Cimpor’s profits boosted by derivatives trading
Cimpor’s turnover for the first nine months emerged 0.3% lower at €1,565.0m, but, thanks to a 1.6% reduction in operating, the EBITDA showed a 2.9% improvement to €457.03m. A 10.6% increase in depreciation charges and provisions let to a 0.7% reduction in the trading profit (EBIT) to €299.6m. Net interest payments declined by 12.7% to €51.5m, but total financial charges, which had shot up last year, were actually more halved to €53.3m, with the result that the pre-tax profit rose by 46.4% to €246.3m. The reduction in financial charges was to a large extent the result of trading in, and hedging, financial derivatives. The net attributable profit, influenced by a return to a more normal tax charge, was 18.3% ahead at €177.8m. Net debt at the end of September stood at some €1,768.9m, giving a gearing level of 97.7%.
Group cement shipments increased by 2.1% to 20.53m tonnes, as higher tonnages in Egypt and China more than made up for the reduction in the Iberian peninsula, Turkey and South Africa. The aggregates volume declined by 12.6% to 10.7m tonnes and ready-mixed concrete deliveries fell by 16.7% to 5.5m m³, with downstream volumes being affected by falling volumes in Portugal, Spain and Turkey.
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