Revenues were up 23.1% in 2017 at Cementir at €1.14 billion, as volumes rose across the company’s three product lines (cement, ready-mixed concrete, and aggregates). Earnings were also up to €224.2 million – a more staid rise of 7.5%. Cementir is the leading global supplier of white cement, employing around 3000 people in 18 countries.
The results strip out sales from Cementir Italia Group, which was sold to HeidelbergCement in a deal that closed 2 January 2018.
Sales of grey and white cement rose 24.6% to 10.28 million tpy, while ready-mixed concrete volumes rose 14.9% and aggregates volumes more than doubled, rising 109.2% to 9.34 million t, boosted by the acquisition of Compagnie de Ciments Belges (CCB) in October 2016.
Cement volumes were helped by good performances in Denmark, Turkey, Egypt, and Malaysia, the company said, while ready-mixed concrete volumes were helped by strong performance in Scandinavia.
The company’s debt position was also improved over the year, with total debt falling €25.8 million to €536.6 million, as strong cash flows from operating activities offset investments of €92 million, the distribution of €15.9 million in dividends, and a number of extraordinary transactions.
These transactions included €7.5 million for a minority stake in Sinai White Cement Co. in Egypt, the acquisition of five ready-mixed concrete plants in France for €2.6 million, and a €10.5 million adjustment to the total price paid for CCB.
The company also recently announced that it would raise its stake in Lehigh White Cement Co., the leading white cement producer in the US, for a cash payment of US$106.6 million. The deal will leave Cementir with a 63.25% stake in the company through its subsidiary Aalborg White Co. Inc. CEMEX will hold the remaining 36.75%.
Read the article online at: https://www.worldcement.com/europe-cis/19022018/cementir-reviews-a-positive-2017/
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