ANNUAL REPORT 2013 Financial Highlights
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ANNUAL REPORT 2013 Financial highlights Figures in €m 2007 2008 2009 2010 2011 2012 2013 Number of employees as at 31 December 67,916 60,841 53,302 53,437 52,526 51,966 52,560 Sales volumes Cement and clinker (million tonnes) 87.9 89.0 79.3 78.4 87.8 89.0 91.3 Aggregates (million tonnes) 179.6 299.5 239.5 239.7 254.1 243.0 241.5 Asphalt (million tonnes) 4.8 12.1 10.0 9.1 9.5 8.6 8.6 Ready-mixed concrete (million cubic metres) 32.7 44.4 35.0 35.0 39.1 39.1 40.3 Income statement Total Group revenue 10,862 14,187 11,117 11,762 12,902 14,020 13,936 Operating income before depreciation (OIBD) 1) 2,423 2,946 2,102 2,239 2,321 2,477 2,424 Operating income (OI) 1) 1,850 2,147 1,317 1,430 1,474 1,604 1,607 Profit for the financial year 1) 2,119 1,920 168 511 534 529 945 Group share of profit 1) 2,022 1,808 43 343 348 285 745 Dividend per share in € 1.30 0.12 0.12 0.25 0.35 0.47 0.60 4) Earnings per share in € 1) 17.11 14.55 0.30 1.83 1.86 1.52 3.98 Investments Investments in intangible assets and PP&E 1,039 1,101 796 734 874 831 936 Investments in financial assets 2) 11,735 150 24 138 85 35 377 Total investments 12,774 1,251 820 872 959 866 1,314 Depreciation and amortisation 1) 573 799 785 809 847 873 818 Free cash flow Cash flow from operating activities 1,911 1,523 1,164 1,144 1,332 1,513 1,057 Cash flow from investing activities 2) -10,677 1,113 -539 -648 -758 -582 -1,098 Balance sheet Equity and non-controlling interests 1) 7,519 8,261 11,003 12,884 13,569 13,708 12,582 Balance sheet total 1) 29,201 26,288 25,508 27,377 29,020 28,008 26,866 Net debt 3) 14,608 11,566 8,423 8,146 7,770 7,047 7,523 Ratios OIBD margin 1) 22.3% 20.8% 18.9% 19.0% 18.0% 17.7% 17.4% OI margin 1) 17.0% 15.1% 11.8% 12.2% 11.4% 11.4% 11.5% Net debt / equity (gearing) 3) 193.4% 139.8% 76.5% 62.9% 57.0% 51.3% 59.7% Net debt / OIBD 3) 6.03x 3.93x 4.01x 3.64x 3.35x 2.85x 3.10x 1) 2012: figures have been restated due to the retrospective application of IAS 19R and IFRIC 20 (see the Notes on page 176 f.) and are not comparable with the annual report 2012. 2) 2007 and 2008: including decrease / increase in ownership interests in subsidiaries 3) Without adjustment to IAS 32.18 b) Non-controlling interests with put options in the amount of €51 million (2013), €45 million (2012), €98 million (2011), €96 million (2010), €37 million (2009), €50 million (2008), €86 million (2007) 4) The Managing Board and Supervisory Board will propose to the Annual General Meeting on 7 May 2014 the distribution of a cash dividend of €0.60. Overview of Group areas Figures in €m 2008 2009 2010 2011 2012 2013 Western and Northern Europe Revenue 4,936 3,848 3,811 4,318 4,201 4,147 Operating income before depreciation 1) 1,014 687 683 734 578 578 Investments in property, plant, and equipment 248 178 193 177 184 Employees as at 31 December 15,770 14,640 14,302 13,693 13,438 13,484 Financial highlights | Overview of Group areas Financial highlights | Overview of Group Eastern Europe-Central Asia Revenue 2,046 1,282 1,138 1,392 1,435 1,337 Operating income before depreciation 1) 718 361 299 327 319 270 Investments in property, plant, and equipment 270 202 240 181 124 Employees as at 31 December 11,556 9,481 9,959 9,693 9,435 9,302 North America Revenue 3,958 2,892 3,033 3,035 3,441 3,407 Operating income before depreciation 1) 676 340 448 473 572 607 Investments in property, plant, and equipment 152 146 159 162 192 Employees as at 31 December 15,739 12,601 11,899 11,586 11,001 10,781 Asia-Pacific Revenue 2,177 2,211 2,609 2,957 3,477 3,419 Operating income before depreciation 1) 462 612 718 711 887 845 Investments in property, plant, and equipment 96 174 215 231 287 Employees as at 31 December 15,044 14,030 13,682 14,039 14,686 15,601 Africa-Mediterranean Basin Revenue 974 837 938 1,023 1,135 1,143 Operating income before depreciation 1) 182 157 156 164 204 212 Investments in property, plant, and equipment 28 34 67 80 149 Employees as at 31 December 2,680 2,499 3,539 3,460 3,349 3,331 Group Services Revenue 701 475 709 652 828 941 Operating income before depreciation 1) 22 30 20 11 22 21 Investments in property, plant, and equipment 0 Employees as at 31 December 52 51 55 55 57 61 1) 2012 amounts restated Cover: View of the inside of a rotary cement kiln during winter repairs Financial highlights | Overview of Group areas With roughly 53,000 employees at 2,500 locations in more than 40 countries, HeidelbergCement is among Financial highlights | Overview of Group areas Financial highlights | Overview of Group the leading manufacturers of building products worldwide. Founded in Heidelberg in 1873, we remain a solid and down-to-earth company in spite of our expansion and internationalisation. Long-term investment and sustainable growth have been key to our business model from the very beginning. Our decentralised structure means that our management is always close to the business and their customers locally. We work continuously to improve our production and business processes – to attain the highest possible levels of efficiency. This is at the core of our corporate culture. Review 2013 New cement capacities commissioned in India Q1 New production facilities commence operation at the Damoh and Jhansi locations in central India with total cement capacity of 2.9 million tonnes. Expansion of the cement business in several African countries Construction of new cement mills begins both in Tanzania and at the Takoradi location in Ghana. This will increase the cement capacities in the two countries to 2 million tonnes and 4.4 million tonnes, respectively. In Burkina Faso, a new cement grinding plant with an annual capacity of 650,000 tonnes is built near the capital of Ouagadougou. Cement Australia joint venture with Holcim HeidelbergCement increases its participation in Cement Australia to 50%, and now holds an equal share with Holcim. Cement Australia operates three production sites with a total cement capacity of 4.2 million tonnes. Takeover of Midland Quarry Products in the United Kingdom Q2 HeidelbergCement acquires the remaining 50% of Midland Quarry Products Ltd. The company operates one quarry for the production of aggregates and five asphalt plants. Increased participation in Russian cement company HeidelbergCement increases its investment from 51% to 100% in the cement manufacturer CJSC “Construction Materials”, which has a cement capacity of 1.8 million tonnes and is the market leader in the Russian Republic of Bashkortostan. New cement mill in Liberia goes into operation In the Liberian capital of Monrovia, a new cement mill with a grinding capacity of 0.5 million tonnes is commissioned. Our subsidiary Liberia Cement Corporation Ltd. is the only cement manufacturer in the country. 140th anniversary of HeidelbergCement Q3 Around 200 customers and guests of honour join in to celebrate the 140th company anniversary of HeidelbergCement, which was founded in Heidelberg in 1873. Increase in liquidity headroom Q4 HeidelbergCement places two Eurobonds with a volume of €300 million and €500 million and terms of seven and eight years, respectively. The proceeds from the issue are used for general corporate financing purposes. Further capacity expansion in Indonesia Construction of a new production line with a cement capacity of 4.4 million tonnes commences at the Citeureup location. When commissioned in 2015, the cement capacity of the Group’s largest production site will rise to 18.2 million tonnes per year. Contents To our shareholders 1 Letter to the shareholders 16 Report of the Supervisory Board 21 Managing Board 28 HeidelbergCement in the capital market 30 Combined management report 2 of HeidelbergCement Group and HeidelbergCement AG Fundamentals of the Group 38 2013 economic report 48 Additional statements 82 Sustainability 88 Employees and society 89 Environmental responsibility 96 Procurement 100 Outlook 101 Risk and opportunity report 109 Corporate Governance 1) 3 Corporate Governance statement 130 Remuneration report 135 Supervisory Board and Managing Board 149 Consolidated financial statements 4 Consolidated income statement 157 Consolidated statement of comprehensive income 158 Consolidated statement of cash flows 159 Consolidated balance sheet 160 Consolidated statement of changes in equity 162 Segment reporting 164 Notes to the 2013 consolidated financial statements 166 Audit opinion 264 Responsibility statement 265 Additional information 5 Global functions and Country Managers 268 Glossary 270 Imprint 272 Cement capacities and aggregates reserves back cover 1) Part of the combined management report of HeidelbergCement Group and HeidelbergCement AG In 2010, we launched the Group-wide ”Operational Excellence“ project (”OPEX“), which aimed at analys- ing and optimising production processes at our cement plants step by step to reduce energy consumption and electricity costs.