Financial highlights Figures in €m 2008 2009 2010 2011 2012 20131) 2014 Number of employees as at 31 December 60,841 53,302 53,437 52,526 51,966 45,169 44,909 Sales volumes Cement and clinker (million tonnes) 89.0 79.3 78.4 87.8 89.0 78.1 81.8 Aggregates (million tonnes) 299.5 239.5 239.7 254.1 243.0 230.6 243.6 Ready-mixed concrete (million cubic metres) 44.4 35.0 35.0 39.1 39.1 34.9 36.6 Asphalt (million tonnes) 12.1 10.0 9.1 9.5 8.6 8.4 9.3 Income statement Total Group revenue 14,187 11,117 11,762 12,902 14,020 12,128 12,614 Operating income before depreciation (OIBD) 2,946 2,102 2,239 2,321 2,477 2,224 2,288 Operating income (OI) 2,147 1,317 1,430 1,474 1,604 1,519 1,595 Profit for the financial year 1,920 168 511 534 529 933 687 Group share of profit 1,808 43 343 348 285 736 486 Dividend per share in € 0.12 0.12 0.25 0.35 0.47 0.60 0.75 4) Earnings per share in € 14.55 0.30 1.83 1.86 1.52 3.93 2.59 Investments Investments in intangible assets and PP&E 1,101 796 734 874 831 861 941 Investments in financial assets 2) 150 24 138 85 35 379 183 Total investments 1,251 820 872 959 866 1,240 1,125 Depreciation and amortisation 799 785 809 847 873 704 693 Free cash flow Cash flow from operating activities 1,523 1,164 1,144 1,332 1,513 1,167 1,480 Cash flow from investing activities 2) 1,113 -539 -648 -758 -582 -1,037 -973 Balance sheet Equity (incl. non-controlling interests) 8,261 11,003 12,884 13,569 13,708 12,514 14,245 Balance sheet total 26,288 25,508 27,377 29,020 28,008 26,276 28,133 Net debt 3) 11,566 8,423 8,146 7,770 7,047 7,307 6,929 Ratios OIBD margin 20.8% 18.9% 19.0% 18.0% 17.7% 18.3% 18.1% OI margin 15.1% 11.8% 12.2% 11.4% 11.4% 12.5% 12.6% Net debt / equity (gearing) 3) 139.8% 76.5% 62.9% 57.0% 51.3% 58.3% 48.6% Net debt / OIBD 3) 3.93x 4.01x 3.64x 3.35x 2.85x 3.29x 3.03x 1) 2013: figures were restated and are therefore not comparable with the annual report 2013 2) 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 €28 million (2014), €45 million (2013), €45 million (2012), €98 million (2011), €96 million (2010), €37 million (2009), €50 million (2008) 4) The Managing Board and Supervisory Board will propose to the Annual General Meeting on 7 May 2015 the distribution of a cash dividend of €0.75. Overview of Group areas Figures in €m 2008 2009 2010 2011 2012 20131) 2014 Western and Northern Europe Revenue 4,936 3,848 3,811 4,318 4,201 3,779 4,012 Operating income before depreciation 1,014 687 683 734 578 524 562 Investments in property, plant, and equipment 248 178 193 177 178 188 Employees as at 31 December 15,770 14,640 14,302 13,693 13,438 11,882 12,441 Eastern Europe-Central Asia Revenue 2,046 1,282 1,138 1,392 1,435 1,243 1,182 Operating income before depreciation 718 361 299 327 319 259 230 Investments in property, plant, and equipment 270 202 240 181 122 95 Employees as at 31 December 11,556 9,481 9,959 9,693 9,435 8,696 8,453 North America Revenue 3,958 2,892 3,033 3,035 3,441 2,766 3,049 Operating income before depreciation 676 340 448 473 572 555 610 Investments in property, plant, and equipment 152 146 159 162 181 214 Employees as at 31 December 15,739 12,601 11,899 11,586 11,001 7,513 7,644 Asia-Pacific Revenue 2,177 2,211 2,609 2,957 3,477 2,877 2,818 Operating income before depreciation 462 612 718 711 887 778 743 Investments in property, plant, and equipment 96 174 215 231 245 322 Employees as at 31 December 15,044 14,030 13,682 14,039 14,686 14,133 13,482 Africa-Mediterranean Basin Revenue 974 837 938 1,023 1,135 949 910 Operating income before depreciation 182 157 156 164 204 195 213 Investments in property, plant, and equipment 28 34 67 80 135 122 Employees as at 31 December 2,680 2,499 3,539 3,460 3,349 2,885 2,811 Group Services Revenue 701 475 709 652 828 941 1,077 Operating income before depreciation 22 30 20 11 22 21 27 Investments in property, plant, and equipment Employees as at 31 December 52 51 55 55 57 61 79 1) Amounts restated Financial highlights | Overview of Group areas GLOBAL PLAYER LOCAL HERO CLOSE TO THE CUSTOMER Passionate about construction SECURING THE FUTURE Outstanding projects promoting biodiversity STRONG OPERATORS – STRONG MANAGEMENT Getting better every day with CIP What started in 1873 with the construction of our very first On the other hand, our Group is characterised by a broad global PAGES 4-7 cement plant in Heidelberg, has today become a success story: positioning, first-class industrial expertise, and support to the CLOSE TO THE CUSTOMER HeidelbergCement is a global player, a company with 2,300 business of our local units. Across the world, our employees are locations and around 45,000 employees in more than 40 countries united by a shared corporate culture with a strong emphasis on worldwide. Our products are in demand everywhere, and we are performance and results as well as joint goals. Local orientation SECURING THE FUTURE PAGES 8-11 both active and successful in many markets of the future. On the and global structures are not mutually exclusive to us, but rather one hand, our success is based on our local entrepreneurship with a model for success that has been practised for many years. efficient, rapid decision-making processes and strong customer focus of our local management. STRONG OPERATORS – STRONG MANAGEMENT PAGES 12-15 Page 2 | HeidelbergCement 2014 HeidelbergCement 2014 | Page 3 What started in 1873 with the construction of our very first On the other hand, our Group is characterised by a broad global PAGES 4-7 cement plant in Heidelberg, has today become a success story: positioning, first-class industrial expertise, and support to the CLOSE TO THE CUSTOMER HeidelbergCement is a global player, a company with 2,300 business of our local units. Across the world, our employees are locations and around 45,000 employees in more than 40 countries united by a shared corporate culture with a strong emphasis on worldwide. Our products are in demand everywhere, and we are performance and results as well as joint goals. Local orientation SECURING THE FUTURE PAGES 8-11 both active and successful in many markets of the future. On the and global structures are not mutually exclusive to us, but rather one hand, our success is based on our local entrepreneurship with a model for success that has been practised for many years. efficient, rapid decision-making processes and strong customer focus of our local management. STRONG OPERATORS – STRONG MANAGEMENT PAGES 12-15 Page 2 | HeidelbergCement 2014 HeidelbergCement 2014 | Page 3 CLOSE TO THE CUSTOMER Passionate about construction HeidelbergCement‘s product range is as diverse as the day-to-day demands on our construction consultants. Challenging tasks The region covered by HeidelbergCement construction consultant Silke Kaminski, who is located in Ennigerloh, Germany, extends from the north of Hesse all the way to the North Sea coast. Every day, she is out and about visiting customers at concrete plants, at the office, or directly at their production sites. She meets engineers or planners at architectural firms, municipal offices, or at the sites of ambitious concrete building projects – e.g. to advise on specific concrete formulations or concrete application methods. Applying her expertise, she supports customers in answering questions on the use of cement-based products. What Silke Kaminski enjoys most about her work is collaborating with a wide variety of people. The challenge is to provide customers with expert ur construction consultants in Ger- of twelve construction consultants technical support – time and time again. And many are true all-rounders – they across Germany. the successful relationships she has built and know all there is to know about maintained with customers, in some cases over cement and concrete. They advise The networked style in which O many years, are proof of her success in meeting manufacturers of ready-mixed concrete, precast our construction consultants that challenge. elements, and concrete products, as well as work has definite benefits for the construction companies on the use of Heidel- customer. Their close contact with bergCement products. Together with the cus- the laboratory, production, and tomer, they develop innovative and cost-effective sales, as well as the exchange of solutions for challenging projects. But “on-site” experience with colleagues from other regions, consultation is just one of many things our con- enables them to offer practical solutions so that struction consultants do.