HeidelbergCement full year down 91%

HeidelbergCement full year down 91%
Published: 18 March 2010

HeidelbergCement reported on Thursday its 2009 net profit dropped 91% to EUR168bn from EUR1.92bn in 2008.

Profit was hurt by a one-time charge of around EUR90m, incurred in connection with refinancing measures, restructuring costs, and non-cash goodwill impairment and depreciation on production facilities that resulted from low capacity utilisation, the German firm said.

Full-year turnover fell 22% to EUR11.12bn. "The group anticipates worldwide growth in cement, aggregates, and ready-mixed concrete in 2010, driven by continued positive development in Asia and Africa," HeidelbergCement said. For the U.S. and Europe, the firm expects further declines in volumes in the first half of 2010, partly because of the long winter.