According to the National Cement Association (SNIC) cement sales in Brazil grew 11 per cent YoY in 2020, which also boosted the recovery of prices in the local market. The growth was driven by changes in consumption patterns in the country during the pandemic that led to an increase in civil construction, by the emergency aid granted by the federal government, and by low interest rates, which also resulted in the recovery of the real estate market.
Votorantim Cimentos’ net revenue in Brazil in 2020 was BRL7.9bn (US$1.41m), a 23 per cent increase compared to 2019. Adjusted EBITDA grew 47 per cent, to BRL1.6bn.
North America (VCNA)
In North America net revenue totalled BRL5.4bn last year, a 43 per cent increase compared to 2019. Adjusted EBITDA in the region in 2020 was BRL1.5bn, up 43 per cent. Positive results in North America were mainly due to the effect of exchange rates, higher sales volume in Canada in the second quarter, solid sales volume in the USA and the milder winter at the beginning of the year.
Europe, Asia and Africa (VCEAA)
In Europe, Asia and Africa, net revenue in 2020 was BRL2.6bn, an increase of 22 per cent over the previous year. The region was the most impacted by the coronavirus pandemic, at different times and intensity, with operational performance resuming during the year. Adjusted EBITDA in the region was BRL528m, an increase of 21 per cent over 2019, as an effect of the real devaluation.
Latin America (VCLATAM)
In Latin America net revenue in 2020 was BRL823m, an increase of 25 per cent compared to 2019. Adjusted EBITDA in 2020 was BRL233m, up 98 per cent. The increase was driven by high sales volume in Uruguay, which partially offset the challenging market situation in Bolivia, created both by the coronavirus pandemic and by local macroeconomic challenges.
