Cementir shows modest improvement

Cementir Holding's adjusted turnover in 2018 improved by 4.9 per cent to EUR1196.2m and EBITDA advanced by 7.1 per cent to EUR238.5m, while the trading profit showed a nine per cent improvement to EUR153.2m. Net debt at the end of 2018 was 53 per cent lower at EUR255.4m, largely thanks to the sale of Cementir Italia to HeidelbergCement, while purchasing an additional 38.75 per cent of Lehigh White Cement Co, taking its stake to 63.25 per cent.

Group shipments of grey and white cement, and clinker, declined by 4.4 per cent to 9.83Mt, while the aggregates shipments improved by 6.6 per cent to 9.95Mt and ready-mixed concrete deliveries eased by 0.6 per cent to 4.92Mm³. The number of employees increased by 1.3 per cent to 3060.

Reflecting the changes in the scope of consolidation, the underlying group revenue was off by 4.2 per cent.  This reflected lower volumes in Egypt and Norway, reflecting military operations and poor weather respectively. On the other hand, turnover increased in Belgium, Malaysia and China. The EBITDA contribution improved in Belgium, Sweden and China but deteriorated in Egypt, Turkey and Malaysia. At constant exchange rates, EBITDA would have shown a 16 per cent improvement.