In Table 1, the period on which figures for HeidelbergCement AG are based has been amended. A corrected version of the article follows. Broad geographical diversification, especially within Latin America, where the group makes 40% of its profits. Cost-efficient operations. Good, stable profitability over the past five years. Consistently strong free cash flow generation. High leverage that arises from the group's acquisitive growth strategy in a consolidating market. The cyclicality, seasonality, and high capital intensity of the cement industry. High exposure to antitrust investigations and potential fines for alleged anticompetitive practices due to the highly consolidated nature of some markets. The ratings on Switzerland-based Holcim Ltd. are supported by its good and stable profitability, which translate into strong cash flow
