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ACC Ltd 2009 Investor Presentation March 2009
Investor Presentation
March, 2009
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ACC Ltd 2009 Investor Presentation March 2009
Agenda
Indian Cement Industry : Overview
ACC : An Introduction
ACC: Key Financials & Capex Program
Conclusion
1
2
3
4
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ACC Ltd 2009 Investor Presentation March 2009
Indian Cement Industry: over the years
1982 - Watershed point:Partial decontrol of cement industry 1989-Total decontrol of cement industry
Snapshot Comparison
Decontrol has spurred fast expansion / modernization of
Indian Cement Industry
Description 1982 1989 20082009
Projected
Installed
Capacity29 MTPA 56 MTPA 207 MTPA 252 MTPA
Production 21 MT 42 MT 177 MT 189 MTPA
TechnologyPredominantlyWet Process
Wet / DryProcess
PredominantlyDry Process
PredominantlyDry Process
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ACC Ltd 2009 Investor Presentation March 2009
Overview of Indian Cement Industry
India is the second largest cement producer in theworld
Healthy CAGR of ~ 9.3% per annum
Amongst the lowest per capita consumption in the worldat 145 kg
Future Demand Drivers
Expected GDP Growth level of > 6% Initiatives for growth of Housing
Development of Roads/Other Infrastructure Gradual process of consolidation continuing
Indian Cement industry is among the largest in the world
and has been growing steadily
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ACC Ltd 2009 Investor Presentation March 2009
Cement demand scenario [2002-08]: CAGR ~ 9.3%
Key drivers of Demand for cement were primarily economic growth,spending on infrastructure, commercial and housingconstruction and industrial activities
Cement demand emanated from four key segments namely:
Housing: ~ 67%
Infrastructure: ~ 13%
Commercial Construction: ~ 11%
Industrial: ~ 9%
The average GDP growth rate for India during 2004-2008 has beenabout > 7%
The cement demand during 2002-08 has registered a growth of~ 9.3%
Source: Cris Infac, MF Global India Research Institute,2008
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ACC Ltd 2009 Investor Presentation March 2009
GDP growth and cement demand
8% 10% 10% 9%
7%
8%
11%
10%
8%
5%
0%
2%
4%
6%
8%
10%
12%
2004-05 2005 2006 2007 2008
0%
2%
4%
6%
8%
10%
12%
GDP Growth % Cement Consumption Growth %
RBI,CMA Cement Statistics 2008
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ACC Ltd 2009 Investor Presentation March 2009
Cement production & consumption growth
2003-08 ~ 9%
145 154 160 166
179207
115 125 137 153 164
177
5%
8% 8%
11%
9% 9%
0
50
100
150
200
250
2003 2004 2005 2006 2007 2008
QtyMillionTons
0%
2%4%
6%
8%
10%
12%
G
rowth%
Capacity Installed Cement Prod. Consumption Growth
Source:CMA Cement Statistics 2008
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ACC Ltd 2009 Investor Presentation March 2009
India will benefit from a demographic divide: Major driverfor cement demand
India Demographic Profile
-60 -40 -20 0 20 40 60
0-4
5-9
10-14
15-19
20-24
25-29
30-34
35-39
40-44
45-49
50-5455-59
60-64
65-69
70-74
75-79
80+
Mn people
Age group
204060
20 - 35 age group :
325 mn people (~25 %)
China Demographic Profile
-60 -40 -20 0 20 40 60
0-4
5-9
10-14
15-19
20-24
25-29
30-34
35-39
40-44
45-49
50-5455-59
60-64
65-69
70-74
75-79
80+
Mn people
Age group
204060
20 - 35 age group :
308 mn people (~21 %)
France Demographic Profile
-3 -2 -1 0 1 2 3
0-4
5-9
10-14
15-19
20-24
25-29
30-34
35-39
40-44
45-49
50-5455-59
60-64
65-69
70-74
75-79
80+
Mn people
Age group
123
20 - 35 age group :
11 mn people (~17 %)
Female Male
While EU and even China are aging rapidly, more than half of Indias population is belowthe age of 30
Source: CII Conference 2002; CSFB Report; UN Population Division; BCG analysis
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ACC Ltd 2009 Investor Presentation March 2009
Government stimulus measures to spur cement demand
Authorizing India Infrastructure Finance Company Limited (IIFCL) to raiseRs. 10,000 cr. to refinance bank lending for infrastructure projects.
Additional plan expenditure up to Rs. 20,000 cr. in the current year mainly forcritical rural, infrastructure and social security schemes such as PradhanMantri Gram Sadak Yojana (PMGSY), Jawaharlal Nehru National UrbanRenewal Mission (JNNURM), Accelerated Irrigation Benefit Programme andNational Social Assistance Programme (NSAP)
To facilitate access to funds for the housing sector, the 'development ofintegrated townships' would be permitted as an eligible end-use of the ECB,
under the approval route of RBI NBFCs, dealing exclusively with infrastructure financing, would be permitted
to access ECB from multilateral or bilateral financial institutions, under theapproval route of RBI.
An across-the-board cut of 8% in ad-valorem Cenvat rate and reduction incenvat on bulk cement from 10% to 8%
Several other measures to support housing including infusion of liquidity andreduction in interest rate by RBI
Removal of ban on export of cements and re-introduction of customs duty onimported cement
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ACC Ltd 2009 Investor Presentation March 2009
Rural areas key to generate and sustain cement demand
Rural areas are not as dependent on financial markets or monetary policy
Rural market demand is more impacted by
Agricultural productivity gains and crop yields
Population growth and migration trends
Water and power generation availability
Regional food supply and demand dynamics
Household savings
Brand recognition and commercial activities are also important
Factors in rural markets
Retail market sold predominantly in bags
Reliance on do-it-yourself (DIY) market
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ACC Ltd 2009 Investor Presentation March 2009
Rural areas key to generate and sustain cement demand
In India, more than 72% of population is ruralIndividual Home Builder (IHB) make up 45% of market
Projected rural housing creation estimated at 40 millionunits
over the next 15 years Marketing focus on rural and low cost housing needs
ACC help designed to support IHBs in every aspectincluding libraries, website, home plans, testing, etc.
Agreement with internet provider (ITC E-Choupal) toestablish direct access to agricultural community
Expansion of rural distribution network throughpartnerships and agreements
Low cost housing initiatives based on thin-shell materialproviding low-weight and long life
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ACC Ltd 2009 Investor Presentation March 2009
Agenda
Indian Cement Industry : Overview
ACC : An Introduction
ACC: Key Financials & Capex Program
Conclusion
1
2
3
4
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ACC Ltd 2009 Investor Presentation March 2009
GoodBusinessPractice
Technology
ProcessesSkills
Most respectedorganization
Historicmerger of 11
companies
belonging to4 groups
Award/Accreditations
Formed in1936
Receivedvarious
awards forEnvironment,Safety, Energy
AccreditedISO 9000,9002, 14001,18001 to
various units
Ethical
values
An Indian corporate saga
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ACC Ltd 2009 Investor Presentation March 2009
Brief history
Established 1936 as a result of a merger of 10 existing companies
Long and proud history
1945 - First CSR initiative Rural Welfare Scheme at Sevalia (Gujarat)
1947 - Indias first indigenous cement plant, designed and built by ACC
at Chaibasa
1956 - Pioneered bulk cement distribution at Okhla, Delhi
1961 - First production of slag cement in India at above plant
1965 - Central Research Station at Thane opened
1979 - Award of management contract for Yanbu (Saudi Arabia)
1982 - Indias first indigenous 1 mtpa plant at Wadi, built by ACC
1993 Pioneered Commercial Ready Mix Concrete in Mumbai, India
2004 - ACC named Indias only Super Brand in cement sector
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ACC Ltd 2009 Investor Presentation March 2009
Subsidiary companies
Bulk Cement Corporation (India) Limited: Year of Incorporation: 1992-93
Business: Pioneering of bulk handling facility funded by World Bank. Located at
Kalamboli, Mumbai
ACCs Stake & [Investment]: 94.65% [ Rs 37.27 Cr]
Lucky Minmat Private Limited:
Year of Acquisition: 2007
Business: Limestone mining. Location Sikar district, Rajasthan ACCs Stake & [Investment]: 100% [ Rs 38.10 Cr]
ACC Concrete Limited:
Year of Incorporation: 2008 [ACC transferred the RMX business]
Business: Ready Mix Concrete. 29 plants located pan India
ACCs Stake & [Investment] 100% [ Rs 100.00 Cr]
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ACC Ltd 2009 Investor Presentation March 2009
A New Vision
A Renewed Commitment
To be one of the most respected companies in India;
recognized for challenging conventions and delivering on ourpromises
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ACC Ltd 2009 Investor Presentation March 2009
Restructuring and resurgence
1986 to 1989 Period ofrestructuring
1990 to 2008 - Period ofConsolidation
Divested six wet process
plants
Focus on manpowerreduction and efficiency
improvement, productivityoptimization.
Conversion and
rationalization of wet processcapacity
Capacity expansion projects
Significant improvements in
energy, manpower andtransportation costs
Investment in Infrastructure /RMC / Bulk Cement
Exiting non-core activities Unlocking value of assets
Resurgence of last 5 years provides a strong base for rapid growth by
taking advantage of emerging opportunities
Resurgence of last 5 years provides a strong base for rapid growth by
taking advantage of emerging opportunities
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ACC Ltd 2009 Investor Presentation March 2009
Pan India presence in attractive markets
15
1
23
5 4 6
78
911
1229
13 14
1617
18
19
20
21 22
23
24
25
26
28
30
68
27
39
43
56 57
55
41
42
52
45
48
53
5051
36
49 31
34
35
46 47
40
32
38
37
67
66
65
73
72
71
64
63
61
60
69
70
74
76
75
54
33
44
59
58
10
62
Gagal (4.4 MTPA)
Tikaria (2.31 MTPA)
Jamul(1.58 MTPA)
Kymore (2.2 MTPA)
Wadi(5.19 MTPA)
Madukkarai
(1.18 MTPA)
Chanda(1 MTPA)
Damodhar(0.53 MTPA)
Chaibasa(0.87 MTPA)
Bargarh(0.96 MTPA)
Sindri(0.91 MTPA)
Lakheri(1.5 MTPA)
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ACC Ltd 2009 Investor Presentation March 2009
Strong position nationwide
Improved efficiency, brand image and nationwide presence ensure competitiveedge/ sustained profitability for ACC
A national presence helps ACC to withstand regional fluctuations in prices andadapt its distribution to market place needs
Source: CMA
Installed capacity: ~ 22.63 MTPA
Significant market share in anotherwise fragmented industry
Leader also in blended cements:83%
Steady improvement in costprofile
Unique R&D facility
Installed capacity: ~ 22.63 MTPA
Significant market share in anotherwise fragmented industry
Leader also in blended cements:83%
Steady improvement in costprofile
Unique R&D facility
Only Company with nationwidepresence capacities in all fiveregions
ACC Brand : Recognized for
superior quality and timelydelivery
Widest distribution network ofany cement company in Indiawith around 250 warehouses and
over 9,000 dealers
Downstream and supportingbusiness: RMX, Bulk Cement
Only Company with nationwidepresence capacities in all fiveregions
ACC Brand : Recognized forsuperior quality and timelydelivery
Widest distribution network ofany cement company in Indiawith around 250 warehouses and
over 9,000 dealers
Downstream and supportingbusiness: RMX, Bulk Cement
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ACC Ltd 2009 Investor Presentation March 2009
Production capacity
Capacity as on 31-12-2008
Location
Clinker
Capacity
MTPA
Cement
Capacity
MTPA
Bargarh 0.78 0.96Chaibasa 0.94 0.87
Chanda 0.79 1.00
Damodhar 0 0.53
Gagal 2.87 4.40
Jamul 0.59 1.58
Kymore 2.94 2.20
Lakheri 0.93 1.50
Madukkarai 0.68 1.18
Sindri 0 0.91Tikaria 0 2.31
Wadi 3.62 5.19
Total 14.14 22.63
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ACC Ltd 2009 Investor Presentation March 2009
Production capacity across regions
Region Industry's ACC's ACC's
Capacity (Mn.T) Capacity (Mn.T) Share%
North 48.34 5.90 12%
East 29.89 4.85 16%
Central 28.16 4.51 16%
South 69.03 6.37 9%
West 31.84 1.00 3%
Total 207.26 22.63 11%
Cement Capacity 2008
Source: CMA
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ACC Ltd 2009 Investor Presentation March 2009
Cement dispatch profile
Source: CMA Dec,2008
ACC's Region wise Cement Despatch
Distribution % Jan-Dec2008
South, 19%
Central, 23%
North, 24%
East, 21%
West, 13%
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ACC Ltd 2009 Investor Presentation March 2009
Dispatch across regions
Region Qty Mn.t % Share
Northern 34.63 19.89%
Eastern 27.14 15.59%
Central 25.22 14.48%
Southern 53.35 30.64%
Western 33.79 19.41%
Total 174.13 100.00%
Industry's Cement Despatch Cy. 2008
Region Qty Mt % Share
Northern 5.02 14%
Eastern 4.39 16%
Central 4.80 19%
Southern 3.95 7%
Western 2.68 8%
Total 20.84 12%
ACC's Despatch Cy. 2008
Source: CMA,Cement Statistics 2008
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ACC Ltd 2009 Investor Presentation March 2009
Shareholding pattern as on Dec.31,2008
Share capital Rs 187.88 Cr
The Company is managed by professionals and is committed to
enhancing shareholder value at all times
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ACC Ltd 2009 Investor Presentation March 2009
Market capitalization reflect value creation
Period Amt Rs Cr
2003-04 4,5112004-05 6,435
2005 9,856
2006 20,340
2007 19,222
2008 8,969
Market Capitalisation as at year end
Planned capacity creation contributing to
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ACC Ltd 2009 Investor Presentation March 2009
p y gincreased cement production
2004-05 2005
90
2006
91
2007
93
2008
Capacity Utilisation [%]
Cement Production [Mio Tons]
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ACC Ltd 2009 Investor Presentation March 2009
Captive power generation capability
Chanda 15 1
Jamul 25 1
Kymore 50 2
Lakheri 25 1
Madukkarai 15 1
Tikaraia 15 1
Wadi 75 3
Total 241 12
Renewable Energy Source:Windmill
Madukkarai 9.0
Lakheri 7.5
Captive Power Generation all Thermal based and meet about
70% of plant power requirement.
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ACC Ltd 2009 Investor Presentation March 2009
Agenda
Indian Cement Industry : Overview
ACC : An Introduction
ACC: Key Financials & Capex Program
Conclusion
1
2
3
4
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ACC Ltd 2009 Investor Presentation March 2009
Improved fixed assets turnover ratio
2004-05 2005 2006 2007 2008
Asset Turnover Ratio [Re]
Fixed Assets [Rs. Cr]
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ACC Ltd 2009 Investor Presentation March 2009
Sales volume has grown over time
Sales Volume [Mio Tons]
Growth [%]
20082004-05
6.8
5.2
2007
5.9
2005 2006
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ACC Ltd 2009 Investor Presentation March 2009
3,902
3,221
5,803
6,991
7,309
2006
2007
2004-05
Net Sales [Rs. Cr]
2008
2005
+5%
715
616
1,717
1,993
1,899
-5%
2005
2004-05
2006
2007
EBITDA [Rs. Cr]
2008
Impressive net sales & EBITDA growth
Better EBITDA & EBITDA margin despite cost
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ACC Ltd 2009 Investor Presentation March 2009
616715
30
19
18
0
5
10
15
20
25
30
2004-05 2005
1717
2006
29
1993
2007
26
1899
2008
EBITDA Margin [%]
EBITDA [Rs. Cr]
0
1000
1500
2000
500
pressures
Interest cost per Rs/ Tonne of cement down
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ACC Ltd 2009 Investor Presentation March 2009
significantly
PBT & PAT i t i d d it t
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ACC Ltd 2009 Investor Presentation March 2009
1,737
1,930
1,620
684
444
1,213
1,439
1,232
544
378
2004-05 2005 2006 2007 2008
Profit Before Tax [Rs. Cr]Profit After Tax [Rs. Cr]
PBT & PAT maintained despite cost pressures
Effective utilization of capital employed to generatehi h t
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ACC Ltd 2009 Investor Presentation March 2009
higher return
18
2004-05
19
2005 2006 2007
40
2008
ROCE [%]
Capital Employed [Rs. Cr]
Net worth has increased over time
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ACC Ltd 2009 Investor Presentation March 2009
Net worth has increased over time
2004-05 2005 2006
35
2007
25
2008
Return on Net Worth [%]
Net Worth [Rs. Cr]
Increased EPS translated to increase in DPS
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ACC Ltd 2009 Investor Presentation March 2009
65
77
66
30
21 2020
1587
2004-05 2005 2006 2007 2008
Earning Per ShareDividend Per Share
Increased EPS translated to increase in DPS
Consistent & higher dividend payout
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ACC Ltd 2009 Investor Presentation March 2009
Consistent & higher dividend payout
2004-05 2005
26
2006
31
2007
36
2008
Dividend Payout Ratio [%]
DPS Rs .
Strong Net Cash Generated from Operations
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ACC Ltd 2009 Investor Presentation March 2009
Strong Net Cash Generated from Operations
Net Cash Generated from Operations [Rs. Cr]
2008
2007
2006
2005
2004-05
Strong cash position (net of borrowings) and lowinterest outgo
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ACC Ltd 2009 Investor Presentation March 2009
502437
-151
-969
-1,350
-0.5
0.3
0.9
2.0
2.3
-1,400
-1,200
-1,000
-800
-600
-400
-200
0
200
400
600
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2004-05 2005 2006 2007 2008
Interest as a %age of Sales [%]
Cash & Bank Balance (Net of Borrowings) [Rs. Cr]
interest outgo
Financial debt, maturity and liquidity as of31/12/08
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ACC Ltd 2009 Investor Presentation March 2009
31/12/08
Cash and cash equivalent =Rs.1436 crores (A)
(A)+Unused committed credit lines =Rs.1586 crores
Debt Summary
Fixed To floating 100%
Capital Markets 27% and Loan 73%
Total Maturity 5 years
CP Borrowings NIL
Corporate Credit lines
Credit Lines Maturity Yearly renewalNumber of Counterparties 14
Rating Summary
CRISIL FITCH ICRA
Long Term Loan / NCD AAA stable AAA stable
Fund Based Facilities (Cash
Credit)
AAA Stable AAA stable
Non Fund Based (LC /BG) P1+ F1+
Short Term (CP) A1+
Liquidity Summary
0
50
100
150
200
250
1y 2y 3y 4y 5y 6y 7y 8y 9y 10y >10y
Capital MarketsLoans
`
2008:Debt: Equity ratio 0.10X
Expansion plans to drive growth agenda
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ACC Ltd 2009 Investor Presentation March 2009
Expansion plans to drive growth agenda
East Bargarh Expansion [OR] [ 1.35 Mtpa] 2009
South & West Madukarai Grinding Augmentation [TN]| 0.22 Mtpa ] 2008 New Wadi Grinding Augmentation [KA] [ 0.60 Mtpa ] 2009 New Wadi Expansion[KA] [3.00 Mtpa] 2009
Grinding unit at Bellary (KA) [ 1.1 Mtpa ] 2009Grinding unit at Kolar (KA) [ 1.6 Mtpa ] 2009
Grinding unit at Wadi (KA) [0.3 Mtpa] 2009 Chanda New Line [MH] [ 3.0 Mtpa ] 2010
With the projects at hand, the total capacity would be enhanced to
~ 30.58 Mtpa by the end of 2010 and would allow the Company to
strengthen its presence in strategic markets
Capex spend during 2009-10
around Rs 3,000 Cr, funded
thru internal accruals & debt
Year
CapacityAdditions
[MTPA]
Capacity
at yearend
[MTPA]
2007 22.41
2008 0.22 22.63
2009 4.95 27.58
2010 3.00 30.58
CPP capacity addition program
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ACC Ltd 2009 Investor Presentation March 2009
CPP capacity addition program
CPP
CapacityMW No: ofPlants Year
Existing 241 12
Bargarh 35 1 2009
Wadi 50 2 2009
Chanda 25 1 2010
Grand Total 351 16
CPP Capacity Addition Program
CPP capacity to enhance companys reliance oninternal
power generation and contribute to reduced costs
Agenda
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ACC Ltd 2009 Investor Presentation March 2009
Agenda
Indian Cement Industry : Overview
ACC : An Introduction
ACC: Key Financials & Capex Program
Conclusion
1
2
3
4
Conclusions
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ACC Ltd 2009 Investor Presentation March 2009
Conclusions
The cement industry is attractive even during recessionaryperiods, cement demand has historically held up well and
recovered quickly
ACC is well positioned due to its balanced geographical
diversification
ACC with its strong balance sheet has a:
Management team with a long standing track record in
successfully managing through rough timesStrong liquidity
Low leverage with balanced maturity profile
Limited short-term refinancing needs
Conclusions
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ACC Ltd 2009 Investor Presentation March 2009
The rural markets offer unique opportunities but require:Strong customer focus and understanding of localrequirements
Brand recognition and brand loyalty
Value proposition for low-cost housing
Stimulus packages will provide the basis for building materialdemand over the next two to three years
ACC is well prepared for the challenging times ahead
Disclaimer
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ACC Ltd 2009 Investor Presentation March 2009
sc a e
Cautionary statement regarding forward looking statements
This presentation may contain certain forward-looking statements relating to
the Companys future business, developments and economic performance
Such statements may be subject to a number of risks, uncertainties and other
important factors, such as but not limited to (1) competitive pressures; (2)
legislative and regulatory developments;(3) global, macroeconomic andpolitical trends;(4) fluctuations in currency exchange rates and general
Financial market conditions;(5) delay or inability in obtaining approvals
from authorities;(6) technical developments;(7) litigation;(8)adverse publicity
and new coverage, which could cause actual developments and results todiffer materially from the statements made in this presentation. ACC assumes
no obligation to update or alter forward-looking statements whether
as a result of new information, future events or otherwise
Contact information
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ACC Ltd 2009 Investor Presentation March 2009
Sunil Nayak
Krishnamurthy Shankar
Investor RelationsPhone: 91 22 66654485
Phone: 91 22 66317419
Fax: 91 22 66317421
www.acclimited.com