Vicat reduces costs ahead of target

Vicat reduces costs ahead of target
10 March 2010

Vicat has further strengthened it already solid balance sheet with the gearing level falling from 34.7% at the end of 2008 to 31.4%, this time. 

The net debt of 652.6m compares with total shareholders’ funds of €2,081.6m, of which the equity makes up €1,882.2m and minorities €199.4m.  Capital investment last year was 28.5% lower at €274m in spite of increased investments going into Kazakhstan and India, while spending on acquisitions went down from €83m to €20m.  

Turnover was down by 7.8% to €1,896.0m, a reduction of 7.8% in absolute terms and by 9.1% on a comparative basis, while the EBITDA declined by 10.5% to €473.0m.  The trading profit came down by 17.9% to €321.9m, but the net interest charge fell more sharply, or by 20.3% to €24.0, but the net gain from other financial items was all but eliminated, leaving the pre-tax profit 21.1% lower at €281.2m, still a performance vastly superior to most companies in the sector.  The net attributable profit emerged 22.0% down at €191.4m.

In terms of activity, turnover in cement was 1.2% lower, but the actual volume was 2.0% ahead at 14.51Mt and the consolidated figure actually increased by 2.3% to €950m and downstream volumes fell.  The EBITDA declined by 6.1% to €364m. 

In the concrete and aggregates operations, consolidated turnover fell by 17.7% to €696m, as volumes declined by 13.5% in aggregates to 18.58Mt and by 15.9% to 7.12Mm³ in ready-mixed concrete. 

Other products and services reported an 11.5% reduction in turnover to €251, with the EBITDA being down by 15.1% to €26m.
Published under Cement News