Feb. 15, 2011 - French industrial minerals company Imerys reports a 40% increase in profit for the fourth quarter of 2010, but remains significantly below pre-crisis volumes. The Group not only benefited through the translation of dollar sales into euros but also through the improved competitiveness of its customers.
Sales for financial 2010 totaled 3,346.7 million, up by 20.7% from 2009. The increase in sales (+ 15.0% vs. 2009) reflects the overall upturn in sales volumes (+ 13.1%) in all four business groups. The upturn was sharper for those that had been most affected by the crisis and inventory reductions in 2009. The price/mix component rose + 1.9% over the year.
The sharp rise in 4th quarter sales (+ 19.5%) should not be extrapolated into early 2011 as it includes a significant currency translation effect (+ 5.9%).
However, 4th quarter sales are slightly lower than in the second and third quarters, reflecting the end of restocking as well as adverse weather for Building Materials activities in particular.
Minerals for Refractories and Abrasives (steel, automotive, industrial equipment) and Graphite (mobile energy, etc.) markets were heavily affected by the global economic crisis in 2009. In 2010, they benefited from the clear upturn in end demand and an inventory rebuilding effect that lasted until the end of the 3rd quarter.
To meet the increase in global demand for high quality refractory minerals, development capital expenditure resumed in andalusite (refractory mineral for steel, aluminum, cement and glass production). The business group opened a new conversion unit close to its reserve in China. Production capacities were extended in South Africa.
The upturn in demand was more moderate on Minerals for Ceramics markets, with construction in developed countries growing only slightly. However, business is developing in new segments (electro-porcelain, glass fiber) and extending into emerging economies.
Sales, at 1,105.0 million for financial 2010, rose by 39.1% from financial 2009 (which was down - 31.5% from 2008).
With a threefold increase from 2009, current operating income, at 134.6 million, the rise in sales volumes had a very positive effect despite an increase in fixed production costs. The product price/mix evolved favorably and variable costs were down slightly from the previous year.
Monolithic Refractories markets benefited from the upturn in steelmaking and industrial activity, which remained firm throughout the year. The cement, incineration and petrochemicals segments, which held out better in 2009, grew slightly. New furnace construction projects remain few.
In 2010, capital expenditure was limited to maintenance, industrial assets having been upgraded in recent years.
Furthermore, the Cuntis (Spain), Kiln Furniture plant was closed.
Sales for financial 2010 totaled 3,346.7 million, up by 20.7% from 2009. The increase in sales (+ 15.0% vs. 2009) reflects the overall upturn in sales volumes (+ 13.1%) in all four business groups. The upturn was sharper for those that had been most affected by the crisis and inventory reductions in 2009. The price/mix component rose + 1.9% over the year.
The sharp rise in 4th quarter sales (+ 19.5%) should not be extrapolated into early 2011 as it includes a significant currency translation effect (+ 5.9%).
However, 4th quarter sales are slightly lower than in the second and third quarters, reflecting the end of restocking as well as adverse weather for Building Materials activities in particular.
Minerals for Refractories and Abrasives (steel, automotive, industrial equipment) and Graphite (mobile energy, etc.) markets were heavily affected by the global economic crisis in 2009. In 2010, they benefited from the clear upturn in end demand and an inventory rebuilding effect that lasted until the end of the 3rd quarter.
To meet the increase in global demand for high quality refractory minerals, development capital expenditure resumed in andalusite (refractory mineral for steel, aluminum, cement and glass production). The business group opened a new conversion unit close to its reserve in China. Production capacities were extended in South Africa.
The upturn in demand was more moderate on Minerals for Ceramics markets, with construction in developed countries growing only slightly. However, business is developing in new segments (electro-porcelain, glass fiber) and extending into emerging economies.
Sales, at 1,105.0 million for financial 2010, rose by 39.1% from financial 2009 (which was down - 31.5% from 2008).
With a threefold increase from 2009, current operating income, at 134.6 million, the rise in sales volumes had a very positive effect despite an increase in fixed production costs. The product price/mix evolved favorably and variable costs were down slightly from the previous year.
Monolithic Refractories markets benefited from the upturn in steelmaking and industrial activity, which remained firm throughout the year. The cement, incineration and petrochemicals segments, which held out better in 2009, grew slightly. New furnace construction projects remain few.
In 2010, capital expenditure was limited to maintenance, industrial assets having been upgraded in recent years.
Furthermore, the Cuntis (Spain), Kiln Furniture plant was closed.
