Vicat’s profits declines in most markets

French cement major Vicat saw its profits decline in most markets last year with the USA and India being the only exceptions.

Turnover improved by 1.5 per cent in 2015 to EUR2457.9m and EBITDA was up by the same percentage to EUR448m, while at unchanged parameters there would have been declines of 4.4 per cent and 4.3 per cent, respectively. 

The trading profit fell by 4.8 per cent to EUR249.7m, with the reduction at unchanged parameters being 10.4 per cent as the stronger dollar had a beneficial effect on the reported figures. The net financial charge was 22.3 per cent lower at EUR37m and after 2.8 per cent higher contribution from associates the pretax profit improved by 1.7 per cent to EUR206.4m. After a 7.1 per cent higher tax charge of 30.9 per cent and a 40.8 per cent higher minorities charge of EUR21.1m, the net attributable profit emerged 5.4 per cent higher at EUR121.5m.

Net debt at the end of the year was 0.4 per cent lower at EUR1018m and represented 45.2 per cent of total shareholders' funds, compared with 41.6 per cent a year earlier. Capital investment in the year was increased by 7.1 per cent to EUR167m, while net spending on acquisitions declined from EUR74m to EUR19m.

In terms of activity split, turnover in cement improved by 0.8 per cent to EUR1495m and accounted for 53.2 per cent of the total, as cement deliveries declined by 3.6 per cent to 19.79Mt, but EBITDA increased by 6.4 per cent to EUR362m. The concrete and aggregates operations turned over 3.6 per cent more at EUR914m while declined by 13.5 per cent to EUR61m with volumes declining by 1.3 per cent to 20.95Mt in aggregates but improved by 3.2 per cent to 8.54Mm³ in ready-mixed concrete. Other products and services produced a 0.4 per cent increase in turnover to EUR400m while the EBITDA contribution declined by 15.8 per cent to EUR25m.