Cementir Holding’s cement and clinker sales for 2016 amounted to 10.1Mt in 2016, up 7.9 per cent on 2015. Strong sales in Malaysia and Scandinavia offset poor returns in Italy, where cement sales fell, while the depreciation of local currencies compared to the EUR was negative EUR46.8m.

Danish grey and white cement sales rose by 9.5 per cent during 2016 although ready-mix sales fell -1.3 per cent.

In Turkey cement and ready-mix sales rose by five and 27 per cent, respectively. Turkish revenues amounted to EUR214.9m in 2016.

In Egypt the sales revenues amounted to EUR45.2m compared to EUR55.2m in 2015, a 12.3 per cent fall caused by the depreciation of the Egyptian pound against the euro. Exports of white cement from Turkey were stable with dollar prices falling in all major end markets, including Saudi Arabia, USA and Russia.

Compagnie des Ciments Belges SA (CCB) in Belgium contributed revenues of EUR38.7m in the last two months of 2016.

The Malaysian region recorded revenues from sales of EUR39.3m compared to EUR38m in 2015. Overall sales of white cement and clinker rose by 2.8 per cent, while average export prices of white cement and clinker to Australia rose. Export quantities from Malaysia rose by four per cent in 2016 with higher sales in Vietnam and South Korea.

Operating costs of EUR869.9m were up by EUR68.6m on 2015. EBITDA was EUR197.8m, up two per cent on the EUR194m in 2015, while group net profits reached EUR67.3m compared to EUR67.6m in 2015. EBITDA in the Nordic and Baltic and USA areas was EUR143.5m, up 39.2 per cent on EUR103.1m in 2015.

Meanwhile, capital expenditure amounted to EUR71.8m in 2016 of which EUR50.1m was spent on cement operations. Net debt was EUR562.4m at the end of 2016, up EUR340.4m on the previous year.

During 2016 Cementir consolidated the CCB group in Belgium and Sacci Cement in Italy.

Outlook
The group expects to record an EBITDA of around EUR215m in 2017 and forecasts higher sales volumes of cement in Egypt, Scandinavia and Italy, while ready-mix contributions should rise in Turkey, Scandinavia and Italy. Capital expenditure is forecast at EUR 92m and net debt is expected to  be reduced to around EUR530m.