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Cementir’s 1Q13 results in line with expectations

World Cement,

Cementir Holding’s revenue came in at €194.7 million in 1Q13, only a small percentage drop of 0.3% less than the corresponding period in 2012. Like many cement producers, Cementir’s first quarter results were affected by varying performances across geographical regions. EBITDA declined by 26.9% y/y to €9.2 million. Operating costs were in line with those of 1Q12 as rising raw material and personnel costs were offset by a decrease in other operating cost areas.

Total cement volumes sales fell by 0.7% y/y to 1.878 million t, ready-mix concrete declined by 3.4% y/y to 795 000 m3 and aggregates were down 33.9% y/y to 475 000 t.

Poor weather conditions impacted the construction sector in Scandinavia leading to a 20% y/y and 12% y/y fall in cement and ready-mix concrete sales volumes, respectively. In Italy, low construction activity resulted in a €3.6 million drop in revenue in 1Q13. Cement sales volumes were down 15% y/y while ready-mix concrete volumes declined by 28% y/y. Rising sales volumes of both cement and ready-mix concrete, by 15% y/y and 11% y/y, respectively, helped to boost revenue by some €6 million in Turkey. Revenue also rose in the Far East where positive growth in China helped to mitigate lower revenue in Malaysia hit by the postponement of cement exports to Australia.

Adapted from press release by Louise Fordham.

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