Vicat sees poorer results in Turkey and Switzerland

Vica­­­t's first-half turnover advanced by 4.6 per cent to EUR1340m but eased by 0.6 per cent on a comparative basis. EBITDA improved by 1.7 per cent to EUR228 while the margin eased from 17.5 per cent to 17 per cent. The trading profit declined by 9.4 per cent to EUR97m, while the net interest charge was EUR6m higher at EUR22m, giving an attributable profit 20.7 per cent lower at EUR46m.

Cement deliveries were down by 4.9 per cent to 10.81Mt and the share of turnover from cement eased marginally from 51.5 to 51.3 per cent. The cement turnover improved by 3.6 per cent to EUR770m, but EBITDA came off by 3.8 per cent to EUR155m. Aggregates shipments declined by 1.4 per cent to 11.31Mt. Ready-mixed concrete deliveries were down by 6.7 per cent to 4.26Mm³, leading to a turnover 7.9 per cent higher at EUR528m, or 35.2 per cent of the group total. EBITDA was 23.5 per cent ahead at EUR64m. The sales contribution from distribution and other activities eased by 3.6 per cent to EUR211m while EBITDA emerged 19.2 per cent lower at EUR10m.

The French turnover improved by 5.8 per cent to EUR500m. EBITDA was ahead by 12.8 per cent to EUR84m with the trading profit rising by 28.7 per cent to EUR44m. The cement turnover improved by four per cent as cement volumes were stable over the period, but EBITDA eased by 1.1 per cent. Aggregates and concrete turnover improved by 8.1 per cent, while EBITDA rose by 54.1 per cent. Other products and services showed a 2.5 per cent improvement in turnover, but EBITDA decreased by 4.1 per cent.

In the rest of Europe turnover declined by 1.2 per cent to EUR182m, while EBITDA came off by 3.1 per cent to EUR38m. Swiss cement volumes were stable, but the average price was slightly lower. Volumes in aggregates were stable but declined by almost 10 per cent in ready-mixed concrete. In concrete products, turnover fell by 12 per cent and EBITDA fell back by 41.7 per cent. The Italian turnover recovered strongly and rose by 51.9 per cent., with EBITDA being stable.

The American turnover was boosted by the Brazilian acquisition and rose by 42 per cent to EUR275m. However, EBITDA was off by 3.9 per cent to EUR39m and the trading profit dropped by 63 per cent to EUR8m. The turnover in US cement improved by 7.5 per cent, but Californian volumes were lower because of wet weather in the period. In ready-mixed concrete, turnover was ahead by 14 per cent and EBITDA margin improved by 190 basis points, with the EBITDA being ahead by 60 per cent.

The Asian turnover declined by 3.2 per cent to EUR193m during the first half, but EBITDA rose by 49.6 per cent to EUR48m with the trading profit being EUR31m. The Middle East, which is essentially Turkey and Egypt, saw turnover drop by 31.8 per cent to EUR75m, with EBITDA falling from a EUR14m profit to a loss of EUR4m and the trading loss emerging at EUR14m. The African turnover declined by 5.7 per cent to EUR115m and EBITDA eased by 3.7 per cent to EUR23m, with the trading profit declining by 11.6 per cent to EUR8m.