Vicat’s cement volume declines but cement EBITDA improves

Vicat's first-half turnover improved by two per cent to EUR1243.6m, which amounts to a 6.1 per cent reduction on a comparative basis. EBITDA declined by 2.2 per cent to EUR203.1m and the margin narrowed from 17.1 per cent to 16.3 per cent.

The trading profit came off by 19.2 per cent to EUR93.3m, an underlying reduction of 25.4 per cent. After a net financial charge 5.9 per cent lower at EUR27.8m and a 40 per cent increase in the income from associates to EUR2.4m, the pretax profit declined by 19.6 per cent to EUR67.9m and the net attributable profit fell by 33.5 per cent to EUR33.7m.

Capital spending in period increased by 11.4 per cent to EUR81.3m and should amount to around EUR180m for the full year. Net debt was 0.7 per cent higher at EUR1191m, giving a gearing level of 46.8 per cent compared with 52.7 per cent a year earlier.

Cement deliveries declined by 6.6 per cent to 9.88Mt and the share of turnover from cement improved from 52 per cent to 54.8 per cent while the cement turnover improved by four per cent to EUR773m, but  EBITDA improved by five per cent to EUR163m.

Aggregates shipments were down by 8.7 per cent to 10.05Mt while ready-mixed concrete deliveries were off by 3.6 per cent to 4Mm³, leading to a turnover 0.1 per cent higher at EUR441m, or 31.3 per cent of the group total and the EBITDA was 24.9 per cent lower at EUR27m. The sales contribution from distribution and other activities fell by 3.7 per cent to EUR197m while EBITDA emerged 20.7 per cent lower at EUR13m.