AFRICA: Nigeria: Dangote

 Dangote Cement, Nigeria's biggest cement maker, was valued at 2.1 trillion naira when listing on Tuesday, lifting the local stock market's capitalisation by around a third at the same time.

Dangote Cement listed 15.5 billion shares at 135 naira in the biggest listing in sub-Saharan Africa's second largest equities market, making it Nigeria's top company by market value. The move followed a merger with local rival Benue Cement.

Majority owner Aliko Dangote said he wanted "to create an African champion that can compete with the largest cement companies in the world".

Aliko Dangote held majority stakes in Benue Cement and Dangote Cement through his holding company Dangote Industries, meaning the free float of the listed entity was less than five percent, below the Nigerian regulator's 25 percent minimum.

Listing broker Afrinvest said 25 percent of the shares were theoretically on offer in Nigeria but the local market, whose capitalisation was just over 6 trillion naira before the listing, was unlikely to have the capacity to buy that amount.

"Because the market is not likely to absorb all of that quantity, the (stock exchange) council has given a special dispensation to sell the remainder over the next two years," Afrinvest chief executive Godwin Obaseki said.

Dangote Cement's chief operating officer Kunle Alake told Reuters last week the company planned to sell a 20 percent stake through a global share offering in the next 18 months to meet the minimum free float requirement.

Aliko Dangote said on Monday the offering would most likely be in London. 

Dangote Cement shares closed at their listing price of 135 naira after trading in high volumes for less than an hour.

The company, setting up plants and import terminals in countries around Africa including Cameroon, Ethiopia, Ghana, Ivory Coast, Senegal and Zambia, aims to produce 46 million tonnes of cement in five years on the continent, 30 million of it in Nigeria.

The aim of the merger with Benue was to allow Dangote's cement operations better access to financing, as well as consolidating supply and distribution chains, reducing costs and helping increase cement production more quickly.

"The listing appears to have attracted significant interest from many investors. This, in addition to its low free float, should serve as a catalyst for the stock in the short term," Stanbic IBTC, said, setting a 12-month target price of 170.50 naira and a "buy" recommendation.

It said the company was attractively valued at 7.9 times 2012 earnings, compared with a price-to-earnings ratio of 9 for Nigerian peers.

Other analysts disagreed, saying the valuation was expensive compared with global peers such as French group Lafarge, the world's largest cement maker.

BRASIL: A arrancada da Camargo

O Brasil já importa até cimento. Para atender à demanda, a gigante Camargo Corrêa, dona da marca Cauê, planeja aquisições no Nordeste e investimentos de R$ 3,6 bilhões

Por Crislaine Coscarelli

A indústria brasileira de cimentos sempre defendeu com unhas e dentes o seu mercado. A estratégia era simples: abrir mais fábricas do que o necessário, baixar o preço e, assim, barrar a entrada de competidores estrangeiros. Durante muito tempo, isso deu certo. 

Nos últimos anos, entretanto, as empresas brasileiras, quem diria, passaram a pedir socorro a seus competidores internacionais. Isso porque o aquecimento do mercado imobiliário e as obras de infraestrutura fizeram surgir um fenômeno: a falta de cimento. 

 

"Teremos duas novas plantas industriais instaladas até o ano de 2015"

Humberto Farias, presidente da Camargo Corrêa cimentos  

 

Até o fim do ano, o País deverá ter produzido 57,8 milhões de toneladas e importado um milhão de toneladas. O montante trazido do Exterior é relativamente pequeno, mas indica que as empresas nacionais estão sobrecarregadas. 

 

Isso, porém, não quer dizer que estão paradas. Com faturamento de cerca de R$ 2,2 bilhões, a Camargo Corrêa Cimentos traçou uma estratégia para ganhar mercado rapidamente. 

 

Além de construir novas linhas de produção, a empresa estuda a compra de concorrentes. O mercado aposta que a noiva na mira da Camargo Corrêa seria a Cimentos Nassau, do Grupo João Santos. Humberto Farias, presidente da Camargo Corrêa Cimentos, nega que tenha procurado o conglomerado pernambucano, mas deixa explícito o interesse na companhia. “Seria a junção perfeita. Eles têm atuação forte nos mercados do Norte e do Nordeste, os que mais nos interessam nesse momento”, disse Farias à DINHEIRO. “As duas empresas se complementariam geograficamente.” 

 

De uma hora para outra, a Camargo Corrêa passaria de uma produção anual de 5,1 milhões de toneladas para 11,5 milhões de toneladas. Mais: saltaria para a segunda posição de mercado, com uma participação de 21%.

 

Atalho: com a compra de 31% da portuguesa Cimpor, a Camargo Corrêa

Cimentos conquistou a terceira posição do mercado 

 

O interesse na concorrente não é repentino. Desde 2009, quando o fundador do grupo, João Pereira Santos, morreu, as disputas internas pelo comando do conglomerado fizeram com que os concorrentes mirassem na Cimentos Nassau. 

 

Além da Camargo Corrêa Cimentos, entre as interessadas na compra da Nassau figuram a Companhia Siderúrgica Nacional (CSN) e a Cementos de México (Cemex). Procuradas, as empresas não se pronunciaram sobre o assunto. 

 

No caso da Camargo, o interesse pela concorrente existe porque o Norte e o Nordeste registram crescimentos de 66% e 16%, respectivamente, enquanto o restante do País anota um salto de 14,8%. Além disso, a empresa possui apenas uma moagem produtora de apenas 300 mil toneladas, localizada em Pernambuco. Já a Cimentos Nassau conta com 12 plantas industriais. Enquanto o negócio não é concretizado, a Camargo Corrêa Cimentos anunciou investimentos de US$ 500 milhões para a instalação de duas novas fábricas, uma em cada região. 

 

 

 

No Norte, espera vencer a licitação para a instalação da planta que atenderá à usina de Belo Monte, no Pará. “Mas ficará próxima da usina”, afirma Farias. Já no Nordeste, a empresa negocia a instalação com os Estados de Sergipe, Pernambuco, Rio Grande do Norte e Paraíba. O problema é que cada planta precisa de, no mínimo, quatro anos para começar a operar – três para  a construção e mais um para a obtenção do licenciamento ambiental.  

 

Hoje, a empresa possui sete unidades fabris espalhadas nos Estados de São Paulo, Minas Gerais, Mato Grosso do Sul e Pernambuco, além de unidades de concreto espalhadas pelo País. 

 

A companhia, entretanto, tem estudado uma forma de ampliar a produtividade nas linhas já existentes. Para isso, anunciou investimentos de R$ 3,6 bilhões até 2016. O plano possibilitará o aumento do volume de produção da empresa em 75%, chegando a 14 milhões de toneladas. 

 

A meta da empresa é alcançar a segunda posição do setor custe o que custar. E, a julgar pelos últimos movimentos, a Camargo Corrêa Cimentos tem trabalhado para isso. Até o início do ano, a companhia ocupava a quarta posição no ranking das maiores produtoras do País. 

 

Em fevereiro, chegou ao terceiro lugar ao comprar 31% da Cimpor, a maior produtora de cimentos de Portugal com unidades espalhadas pelo Brasil. Além de ganhar mercado, a estratégia serviu para barrar a Companhia Siderúrgica Nacional (CSN), uma novata no setor de cimentos que pretendia comprar a empresa portuguesa. 

 

 

 

A Votorantim, outra companhia que entrou no páreo, ficou com uma fatia de 21,2% da Cimpor e a CSN saiu derrotada da disputa, sem nenhuma participação. Essa movimentação reflete a alta expectativa das empresas do setor. 

 

“Historicamente, o setor crescia a uma média de 5% ao ano”, diz José Otávio Carvalho, vice-presidente do Sindicato Nacional da Indústria do Cimento (SNIC). “De 2006 para cá, passou a ser de mais de dois dígitos. 

 

Não vejo possibilidade de a demanda retrair no futuro.” Para analistas do setor, os investimentos previstos pelas indústrias de cimento elevarão a produção nacional em cerca de 40 milhões de toneladas até 2016. “O setor deve receber um total de R$ 15 bilhões em investimentos na ampliação da capacidade produtiva”, diz Thaís Virga, analista da consultoria Lafis.

ESPAÑA: Corporación Noroeste absorbe a Cementos El Monte

La fabricante integral de cemento Sdad. de Cementos y Materiales de Construcción de Andalucía, que forma parte del grupo Corporación Noroeste, está procediendo a la absorción de la molienda de clínker Cementos El Monte, que cuenta con una planta en Palos de la Frontera (Huelva), paralizada desde hace unos 16 meses. Cementos El Monte, también filial del mismo grupo, cuenta con una industria de molienda de clinker para obtención de cemento con una capacidad productiva de 750.000 t anuales. Con todo, la proximidad de la planta de Niebla (Huelva) que explota Cementos de Andalucía y el desplome del consumo de cemento en los últimos dos años provocaron el cese de actividad de dicha molienda. De hecho, Cementos El Monte disminuyó sus ventas de los 27,15 M obtenidos en 2008, por la venta de 390.000 t de cemento, hasta los 4,07 M registrados en 2009.

Por su parte, Cementos de Andalucía cuenta, además de con la planta citada, con otra fábrica también integral en Córdoba. La empresa tuvo ingresos de 73,01 M en 2009, por la comercialización de 935.030 t de cemento. La sociedad viene operando desde que en 2002 fue constituida para asumir las dos plantas de cemento adquiridas por Corporación Noroeste a Lafarge por un importe de 225 M. Noroeste, que incluye a la también cementera gallega Cementos Cosmos (ingresos de 87,81 M) y los negocios de hormigón, mortero y áridos, consolidó ventas de 328,9 M en 2009. El grupo está integrado en la multinacional lusa Cimpor, que facturó 1.088 M y registró resultados netos de 103 M en el primer semestre de 2010.

INDIA: Madras Cements Q2 net drops 81%

Madras Cements' net profit for the second quarter of 2010-11 has dropped to one-fifth of its net during the corresponding period last year.

According to a company press release, high operating costs, steep fall in cement prices due to slack demand and large capacity additions contributed to the 81 per cent drop in net profit.

Operating costs were driven by diesel price increase which hit procurement of raw materials and coal, increase in price of coal and fly ash and hike in tariff by the State Electricity Boards.

Madras Cements, which has a surplus capacity of wind energy generators, had to depend on costlier diesel generators because of the power cut imposed by the Tamil Nadu Electricity Board, according to the release.

The company, which had over 179 MW of wind power, sold 33 wind energy generators totalling over 26.40 MW to other companies within the Group for Rs 137.76 crore. These were transferred at book value, a company official said.

In May, Madras Cements announced plans to invest Rs 310 crore to set up 85 MW of captive thermal power plants including 60 MW at Ariyalur and 25 MW in RR Nagar. It has a total cement production capacity of 10.5 million tonnes distributed across five units in Tamil Nadu, Andhra Pradesh and Karnataka, and has announced plans to add 2 million tonnes.

On the NSE, the company's shares of Re 1 closed at Rs 113.25 against the previous close of Rs 112.45 on Monday.

KOREA: Hanil looks to cement solid global future

Among cement makers, Hanil Cement has the greatest market share as well as competitive prices and a high profit margin.

Korea is known around the world as an IT powerhouse. Headlines are often dominated by the newest high-tech gadgets or upcoming technologies. However, it’s useful to remember that the foundation of Korea’s accelerated economic growth - the so-called “miracle on the Han” - originated from more traditional fields, such as steelworks, shipbuilding and construction. And perhaps most representative of the smokestack industries is cement manufacturing - inconspicuous, tactile and indispensable. 

Hanil Cement has been a local leader in the cement business since 1961, when it was founded as Korea’s second-ever cement manufacturer. From its start, Hanil Cement has been providing the building materials for decades of Korea’s real estate projects, and has now grown into a company with an annual production capacity of 8.1 million tons of cement, 24 subsidiaries including eight firms abroad and assets of 1.35 trillion won ($1.2 billion) as of 2009. 

For experts and industry insiders, Hanil Cement is known as a dependable company with a redoubtable track record - it marked net profits of 40.4 billion won ($36 million) in 2009. Despite difficult conditions for the local construction industry, Hanil Cement cleared a net profit of 14.5 billion won ($ 4 million) in 2008. 

Financial experts forecast a solid future for Hanil Cement even in the midst of a cement and construction materials industry beset by deteriorating operating conditions. 

“Among cement manufacturers, Hanil Cement has the greatest market share as well as competitive prices and a high profit margin,” said Jung Bong-soo, chief analyst at Korea Investors Service. 

“Since 2008, the cement industry has been struggling through adverse foreign exchange rates as well as a steady climb in the price of bituminous coal, the raw material for making cement. Hanil Cement has maintained its high productivity levels and retains a solid financial soundness. Even if the local cement industry goes into a double dip downturn in the near future as feared, Hanil Cement is the company that can weather it most well.”

Such a reputation did not materialize overnight. Company representatives explain that the company has maintained financial soundness since its founding - with 40-plus years of continuous surplus in profits. 

Also, Hanil Cement was the first cement company to brand dry mortar, a substance that is much stiffer than common mortar and a viable substitute for regular cement. Remital, founded in 1991, is the company’s umbrella brand for over 40 products fitted to specific uses - such as floor plastering or bricklaying.

Unlike cement, which is mixed with sand on site, Remital comes pre-mixed with cement, sand and a special additive - and because of its easy usage and consistent quality, enjoys a dominant market share among similar products. 

Hanil Cement has 24 subsidiaries, including Hanil Engineering & Construction, Hanil Industrial, Hanil Development and Seoul Land, an amusement park. Although its subsidiaries are at various states of solvency, Hanil Cement itself is seen by experts to be sound enough to remain largely unaffected. 

Among many factories, the crown jewel of Hanil Cement’s factories remain its Danyang plant. Situated in a picturesque landscape famous for its natural sights, the Danyang factory pleases both, the eye and the investor’s report - with a manufacturing capacity of 8.1 million tons of cement, this mother plant handles almost all of the firm’s cement production. 

In the long term, Hanil Cement sees the maintenance and reinforcement of buildings and civil engineering projects as its core area of growth. Moreover, the company is looking to develop Remital as a specialized brand with international appeal - and has already targeted the do-it-yourself markets of Japan and Mongolia. 

Having established its position in the domestic market, Hanil Cement’s vision is to grow to a global company with competitive ability in foreign markets.

Since 2005, the company has been under the leadership of Huh Gi-ho, the president of Hanil Cement. The grandson of the late Huh Chae-kyung, the founder of Hanil Cement, Huh Gi-ho has been working in the family business since 1997 when he became a director of Hanil Cement.

Founder Huh Chae-kyung was born in Gaepoong, Gyeonggi, and emphasized diligence and internal stability in the spirit of the Kaesong merchants during the 17th and 18th century, who are remembered for their business savvy. This mindset helped established Hanil Cement as a hidden blue-chip company with a small debt ratio and loyal customers. 

Huh Gi-ho, has continued the legacy of strong financial soundness and attention to research and development - with adoption of high-tech systems to stay ahead. 

The current executive management of Hanil Cement is comprised of various backgrounds and careers. Some entered Hanil Cement during the Asian financial crisis, when many talents were in transit due to the rapidly transforming financial situation of many companies. One such person was Choi Byoung-gil, one of two current vice presidents, who entered the company in 1998 after working at Samsung C&T. 

Because the company’s mother factory at Danyang, North Chungcheong is such an important center for the firm, at least two of its executives - Won In-sang, the other vice president of Hanil Cement, and Kwak Eui-young, an executive director, have previously held or now hold core positions at the Danyang plant.