HeidelbergCement AG Thursday reported a strong increase in fourth quarter operating income on the back of a positive contribution from carbon dioxide emission rights sales and positive currency exchange effects.
Fourth quarter operating income was EUR383 million compared to EUR290 million in the same period of the previous year. Turnover rose to EUR2.89 billion versus EUR2.73bn YoY.
For full year 2010, turnover reached EUR11.76bn, up 5.8% from 2009. The increase in 2010 earnings reflects continued growth in emerging markets and the start of recovery of mature markets in North America and Europe after having reached the bottom of the crisis in 2010.
2010 and fourth quarter data was supported by a strengthening of Asian currencies, the U.S. dollar and several European currencies compared to the euro.
The full year 2010 operating income before depreciation included a positive result from carbon dioxide emission rights of EUR147 million compared to EUR116 million in 2009. Cost saving program saved EUR300 million in 2010.
For 2011, sustained growth in Asia-Pacific and Africa-Mediterranean Basin and continuation of recovery in North America and Europe are expected.