Cimpor's restructuring gives temporary lower numbers

Cimpor's turnover from continuing activities declined by an underlying 3.1 per cent to EUR1510m and compares with the actual EUR2275.3m shown in 2011 on the old structure. 

The comparable EBITDA eased by 3.3 per cent to EUR464.7m and compares with an actual EUR616.0m.  The trading profit came off by 4.8 per cent from EUR321.2m to EUR305.8m, whereas a year ago EUR372.8m was shown.

Net financial charge which a year earlier had amounted to EUR80.9m was re-defined as EUR46.8m and almost trebled from that level to EUR138.2m. The pre-tax profit fell by an underlying 38.9 per cent to EUR167.5m and the net attributable result dropped by 74 per cent to EUR51.5 per cent, after a 51.7 per cent increase in the tax charge. Pro forma, on the current structure, the turnover is given as around EUR2800m and the EBITDA as about EUR760m. That would suggest an actual improvement in the EBITDA in the region of 23 per cent, but the two numbers are not strictly comparable as they reflect a very different make-up of businesses.

Group cement and clinker volume showed an underlying decline of 0.5 per cent to 14.45Mt. The pro-forma turnover for the business as now constructed was approximately 27Mt of cement, close to the 27.52Mta declared by a very different business structure in 2011.

The underlying downstream volumes were lower, pulled down mainly by weaker volumes in Portugal, as volumes came off by 13.8 per cent to 5.46Mt in aggregates, by 15.5 per cent to 3.25Mm³ in ready-mixed concrete and by 4.7 per cent to 0.30Mt in mortars.