Cementos Molins closed 2022 with revenues amounting to EUR1268m, up 31 per cent compared to previous year, driven by sales increase across all businesses and the significant contribution of acquisitions completed last year. On a LfL basis, revenues increased by 18 per cent.
EBITDA reached EUR276m, 14 per cent higher than previous year, due to the performance of South American and Asian businesses and the contribution by the acquisitions. High negative impact of inflation on costs has been offset by selling prices increases and the positive contribution of operational efficiency plans. On a LfL basis, EBITDA increased by 11 per cent. The change in the business portfolio, with a lower weight of cement business after acquisitions, and the inflation have eroded the profit margin by 320 bps compared to previous year, standing the annual EBITDA margin at 21.8 per cent.
Cementos Molins reached a net profit of EUR112m, seven per cent higher than previous year despite a higher negative impact of hyperinflation adjustment in Argentina during the fourth quarter. The effective tax rate without hyperinflation has been 28 per cent, contributing to the generation of wellbeing and wealth in the communities where the company has operations.
In terms of net financial debt, it decreased by 18 per cent in 2022 to EUR145m, equivalent to a net financial debt/EBITDA multiple of only 0.5 times. This sound financial balance is a great lever to enable new growth opportunities as well as to continue investing in the 2030 sustainability roadmap.
"We have achieved record sales and profits in a very complex year with a constantly changing environment; despite this, once again we have been able to confirm the strength of our business model by achieving the objectives of the strategic plan 2020-2023 one year ahead" explains Julio Rodríguez, CEO of Cementos Molins. "I would like to highlight that these results are the consequence of the contribution and talent of the Cementos Molins team worldwide, and imply a boost of energy to continue working on the priority objective: our 2030 Sustainability Roadmap” adds Rodríguez.
Sustainability Roadmap 2030 first anniversary
In addition to the financial milestones, February marks the first year of Cementos Molins' Sustainability Roadmap 2030 launch.Through this roadmap the company will reduce the emissions by 20 per cent in 2030 with the commitment to supply carbon-neutral concrete in 2050.
