But the net result has given 25 54 of French

The winter is harsher than expected in the cement. End of January was the Mexican Cemex, number one in the United States, which had cast a revealing disappointing quarterly results due to lower than expected sales. The news caused the same day, the decline of all classes of stock market of the sector. Friday, bis ASM. This time, it is the number one global cement, Lafarge, whose fourth-quarter created disappointment among most analysts by the weakness of sales. Past in a year of 4.6 to 3.6 billion euros, are below expectations, even with the crisis. This led to an annual turnover fell by 18, to 15.9 billion euros (when the consensus of analysts was 16.4 billion) and a net income decreased by 54, to EUR 736 million (against EUR 1 billion expected).

Geographical redistribution

Annual sales plummet by 40 in Europe from the East and 30 in North America (where they account for EUR 3 billion for operating income void). "The sector depends on the revival of residential construction, which is at its lowest level for fifty years in the United States: it is dropped from 2.2 million housing starts less than 600,000 on 12 sliding months, recalls the CEO of the group, Bruno Lafont.". Similarly, the United Kingdom, demand for cement is lowest for fifty years. "Global demand for cement still grew in 2009, the emerging countries. "Last year, our sales there increased by 7 in volume, while they dropped by 25 in developed countries", continues Bruno Lafont, which transfers for years the centre of gravity of the group to these new areas: "in 2005, also the France, our main markets were North America, the Spain and the United Kingdom, while in 2009, are Egypt".the Emirates, the Algeria, the Morocco, the India and the Poland.

On March 3, it will be the turn of the second world cement, the Swiss Holcim, to unveil its fourth-quarter performance. It also a global presence, and on the first nine months of 2009 sales did not better resisted that those of Lafarge: they fell from 18 in one year. But the net result has given 25, 54 of French.

Current debt

The latter however was praised for its performance management. He scared a year ago by its net indebtedness, reduced it 3.1 billion. "It is 500 to 600 million euros more than what was the consensus of analysts," said Chief Financial Officer, Jean-Jacques Gauthier. And Lafarge reached 2.8 billion of free cash ( 34), thanks to its assignments and control of its investments.

This year, will continue to make the round back to the crisis, and including additional costs reduction EUR 200 million were announced. But, in view of the improvement of its financial structure, the priority is no longer in the debt reduction Planner at any price. "The number one objective in 2010 is to find the growth of our results," concluded Bruno Lafont. To do this, it is not on the developed countries, where "the recovery should take place from the second half of 2010 and will be slow." But emerging countries should still support the market. Table, in the end, on stable global prices and growth of 0 to 5 by volume (Cemex has provided up to 4). In Asia, in particular, the cement sector expected to grow 6 to 11.