Cementir performs well in Denmark

Cementir Holding's turnover in 2014 declined by 4.1 per cent to EUR948m, but EBITDA improved by 13.4 per cent to EUR192.4m. The trading profit advanced by 35.7 per cent to EUR104.1m and the pretax profit rose by 57.5 per cent to EUR99.5m.  Net attributable profit recorded a 78.5 per cent advance to EUR71.6m. Net debt at the end of 2014 was 14.3 per cent lower at EUR278.3m, giving a modest gearing level of 26.7 per cent as shareholders’ funds increased by 9.3 per cent. 

Capital investment in the year amounted to around EUR66m and included some EUR12m in waste management and EUR9m for expanding the white cement capacity in Malaysia.  In 2015, capital investment is expected to be in the EUR70m to EUR75m range. 

Group shipments of grey and white cement declined by 1.8 per cent to 9.56Mt, reflecting a further 7.8 per cent reduction in Italian shipments. Egyptian cement shipments declined by 6.5 per cent, largely compensated for by a higher price while volumes in Malaysia and China were off by some three and four per cent, respectively. In Denmark, on the other hand, cement deliveries increased by 1.7 per cent. Higher prices in Turkey were almost entirely cancelled out by the fall in the value of the Turkish currency. 

Aggregates shipments edged ahead by 0.8 per cent to 3.26Mt, but ready-mixed concrete deliveries came down by 6.5 per cent to 3.49Mm³. Ready-mixed concrete deliveries fell by 48.8 per cent in Italy and were also lower in Sweden and in Norway, but there was a 0.5 per cent volume improvement in Denmark.