Cementir announces record revenues of EUR1721m in 2022

Cementir announced historical group revenues in 2022 from sales and services totalling EUR1720.9m, up 26.5 per cent on EUR360m in 2021. The increase in revenue is mainly due to the price policy to mitigate the exceptional increase in the costs of fuel, electricity, raw materials, transport and services. It should be noted that at constant 2021 exchange rates revenue would have been equal to EUR1854m, up by 36.3 per cent compared to the previous year. 

EBITDA reached an all-time record of EUR355m, up 14.2 per cent from EUR311m in 2021. After EUR121.5m of amortisation, depreciation, write-downs and provisions (EUR113.2m in 2021), EBIT reached EUR233.5m, up 18.1 per cent compared to EUR197.8min the previous year. 

Profit before taxes was EUR245.5m, an increase of 42.7 per cent on EUR172m in 2021. The group made investments of approximately EUR122.6m (EUR99.1m in 2021). At EUR1427.7m, operating costs increased by 29.5 per cent compared to 2021 (EUR1102.8m). The cost of raw materials was EUR817.2m (EUR566.5m in 2021), up 44.3 per cent due to the generalised increase in fuel prices on international markets. 

During 2022 cement and clinker sales volumes equalled 10.8Mt, a 2.8 per cent decrease compared to 2021 due to the general slowdown of the market, particularly in Turkey, Denmark, China and Belgium, and especially in the second half of the year. 

Ready-mixed concrete sales volumes of 4.8Mm³ were reported, representing a drop by 5.8 per cent compared to 2021 due to the decrease recorded in Turkey, Denmark, Belgium and Sweden. Aggregates sales volumes decreased by 5.3 per cent to 10.5Mt compared to 2021 due to slowdown in Sweden and Denmark. 

Outlook for 2023
Based on current information available, the management at Cementir expects to achieve consolidated revenues of over EUR1.8bn in 2023 (EUR1.72bn in 2022), an EBITDA broadly stable from 2022 between EUR335m-345m and to continue to generate a significant level of cash flow, reaching a net cash position of over EUR200m by the end of the period.