In Brazil Votorantim Cimentos 2022 net revenue was BRL12.7bn (US$2.4bn), 23 per cent higher than in 2021. Positive price dynamics offset the slight drop in cement sales, mainly in the self-construction segment, which was impacted by the economic situation but also partially offset by the real estate and infrastructure sectors. Adjusted EBITDA was BRL2.4bn, up two per cent when compared with 2021. In addition to price dynamics, the growth of adjacent businesses contributed to this result and mitigated cost pressures throughout the year.
In North America net revenue was BRL7.4bn last year, an increase of four per cent over 2021, thanks to the positive demand in the US and Canadian markets, combined with the additional sales brought by McInnis, an acquisition completed in April 2021. Adjusted EBITDA in the region was BRL1.6bn in 2022, down 15 per cent, primarily due to the impact of inflation on costs (including fuel, raw materials and energy), in addition to the appreciation of the real throughout the year.
In Europe, Asia and Africa, net revenue increased 16 per cent in 2022 compared to 2021, totalling BRL3.4bn. Adjusted EBITDA in the region was BRL676m, a 20 per cent increase over the previous year. In 2022 sales in Spain and Tunisia increased both organically and as a result of additional volume brought by the Alconera plant, acquired in October 2021.
In Latin America net revenue was BRL812m in 2022, down 17 per cent compared to 2021. Adjusted EBITDA was BRL138m, down 42 per cent. The region’s results were primarily impacted by market dynamics in Uruguay, where a new competitor entered the market (Cementos Artigas Minas plant), and in Bolivia, where protests and strikes in the region where the company operates affected prices and sales.
