The Board of Directors of Italian cement company Cementir Holding has approved the 2014 financial results. Highlights include:
- Above target EBITDA and net financial debt.
- Revenue of €948 million (down from €988.6 million in FY13).
- EBITDA of €192.4 million, up 13.4%.
- EBIT of €104.1 million, up 35.7%.
- Group net profit of €71.6 million, up 78.5%.
- Net financial debt of €278.3 million (down from €324.9 million in FY13).
The company’s Chairman and CEO, Francesco Caltagirone Jr., commented: “The Group closed the year 2014 with earnings figures above the targets set, thanks to the strong performance of Turkish and Scandinavian operations, which, together with the positive contribution of Egyptian and Far Eastern operations, although lower than the previous year, offset the weakness of the Italian market and the adverse effects of foreign exchange movements. Stronger performance was driven primarily by improvements in the structure of fixed and variable costs, achieved through targeted action by management, but also thanks to falling raw material prices, in particular fuel prices.”
For 2015, Cementir Holdings forecasts growth in sales volumes of cement and ready-mixed concrete. Further efficiency improvements in production costs will be made thanks to falling energy prices and restructuring of Italian operations. EBITDA is expected to be around €190 million, while net financial debt is forecast to fall again to €230 million. Industrial investments of €70 – 75 million are planned.
Adapted from press release by Katherine Guenioui
Read the article online at: https://www.worldcement.com/europe-cis/11032015/cementir-approves-fy14-financials-494/