Vicat reduces costs ahead of target

Vicat reduces costs ahead of target
Published: 10 March 2010

Vicat has further strengthened it already solid balance sheet with the gearing level falling from 34.7% at the end of 2008 to 31.4%, this time. 

The net debt of 652.6m compares with total shareholders’ funds of €2,081.6m, of which the equity makes up €1,882.2m and minorities €199.4m.  Capital investment last year was 28.5% lower at €274m in spite of increased investments going into Kazakhstan and India, while spending on acquisitions went down from €83m to €20m.  

Turnover was down by 7.8% to €1,896.0m, a reduction of 7.8% in absolute terms and by 9.1% on a comparative basis, while the EBITDA declined by 10.5% to €473.0m.  The trading profit came down by 17.9% to €321.9m, but the net interest charge fell more sharply, or by 20.3% to €24.0, but the net gain from other financial items was all but eliminated, leaving the pre-tax profit 21.1% lower at €281.2m, still a performance vastly superior to most companies in the sector.  The net attributable profit emerged 22.0% down at €191.4m.

In terms of activity, turnover in cement was 1.2% lower, but the actual volume was 2.0% ahead at 14.51Mt and the consolidated figure actually increased by 2.3% to €950m and downstream volumes fell.  The EBITDA declined by 6.1% to €364m. 

In the concrete and aggregates operations, consolidated turnover fell by 17.7% to €696m, as volumes declined by 13.5% in aggregates to 18.58Mt and by 15.9% to 7.12Mm³ in ready-mixed concrete. 

Other products and services reported an 11.5% reduction in turnover to €251, with the EBITDA being down by 15.1% to €26m.