Cementir Board announces forecasts for 2016, new organisational structure
Cementir Holding SpA's Board of Directors has approved the forecasts for the year 2016 and a new organisational structure for the group.
The Group is expecting to achieve EBITDA of around EUR190m next year, and net financial debt of about EUR180m, with planned industrial investments of around EUR65-70m. The Italian cement producer said these forecasts are based on conservative assumptions, especially for Turkey, where the geopolitical situation is still highly unstable, with possible effects on the Turkish lira.
In terms of volumes, Cementir forecasts growth in both cement dispatches (particularly in Scandinavia, Egypt and Malaysia) and ready-mixed concrete deliveries (in particular in Turkey and Italy). Waste treatment subsidiaries in Turkey and the UK are expected to improve their operations. It also expects a reduction of fixed costs, as well as efficiency savings on energy costs.
New organisational structure for the Group
The Board of Directors has also approved a new organisational structure designed to strengthen management at regional level and allow the parent to focus on strategic policies and acquisitions, in support of the development strategy.
As of 1 January 2016, the Group's new organisational structure will be centred around four areas: the Nordic&Baltic and USA Region, which includes the United Kingdom, Poland, Iceland, Russia and the United States, in addition to the Scandinavian countries, the Eastern Mediterranean Region, which comprises Turkey and Egypt, the Asia-Pacific Region, with China, Malaysia and Australia, and, lastly, Italy.
The Nordic & Baltic and USA region will be headed by Riccardo Nicolini, the current General Manager of Cementir Holding SpA. The Eastern Mediterranean Region will be managed by Paolo Zugaro, current CEO of Nordic & Baltic. Taner Aykaç, who currently holds the position of CEO of Cimentas in Turkey, will become Chief Business Integration Officer at Cementir Holding and will manage the Group’s post-acquisition integration projects.
As a natural consequence of the overall organisational restructuring, the role of General Manager will be eliminated and the Parent functions will all report directly to the Chief Executive Officer.
The organisational changes include the creation of two new functions of the Parent: Logistics, headed by Ansko Neumann, and Institutional Relations, which has been assigned to Andrea Colucci, both reporting directly to the Chief Executive Officer.
