2011 Consolidated Results - 30/03/2012

2011 was a year of profound transformation for Etex Group with the acquisition of the european gypsum activities of Lafarge. This was a major step in its strategy towards innovation, dry construction and affordable housing.

  • Revenue increased by 10,3 % on a like-for-like basis; the newly acquired gypsum activities added another 7,3%; 
  • Roofing activities performed well both on emerging markets and in the stable European environment; 
  • Dry construction is growing strongly in Europe and continues its expansion in Latin America and Africa; 
  • Fire Protection had excellent results and benefits from major tunnel projects completed during the year. The excellent performance in High Performance Insulation activities were driven by the successful integration of Microtherm acquired in 2010; 
  • Ceramics business in Latin America grew fast and will be supported by increased capacity in Peru and Colombia but faced difficult market conditions in Argentina;
  • Recurring operating cash flow of the Group amounted to € 309 million, an increase of 8% compared to the previous year; 
  • Operating income has been impacted by the set up of a provision resulting from a decision by the Court of first instance of Turin where the Group was judged civilly responsible for the actions of one of its former top managers; 
  • Etex Group acquired 80% of the European gypsum activities of Lafarge the 4th of November 2001 and simultaneously increased its controlling interest to 80% in its Latin American gypsum business. Lafarge remains the owner of a minority interest of 20%. 
  • The acquisition led to the renegotiation of the existing credit line which was extended to € 1.300 million. All bank covenants have been well complied with; 
  • A dividend of € 0,32 per share will be proposed at the Shareholder’s Meeting.

In millions of euro 2010 2011 var
1.956 2.300 17.6%
Recurring operating cash flow (REBITDA)
285 309 8.4%
     % revenue 14,6% 13,4%  
Recurring operating income (REBIT)
172 197 14,5%
     % revenue 8,8% 8,6%  
Operating income (EBIT)
185 176 -4,9%
     % revenue 9,5% 7,7%  
Profit for the year 124 88  
     Group share 114 80  
     Non controlling interests 10 8  
Property Plant and Equipment 907 1,719  
Intangible assets 206 504  
Working capital
333 326  
Capital employed 1.465 2.573  
Equity 860 687  
Net financial debt 337 1,377  
Capital expenditure 73 144  

The consolidated financial statements for the year 2011 were prepared under the responsibility of and authorised for issue by the Board of Directors on March 30, 2012.These will be presented for approval at the Shareholders’ Meeting on May 23, 2012.

The statutory auditor issued an unqualified audit opinion on the consolidated financial accounts.

The annual report will be presented to the General Shareholders’ Meeting.

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