CEMENTIR HOLDING N.V. Euronext STAR Conference 2024 Investor Presentation
STAR Conference 2024 | Milan, 21 March 2024
Group Highlights
Navitas Science and Innovation Building, Denmark
3
Group Highlights
REVENUE
1.69 Bn€
-1.7% vs. 2022
TRAINING PER
CAPITA
26 hours
+18% vs. 2022
Data as of December 31st, 2023
EBITDA
411 M€
+22.6% vs. 2022
LTI FREQUENCY
RATE*
2.9
vs. 4.2 in 2022
EMPLOYEES
3,045
CO2 EMISSIONS**
Grey cement
655 kg /ton
vs. 672 in 2022
CEMENT CAPACITY
13.1 M tons
Annually
CO2 EMISSIONS**
White cement
846 kg /ton
vs. 886 in 2022
* Lost Time Injury frequency rate for workers: (number of injuries with working days of absence /hours worked) x 1,000,000
** Scope 1 cement emissions
4
Industrial footprint
York
Waco
Grey cement plants
White cement plants
Countries with CH operations
Aalborg, DK | |||
Gaurain, BE | Kars | ||
Trakya | |||
Izmir | Elazig | Anqing | |
El Arish | |||
Ipoh |
PLANTS
Cement plants: 11
Terminals: 65
RMC plants: 101
Quarries: 34
Precast products plants: 1
Waste management facilities: 1
CAPACITY / SALES
Grey cement capacity: 9.8 mt
White cement capacity: 3.3 mt
Grey cement sales: 8.0 mt
White cement sales: 2.7 mt
RMC sales: 4.3 mm3
Aggregate sales: 9.4 mt
Data as of December 31st, 2023
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Business segments
GREY CEMENT | WHITE CEMENT | |
VOLUMES SOLD | VOLUMES SOLD |
(mt) | (mt) |
8.2 | 8.0 | 8.0 | 3.0 | 2.8 | 2.7 | |
2021 | 2022 | 2023 | 2021 | 2022 | 2023 |
2023 KEY FIGURES
READY-MIXEDCONCRETE
VOLUMES SOLD
(mm3)
5.1 4.8 4.3
2021 2022 2023
AGGREGATES
VOLUMES SOLD
(mt)
11.1 10.5 9.4
2021 2022 2023
CONCRETE PRODUCTS / WASTE
WASTE PROCESSED *
(mt)
0.22 0.16
0.06
2021 2022 2023
REVENUE =1,167 M€
EBITDA = 337 M€
EBITDA MARGIN = 29%
REVENUE = 487 M€ | REVENUE = 100 M€ | |
EBITDA = 41 M€ | EBITDA = 31 M€ | |
EBITDA margin = 8% | EBITDA MARGIN = 31% | |
REVENUE = 29 M€
EBITDA = 2 M€
EBITDA MARGIN = 7%
* In November 2023 the British companies active in the waste business were sold
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Our Strategy is based on five pillars
We pursue a sustainable growth strategy aimed at creating value for all stakeholders
- SUSTAINABILITY
- INNOVATION
- COMPETITIVENESS
4 GROWTH AND POSITIONING
5
VALUING PEOPLE
- Push towards product and value chain circularity
- Carbon capture and storage in Denmark by 2030
- Focus on low carbon cements like FUTURECEM® and other value-added products
- Other initiatives: CCS and AI solutions in production, sales and supply chain
- Digitalization to drive process efficiencies: lean manufacturing & logistics, eProcurement, smart maintenance, integrated digital sales
- Reinforce vertical integration in the Nordics, Belgium and Türkiye
- Keep global white cement leadership
- Seize M&A opportunities in core business
- Zero Accidents program
- Development of human capital and leadership Program
- Talent management and succession plan
2023 EBITDA BREAKDOWN (*)
Asia Pacific
Egypt 6%
3%
Turkey
17%Nordic & Baltic
43%
North | 410.3 M€ |
America
6%
Belgium
24%
73% of Ebitda from mature markets
(Currencies: EUR, USD, DKK, NOK, SEK)
(*) Non-GAAP (excluding IAS 29) and excluding non-recurring items. 2023 Reported EBITDA: 411 m€
7
Industrial Plan update: key 2026 targets (*)
€M
Revenues
EBITDA
(recurring)
EBITDA Margin
Avg. Yearly
Capex
(including Sustainability
Capex)
Net Cash
2023 A
1,695
410
24.2%
104
218
2026
- 2,000
- 425
21.3%
112
- 600
- ~5-6% Sales CAGR in the 2023-26 period
- Moderate increase in volumes, with stronger volume growth in 2024, except for China: CAGR of 4-5% for cement; 5-6% for RMC, 4-5% for aggregates
- Prices broadly stable / moderately up
- High 2023 EBITDA comparable figure
- Output optimization in Egypt and Belgium
- Increase in selected input costs and freight rates
- ~ 250,000 tons CO2 average yearly shortage, including a step up in 2026 due to lower free allowances in European plants and first year of phase-out
- Back to average profitability after a spike in '22-23
- Maintenance & expansion Capex / Sales ratio ˜4-5%
- Cumulative sustainability capex of 100 M€ . Yearly capex includes kiln upgrades, investment in FUTURECEM® value chain, waste heat recovery, alternative fuels usage increase, cleaner fuels switch
- Cumulative ˜500M€ of Free cash flow generation before dividend distribution. Dividend payout ratio in the 20% - 25% range. Any M&A transaction excluded.
- Non-GAAP(excluding IAS 29 ) and excluding non-recurring items. Excludes any intensification of geopolitical tensions or extraordinary event
8
White Cement: unique competitive position
Local presence & global leadership
#1 in USA, Continental Europe, China,
Australia, South-East Asia
Total market of 20 Mt (0.5% of grey cement demand)
Global leadership in white cement
3.3 Mt | 2.7 Mt White cement and clinker |
Cement Capacity | volumes sold in 2023 |
25%
Share of Global Traded flows
Global leader in trading flows
In 2023, exports accounted for approx 40% of ~2.7 Mt total volumes sold
20+ countries
Local market presence
80+ countries
Commercial Presence
Local sales force and/or controlled logistic setup in 20 key target markets
Sales in more than 80 countries
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ESG Strategy
Green Belt Bridge, Denmark
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Disclaimer
Cementir Holding NV published this content on 19 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 March 2024 15:21:10 UTC.
