Cementir continues to show underlying growth

Cementir continues to show underlying growth
Published: 28 July 2006

Cementir increased first half turnover by 25.3% to EUR 504.2m and the EBITDA rose by 44.4% to EUR 118.6m. Excluding the acquisitions of the Edirne cement plant in Turkey, 4K Beton in Denmark and Vianini Pipe, the underlying sales growth reached 13.9% to EUR 458.3m.  In spite of sharply higher interest payments following the acquisition of Aalborg Portland and Unicon, the pre-tax profit still rose by 35.9% to €65.7m, while net debt at the end of the period was 6.2% higher at EUR 428.6m, the net financial position was ahead of budget. 
 
Good turnover growth was achieved in Denmark, Italy and Turkey and in spite of higher energy and transport costs EBITDA margins increased from 20.4% to 23.5%.  During the period, Cementir also increased its stake in Sinai White Portland Cement Company in Egypt from 45.7% to 54.1%.