Lafarge - November 2014
In the first nine months of the year, Lafarge's turnover, including its share of joint ventures, declined by 1.3 per cent to EUR11,332m while EBITDA edged ahead by 0.5 per cent to EUR2320m. The trading profit improved by 2.8 per cent to EUR1589m, while excluding associates there was a 1.2 per cent reduction to EUR1431m. Net financial charges declined by 6.7 per cent to EUR701m and the pretax profit was three per cent lower at EUR636m. Following a 33.3 per cent higher tax charge, the net attributable profit declined by 25.8 per cent to EUR288m. Net debt at the end of September was 6.1 per cent lower at EUR10,271m, producing a gearing level of 65.9 per cent. Capital investment was reduced by 8.9 per cent to EUR617m, with development expenditure declining by 16.9 per cent while maintenance capital expenditure increased by 10.6 per cent to EUR219m. For the full year, capital expenditure is forecast to amount to around EUR1100m. Acquisition spending rose from EUR33m to EUR160m, while divestments raised 49.1 per cent less at EUR524m.