Buzzi Unicem - May 2019

Buzzi Unicem's 1Q turnover rose by 21.7 per cent to EUR656m, having fallen by 8.4 per cent a year earlier. Turnover advanced in all countries apart from Brazil. Net debt at the end of March was 16.1 per cent higher at EUR1033.5m. Cement deliveries improved by 16.9 per cent to 6Mt, while group ready-mixed concrete deliveries advanced by 7.3 per cent to 2.6Mm³. 

The Italian turnover improved by 16.6 per cent to EUR119.6m, thanks to the better weather conditions as well as higher volumes being exported. Because of a later Easter there were also an increased number of working days. Cement prices also showed some improvement. In ready-mixed concrete, volumes were little changed, but prices did recover.

German grey cement volumes were ahead thanks to better volumes and prices. Ready-mixed concrete deliveries were also ahead, as were prices. The turnover rose by 24.4 per cent to EUR137.1m, helped by the acquisition of Seibel, without which the advance would have been 19.6 per cent. The Luxembourg and Netherlands turnover improved by 11.8 per cent to EUR453.5m with cement and clinker shipments stable, but prices showed an improvement. In ready-mixed concrete both volumes and prices improved.

In Poland cement deliveries recovered, while ready-mixed concrete volumes declined, but prices recovered. The turnover rose by 41.8 per cent to EUR23.4m, in spite of a EUR0.7m negative rate effect. Czech cement deliveries were higher as were local prices. Ready-mixed concrete deliveries in Czechia and Slovakia were slightly lower, but prices were better. The turnover improved by six per cent to EUR28.5m, in spite of a EUR0.3m negative exchange rate effect. 

The Ukrainian turnover recorded a 58.8 per cent advance to EUR18.5m as cement shipments recovered strongly, though ready-mixed concrete demand was weak. In Russia turnover improved by 23 per cent to EUR40.2m, while measured in local currency there was a 31.7 per cent increase.

The United States operations saw turnover rise by 22.8 per cent to EUR252.8m, helped by the recovery of the US dollar. Cement deliveries did benefit from better weather and prices were improved. Ready-mixed concrete deliveries recovered well, but prices were little changed.

The Mexican associate Corporación Moctezuma registered a 0.4 per cent reduction in turnover to EUR150.5m. Cement deliveries were slightly lower as were prices were higher in local currency and ready-mixed concrete deliveries were also slightly lower.

The Brazilian associate saw an improvement in cement and clinker deliveries, but the weakness of the currency led to a 4.5 per cent decline in the turnover contribution to EUR33.3m.