Group Performance by Region and Country

Annual Report 2012

The South Atlantic region (which includes Virginia, the Carolinas, and Florida) fared better than the U.S. as a whole, with cement consumption increasing 9.8% over 2011 levels. While the positive trend in volumes (albeit from a very low base) provided some relief, our U.S. business remained affected by a weak pricing environment.  Despite the challenges, U.S. operations registered improvements in cost structure that permitted a positive (although very low) contribution. When compared to the asset base, the results show the operating leverage upside, once the region returns to growth. Group turnover in the U.S. in 2012 stood at €369 million, posting a 22% increase in euro terms while, EBITDA improved to a positive €6 million reversing the trend of a €6 million operating loss in 2011.