HeidelbergCement's first-quarter turnover advanced by 7.6% to €2799.4m, but the EBITDA declined by 15.5% to €213.7m and the trading profit fell by 77% to a €13.8m. The lower margins chiefly reflect weather conditions in the quarter, but also higher costs for transport and energy. The net interest charge increased by 8.8% to €135.2m and the pre-tax loss increased by 69.8% to €143.9m and the net attributable loss emerged 26.8% higher at €203.8m. Capital investment increased by 4.1% to €159.2m, while spending on acquisitions was €0.1m higher at €2.6m. Net debt was reduced by 2.9% to 8386m to give a gearing level of 63.6%.

To continue reading this story and have 100% free access to the CemNet.com website, please Register for a subscription to International Cement Review or Login