JAPAN: HeidelbergCement sees demand spike after Japan quake

* Sees Japan switch to cement importer, from exporter

* 2010 net profit triples to 511 million euros

* 2010 sales up 5.8 percent to 11.8 bln eur

* Expects North America, Germany, Scandinavia boost in 2011

* Shares up 4 percent, outperform index

- HeidelbergCement expects to supply the reconstruction effort in japan as the earthquake-stricken country is forced to import the building material to meet demand.

HeidelbergCement Chief Executive Bernd Scheifele said on Thursday he expects Japan to switch to being an importer of cement from an exporter following the disaster.

"The result (of the Japan earthquake) could be a cement and clinker shortage in Asia," Scheifele, said at a press conference.

HeidelbergCement is one of the world's largest cement makers with a major presence in Asia, owning a majority stake in Indonesia's biggest cement maker by market value, PT Indocement Tunggal Perkasa.

HeidelbergCement shares were 4 percent higher by 1333 GMT, outperforming the wider STOXX 600 European Construction and Materials index which was up 1.7 percent.

One construction sector analyst, who asked not to be named, said.

"HeidelbergCement is not saying that the crisis in Japan is good in any way, all they are saying is that they are in a position to take advantage of opportunities created by the situation," he said, adding that this was driving share prices.

HeidelbergCement said on Thursday that sales had increased by 5.8 percent to 11.8 billion euros in 2010, and that net profit had tripled to 511 million euros.

The German company, which competes with Switzerland's Holcim and France's Lafarge, added that it expects improving demand in Scandinavia, Germany, the United States and Canada.

HeidelbergCement was hard hit during the financial crisis, especially by plummeting demand in its key North American market, where commercial construction and postponements of U.S. state and local spending dented profits. U.S. stimulus spending was slow to pick up, too.

Scheifele warned that the sharp rise in energy costs, as well as inflationary pressures, could burden sales in 2011.

"In view of the slow recovery in the mature markets and the rising costs and inflationary pressure, we are maintaining our focus on cash flow and stable margins in order to reduce our debt", Scheifele said in a statement.

Data from Thomson Reuters StarMine shows HeidelbergCement trading at 12.0 times its 12-month forward earnings, in line with Lafarge but below Holcim, at a multiple of 15.1.