03.05.2007 11:00:00
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Lafarge First Quarter Results at March 31, 2007
Lafarge (NYSE:LR) (Paris:LG)
INCREASE IN KEY FIGURES
Sales up 6% to €3,695 million
Current operating income up 58% to €345
million
Sustained organic growth up 11% in sales up 64% in
current operating income
Net income Group share up €304
million to €362 million
Earnings per share up €1.74 to €2.07
GROUP HIGHLIGHTS FOR THE FIRST QUARTER OF 2007
An excellent quarter, which benefited from the implementation of our
Excellence 2008 plan and strong momentum in our markets.
North American results showing slight improvement, in spite of the
decrease in volumes.
Net income up sharply due to continued strong operating results and
the positive impact of divesting the Roofing business and our cement,
aggregates and concrete business in Central Anatolia in Turkey.
Launch of the share buyback program, with €336
million already invested.
BRUNO LAFONT, CHIEF EXECUTIVE OFFICER OF LAFARGE, DECLARED: "Our
first quarter results show the vitality of our organic growth. Our North
American operations are withstanding well the decline in volumes and the
cost reduction dynamic can be seen across the Group. This good start to
2007 augurs well for the rest of the year.” CONSOLIDATED
FINANCIAL STATEMENTS AT MARCH 31, 2007 € m
FIRST QUARTER
2006
2007
Change (%)
Sales
3,478
3,695
+ 6%
Current operating income
218
345
+ 58%
Net income Group share
58
362
Earnings per share in €
0,33
2,07
Cash flow from
operations
238
208(1)
(1) Excluding
exceptionals
238
337
Group net debt
7,650
8,440
(1) Cash flow from operations for the
first quarter of 2007 includes an exceptional contribution of €129
million to the UK pension fund.
CURRENT OPERATING INCOME AT MARCH 31, 2007 € m
FIRST QUARTER
2006
2007
Change (%)
Cement
199
298
+ 50%
Aggregates & Concrete
(18)
18
-
Gypsum
48
46
- 4%
Other
(11)
(17)
-
TOTAL
218
345
+ 58% FIRST QUARTER 2007 HIGHLIGHTS BY BUSINESS Cement
Sales up 10% to €2,195 million
Current operating income up 50% to €298
million
Sustained growth in sales with favorable volume trends in most of our
markets.
Drop in volumes in North America due to a slowdown in the residential
sector and weather conditions. The decline, partly due to a high 2006
comparison basis, was partially offset by price increases.
Current operating income up sharply in the first quarter, reflecting
good operating efficiency coupled with tight cost control, with
positive market conditions particularly in Europe, Africa and Asia.
In North America, improvement in current operating income despite a
decline in volumes, thanks to our actions to increase prices and reduce
costs.
Launch of the construction of new production capacities in India
(Sonadih), Ecuador, Morocco (Tetouan) and Indonesia.
Aggregates & Concrete
Sales up 3% to €1,278 million
Current operating income up sharply to €18
million
Favorable trends overall in our markets, particularly in France and
emerging countries, with the exception of North America.
Strong increase in current operating income due to price rises and
tight cost control.
Continued increase in contribution from value-added concrete products.
Third acquisitions in the Chicago area in aggregates, to consolidate
our local position.
Gypsum
Sales up 1% to €415 million.
Current operating income down 4% to €46
million.
Sustained momentum in our markets and our businesses in Western
Europe, Eastern Europe and Asia offset the impact of a slowdown in the
residential sector in North America.
Launch of construction work on two new plasterboard production plants
in China and India.
OUTLOOK FOR 2007
Good first quarter trends confirm our positive view overall of our
markets for 2007.
In Cement, we anticipate strong demand and prices overall. In North
America, we anticipate a slight slowdown in our markets.
In Aggregates & Concrete, we expect another year of growth in 2007,
with strong growth in emerging markets in particular.
In Gypsum, 2007 should be favorable in terms of volumes and prices in
Western and Eastern Europe, but with a slowdown in the residential
sector in North America.
After increases in energy and logistics costs in recent years, we
expect further increases in 2007.
The cost-cutting plans launched in all our activities and countries as
part of Excellence 2008 should generate significant cost reductions in
2007.
Our annual results should continue to improve in 2007.
Practical information: Analysts conference call on First Quarter
Results to March 31, 2007
Following the release of Lafarge's First Quarter Results to March 31,
2007, a conference call will be held on:
May 3rd, 2007 at 9:00 AM CET, in English
(08:00 AM UK time; 03:00 AM EDT in North America)
Hosted by Jean-Jacques Gauthier, Chief Financial Officer
If you wish to participate in the conference call, please dial:
From France: +33 (0)1 70 99 42 70
From UK, toll free (UK only): 0800 032 4094
From USA, toll free (US only): 1866 239 0753
International dial in number: +44 (0)20 7138 0813
Conference call name: "Lafarge"
Please note that a conference call playback will be available online
through www.lafarge.com from 11:30 AM CET.
You may also access it from 11:00 AM CET, until May 10, at 11:59 PM at
the following numbers:
From France: +33 (0)1 71 23 02 48
From UK, toll free (UK only): 0800 559 3271
From USA, toll free (US only): 1866 883 4489
International dial in number: +44 (0)20 7806 1970
Pin code for all numbers: 9067146 NOTES TO EDITORS Lafarge (NYSE:LR) (Paris:LG) is the world leader in building
materials, with top-ranking positions in all of its businesses: Cement,
Aggregates & Concrete and Gypsum. With 71,000 employees in over 70
countries, Lafarge posted sales of Euros 17 billion in 2006. Lafarge has
been committed to sustainable development for many years, pursuing a
strategy that combines industrial know-how with performance, value
creation, respect for employees and local cultures, environmental
protection and the conservation of natural resources and energy. Lafarge
is the only company in the construction materials sector to be listed in
the 2007 ‘100 Global Most Sustainable
Corporations in the World’. To make advances
in building materials, Lafarge places the customer at the heart of its
concerns. It offers the construction industry and the general public
innovative solutions bringing greater safety, comfort and quality to
their everyday surroundings. Additional information is available on the
web site at www.lafarge.com.
Statements made in this press release that are not historical facts,
including statements regarding our expectations on market trends, price
increases, energy costs, cost reduction and growth in our results, are
forward-looking statements made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. These
statements are not guarantees of future performance and involve risks,
uncertainties and assumptions ("Factors"), which are difficult to
predict. Some of the Factors that could cause actual results to differ
materially from those expressed in the forward-looking statements
include, but are not limited to: the cyclical nature of the Company's
business; national and regional economic conditions in the countries in
which the Group does business; currency fluctuations; seasonal nature of
the Company’s operations; levels of
construction spending in major markets; supply/demand structure of the
industry; competition from new or existing competitors; unfavorable
weather conditions during peak construction periods; changes in and
implementation of environmental and other governmental regulations; our
ability to successfully identify, complete and efficiently integrate
acquisitions; our ability to successfully penetrate new markets; and
other Factors disclosed in the Company's public filings with the French
Autorité des Marchés
Financiers and the US Securities and Exchange Commission including its
Reference Document and annual report on Form 20-F. In general, the
Company is subject to the risks and uncertainties of the construction
industry and of doing business throughout the world. The forward-looking
statements are made as of this date and the Company undertakes no
obligation to update them, whether as a result of new information,
future events or otherwise.
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