro investment plan initiated in our businesses in all the countries were 2006 which came to an end in 2009 we work. It will be a year of transition with modernization of the kiln line at enabling the Vicat Group to consolidate Reuchenette, in Switzerland, and startup its growth engines for the years to come. of kiln No.5 at the Rufisque plant in Senegal, making Rufisque the most Guy Sidos powerful cement plant in West Africa, Chief Executive Officer with capacity of 3.5 million tonnes. annual report 2009 - VICAT 3 STRATEGIC THRUSTS BUSINESS DEVELOPMENT STRATEGY The Group focuses primarily on its The Group works in the field of ready- market in the southeast region of the historical business expertise, cement, mixed concrete to reinforce its cement United States. and through vertical integration business. Development in this field develops into the ready-mixed concrete depends on the maturity of markets and The Group’s presence in the aggregate and aggregate markets in order to their integration of industrial concrete sector is intended to provide a global provide secure access to the markets production.
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