Buzzi Unicem's Board of Directors assesses 2020 Consolidated Financial Statement

The Board of Directors of Buzzi Unicem SpA have examined the statutory and consolidated financial statements for the year ended 31 December 2020. 

In the year under review, the group sold 29.3Mt of cement, up 0.4 per cent compared to 2019 and 11.7Mm³ of ready-mix concrete, down compared to the figure recorded in the previous year (-3.1 per cent).

Consolidated net sales remained virtually unchanged during the two years, increasing from EUR3221.4m to EUR3222.4m. Changes in scope had a favourable effect of EUR12.6m, while the exchange rate effect was unfavourable for EUR69.2m. Like for like net sales would have been up 1.8 per cent. 

EBITDA stood at EUR781m, up 7.2 per cent compared to EUR728.1m of the previous year. The strengthening of operating results in the USA, Germany and eastern Europe, particularly in Poland, achieved despite an unfavourable foreign exchange effect, more than offset the slowdown recorded in Italy and Benelux.

Consolidated net debt as at 31 December 2020 stood at EUR241.6m, down EUR326.2m from EUR567.8m at year-end 2019. The group disposed of all the assets belonging to the associate Kosmos Cement in the first quarter. The group also began the erection of the new cement grinding unit in Korkino in Russia (EUR5.4m) and the construction of a new clinker storage in San Antonio, Texas (EUR1.6m), where also works for the installation of a photovoltaic power system began (EUR1.1m).

In 2020 the parent company Buzzi Unicem SpA reported a net profit of EUR293.4m (EUR82.7m in 2019).