Cementir improves profits in spite of lower volumes   

Cementir Holding saw turnover advance by 4.6 per cent to €976.2m, helped by better prices, and the EBITDA improved by 11.1 per cent to €138.0m. Net debt at the end of 2012 was 4.2 per cent higher at €373m. The number of employees increased by 3.3 per cent to 3307.

Group shipments of grey and white cement declined by six per cent to 9.85Mt, reflecting lower volumes in Italy and in Egypt and a decline in exports from Turkey. This was in part offset by higher volumes in the Far East. Aggregates shipments were down by 8.7 per cent to 3.50Mt, while deliveries of ready-mixed concrete declined by 6.8 per cent to 3.58Mm³.

Looking ahead to 2013, Cementir is expecting increased sales volumes of white cement in China, Malaysia and Egypt, which should offset the reduced grey cement shipments in Italy. Volume growth in Turkey is expected to be modest because of reduced demand for from the housebuilding industry. Danish cement volumes are expected to be stable, but some increase is expected in Scandinavian ready-mixed concrete deliveries, essentially in Norway and Sweden. A cost saving programme has been started that should lead to annual savings of around €30m from 2014.