Cementir reported 1Q22 EBITDA of EUR60.7m

Cementir's EBITDA amounted to EUR60.7m in the 1Q22, an increase of 26.2 per cent compared to EUR48.1m in the 1Q21, following better results achieved to varying degrees in almost all the regions driven to a large extent by the revenue increase as described above.

In the first three months of 2022, cement and clinker sales volumes of 2.4Mt were up 1.8 per cent compared to 2021. The increase is attributable to the positive performance of Belgium, Denmark and the United States despite the decline in Turkey.

Sales volumes of ready-mixed concrete, equal to 1.1Mm³, remained almost stable with growth in Belgium and Norway and a fall in Turkey, Sweden and Denmark.

In the aggregates sector, sales volumes amounted to 2.7Mt, up by 5.4 per cent with increases in Belgium and Turkey, while Sweden and Denmark recorded a negative trend. Group revenue reached EUR362.3m, up 20.6 per cent compared to EUR300.5m in the 1Q21. The revenue increase is essentially driven by prices linked to the increase in the costs of fuels, electricity, raw materials, transport and services. At constant 2021 exchange rates, revenue would have reached EUR381.7m, up 27 per cent on the same period of the previous year. 

Operating costs of EUR333.1m increased by 29.9 per cent compared to EUR256.6m in the first quarter of 2021. The cost of raw materials rose to EUR182.8m (EUR 123.7m in the first quarter of 2021), due to the generalised increase in fuel prices on international markets and higher volumes of activity mainly in Denmark and Belgium. 

Personnel costs, equal to EUR48.8m, increased by 4.2 per cent compared to EUR46.8m in the 1Q21. Other operating costs, equal to EUR 101.5m, recorded an increase of 18 per cent compared to EUR86m in the first quarter of 2021. 

EBITDA margin stood at 16.7 per cent, showing an increase in industrial profitability compared to the 1Q21 (16 per cent). At constant exchange rates with previous year 2021, EBITDA would have been EUR56.8m, up 18.1 per cent compared to the same period last year. After EUR27.8m of amortisation, depreciation, write-downs and provisions (EUR27m in the 1Q21), EBIT reached EUR 32.9m compared to EUR21m in the same period of the previous year. Amortisation and depreciation due to IFRS 16 application was EUR7.1m compared to EUR6.8m in the same period of 2021. At constant 2021 exchange rates, EBIT would have been EUR28.3m.

Pre-tax profit was EUR42.4m (EUR15.6m in 1Q21). Net financial debt as at 31 March 2022 was EUR88.6m (EUR167.8m at 31 March 2021).