Cementir increases profit and reduces debt

Cementir increases profit and reduces debt
06 February 2015

Cementir Holding's turnover in 2014 declined by 4.1 per cent to EUR948m, but at constant currencies there would have been a 5.3 per cent increase. The EBITDA, however, improved by 13.4 per cent to EUR192.4m, in spite of negative exchange rate movements though it was boosted by non-recurring credits of around EUR12m.

As a result, the margin improved from 17.2 per cent to 20.3 per cent, or to 19 per cent excluding non-recurring items. The trading profit again showed a more marked advance, rising by 35.7 per cent to EUR104.1m.

Net debt at the end of 2014 was 14.3 per cent lower at EUR278.3m. The number of employees further was reduced by 3.7 per cent to 3054. 

Group shipments of grey and white cement declined by 1.8 per cent to 9.56Mt, reflecting primarily a further reduction in Italian shipments. Aggregates shipments edged ahead by 0.8 per cent to 3.26Mt, while deliveries of ready-mixed concrete came down by 6.5 per cent to 3.49Mm³.  Looking forward, Cementir is expecting a similar EBITDA in 2015, with capital expenditure of just over EUR70m and a 17.5 per cent reduction in the net debt.

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