k k
CemWeek CemWee CemWeek MAGAZINE
CemWee CemWee BMWeek CemWeek BMWeek 2013BMWeek
L VEY A U R N U N S A RY H T 4 UST IND
Supported by:
india CemWeek
CEMENT & CONSTRUCTION MATERIALS
CEMWEEK’S INDIA CEMENT SECTOR SENTIMENT SURVEY
THE BEST
TALENT AN
ENGINEER CAN HAVE
IS THE WILL TO LEARN SOMETHING NEW EVERY DAY
There’s always something new to learn in India. For further information please call +91 120 4018500, write an E-mail to loesche@loescheindia.com or visit www.loesche.com
FOREWORD
T
he CW Group is pleased to release the 4th Annual India Cement Sector Business Sentiment Survey and share the findings with the members of the industry.
For the past three years in a row, the CW Group has been at the very heart of the global cement industry, providing comprehensive and reliable market intelligence data and extensive coverage on important industry topics. With the release of the 4th edition of the Annual India Cement Sector Business Sentiment Survey, we continue to bring you insightful information about the evolution of the views of the individuals participating in the development of this exciting global industry. The task of surveying the second largest cement market in the world would not have been possible without the support of certain industry members that manifested a particular dedication to understanding India’s cement sector and the sentiment among its professionals. In this respect, we thank Loesche, Testing Bluhm & Feuerherdt and GMI Global for their support, and our own India’s Cement and Construction Materials journal.
Robert Madeira Managing Director and Head of Research, CW Group E: rm@cwgrp.com | T: +1-702-430-1748 Laura Goldner Senior Consultant, CW Group E: lg@cwgrp.com | T: +1-832-622-8921 Tudor Mircea Market Services & Marketing Manager, CW Group E: tm@cwgrp.com | T: +4-075-223-4426
As a leading cement sector research house, the CW Group is aware that the survey only mirrors the reality of the industry at a certain point in time. As such, the Survey is not intended to provide a complete view, nor answer all questions that may arise about the market. However, we see it as a starting point for further discussion and a source of insight for the development of future tailor-made business strategies. Do not hesitate to contact us should you wish to continue the dialog and hear more about our views.
CemWeek’s 2013 India Cement Sector Survey
1
INTRODUCTION
SURVEY EXECUTIVE SUMMARY
O
ptimism continues to be the name of the game for the Indian cement industry – a function of long-term trends as well as human nature. But on a closer look, the survey shows that the optimism only runs skin deep and that it has already been eroded by an increasing percentage of industry members who feel dissatisfied with the overall performance of the field last year. For instance, the percentage of those who believe the industry performed “well” dropped from 43 percent in 2012 to 26 percent in 2013, while the number of respondents who believe the industry performed poorly almost tripled from 8 percent last year to 22 percent in 2013. Regarding the future evolution of the industry, survey participants continue to be on the optimistic side and hope for a “somewhat better” or “much better” performance compared to the last 6 months. Confidence in career prospects looks nearly the same in this year’s survey of the industry, with the overall career-related sentiments on
2
CemWeek’s 2013 India Cement Sector Survey
the positive side. A substantial part of respondents – 47 percent, believe they have a fairly good chance for a career boost during the next period. Some confidence erosion manifested in the percentage of those highly confident about their prospects, whose numbers dropped from 21 percent in 2013 to 13 percent this year. The first two major challenges for the industry to overcome in the next year are no surprises: industry overcapacity and profitability. These stay on the minds of 34 percent and 20 percent of respondents, respectively. Energy price stands third in the top of concerns for the next year, in spite of the global fuel price downtrend reported during the last period. India’s solid fuel supplydemand gap and dependence on imported coal will further deteriorate – by May 2013 imports year over year increased by 43 percent. Currently energy prices are strongly subsidized – an element which may change in the near future. Expectations about improvements in profitability are moderate. The findings show that the proportion of those who believe that the profitability will actually decrease more than doubled compared to last year, from 11 percent to 23 percent. This correlates with concerns about profitability mentioned earlier, and signals that in spite of declared optimism, more members of the industry are circumspect about its future evolution.
cwgrp.com
Our data reveals that capital expense reductions are on an upward trend. Survey participants who foresee cuts in capital expense doubled from 8 to 16 percent from last year, while the number of those expecting an increase in capital expenditures dropped from 57 to 36 percent. In terms of input costs, about 60 percent of survey participants believe these will be reduced or stay the same over the next year. This is an almost 15 percent drop compared to last year. On the other hand, the number of those who expect input costs to exert even more pressure on total costs increased from 25 to 40 percent. However, half of participants believe their company will hire “a bit more/a lot more” headcount in the next 12 months. This may indicate that the industry needs to identify in the near future ways to relieve the pressure of input costs on the total costs of doing business, ways which may include keeping the same headcount, or even reducing it.
minds of both top and middle management. While as a whole the economy is expected to slow down even further, cement industry’s flag continues to fly high. But for how long?
The overall pulse of the industry continues to be on the positive side, but this year’s survey highlights an underground current of concern and dissatisfaction. Issues such as energy price, overcapacity, controlling costs and operational efficiency linger in the
CemWeek’s 2013 India Cement Sector Survey
3
SURVEY
DEMOGRAPHICS
F
4%
or both 2013 and 2012 the sample base comprised a mix of Indian industry professionals, aiming to capture an accurate overview from their experience, perceptions and approaches. Compared to 2012, the pool of respondents has overall remained the same, but 2013 did experience a slight decrease in cement company and equipment vendor involvement.
11%
INDUSTRY FUNCTIONAL AREA AND ORGANIZATION LEVEL
47% 13%
The companies that participated in the survey represent a variety of roles within the industry – from sales and marketing, production and engineering, to trading and logistics and planning.
Consulting and research Other Planning, finance & other administrative
Several categories of companies in the cement industry answered the questions of the survey. As with previous editions, most of the respondents were cement producers – 50 percent, followed by equipment vendors with 18 percent of respondents and industry analysts with 12 percent.
8%
Production, operations & engineering Sales & marketing Trading and logistics
Thirty-four percent of survey participants identified themselves as senior management – defined at CEO, General Manager, Senior or Executive Vice President level. Another 23 percent were classified as managers (i.e., regional manager, director), and 42 percent as professional staff.
28%
50%
Cement company Cement trader Equipment vendor Industry analyst, consultant Other 9%
11%
12%
4
CemWeek’s 2013 India Cement Sector Survey
18%
cwgrp.com
42%
23%
34%
Senior management Management Professionalstaf
LOCATION The sample corresponds to the five regions that comprise the Indian cement industry. The northern and western regions each participated at 28 percent and 32 percent respectively, consistent with last year’s survey, followed by the southern region which reached 25 percent survey presence (a 1% increase). The eastern and northeastern regions participated at 7 percent each. 35 32%
30 28%
25
25%
20 15 East 10 5 0
North 7%
7%
Northeast South West
CemWeek’s 2013 India Cement Sector Survey
5
SURVEY
FINDINGS
RECENT PERFORMANCE
T
Q.
he 2013 survey included an increasing number of negative responses concerning thepast performance of the industry. While in 2012 only 9 percent believed the industry performed poorly or terribly, the percentage ramped up to 26 percent in 2013.
2012
2013
INDUSTRY PERFORMANCE IN THE LAST SIX MONTHS 8%
26%
12%
Generally speaking, how has the cement industry performed in the past 6 months?
41%
22%
43%
Excellent
Well
8% 1%
36%
OK
We suspect the reason behind the increase in negative responses may be the recent
Poorly
4%
Terrible
deceleration of the cement output growth rate, as illustrated in the table below.
YOY PRODUCTION 12%
8%
4%
Q4FY2013
Q3FY2013
Q2FY2013
Q1FY2013
Q4FY2012
Q3FY2012
Q2FY2012
0%
Source: CW Group Research
6
CemWeek’s 2013 India Cement Sector Survey
cwgrp.com
INDUSTRY PERFORMANCE IN THE LAST SIX MONTHS BY FUNCTIONAL AREA
2013
6%
2012
1% Terrible
Terrible
3%
3%
12% 10%
28% Poorly
Poorly
15% 18%
1%
OK
38% 35% 47%
OK
46%
Well
35% 39% 35% 42% 40% 47%
13% Well 29% 10% 11% 14%
15% Excellent
Excellent
4% 3%
0% 10% 20% 30% 40% 50% Senior Management
0% 10% 20% 30% 40% 50% Management
Professional Staff
Of the different functional areas, cement traders were the least positive about the recent performance of the industry, with 40 percent of the group considering it as “poor” or “terrible”.
PAST PERFORMANCE VERSUS EXPECTATIONS
C
ement production expanded significantly between 2010 and 2012 by a 7 percent growth rate to 236 million tons in 2012, driven by housing and commercial real estate investments. The rapid increase in cement demand created a very positive business climate, but after the credit to both sectors started to decline in mid-2012, cement production growth rate slowed down.
Q.
Looking back at the past 6 months how did it meet your expectations?
The industry did not see this change coming and almost half of the respondents to the 2013 survey feel their expectations about the past industry performance were not met.
CemWeek’s 2013 India Cement Sector Survey
7
SURVEY FINDINGS
2013
4%
2012
INDUSTRY PERFORMANCE VS. EXPECTATIONS
3%
14%
36%
24%
Far exceeded
41%
5%
45%
Exceeded
Met my expectations
Disappointment was particularly high in the professional staff and senior management groups, with 58 percent and 45 percent of
26%
Below my expectations
2%
Nowhere near my expectations
participants respectively stating that the results were “below” or “nowhere near” their expectations.
INDUSTRY PERFORMANCE VS. EXPECTATIONS BY RESPONDENTS FUNCTIONAL AREA
Nowhere near my expectations
13%
2013
3% 23%
Below my expectations
55% 42% 42%
Met my expectations
26% 42% 13% 19% 11% 10%
Exceeded
Far exceeded
Nowhere near my expectations
30% 26% 20%
Below my expectations
46% 45% 43%
Met my expectations 23% 21% 28%
Exceeded
Far exceeded
5% 5%
3% 0%
20% 40% 60%
Senior Management
8
CemWeek’s 2013 India Cement Sector Survey
2012
1% 3% 4%
0% Management
20% 40% 60%
Professional Staff
cwgrp.com
EXPECTATIONS FOR THE FUTURE
P
articipants are more optimistic about the future as compared to the previous year. Caution seems to be the rule in 2013 among survey participants, as the percentage of respondents that think the industry will improve in the next 12 months remained unchanged from last year, at 55 percent.
Q.
How will the next 12 months perform compared to the last 6 months?
42%
12%
43%
Much better
Somewhat better
7% 1%
2013
13%
11% 1%
2012
FUTURE INDUSTRY PERFORMANCE 37%
33%
About the same
Somewhat worse
A lot worse
However the industry looks more optimistic than in 2012, and this year only 8 percent believe things are going to get worse – a decrease of 4 points versus last year. Industry analysts and cement companies are the most optimistic groups, with 62 and 55 percent anticipating a better future. This comes to contradict the projected growth rate for this year, which falls behind the 8.2 percent registered in 2012. Market perspective on a longer term still looks favorable, with stimulus offered in the construction sector through decreases in interest rates. However, the impact will be less visible in 2013, when the industry is expected to expand by only 5 percent versus the initially projected 7-8 percent.
CemWeek’s 2013 India Cement Sector Survey
9
SURVEY FINDINGS FUTURE INDUSTRY EXPECTATIONS BY RESPONDENTS FUNCTIONAL AREA
2013 A lot worse
2012 A lot worse
4%
3% 13%
Somewhat worse
5% 32% 31%
About the same Somewhat better 15% 8% 13% 0%
20%
36% 29% 32% 38% 47% 47%
About the same
47% 40% 58% 34%
Much better
16% 11% 5%
Somewhat worse
Somewhat better 10% 13% 14%
Much better 40%
60%
Senior Management
0%
Management
20%
40%
60%
Professional Staff
MORE COMPANIES FORESEE A DECLINE IN PROFITABILITY
I
10
t is highly noticeable that the proportion of participants that believe the profitability will deteriorate over the next period more than doubled from 2012.
CemWeek’s 2013 India Cement Sector Survey
Q.
How will profitability change?
cwgrp.com
32%
57%
Improve
23%
32%
No change
This loss of confidence could have been triggered by a recent decline in cement prices that started in March 2013 in most regions,
11%
2012
45%
2013
PROFITABILITY IMPROVEMENT PERSPECTIVES
Decrease
combined with a weak demand that leaves the companies with small room for price increases and with a substantial growth in freight costs.
PRICE RS PER BAG 320 310 300 290 280 270 260 250 240
For the quarter ended March 2013, only three out of the twelve companies included in CW Group’s financial results analysis
increased their net profits, while for most of them the declines were in the range of double digits.
CemWeek’s 2013 India Cement Sector Survey
11
SURVEY FINDINGS PROFITABILITY IMPROVEMENT PERSPECTIVES BY RESPONDENTS FUNCTIONAL AREA
2013
2012 14%
38% Decrease
Decrease
12%
8%
14%
9% 29%
22% No change
No change
36%
30%
41%
37% 57%
40% Improve
Improve
52%
62%
46% 0%
20%
40%
60%
54% 0%
80%
Senior Management
Management
20%
40%
60%
80%
Professional Staff
INPUT COSTS PRESSURE TO INCREASE OVER THE NEXT YEAR
P
erception about input costs flipped from 2012 to 2013. Last year 42 percent of participants were positive about an improvement in input costs and only 25 percent were expecting an increase. In 2013 only a mere 21 percent foresee a decline in input costs, while 40 percent anticipate that costs will climb in the next 12 months. More than 60 percent of respondents expect that input costs will be maintained at current levels or be reduced in the next 12 months.
12
CemWeek’s 2013 India Cement Sector Survey
Q.
How do you estimate that your input costs will change?
cwgrp.com
40%
40%
42%
33%
Improve
Stay the same
2012
21%
2013
INPUT COSTS MODIFICATIONS FOR THE NEXT PERIOD
25%
Worsen
INPUT COSTS EXPECTATIONS BY RESPONDENTS FUNCTIONAL AREA
2013
2012
31% Worsen
25% Worsen
44%
22%
47%
28%
51% Stay the same
31% Stay the same
20% 39%
32% 37%
18% Improve
45% Improve
36%
47%
14% 0%
20%
36% 40%
Senior Management
60%
0% Management
Senior management is the less optimistic; only 14 percent of high level executives look forward to reduced input costs, compared to a 36 percent of medium-level executives and 18 percent of professional staff.
20%
40%
60%
Professional Staff
Respondents of the management group had the biggest change in expectations from previous year. In 2012, 79 percent of the group was confident that the costs will stay the same or improve, while in 2013 only 56 percent believes so.
CemWeek’s 2013 India Cement Sector Survey
13
SURVEY FINDINGS CAPITAL INVESTMENTS EXPECTED TO SLOW DOWN
W
ith the economy slowing down and a weak beginning of 2013, where most cement companies observed a decrease in profitability, the number of participants expecting their companies to cut capital expenditures in the next 12 months has increased from 2012.
Q.
How will your company’s capital budget change?
2013
CAPITAL INVESTMENT EXPECTATIONS FOR THE NEXT PERIOD
2012
36%
48%
16%
57%
35%
Increase
Stay the same
8%
Decrease
CAPITAL BUDGET CHANGES BY RESPONDENTS FUNCTIONAL AREA
2013
2012 11%
27% Decrease
Decrease
4%
5%
11%
7% 39%
47% Stay the same
Stay the same
44%
27%
53%
36% 50%
27% Increase
Increase
52%
68%
36% 0%
20% 40% 60% 80% Senior Management
14
57%
CemWeek’s 2013 India Cement Sector Survey
Management
0%
20% 40% 60% 80% Professional Staff
cwgrp.com
The local cement industry will need to handle overcapacity for at least a few months, so most
CAREER BOOST CONFIDENCE SLIGHTLY DECLINES
T
his year respondents are somewhat less certain about a boost in their careers compared to last year. Among the three categories of survey participants, only the professional staff and management groups show confidence about a boost in their careers in the next 12 months.
of the cuts in capex are expected to come from a slowdown in expansion projects.
Q.
Are you confident your career will see a boost in the next 12 months?
47%
21%
Highly confident
33%
46%
Fairly confident
4% 4%
29%
Stay the same
Highly concerned
4%
2012
13%
2013
CONFIDENCE IN CAREER BOOST
At risk
Senior management remains the most self-assured of the three groups, but this year their confidence declined. While last year 79% of senior management respondents were confident about a boost in their careers, the p e rc e n t a g e was reduced to 66% in 2013.
CemWeek’s 2013 India Cement Sector Survey
15
SURVEY FINDINGS CONFIDENCE IN CAREER BOOST BY RESPONDENTS FUNCTIONAL AREA
2013
4% 8%
At risk
2012
7% 3%
At risk
9% Highly concerned
Highly concerned 34% 31% 34%
Stay the same
47% 50% 45%
Fairly confident 6% 12% 21%
Highly confident 0%
20%
40%
Senior Management
37% 24% 21% 36%
Stay the same
Fairly confident
55% 52% 20% 18% 27%
Highly confident 0%
60% Management
Half of respondents working in cement companies say they are fairly confident about career prospects while the rest believe they will remain the same. Cement traders on their side are equally split in saying their jobs are
20%
40%
60%
Professional Staff
fairly safe, at risk, highly or fairly secured, while among equipment traders the sentiment varies between fair confidence, with 45 percent, high concern with 20 percent and staying the same with 20 percent of the total answers.
COMPANIES TO RAISE OR MAINTAIN HEADCOUNT
A
ccording to half of the survey respondents, headcount in their companies is expected to increase in the next 12 months. However, with profitability going down, a weaker demand forecast for the following period and expected cost cuts, this seems to be an unlikely scenario.
16
CemWeek’s 2013 India Cement Sector Survey
Q.
Will your company hire more employees?
cwgrp.com
41%
11%
42%
53% A lot more
8%
32%
A bit more
Remain the same
2012
9%
2013
EXPECTED HEADCOUNT MODIFICATIONS OVER THE NEXT PERIOD
4%
Lay off workers
EXPECTED HEADCOUNT MODIFICATIONS BY RESPONDENTS FUNCTIONAL AREA
2013
7% Lay off workers
2012
5% Lay off workers
20% 3%
3% 3%
47% Remain the same
43% Remain the same
36%
27%
39%
24% 47%
A bit more
A bit more
32%
57% 59%
47% 7% A lot more
6% A lot more
12%
14%
11% 0% 20% 40% 60% 80% Senior Management
13%
Management
0% 20% 40% 60% 80% Professional Staff
Increase in workforce will likely come from cement producers, as 59 percent of the group’s respondents believe their companies will hire “a bit more” or “a lot more” employees in the next 12 months.
CemWeek’s 2013 India Cement Sector Survey
17
SURVEY FINDINGS KEY ISSUES OF THE INDUSTRY
W
ith cement prices sliding and no signs of recovery in the short term, controlling costs becomes more important than ever. April 2013 cement price is 10 percent down from a year ago and at this point some companies could be operating with marginal profits. Under this price scenario, it will be a challenge for Indian companies to transfer any future increase in cost to their customers.
Q.
About 64 percent of respondents in 2013 classified both cost controlling and improving domestic sales as very important for the company. While in last year’s survey both issues had the same relevance, this year “controlling costs” has surpassed “improving domestic sales” by almost 20 points.
What will be your company’s most important theme for the next 12 months?
2013
4% 7%
2012
COMPANIES’ AGENDAS MAIN DRIVERS
5% 7%
3% 2%
42%
30%
3% 6%
22%
29%
12% 1% 5% 3%
10%
10%
Alternative fuels
Improving domestic sales
Capacity expansion
Operational improvement
Controlling costs
Securing coal and fuel
Environmental issues
Securing limestone
Finding new export opportunities
Other
Comparative analysis between demographic groups based on type of priority shows that professional staff is the most concerned of the surveyed categories about cost controlling. Senior and middle management share about the same degree of concern for the issues mentioned.
18
CemWeek’s 2013 India Cement Sector Survey
cwgrp.com
CBI CONFERENCE
CEMENT BUSINESS & INDUSTRY INDIA & SOUTH ASIA October 9-10, 2013 � Hilton Mumbai International Airport Hotel � Mumbai, India CBI India & South Asia 2013 Conference will focus on the various aspects of India’s cement industry from a business growth & investment perspective. Notably, the programme will take a dual-track business and technical approach to the issues around:
GMI
♦
Market perspective, forecast and competitive outlook
♦
Alternative fuels, new business models
♦
Environmental performance management
♦
Finance and capital markets
♦
Coal as mainstay fuel option and outlook
♦
Efficiency, innovation, new developments
♦
Technology, operations and best practices
GLOBAL
Organized by GMI Global and again with the great support from the India Cement & Construction Materials (ICCM) journal the event is expected to bring together more than 200 cement and lime professionals. GMI is excited to build on the success of CBI India 2012 to expand the scope to include participants from the entire South Asia region this time around.
Register on-line at www.gmiforum.com or email sales@gmiforum.com. You may also call us in the US at +1-203-516-7424 supported by
india CemWeek
CEMENT & CONSTRUCTION MATERIALS
SURVEY FINDINGS COMPANIES’ AGENDAS DRIVERS BY RESPONDENTS FUNCTIONAL AREA
2013
2% 8% 5%
Other Securing limestone
18% 4% 11% 18% 31% 22%
Improving domestic Finding new export
4% 3% 2% 8%
Environmental issues Controlling costs
Alternative fuels 0%
53%
Alternative fuels
20%
40%
60%
2012
11% 5% 13%
Other Securing limestone
4% 5%
Securing coal and fuel
3%
18% 4% 11% 18% 31% 22%
8% 8% 13%
Operational Improving domestic
7% 9% 3% 3% 4%
Finding new export
4% 3% 2% 8%
Environmental issues
4% 8% 11% 2% 4% 5% 0%
31% 35%
4% 8% 11% 2% 4% 5%
Capacity expansion
2% 8% 5%
Q.
20%
31% 35%
53%
60%
0% Senior Management
20
6% 11% 6% 4% 5% 6%
Alternative fuels 40%
32% 35% 22%
Controlling costs Capacity expansion
20%
40%
6% 4% 5% 6%
KEY CHALLENGES 0% FACING20% THE INDUSTRY
E
xcess capacity is the main concern in senior management, as 43% of the group identified it as the biggest challenge to overcome in the next years. Management and professional staff groups also recognized it as the most relevant issue. In FY 2012 – 2013 estimated utilization rate stood at a disappointing 71 percent from a high 89 percent reached in FY 2009 – 2010.
30% 32% 28%
Management
CemWeek’s 2013 India Cement Sector Survey
What is the biggest8% 8% Operational challenge 13% 32% Improving domestic the Indian 7% 22% 35% Findingcement new export sector 9% 3% Environmental issues will face in3% 4% 30% the next few Controlling costs 32% 28% 6% years? Capacity expansion 11%
Securing coal and fuel
3%
Operational
11% 5% 13%
Securing limestone
4% 5%
Securing coal and fuel
Other
60% Professional Staff
cwgrp.com
40%
10% 5%
6%
34%
20%
6% 4%4% 6% 6%
Energy Prices
Raw materials availability
Environment/emissions
Regulatory
Excess capacity
Securing fuels
Plant efficiency
Shortage of skilled labor
Profitability
Other
Profitability was ranked as the second most important challenge by the senior management and professional staff groups, while the management group believed energy prices would remain a concern for the industry over the next period.
2013
BIGGEST CHALLENGE FOR INDIAN CEMENT SECTOR
The more strategic issue of fuel security was only identified by senior management, while shortage of skilled labor – a more operational aspect, represented the third most important challenge for the professional staff group.
CHALLENGES TO BE FACED OVER THE NEXT FEW YEARS Other Shortage of skilled Securing fuels Regulatory Raw materials Profitability Plant efficiency Excess capacity Environment/emissions Energy Prices
4% 4% 8% 16%
2013
11% 2% 8% 3% 7% 4% 5%
27% 12% 19% 4% 8% 5% 27% 35% 43% 4% 12% 9% 19% 5%
0% 10% 20% 30% 40% 50% Senior Management
Management
Professional Staff
CemWeek’s 2013 India Cement Sector Survey
21
SURVEY
CONCLUSIONS
T
o sum up, the Indian cement industry has passed another demanding year, and the next period will besprinkled with both challenges and opportunities. The CW Group and CemWeek Magazine’s 4th Annual India Cement Sector Business Sentiment Survey offers solid insights about sentiments held among industry participants and professionals, its main sectors and regions. Overall, the last six months’ industry performance was considered reasonable. But as highlighted in the executive summary, a large part of the respondents feel it did not meet their expectations. The industry is almost equally divided between representatives whose expectations remained intact for the period, and respondents with expectations unresolved. This equilibrium will probably continue to hold through the second part of the year. In order to support business growth, the Indian cement industry’s main three focus areas for the next period will be managing the excess capacity, the improvement of profitability and the level of energy prices – a major change compared to the previous year. All three answers indicate that the industry expects to go through a period of adjustment and that awareness is growing regarding the challenges ahead. These challenges come both from the outside, through the threats posed by the generally more difficult economic context, but also from the inside, where the time of tough decisions does not look so far away as the year before.
22
CemWeek’s 2013 India Cement Sector Survey
cwgrp.com
M ct um ob Re e bai gis r 7 , In te -8, dia r To 20 da 13 y!
O
OCTOBER 7-8, 2013 | MUMBAI, INDIA HILTON MUMBAI INTERNATIONAL AIRPORT HOTEL
The Solid Fuels Summit India 2013 is a focused executive-oriented meeting and networking opportunity for coal and petcoke industry professionals who are involved in the Indian coal and petcoke sectors. The Summit will bring a special dual focus on business and industrial issues and the program will include topics such as: » » » » » » »
Assessing India’s solid fuel needs: coal & petcoke Solid fuel opportunities beyond today – trinity of sectors Mining technology & maximizing productivity for coal Reducing costs through better technology Petcoke – a threat to Indian coal? Fuel waste – trash or treasure? The international trade & bulk handling perspective
C O A L * P E T C O K E * A LT E R NAT I V E F U E L S * F LY A SH
GMI
GLOBAL
ORGANIZED BY GMI GLOBAL WITH THE GREAT SUPPORT FROM COALWEEK THE EVENT IS EXPECTED TO BRING A FOCUSED GROUP OF COAL AND PETCOKE INDUSTRY PROFESSIONALS.
REGISTER ON-LINE AT WWW.GMIFORUM.COM OR EMAIL SALES@GMIFORUM.COM. YOU MAY ALSO CALL US IN THE US AT +1-203-516-7424
The CW Group offers a full range of advisory services and market analytics. The group’s advisory, analytics and information tiered services help companies leverage contacts, insight and analysis to provide clear direction for business decision-making. The CW Group provides management advice, corporate development and market information to large and small organizations, combining quality with value whether the need is for a quick answer to an information problem, more detailed research, or as a trusted advisor.
CemWeek CemWeek CemWeek From simple studies to complex research studies and M&A advice, the CW Group can offer actionable support for cement and building material sectors, as well as other industries with which these intersect, such as coal and fuels. Contact us at inquiries@cwgrp.com, or at +1-702-430-1748.
132 Larchmont Ave, Suite 12, Larchmont, NY 10538, USA
ADVISORY SERVICES AND MARKET ANALYTICS
CW Group CW Group CW Group