Portuese cement company Cimpor has announced its results for 3Q13, beating previous records for turnover and EBITDA.
- Cement sales have risen by 27.6% y/y to 7.5 million t compared with 3Q12, driven by a good performance of new assets in Brazil and Argentina and by the trading business. In accumulated terms, sales exceeded 21 million t, an increase of 11.5% y/y.
- Turnover increased by 31.3% y/y, reaching a quarterly record of €684.3 million. The rise in the value of the euro against the majority of currencies of the countries where the company operates had a significant impact on Cimpor’s turnover.
- EBITDA rose by 28%, reaching an all-time record of €197.3 million for the company, driven by a recovery of sales and improved operating performance. In 3Q13 the performance of acquired assets was of particular relevance, as they contributed €75.4 million to EBITDA, 3.6 times the EBITDA that had been provided by discontinued assets.
- The EBITDA margin reached 28.8% in 3Q13.
- Net income, attributable to shareholders, stood at €69.2 million, increasing by 74% y/y. This increase has helped to substantially mitigate the losses posted in 1H13.
Results for January – September 2013
- In accumulated terms, sales rose by 11.5% y/y in the first nine months of 2013.
- Turnover saw an increase of 23.4% y/y, reaching a total of €1.984 million in the first nine months of 2013 compared to €1608 million in 2012.
- EBITDA reached €481.5 million, 14.2% higher than in the same period in 2012.
- The EBITDA margin was 24.3% for the first nine months, mainly affected by non-recurring costs in 1Q13 in Portugal and Argentina.
- The market in Brazil continued to show positive signs in this quarter.
- The national cement market in Argentina is at an all-time high.
- A new production unit is launching in Paraguay and the positive trend in operating performance continues.
- Exports remain the anchor of performance in Portugal.
- New mills in Mozambique respond to local competition.
- Egypt and South Africa recovered sales in 3Q13 and their outlook is positive.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.worldcement.com/europe-cis/27112013/record_turnover_and_ebitda_for_cimpor_in_3q13_457/