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Cementir Holding releases preliminary 2014 results

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World Cement,

Cementir Holding has released its preliminary results for 2014, which are due to be reviewed and approved by the Board of Directors on 10 March. Revenue from sales and services reached €948 million, down 4.1% y/y partly due to currency depreciation. At constant exchange rates, revenue would have been up 5.3% y/y. EBITDA rose 13.4% y/y to €192.4 million, reflecting the positive impact of non-recurring items of around €12 million. EBITDA would otherwise have been inline with management forecasts at €180.4 million. Net financial debt for the year ended at €278.3 million, an improvement of €46.6 million compared to 2013. This is attributed to the positive cash flow generated by operations, net of industrial investments of around €66 million, and the payment of dividends totalling €12.7 million.

Sales volumes of cement and clinker fell by 1.8% to 9.6 million t, mainly due to continuing weakness in the Italian market.

“The Group closed the year 2014 with operating results above the targets set, thanks to continued efforts to seek efficiency improvements, and despite the complex economic situation and the depreciation of the major currencies, which made the achievement of these results even more difficult. Net financial debt also fell below the €280 million forecast bringing the debt ratio (net financial debt/EBITDA) to 1.4, as a result of the solid operating performance and the control of working capital and investments,” commented Francesco Caltagirone Jr., Chairman and CEO.

In 2015, Cementir plans to achieve EBITDA of around €190 million and net financial debt of about €230 million, with planned industrial investments of around €70 – 75 million. Sales volumes of clinker and cement are expected to increase. Gains are also expected in the operations of the companies engaged in waste treatment in Turkey and the UK. 

Adapted from press release by

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