Imerys Terre Cuite - Imerys, Transform to perform

Imerys Terre Cuite
November 28, 2008
1
Imerys Materials & Monolithics business group
d
Materials & Monolithics
Christian Schenck
Strategy & Development
Wilfried Debus
Imerys
Terre Cuite (TC)
Ardoisières
d’Angers
Pierre Jonnard
Philippe
Dufour
Refractory Solutions
(slates)
48%
Christian Schenck
Changes in the
business group’s
structure since 2004
z
2005: sale of Larivière
z
2005/2006: acquisition of
Lafarge Refractories,
integration of Monolithics
(Calderys) and Kiln
Furniture (IKF) activities
into the business group
z
2007: sale of Clay Roof
Tiles & Bricks International
activities (Spain/Portugal);
acquisitions in Monolithic
Refractories (ACE – India;
SVAB – Sweden)
52%
of the business group’s sales (1)
2
(1) 9-month sales 2008: €813 million
Imerys Clay Roof Tiles & Bricks France - actions
since 2004
d
2004: Merger of Imerys Structure / Imerys Toiture (roofing) activities
d
Capex for new roof tile production capacities, launch of new
products
z
Ste Foy l’Argentière (2005 then 2008), Saint Geours d’Auribat (2006),
Saint Germer de Fly (2007/2008)
z
Production assets modernized
– Ability to produce new models and raise product quality
– Production cost improved
d
z
Imerys’ phase lead on these capacity investments has enabled it to seize
a significant share of growth over the period
z
Product innovations have broadened and enhanced the roof tile range
First rollout of Imerys Brick Plan
z
2005/2006: Capex at Mably: 150Kt production capacity
for technical products (Monomur and Optibric)
z
2007/2008: Gironde-sur-Dropt plant
capacity increase
3
Imerys TC – French #1 in clay Building Materials
Roofing: 58% of sales by volume
A 1.3 million tons
A 180,000 houses
A 3,500 trader customers
A 59 models, 69 colors, more than 700 accessory models
Î #1 in France with over 40% market share
Î 10% sales to export markets
Structure: 42% of sales by volume
A 950,000 tons
A 25,000 houses
Î #1 in France with approx. 40% market share(1)
• Wall bricks enjoying growth thanks to rectified bricks and Monomur
• Partitions moving into public sector with innovative alternatives
• Chimney blocks: traditional volume on a declining sector
4
(1): Of clay brick and chimney block market, by volume
Locations – Roof tiles
d
12 industrial sites, 26 lines
Wardrecques
d
d
Phalempin
1,200 employees
St Germer de Fly
A differentiating national
network enabling us to offer
our customers local service
PargnyPargny-sur -Saulx
Grossouvre
Commenailles
Quincieux
SteSte-FoyFoyl’Argentiè
Argentière
0 - 50 Kt
St Geours d’Auribat
Damiatte
50 - 100 Kt
Leguevin
100 - 150 Kt
Blajan
150 - 200 Kt
Over 200 Kt
5
Locations – Bricks
d
6 industrial sites, 11 lines
d
500 employees
d
Capex project
2 capex projects being
examined to:
z
Meet the growing demand
for rectified wall bricks
z
Build a nationwide network
La Boissiè
Boissière du Doré
Doré
Mably
0 - 50 Kt
Gironde sur Dropt
Saint Marcellin
Vergongheon
(Conduits de fumé
fumée)
50 - 100 Kt
Capex project
100 - 150 Kt
Bessens
150 - 200 Kt
Colomiers
Plus de 200 Kt
6
Imerys TC management team
Imerys Terre Cuite
Pierre Jonnard
Administration
& Finance
Cyrille
Arhanchiague
Industrial
Christian
Ravaud
Sales &
Marketing
Imerys Toiture
Jean-Noël
Robelin
Sales &
Marketing
Imerys Structure
Pierre-Yves
Avy
Human
Resources
Ivan
Balazard
7
Contents
Section I
:
Characteristics of our Clay Roof Tiles & Bricks
markets
Section II
:
Short-term impact of market slowdown
Section III :
Medium-term growth prospects and
Imerys TC’s strengths
8
Section I
Characteristics of our
Clay Roof Tiles & Bricks markets
9
Imerys Terre Cuite materials account for less than 10%
of the price of a house
d
d
Supply and fitting of Imerys building materials represents
15-20% of cost of a house
Supply of materials alone accounts for less than 10% of total
Weight of Imerys TC materials
in cost of a €133,000 clay
house (1)
Roof
Roof tiles
tiles
Wall
Wall bricks
bricks
Other
Chimney
Chimney blocks
blocks
Partition
Partition
(1) Average price inc. tax of a single-family house in 2007 (exc. price of land)
(2) Exc. cost of frame
(3) Exc. foundations and flooring and non-clay structural items (insulation, coating, etc.)
80%
- 85%
Roofing(2):
4-6%
2 - 3%
2 - 3%
Related labor
Material (tiles)
Structure(3):
10-14%
6 - 8%
Related labor
4 - 6%
Wall and partition
bricks, chimney
block
10
Clay roof tiles & bricks market: + 3.5% per year
growth in volumes for past 10 years
d
Constant growth in sales of clay roof tiles from
1997 to 2007 driven by 3 factors
1 Renovation (60%)
Renovation benefits from
net structural increase in
housing pool
60%
of market
2 New housing (40%)
Clay market share
Continued market share
growth for Clay tiles over
concrete (170,000 t during
period)
Roofing
market
growth
(million m2):
+ 2%/yr.
Clay benefited from:
- a structural need for
housing > 400,000
- attractive banking terms
(loans)
- government incentives
(de Robien law, etc.)
3
+ 2.8% per
year
40%
of market
(of which 35% for
single-family and
5% for collective
housing)
100%
Con- 16%
crete
Clay
84%
1997
100%
12%
Clay roof tile
market:
+ 3.5%
per year
1997 - 2007
88%
2007
Single-family: + 4%/yr.
Collective: + 6%/yr.
11
Clay brick market: almost + 9% growth per annum
for 10 years
d
Historically in a slight decline, the clay wall brick turned the trend
around in the 1990’s and, since 2001, has enjoyed sharp growth
thanks to market share won from concrete blocks
2 000
d
d
d
d
Invention of distributed
insulation solution (Monomur)
Advantages of rectified
products
z
Faster fitting: 30% time saved
z
Cleaner worksite
z
Higher thermal performance
New thermal issues for wall
products making clay solutions
more attractive
Growing customer preference
for clay, a healthy material
Total
Wall bricks
+ 8.9%/yr.
1 500
New housing start-ups
(baselined)
Technical
products (1)
1 000
Standard
products
500
1997
1999
Monomur
launched
2001
2003
2005
2007
Rectified
products
launched
12
(1): Monomur and rectified products
Market structure – offering panorama
d
Player concentration(1)
d
Other
Marketing via specialized
distributors
Bouyer-Leroux
Manufacturers
Wienerberger
100%
Monier
Terreal
Clay roof t iles
d
Specialized distribution
Imerys
Clay bric ks
Firm
Marginal imports
Weight of roof tile imports over past 10 years
d
20%
Ability to raise prices
15%
10%
5%
3.1 % 3.2 %
2.0 % 2.4 % 2.3 % 2.4 % 2.2 % 2.5 %
0%
2000
2001
2002
2003
2004
2005
2006
2007
(1): Source: French roof tiles & bricks federation; Imerys TC estimates
13
Conclusion: clay roof tile & brick markets that have
doubled in value in 10 years
d
Clay roof tile market
(1997-2007, M€)
800
705
700
622
500
435
363
382
+7
300
649
250
552 556 544 561
600
226
r
yea
/
.3%
177
156 157
150
300
114 117
128 134 133
r
yea
/
.6%
+7
100
200
50
100
0
20
07
20
06
20
05
20
04
20
03
20
00
19
99
19
98
19
97
20
07
20
06
20
05
20
04
20
03
20
02
20
01
20
00
19
99
0
19
98
19
97
236
195
200
20
02
400
732
Clay brick market
(1997-2007, M€)
20
01
d
14
Source: Imerys TC estimates
Imerys TC has succeeded in benefiting from this profitable
market and strengthening its leadership during the period
d
Imerys TC developed new differentiation factors during
the period
z
Raw material beneficiation: consistent deposit quality, additional
reserves constantly secured
z
Product innovation
– Roof tile range extended with new shapes and colors
– Complete wall brick product range
z
More demanding quality standards
z
Difference through customer service: responsiveness, product
availability management, technical support for firms, etc.
z
Manufacturing excellence
– Good forward planning in capacity extensions, quick start-ups
– Flexibility of production lines
– Development of unique industrial network providing optimum national
coverage and the advantage of proximity to customers
15
Ambitious program to improve Imerys’ TC’s energy
efficiency Æ 2013
d
d
Ambition
z
- 15% to - 20% on energy costs in 5
years (1)
z
Significant reduction in CO2
emission in clay brick production
Energy consumption by fuel source
- Brickworks, Base 100 in 2005 -
TOTAL
100
Fuel oil
5
89
2
Levers
z
Consumption reduction
77
0
Gas
65
49
27
(35%)
50
(65%)
– Smoke recovery
– Optimizing settings
– Waste reduction…
z
Fuel substitution
Renewable
energies
30
2005
38
2009 (e)
2013 (e)
– Stepping up use of biomass and
biogas, particularly in brickworks
16
(1) Excluding rise in unit cost of kWH
Strong growth in Imerys TC’s financial performance
in past 10 years
d
Sales gained + 7.1% in average per year over the period
d
A growing profitability edge over other players
z
Increase in value added by product range
z
Productivity improvement efforts
z
Energy cost reduction program
17
Section II
Short
-term impact of market slowdown
Short-term
for our Clay activities
18
New housing market at end September points
to a -15% drop for full-year 2008…
d
d
Single-family house
start-ups down since
October 2007
Economic conditions behind decrease
z
(units, sliding 12 months at end
September 2008)
250 000
z
Slowdown in bank production and tougher
financing conditions due to financial crisis
–
Rise in interest rates on property loans
–
Reduction in average length of loans granted
(6 months less from January to August 2008)
–
Total volume of granted property credits down
almost 16% in first 9 months of 2008
Purchasers have wait-and-see attitude
with property prices perceived as too high
and general economic uncertainty
200 000
2006:
231,000
2007:
228,000
2008 estimate
193,000 (- 15%)
150 000
01/ 06 05/ 06 09/ 06 01/ 07 05/ 07 09/ 07 01/ 08 05/ 08 09/ 08
Sources:
Data from Sitadel, Ministry of Public Works, mainland France
2009 estimates: BIPE and I+C forecasts at end September 2008
19
… and a low of around 180,000 single-family
houses for 2009
d
2009 forecast around 180,000 single-family house start-ups
z
Down - 7% vs. 2008
z
i.e. a - 22% decrease in activity vs. the 2005-2007 period (around 230,000)
z
Economists’ predictions:
z
d
–
BIPE source : 195,000
–
I+C source: 171,000
Decrease limited by strong government measures to support activity
–
support from banks in favor of credit
–
+ 15,000 social housing units planned for 2009 (particularly by buying out developers’
outstandings)
Impact for sales of building materials in New Housing
z
- 12% decrease in 2008, then - 12% again in 2009
z
Gap resulting from 3-month timelag between construction start-up and sale of
building materials
20
New single-family housing start-ups
188
151
199
216
191
192
229
231
228
193
193
167
180
- 15%
- 7%
58%
58%
59%
64%
63%
63%
61%
60%
56%
55%
54%
52%
52%
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
(p)
(e)
2009
(p)
(e)
Number of new single-family houses
x%
Share of single-family housed in new construction
Sources:
BIPE, Ministry of Ecology, Energy, Sustainable Development & Planning
21
Renovation acts as cushion during the downturn
in new construction (1/2)
d
2008 observation Æ Firm business in roof renovation, up + 1%
z
Purchasing factors in renovation are less sensitive to the crisis
z
The proportion of purchases backed by loans is small and much lower than for buying property
z
Roofing companies are now using their order backlog (9-12 months for a good roofer)
Causes of roof
renovation
Renovation work
financing method
Average
bill
100%
€ 9,500
27%
€ 13,100
73%
€ 8,300
100%
Appearance
Roof insulation
project
Waterproofing
problems and
severe weather
5%
15%
Bank loan
80%
(source: Credoc survey 2005)
Capital
(source: Credoc survey 2005)
22
Renovation acts as cushion during the downturn
in new construction (2/2)
d
However, decrease in property transactions and households’
wait-and-see attitude in response to economic crisis likely
to have adverse impact
z
d
Property acquisition is the natural trigger of major renovation work
Positive impact of government incentives should offset
factors slowing down renovation business
z
Roofing insulation (subsidies, Grenelle environmental measures, etc.)
z
Fitting photovoltaic systems
23
Consequences for roof tile market:
- 4% in 2008 and 2009
(millions of
metric tons)
Clay roof tiles market
- Actual 2004-2007, forecasts 2008-2009 -
2.97
2.97
1. 53
1. 61
1. 62
1. 34
1. 36
2.83
2.87
1. 58
1. 25
2004
2005
2006
New
1. 35
2007
2.86
1. 63
1. 23
2008
2.75
1. 63
d
d
Renovation up + 1% in 2008,
stable in 2009
Continued erosion of concrete
roof tiles: + 20,000 t/year
increase for clay products
(+ 0.7% growth)
1. 12
2009
Æ 2009 outlook: 4-5% decrease in
roof tile market by volume
Renovation
24
Source: Imerys TC estimates
Consequences for wall brick market:
- 3% in 2008 and 2009
Clay wall bricks market
- Actual 2004-2007, forecasts 2008-2009 -
d
2008 observations
z
1.65
1.85
1.92
1.88
1.83
z
1.51
(millions of metric
tons)
z
0.62
0.80
1.06
1.20
1.31
Faster substitution for concrete
blocks, offsetting a drop in
business of more than 10 points
Positive effect of product mix
(technical products are denser
than conventional brick products)
Sales of clay bricks virtually
stable in 2008
1.34
Æ 2009 outlook: approx. + 3%
decrease in clay bricks market
0.89
2004
0.85
2005
0.79
2006
Standard Bricks
0.72
2007
0.59
2008
0.49
2009
Technical products
25
Source: Estimations Imerys TC
Roof tiles market competitors
B 12
Imerys: more than 40% share
Wardrecques
Terreal:
Terreal: 30% - 35%
Phalempin
Monier:
Monier: 10% - 15%
Signy l’abbaye
St Germer de Fly
Bavent
Koramic:
Koramic: approx. 10%
Seltz
Les Mureaux
Pargny sur Saulx
Bouxwiller
Lantenne
Chagny
Grossouvre
Commenailles
Quincieux
Roumazières
Gouhaud
St Geours d’Auribat
Ste Foy L’Argentière
Damiatte
Léguevin
Castelnaudary
Blajan
Marseille
St Martin Lalande
Segala
Limoux
(1): Source: French tiles & bricks federation; Imerys TC estimates
26
Bricks market competitors
Imerys: approx. 40% share
Ulluch
Wienerberger:
Wienerberger: 30% - 35%
B. Leroux:
Leroux: 15% - 20%
Terreal:
Terreal: approx. 10%
Betschdors
Ashenheim
Angervilliers
Arenheim
St Laurent des Autels
La Boissière
du Doré
La Séguinière
St Martin des Fontaines
Pont de
Mably Vaux
Vergongheon
St Marcellin
Gironde sur Dropt
Lasbordes
Bessens
Colomiers
27
(1): Source: French tiles & bricks federation; Imerys TC estimates
In that context, Imerys TC takes actions to keep
its leadership
d
d
Roofing marketing actions
z
Launch of new products in the
Bold Roll and Roman tile ranges:
Structure marketing actions
z
Launch of new products
anticipating demands of future
thermal regulations
z
New influencer efforts on segments
(particularly collective housing)
where Clay has low but fastgrowing market share
z
Further development of Clay
in “grey” zone” (mainly Western
and Northern France)
– Canal S Roman tile
– Launch of Roman tile range
for renovation
d
z
Combined “Photovoltaic Fitting
+ Roofing Renovation” offering
z
Market share gained from
concrete products
Canal S
Roman tile
Pricing policy Æ announced increase in 2009 catalogue prices
(+ 6%) should make up for cost rises in full
28
A 2009 action plan maximizing cash generation
d
d
Significant cash generation in 2009
z
Inventory reduction in line with market downturn
z
Strict control of strict maintenance capex
Pause in Imerys TC’s development capex
z
Postponement of brick plan except for projects already under way
(La Boissière du Doré)
29
Section III
Medium
-term growth prospects
Medium-term
and Imerys TC
’s strengths
TC’s
30
Imerys TC has the strengths to draw full benefit from
the medium-term market outlook
1.
2.
3.
A structurally dynamic construction market in France
z
Macro-economic factors influencing the new construction market are very healthy
overall compared with other European countries
z
Structural drivers of housing demand in France point to return to around 400,000
housing units per year
Thermal performance issues for tomorrow’s housing:
a great development opportunity for Imerys TC
z
Housing energy performance issues reasserted in the Grenelle environmental
consultation
z
The clay brick is one the most competitive construction solutions to the new
regulations’ demands
In integrated photovoltaic roofing systems, Imerys TC has a clear
technological and commercial edge
z
Joint structure created with EDF ENR to sustain that lead
31
France has a distinctive situation in Europe in terms
of household debt and dynamic demographics
d
Net households created in Europe
- 2001-2010 (estimate) Thousands
%
change
Spain
390
2.1%
France
334
1.3%
Italy
279
1.2%
Germany
219
0.6%
UK
165
0.7%
Benelux
82
0.7%
Comparison of French household debt
d
As % of gross deposable income
UK
French demographic
dynamism is unique
in Europe
z
France and Spain are the countries
that have created the most
households in the past 10 years
z
Unlike Spain and Italy, driven by high
immigration flows, France’s
dynamism is due to very strong
demographics
French household debt is
growing but well below the
European average
USA
Spain
European Union
France
32
Source: Euroconstruct, BIPE June 2008
A situation creating high systemic demand
d
Systemic demand for housing in France is estimated at more than 400,000 units per year by 2014
d
This momentum results from constant
increases in the number of households,
from the combined effect of:
Factors in housing demand (millions)
z A high, stable birthrate
(1.9 children per women)
z Rise in life expectancy of 1 year every 5 years
z Constant decrease in persons per household,
particularly due to the rise in divorce rate and
ageing of population
d
d
Change due to demolitions and withdrawals from market
Growth is also supported by the increase
in second homes
Change in vacant accommodation
Change in second homes
Change due to non-household population
Change in number of households
Sources: INSEE, BIPE forecasts
This natural trend is encouraged by legislative and fiscal measures intended to make house
ownership easier (deductible interest, house at €15 a day)
z
The share of house owners in France (58% in 2007) is still moderate compared with other European countries
(85% in Spain and 67% in the United Kingdom but 40% in Germany)
z
Target 70% house owners within 10 years
33
Housing energy performance issues were clearly reasserted
at the Grenelle environmental consultation
d
Change in construction thermal regulations (RT)
d
Extensive media coverage for
widespread awareness on all levels
(transport, town planning,
agriculture, etc.)
d
In construction, an unprecedented
mechanism to reduce energy
consumption:
Average household
consumption (KWh/m²/yr.)
300
1st RT: April 1974
z Ongoing reductions in new housing
250
– - 66% by 2012
- 25%
2nd RT: March 1982
– Zero consumption by 2020
200
z For the 1st time, a reduction goal
- 25%
for the existing pool
Æ - 38% by 2020
3rd RT: April 1988
d
4th: RT2000
150
- 25%
5th: RT2005
z Indoor air quality
- 16%
100
Long-term commitments on health
risk prevention
- 20%
50
Grenelle
consultation
z Environmental and health impact
of materials
- 66%
- 100%
0
before
1974
1982
1988
2000
2005
2012
2020
34
Walls can account for one-third of heat losses
in residential buildings
Refreshed air and leaks
20 to 25%
Roof
25 to 30%
Performance
characteristics of wallbuilding solutions
• Insulation
- Heat resistance
- Treatment of thermal
bridges
•
•
•
•
Heat inertia and comfort
Hygrometric regulation
Indoor air quality
Performance that lasts
for product’s entire
lifespan
Walls and
thermal
bridges
Windows
10 to 15%
30 - 35%
Ground floor
5 à 10%
5 to 10%
35
Construction solutions for single-family housing are evolving
in response to new regulatory issues
1 Interior insulation
82%
2 Distributed
insulation
6%
3
Wood
framing
6%
4
Other
solutions
6%
• Cast concrete: 2%
• Exterior insulation:
2%
• Other (prefab, etc.)
: 2%
Concrete block
Clay brick
58%
24%
Clay
Monomur
5%
Cellular concrete
1%
Wood framing
Stacked solid wood,
Wood blocks
6%
Main area of concrete =>
clay substitution
36
Source: Batimétudes 2007 data
The Imerys solution for added insulation
Æ the Narrow-Join brick
Optibric PV
Treatment of thermal
bridges
Heat resistance
d The brick’s insulating power
d The brick’s heat resistance
is equivalent to 3 cm additional
insulation compared with a
concrete block wall
significantly decreases thermal
bridges compared with a
concrete block solution
=
Brick
Concrete block
d Higher fire resistance
(REI = 120)
d Better mechanical strength
(CR = 90 Mpa)
Ψ
Ψ
+3 cm
insulation
New benefits
Brick
Concrete block
37
The Imerys solution for distributed insulation
Æ Monomur
Monomur
d Heat resistance
z
Imerys Monomur offers the highest performance on the market
z
A 37.5 cm Monomur’s heat resistance corresponds to that of a
concrete block lined with 10 of insulation
=
10 cm
of insulation
d Significant reduction in thermal
bridges
z
z
Heat resistance of
equivalent wall
R ≈ 3.00 m²°/W
The Monomur TC solution cuts energy loss through thermal
bridges by 80%
Particularly advantageous solution for houses with upper floors
and for the collective market
BETON
.
Thermal
bridge
Thermal
bridge
Ψ = 0.99
Ψ = 0.18
49% gain
on heat loss per
storey
MONOMUR 37
38
Monomur offers unique quality characteristics in terms
of comfort and long-term performance
Monomur
A healthy,
natural product
d
No emissions of
volatile organic
compounds (VOC)
Thanks to clay’s heat inertia,
Monomur acts on indoor
comfort
d
Does not develop
mould
d In summer, the wall keeps
d
Lasting
performance
Comfort in all
seasons
the house cool during the
day
Excellent
hygrometric
management
d In spring and autumn, it
d
Protects indoor air
quality
d In winter, it reduces
d
Meets HQE®
requirements (high
environmental quality
label)
delays the need to switch on
heating
Thanks to clay’s properties,
the Monomur brick
guarantees lasting indoor
comfort
d
Perfectly stable insulation and
inertia characteristics
d
Not sensitive to damp and
water (flooding)
consumption peaks
39
Very high growth for clay brick on all markets
Construction type
(% = weight
by wall area)
Single-family
(60%)
Clients
Clay market share
2003
2007
2013 (e)
20%
30%
40%
6%
7%
10%
3%
5%
7%
House builders
Developers
Private customers
Developers
Collective
(20%)
Local authorities
Public (1)
(20%)
Local authorities
Developers
d
Steady market share gain from concrete products in new
single-family housing
d
High-potential market penetration
Æ Grouped single-family housing, collective and public
(1) Offices, shops, education, sport and health
Sources: Batimétudes, Imerys estimates
40
Faster substitution in past 3 years, driven by Optibric products
(narrow-join bricks)
(Kt)
1 500
Total
technical
products
1 000
Optibric
narrow-join
Standard
products
500
Monomur
narrow-join
2000
d
2001
2002
2003
2004
2005
2006
2007
2008
“Narrow-join” solutions will account for 69% of clay
wall brick sales in 2008
41
Another opportunity boosted by Grenelle environmental
consultation: growth in photovoltaic solar roofing
Firm government measures
d
21% of electricity produced from
renewable sources in 2010
z Goal
New ambitions driven by Grenelle:
za
d
An attractive buyback rate for generated
electricity: 0.57 € / KWh (for integrated
systems)
d
d
Return on investment within 6 to 10 years
d
d
Energy performance diagnosis
of multi-year investment plan:
– French photovoltaic pool totaling
500MW in 2015
d
Incentives for private individuals
and for integrated roofing systems
2,000 MW pool in 2020
z Target
zero consumption by new
housing by 2020
Tax credit for 50% of price inc. tax,
exc. fitting
Possible premium according to floor area
ratio (up to + 20%)
42
Imerys TC’s competitive edge in photovoltaic
roofing
d
Imerys – a pioneer in the design and
marketing of photovoltaic tiles
z
First marketed in 2002, innovation award at
Batimat 2003
z
Photovoltaic tiles: a unique system
developed by Imerys, primarily designed as
a roofing product
– Perfectly watertight system: no additional
roofing needed
– Swift, simple fitting for roofer
– Attractive appearance (does not stick out)
– Guaranteed photovoltaic productivity of
modules
43
Joint venture created with EDF ENR(1) to develop
photovoltaic tiles
d
d
Partnership with EDF ENR to consolidate Imerys’ lead
in solar technology
z
Alliance of leaders in renewable energies and roofing
z
Creation of a joint venture for the development and production of
photovoltaic systems that are perfectly integrated into sloping roofs
z
Goal: offer the best product on the residential market, based on the
advantages and experience of the original system
Issues for Imerys TC
z
Strengthen Imerys’ image as an innovative leader, valued by
businesses and individuals
z
Boost roofing renovation work when fitting a photovoltaic system
z
Improve energy performance of existing housing and contribute to
growth of low-consumption housing
44
(1) EDF Energies Nouvelles Réparties:
jointly-held subsidiary of EDF and EDF Energies Nouvelles
Conclusion
d
Imerys TC is positioned on a structurally healthy market
d
Imerys TC has built up robust leadership on that market
d
Imerys TC has all the strengths needed to keep up its growth
over the long term
45