Ciments Francais has reported its first quarter results, which show a generally good performance across all markets with the exception of weather-affected North America. In particular, the improvement in the economy of Western Europe was pronounced.
Revenues for the quarter amounted to €807.2 million, down 1.5% y/y due to the negative impact of foreign exchange variations. Taking that out of the equation, revenues were up 2.5%. Recurring EBITDA amounted to €92.7 million, down 17.4% (-13.3% excluding foreign exchange).
Cement and clinker sales volumes improved overall by 1.9% at 9 million t. Sales volumes in Western Europe increased 14.3%, while in Morocco and Egypt sales were relatively stable at +0.1% and +2.8% respectively. In North America, adverse weather conditions led to a 15.3% decrease in sales volumes. Prices were favourable in Thailand (up 9.4%) and Egypt (up 8.3%).
Ciments Français invested €118.6 million in industrial assets over 1Q14, mainly related to activities in India, Bulgaria, France/Belgium and Egypt.
Total equity amounted to €3471.9 million against €3515.4 million at the end of December 2013, bringing the debt to equity ratio to 24.4% compared to 21.3% at the end of last year.Adapted from press release by Katherine Guenioui