Cementir's preliminary 2020 consolidated results achieve revenues of EUR1224.8m
Cementir's preliminary consolidated results for 2020 achieved record revenue from sales of EUR1224.8m, up 1.1 per cent from EUR1211.8m in 2019. EBITDA remained stable at EUR263.7m.
Sales volumes of grey and white cement and clinker totalled 10.71Mt, up 12.9 per cent from 9.49Mt in 2019 This increase is mainly attributable to the performance of the company in Turkey where cement volumes rose by 39 per cent. Ready-mix sales volumes rose to 4.44Mm3, up 7.8 per cent on 4.12Mm3 in 2019. Ready-mix saw sales rise in Turkey and to a lesser extent in Sweden. Aggregates sufferer a reverse of 9.531Mt, down 1.8 per cent from 9.71Mt in 2019. Net debt stood at EUR122.2m at the end of 2020 down from EUR239.6m in 2019.
"In 2020, despite the serious pandemic, the group showed resilience with a 12 per cent increase in cement volumes sold and revenue reaching the historical record. On a recurring basis EBITDA increased by 2.2 per cent, EBIT was up 3.6 per cent and yearly cash generation was EUR118.8m," said Francesco Caltagirone Jr, chairman and CEO.
4Q20
In the 4Q20, sales volumes of cement and clinker totalled 3.01Mt, up 17.3 per cent on the 4Q19. Sales volumes in ready-mix totalled 1.3Mm3, an increase of 24.4 per cent on the 4Q19. Aggregates sales reached 2.5Mt, advancing 5.2 per cent on the 4Q19. Revenue from sales totalled EUR328m, a 7.3 per cent rise compared to EUR305.7m in 4Q19. EBITDA totalled EUR85.7m in the 4Q20, up by 4.5 per cent on EUR82m in the 4Q19. EBIT amounted to EUR59.5m, an advance of 23.2 per cent on EUR48.3m in the 4Q19.
2021-23 Industrial plan update
The Board of Directors approved the three-year Group Industrial Plan update for the 2021-23 period and 2021 budget. The plan aims to achieve CO2 emission reductions of 30 per cent by 2030 with emissions below 500kg for grey cement. Investment in digitalisation of EUR107m is planned between 2021-23. Major investment will be carried out in Denmark with a new calcination plant for the production of FUTURECEM™, the installation of wind turbines with a capacity of 8.4MW and further spending on extending district heating from 36,000 to 50,000 households. Significant investment is also planned in Belgium to increase alternative fuels from 40 to 80 per cent, as well as investments in natural gas and biogas.
Outlook
For 2021 the group expects to achieve consolidated revenues of EUR1.3bn, EBITDA between EUR285m and EUR295m and net financial debt of approximately EUR30m at the end of the period, including investments of EUR95m.
