Cementir's preliminary 2016 results total EUR1027.6m
Cementir's Board of Directors reported its preliminary consolidated results for 2016, which saw group sales and services reach EUR1027.6m, up compared to EUR969m in 2015. This includes the change in the scope of consolidation relating to the acquisition of Sacci and Compagnie des Ciments Belges (CCB), which contributed an additional EUR60.5m.
Specifically, the revenues of Cementir Sacci, included as of 29 July 2016, amounted to EUR 21.8m, while the revenues of the CCB group, included as of 26 October 2016, amounted to EUR38.7m.
On a like-for-like basis, revenues were essentially stable on 2015, despite exchange rate movements. The strong performance of operations in Scandinavian countries, with an increase in sales volumes of both cement and ready-mixed concrete, and in Malaysia (above all in export markets) offset the decrease in Italy, where cement sales volumes fell, and the fall in revenues expressed in euros in Egypt, Turkey and China, where revenues in local currency increased.
Sales volumes of cement and clinker increased by 7.9 per cent (like-for-like growth of 1.3 per cent, driven mainly by Denmark and China) to 10.1Mt, while sales volumes of ready-mixed concrete grew 17.9 per cent (13.7 per cent on like-for-like basis, driven by Turkey and the Scandinavian countries) to 4.4Mm3.
EBITDA totalled EUR197.8m, up on EUR194m in 2015. The acquisitions had an impact of EUR20.8m on EBITDA: the operations of the Belgian group CCB contributed EUR8.6m, Cementir Sacci posted negative EBITDA of EUR3m, and EUR15.1m are non-recurring income.
Net financial debt at 31 December 2016 was EUR562.4m, up EUR340.4m compared to 31 December 2015. The increase in debt is entirely attributable to outlays for the acquisitions in the period equal to about EUR435m, plus capital expenditure of about EUR68.7m (EUR61.3m in 2015). Excluding the effects of these acquisitions, Group financial debt would have been about EUR162m, beating the target for the year.
In 2017 group expects to record EBITDA of around EUR215m. This figure incorporates the contribution of the CCB group and Cementir Sacci, as well as higher like-for-like earnings. The group expects to see higher sales volumes of cement (especially in Egypt, Scandinavia and Italy), ready-mixed concrete (in particular in Turkey, Scandinavia and Italy) and aggregates, driven mainly by the acquisition in Belgium, which has increased the Group’s exposure to the aggregates segment.
