Cementir boosted by full-year results from Belgium

Cementir Holding's turnover in 2017 increased by 25.3 per cent to EUR1287.5m and EBITDA was ahead by 11.5 per cent to 220.5m. As regards the continuing business, the turnover advanced by10.9 per cent to EUR1140.0m and EBITDA emerged 13.3 per cent ahead at EUR224.2m, while the trading profit showed a 50 per cent advance to EUR142m.

Net debt at the end of 2017 was 4.6 per cent lower at EUR536.6m, while capital investment in the year increased by 33.9 per cent to EUR92m. Since the year end, Cementir has received EUR315m for the sale of Cementir Italia to HeidelbergCement. More recently, Cementir has agreed with HeidelbergCement to acquire an additional 38.75 per cent of Lehigh White Cement Company, taking its stake to 63.25 per cent. The remaining 36.75 per cent of the equity will be held by Cemex. 

Group shipments of grey and white cement, and clinker, increased by 26.6 per cent to 12.80Mt, while the aggregates shipments advanced by 109.2 per cent to 9.34Mt and ready-mixed concrete deliveries rose by 14.8 per cent to 5.08Mm³. The number of employees, adjusted for the disposal of Cementir Italia, declined by 16.5 per cent to 3021. 

The now disposed off Cementir Italia generated a turnover of EUR147.6m but made a EUR3.7m toss at EBITDA level. A full-year’s contribution from Compagnie des Ciments Belges, compared with just over two months in 2016, had a notable effect on the results and on a comparative basis the group revenue was ahead by a more modest 1.7 per cent.

In addition to changes in the scope of consolidation, cement volumes increased in Denmark, Turkey, Egypt and Malaysia. The aggregates operations, in addition to the addition of CCB, performed well in Sweden and Denmark, while ready-mixed concrete deliveries were helped by acquisitions and by good performances in Denmark, Norway and Sweden, but volumes did fall in Turkey.