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Cementir Holding: Board of Directors approves consolidated results as of 30 June 2022

Published by
World Cement,


The Board of Directors of Cementir Holding N.V. today examined and approved the consolidated unaudited results for the first half and the second quarter of 2022.

  • Revenue: €811 million, +22% on €664.5 million in the first half 2021. Excluding IAS 29 effect, Revenue reached €805.2 million (+21.2% on 2021).
  • EBITDA: EUR 143.8 million, +7.7% on EUR 133.5 million in the first half 2021. Excluding IAS 29 effect, EBITDA reached €154.7 million (+15.9% on 2021).
  • Group net profit: EUR 66.6 million, +39.1% on €47.9 million in the first half 2021. Excluding IAS 29 effect, Group net profit reached €71 million (+48.3% on 2021).
  • Net financial debt: €79.5 million (€137.6 million at 30 June 2021).

During the first six months of 2022, cement and clinker sales volumes, amounting to 5.4 million t, dropped by 0.8% compared to the same period of 2021. The decline is mainly attributable to the performance of Turkey, China and Denmark.

Sales volumes of ready-mixed concrete, equal to 2.4 million cm3, declined by 5% mainly due to Turkey and, to a lesser extent, Denmark and Norway.

In the aggregates sector, sales volumes amounted to 5.5 million t, essentially stable compared to the first half of 2021 with growth in Turkey and Belgium, offset by a decline in Sweden and Denmark.

The Group's revenues from sales and services, at €805.2 million, increased by 21.2% compared to €664.5 million in the first half of 2021.

The increase in revenue is mainly due to price increases reflecting higher costs of fuel, electricity, raw materials, transport and services. It should be noted that at constant 2021 exchange rates, revenues would have reached €858.4 million, 29.2% higher than in the same period last year.

At €715.1 million, operating costs increased by 33.2% compared to €536.7 million in the first half of 2021.

The cost of raw materials increased to €398.1 million (€267.4 million in the first half of 2021), because of a generalised increase in fuel prices on international markets.

At €101.0 million, personnel costs increased by 6.4% compared to €95.0 million for the same period in 2021.

Other operating costs, amounting to €216.0 million, increased by 23.9% compared to €174.3 million in the first half of 2021, mainly due to higher logistics costs.

 

EBITDA reached €154.7 million, up 15.9% from €133.5 million in the first half of 2021. This result benefited from non-recurring income of €11.1 million related to non-industrial properties revaluation in Turkey.

The increase in EBITDA is attributable to better results in Belgium, Turkey and the United States, while the Nordic & Baltic and Asia Pacific regions recorded a decline.

EBITDA margin was 19.2%, compared to 20.1% in the first half of 2021. At constant 2021 exchange rates, EBITDA would have reached €157.5 million, up 18.0% year-on-year.

EBIT, taking into account depreciation, amortisation, write-downs and provisions of €56.8 million (€54.5 million in the first half of 2021), amounted to €98.0 million, up 23.9% from €79.0 million in the same period of the previous year. Depreciation and amortisation due to the application of IFRS 16 amounted to €14.2 million compared to €13.7 million in the same period of 2021.

At constant 2021 exchange rates, the EBIT would have reached €99.7 million.

The share of net profits of equity-accounted investees is marginally positive by €0.1 million (€0.4 million in the first half of 2021).

Net financial income was €2.0 million (expense of €10.1 million in the same period of the previous year), includes net financial expenses of €4.9 million (€6.4 million in 2021), net foreign exchange income of €10.0 million (net foreign exchange expenses of €1.9 million in 2021) and the effect of the valuation of derivatives.

Profit before taxes was €100.1 million, an increase of 44.4% on €69.3 million in the first half of 2021.

Profit for the period amounted to €78.7 million (€52.4 million in the first half of 2021), after taxes of €21.4 million (€16.9 million in the same period of 2021).

Group net profit, once non-controlling interests were accounted for, amounted to €71.0 million an increase of 48.3% on €47.9 million in the first half of 2021).

Net financial debt at 30 June 2022 amounted to €79.5 million (€137.6 million at 30 June 2021). The reduction in debt in the last twelve months, amounting to €58.1 million, includes both the purchase of treasury shares for €6.3 million and the distribution of dividends of €28.0 million in May 2022. The impact of applying the IFRS 16 accounting standard on net financial debt at 30 June 2022 was €75.7 million (€79.8 million at 30 June 2021); no effects arise from the application of IAS 29.

The negative change in net financial debt as of 31 December 2021 - amounting to €39.1 million - is due to the seasonality of the activity in the first half of the year, which is evident in the dynamics of working capital and the annual maintenance cycle, and the distribution of dividends in the amount of €28.0 million.

Total equity at 30 June 2022 amounted to €1 293.2 million (€1 227.6 million at 31 December 2021 and €1 191.0 million at 30 June 2021). With the application of IAS 29 total equity was €1 471.0 million at 30 June 2022.

During the first half of 2022, the Group made total investments of approximately €54.4 million (€44.3 million in the first half of 2021), of which approximately €14.6 million (€8.3 million in the first half of 2021) in connection with the application of IFRS 16.

Read the article online at: https://www.worldcement.com/africa-middle-east/28072022/cementir-holding-board-of-directors-approves-consolidated-results-as-of-30-june-2022/

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