HeidelbergCement - February 2019
The 2018 preliminary figures from HeidelbergCement show a 4.7 per cent advance, or +8.0 per cent on a comparative basis, in turnover to EUR18,075m. However, EBITDA declined by 6.8 per cent to EUR3074m and the trading profit was off by 9.4 per cent to EUR1984m, or by 3.6 per cent on a comparative basis.
The group sales of cementitious materials rose by 3.2 per cent to 129.93Mt, while the aggregates volume increased by 1.4 per cent to 309.4Mt. Ready-mixed concrete deliveries were ahead by 3.7 per cent to 49Mm³, while shipments of asphalt were up by 7.1 per cent to 10.32Mt. HC Trading’s volume rose by 22.1 per cent to 30.9Mt, a record peak, and the Group Services turnover improved by 34.8 per cent to EUR1754m.
The southern and western European business saw turnover improve by five per cent to EUR4936m while EBITDA declined by 3.8 per cent to EUR590m and the trading profit fell by 11.6 per cent to EUR260m. Shipments of cementitious materials improved by 6.5 per cent to 30.8Mt, while deliveries of aggregates advanced by 3.5 per cent to 81.3Mt. Ready-mixed concrete deliveries were one per cent ahead at 17.5Mm³ and sales of asphalt were 9.4 per cent higher at 3.6Mt. Cement volumes were ahead in all markets, most notably so in Spain, France and Italy, with aggregates also advancing in all markets other than Italy, where they declined. Ready-mixed concrete deliveries improved in Spain, France and Italy but declined in Great Britain, Germany and the Benelux countries.
In eastern/northern Europe and central Asia turnover improved by 2.8 per cent to EUR2916m. EBITDA advanced by 6.7 per cent to EUR575m while the trading profit was ahead by 14 per cent to EUR416m. The cementitious volume was 1.4 per cent lower at 25.6Mt. Aggregates shipments declined by 1.8 per cent to 51.3Mt, but ready-mixed concrete deliveries were 0.9 per cent ahead at 7Mm³. Cement volumes rose in Sweden, Poland, the Czech Republic, Hungary, Bulgaria and Russia, but declined in Ukraine, Kazakhstan and Norway. Ready-mixed concrete volumes advanced in all countries where it is produced, except for Kazakhstan, which saw a decline.
The North American turnover declined by 1.9 per cent to EUR4262m but saw a 3.1 per cent advance on a comparative basis. EBITDA decreased by 14.9 per cent to EUR988m and the trading profit fell by 19.6 per cent to EUR684m. Shipments of cementitious materials were 1.5 per cent lower at 16.2Mt, but sales of aggregates were ahead by 2.2 per cent to 123.4Mt. Ready-mixed concrete deliveries improved by 5.3 per cent to 7.1Mm³ while sales of asphalt were 2.8 per cent ahead to 4.1Mt. The USA suffered from a long winter and adverse weather conditions, but prices improved in most markets outside the northeast. The outlook for the West Coast markets remains strong for 2019, but less so elsewhere. In Canada volumes improved, notably in British Columbia, where two acquisitions were also completed.
The Asia-Pacific turnover improved by 3.4 per cent to EUR3262m, but EBITDA came down by 7.8 per cent to EUR601m. The trading profit fell by 8.6 per cent to EUR419m. Cement and clinker volumes were ahead by 6.4 per cent to 36.9Mt. Shipments of aggregates advanced by 4.6 per cent to 43.4Mt and ready-mixed concrete deliveries rose by 9.3 per cent to 11.6Mm³, while the asphalt volume was ahead by 19 per cent to 2.16Mt, but this was a 12.6 per cent decline on a comparative basis. Indonesia, India and Bangladesh saw increased cement volumes, but volumes in Thailand were lower. Cement volumes and prices improved in Australia, which also saw better downstream volumes and the outlook remains favourable.
In the Africa and eastern Mediterranean region, turnover improved by 5.1 per cent to EUR1667m and on a comparative basis there was a 10.1 per cent advance. EBITDA recovered by one per cent to EUR370m, while the trading profit was off by 0.3 per cent to EUR272m. Shipments of cementitious materials improved by 3.5 per cent to 19.7Mt, but the aggregates volume declined by 18 per cent to 10.1Mt. Ready-mixed concrete deliveries showed a 3.7 per cent improvement to 5.3Mm³, but the asphalt business in Israel saw volumes fall by 11.6 per cent to 0.5Mt. Cement volumes and prices rose in Ghana, Tanzania and, to a lesser extent in Egypt. Cement volumes declined in Turkey and in Morocco, but prices were ahead. Aggregates volumes and prices improved in Ghana as did volumes in Morocco and prices in Turkey. Ready-mixed concrete volumes and prices improved in Egypt, but Turkish and Moroccan volumes were lower.
