HeidelbergCement - May 2014
HeidelbergCement's first-quarter turnover improved by 5.7 per cent to EUR2749.8m and the EBITDA improved by 15.7 per cent to EUR228.8m and the trading profit jumped from EUR9.3m to EUR50.4m. The net interest charge increased by 3.1 per cent to EUR134.5m and the pretax loss was reduced by 36.6 per cent to EUR104.2m and the net attributable loss declined by 37.7 per cent to EUR146.5m. Capital investment in the period was increased by 79.1 per cent to EUR251.1m, while spending on acquisitions dropped by 98.5 per cent to EUR4.2m, as a deal like the one with Holcim to double its interest in Cement Australia did not occur again. Capital expenditure for the full year should be around EUR1200m, half of which would for expansion. Net debt at the end of March increased by 4.6 per cent to 7958m to give a gearing level of 64 per cent. The change in accounting rules new excludes Cement Australia, Akçansa, Duna-Drava and the Chinese and other joint ventures, with the first two being of particular importance.