Cementir: Board of Directors approves results for the year 2006

Transcription

1 Cementir: Board of Directors approves results for the year Targets met two years ahead of the /2008 three-year plan Revenues: Euro 1.05 billion, +23 Ebitda: Euro million, +34 Ebit: Euro million, +52 Pre-tax profit: Euro million, +47 Rome, February 14, Cementir Board of Directors, chaired by Francesco Caltagirone jr., today approved the fourth quarter results. Consolidated financial highlights (millions of Euro) January January December December Change Revenues 1, Ebitda Ebit Pre-tax profit Sales Volumes (thousands) January January December December Change Grey and White Cement (tons) 10,235 8, Ready Mixed Concrete (m 3 ) 4,326 3, Aggregates (m 3 ) 2,931 3, Group Employees Employee numbers 3,745 3,126 With growth in profits and consolidation of its expansion strategies which sees the Group as a global player, Cementir ended two years ahead of the financial objectives set out in the /2008 three-year plan. Revenues exceeded the Euro one billion mark set for 2008, reaching Euro 1,053 million with an increase of approximately 23 compared to Euro million in. Ebitda grew by 34 reaching Euro million (Euro million in the previous year) and thus already achieving the target set for 2008 of approximately Euro 250 million.

2 The Group, which has invested over Euro 1.1 billion in the past five years in overseas investments, has maintained a solid balance sheet and financial structure: the debt/equity ratio, at December 31,, was below 0.5. The policy of geographic diversification and strategic acquisitions has been successful, both in value creation, and in the results achieved so far. In fact, the constant increase in revenues has been accompanied by a continual increase in operating margins. Results for the year In addition to important increases in revenues and Ebitda, reports a strong increase in Ebit of 52 amounting to Euro million compared to Euro million in. Pre-tax profits also increased, from Euro million in to Euro million in, an increase of 47. The performance of the companies acquired fully confirmed expectations. There was growth in revenues across all geographic areas. The geographical breakdown of turnover saw an increase of 16 in Europa (Euro million in compared to Euro million in ) due to the good performances in the Scandinavian and Italian markets, an increase of 54 in Asia (Euro million in compared to Euro million in ) due to good sales in Turkey and the inclusion of the Edirne factory, and growth of 45 in North and Central America (Euro 51.5 million in compared to Euro 35.5 million in ) resulting from increased sales on the US market and the acquisition of Vianini Pipe. The revenues by product can be broken down as follows: Euro million sales of white and grey cement (+23) and Euro 390 million sales of ready mix concrete and aggregates (+22.8). Results at constant perimeter, excluding Vianini Pipe, 4K-Beton and the factories at Edirne and Elazig were as follows: Revenues of Euro million (+13.8) compared to Euro million in ; Ebitda of Euro million (+21.6) compared to Euro million in the previous year. Results in the fourth quarter of All financial indicators improved in the final quarter of. Revenues amounted to Euro million, compared to Euro million in the fourth quarter of (+26.3); the Ebitda amounted to Euro 60 million, compared to Euro 41.4 million in (+44) and the Ebit amounted to Euro 43.4 million compared to Euro 22.1million in the fourth quarter of (+95.6). The pre-tax profit more than doubled to Euro 47.2 million compared to Euro 20.4 million in the same period in the previous year. During the quarter distribution of Danish white cement at Tampa in Florida began, with the entry into service of the new terminal, and in Russia through the port at St Petersburg.

3 Net debt position Net debt position was Euro million, an improvement of Euro 46.6 million, compared to September 30, (Euro million). The net debt compared to December 31, (Euro million) increased by Euro 34 million, due to a number of operations completed in the year. These include: - acquisition of the Danish company 4k Beton and the simultaneous sale of the RMC activities in Poland for a net payment of Euro 9.5 million - increase in the stake from 45.7 to 57.1 in the Egyptian company Sinai White Portland Cement Company for Euro 6.6 million - acquisition of the Turkish company Elazig Cimento for Euro 96 million - a once-off payment of substitution tax on the revaluation of assets for Euro 15.1 million - industrial investments including the construction of the terminal for white cement at Tampa in Florida The net debt position as of December 31, was, excluding the payment for the acquisition of the Turkish company Elazig Cimento - the only operation not planned at the beginning of the year, better than budget by over Euro 30 million. Outlook The results for the year just ended permit, where conditions remain favourable, for further improvements in both turnover and margins in 2007 and to continue to seek out further investment opportunities. The company, during the Star Conference to be held on March 1, 2007 by Borsa Italiana, will present the Key data in the new 2007/2009 industrial plan currently being completed. Relazioni con i Media Investor Relations Chiara Raiola Tel Tel Fax Fax invrel@cementir.it

4 Performance for the full year and in the 4th quarter of Table A (Euro thousands) NET REVENUES FROM SALES AND SERVICES 1,053, , , , OTHER REVENUES 14,049 16, ,724 8, RAW MATERIAL COSTS (411,834) (333,431) (112,145) (89,810) SERVICES COSTS (243,424) (220,141) (64,087) (60,581) 5.79 PERSONNEL COSTS (148,218) (120,979) (40,504) (33,085) TOTAL OTHER OPERATING COSTS (16,549) (15,078) 9.76 (5,899) (3,936) EBITDA 247, , ,981 41, EBITDA/SALES AMORTISATION, DEPRECIATION & PROVISIONS (66,486) (65,182) 2.00 (16,559) (19,300) EBIT 180, , ,422 22, EBIT/SALES FINANCIAL RESULT (11,973) (4,298) 3, PROFIT BEFORE TAX 168, , ,202 22, Sales volumes (thousands) GREY AND WHITE CEMENT (tons) 10,235 8, ,806 2, READY MIXED CONCRETE (m 3 ) 4,326 3, ,160 1, AGGREGATES (m 3 ) 2,931 3, Group employees EMPLOYEE NUMBERS 3,745 3,126

5 Net financial position Table D (Euro thousands) 31/12/ 30/09/ 31/12/ CASH AND CASH EQUIVALENTS 117, , ,969 FINANCIAL LIABILITIES NON CURRENT (259,317) (289,849) (252,085) FINANCIAL LIABILITIES CURRENT (295,950) (360,817) (281,423) NET FINANCIAL POSITION (437,540) (484,180) (403,539)