Bad weather impacts 1Q results for Ciment Français

Severe weather conditions in Europe, Morocco and North America impacted construction demand in these markets in the first quarter of 2013, according to Ciment Français’s 1Q13 results. Cement and clinker sales volumes decreased 7.3% across the board at 8.8 million t, while consolidated revenues for the period were down 7.3% to €819.4 million. However, both sales and revenues in Asia improved, with volumes up 11% in this market in 1Q13.

Improved operating costs and positive pricing trends provided some compensation for reduced sales volumes, but recurring EBITDA fell 14.7% (-8.1% excluding CO₂ effect) at €112.3 million. The most significant decreases were felt in France/Belgium – due to the weather conditions and the fall in CO₂ sales – and in India, where prices fell and a negative exchange rate marred results.

Other key figures include:

• Net consolidated profit reached €0.6 million in 1Q13 as compared to €1 million in 1Q12.
• Investments in industrial assets were up on 1Q12, at €68.6 million for the quarter.
• Net financial debt was up quarter-on-quarter at €917.9 million compared to €846.2 million at the end of December. This is a reduction of €139.7 million from 1Q12.
• Debt to equity (net financial debt/total equity) was 24.3%, compared to 22.4% as of 31 December.

Adapted from press release by Katherine Guenioui.

Read the article online at: https://www.worldcement.com/europe-cis/07052013/bad_weather_impacts_1q_results_ciment_fran%C3%A7ais_969/