Cementir offsets a weaker Italy by better markets elsewhere

Cementir Holding's turnover improved by 1.3 per cent to  EUR988.6m, while at constant currencies the increase would have been 5.6 per cent. EBITDA improved by 22.9 per cent to EUR169.7m, though this was boosted by non-recurring credits approaching EUR10m. 

As a result, the margin improved from 14.1 per cent to 17.2 per cent, or to 16.2 per cent excluding non-recurring items.  The trading profit showed a more marked advance, rising by 59.1 per cent to EUR76.7m. Net debt at the end of 2013 was 12.9 per cent lower at EUR324.9m. The number of employees was reduced by 4.3 per cent to 3170. 

Group shipments of grey and white cement were off by one per cent to 9.74Mt, reflecting lower shipments in Italy and reduced exports from Egypt. The cement volume emerging from the Danish factory was stable and volumes increased in Turkey and China. 

Aggregates shipments declined by a further 7.3 per cent to 3.23Mt, but deliveries of ready-mixed concrete rose by 4.4 per cent to 3.74Mm³, helped by good demand in Norway, Sweden and Turkey.