Regulatory News:
New geographical segmentation: following the acquisition of Ciplan in Brazil, the Group has adjusted the geographical structure of its internal reporting used by Senior Management to monitor and measure the Group's economic performance. Vicat (Paris:VCT) will report its figures, as of the publication of the first-quarter 2019 sales, based on the following six regions:
- France
- Europe (excluding France), combining Switzerland and Italy
- Americas, made up of the United States and Brazil
- Asia, encompassing India and Kazakhstan
- Mediterranean, consisting of Turkey and Egypt
- Africa, comprising Senegal, Mali and Mauritania
First-time adoption of IFRS 16: the Group has adopted the full retrospective approach at the transition date. The main impacts of the first application of IFRS16 on equity as at January 1, 2018 and on the 2018 annual and interim consolidated financial statements are presented below.
In order to compare the Group's future performance with that of 2018 in each of these new regions, the 2018 quarterly sales, half-year and full-year results are presented below on a pro forma basis (excluding Brazil), after taking into account the application of IFRS16.
1. First-time adoption of IFRS 16
1.1 Consolidated statement of financial position: reconciliation from reported to restated figures at 30 June and 31 December 2018
Consolidated statement of financial position | ||||||||||||||||||
ASSETS (in thousands of euros) | 31/12/2017 restated | Restatements IFRS 16 | 31/12/2017 published | 30/06/2018 restated | Restatements IFRS 16 | 30/06/2018 published | 31/12/2018 restated | Restatements IFRS 16 | 31/12/2018 published | |||||||||
NON CURRENT ASSETS | ||||||||||||||||||
Goodwill | 1 006 987 | 1 006 987 | 1 005 213 | 1 005 213 | 1 006 753 | 1 006 753 | ||||||||||||
Other intangible assets | 117 959 | 117 959 | 112 950 | 112 950 | 118 316 | 118 316 | ||||||||||||
Rights of use relating to leases | 200 725 | 200 725 | 0 | 202 542 | 202 542 | 0 | 223 792 | 223 792 | 0 | |||||||||
Property, plant and equipment | 1 837 759 | 1 837 759 | 1 800 464 | 1 800 464 | 1 806 040 | 1 806 040 | ||||||||||||
Investment properties | 16 240 | 16 240 | 15 735 | 15 735 | 15 491 | 15 491 | ||||||||||||
Investments in associated companies | 40 696 | 40 696 | 42 358 | 42 358 | 53 044 | 53 044 | ||||||||||||
Deferred tax assets | 98 603 | 2 970 | 95 633 | 119 328 | 3 340 | 115 988 | 93 394 | 3 848 | 89 546 | |||||||||
Receivables and other non current financial assets | 77 557 | 77 557 | 108 424 | 108 424 | 152 831 | 152 831 | ||||||||||||
Total non current assets | 3 396 526 | 203 695 | 3 192 831 | 3 407 014 | 205 882 | 3 201 132 | 3 469 661 | 227 640 | 3 242 021 | |||||||||
CURRENT ASSETS | ||||||||||||||||||
Inventories and work in progress | 351 303 | 351 303 | 341 166 | 341 166 | 385 133 | 385 133 | ||||||||||||
Trade and other accounts | 408 092 | 408 092 | 493 708 | 493 708 | 407 085 | 407 085 | ||||||||||||
Current tax assets | 45 001 | 45 001 | 49 555 | 49 555 | 42 215 | 42 215 | ||||||||||||
Other receivables | 174 251 | 174 251 | 194 636 | (43) | 194 679 | 142 745 | (59) | 142 804 | ||||||||||
Cash and cash equivalents | 265 364 | 265 364 | 278 227 | 278 227 | 314 633 | 314 633 | ||||||||||||
Total current assets | 1 244 011 | 0 | 1 244 011 | 1 357 292 | (43) | 1 357 335 | 1 291 811 | (59) | 1 291 870 | |||||||||
TOTAL ASSETS | 4 640 537 | 203 695 | 4 436 842 | 4 764 306 | 205 839 | 4 558 467 | 4 761 472 | 227 581 | 4 533 891 | |||||||||
LIABILITIES (in thousands of euros) | 31/12/2017 restated | Restatements IFRS 16 | 31/12/2017 published | 30/06/2018 restated | Restatements IFRS 16 | 30/06/2018 published | 31/12/2018 restated | Restatements IFRS 16 | 31/12/2018 published | |||||||||
SHAREHOLDERS' EQUITY | ||||||||||||||||||
Share capital | 179 600 | 179 600 | 179 600 | 179 600 | 179 600 | 179 600 | ||||||||||||
Additional paid in capital | 11 207 | 11 207 | 11 207 | 11 207 | 11 207 | 11 207 | ||||||||||||
Consolidated reserves | 1 976 285 | (9 028) | 1 985 313 | 1 922 354 | (10 022) | 1 932 376 | 2 068 460 | (11 671) | 2 080 131 | |||||||||
Shareholders' equity | 2 167 092 | (9 028) | 2 176 120 | 2 113 161 | (10 022) | 2 123 183 | 2 259 267 | (11 671) | 2 270 938 | |||||||||
Minority interests | 233 369 | (73) | 233 442 | 215 428 | (37) | 215 465 | 221 474 | (26) | 221 500 | |||||||||
Shareholders' equity and minority interests | 2 400 461 | (9 101) | 2 409 562 | 2 328 589 | (10 059) | 2 338 648 | 2 480 741 | (11 697) | 2 492 438 | |||||||||
NON CURRENT LIABILITIES | ||||||||||||||||||
Provisions for pensions and other post employment benefits | 115 084 | 115 084 | 114 271 | 114 271 | 118 344 | 118 344 | ||||||||||||
Other provisions | 70 703 | 70 703 | 107 685 | 107 685 | 70 757 | 70 757 | ||||||||||||
Financial debts and put options | 928 403 | 928 403 | 1 042 986 | (163) | 1 043 149 | 882 203 | (141) | 882 344 | ||||||||||
Lease liabilities | 166 596 | 166 596 | 0 | 168 532 | 168 532 | 0 | 193 306 | 193 306 | 0 | |||||||||
Deferred tax liabilities | 182 291 | (150) | 182 441 | 166 571 | (117) | 166 688 | 181 392 | (210) | 181 602 | |||||||||
Other non current liabilities | 1 398 | 1 398 | 1 292 | 1 292 | 5 365 | 90 | 5 275 | |||||||||||
Total non current liabilities | 1 464 475 | 166 446 | 1 298 029 | 1 601 337 | 168 252 | 1 433 085 | 1 451 367 | 193 045 | 1 258 322 | |||||||||
CURRENT LIABILITIES | ||||||||||||||||||
Provisions | 8 738 | 8 738 | 8 175 | 8 175 | 9 604 | 9 604 | ||||||||||||
Financial debts and put options at less than one year | 138 499 | 138 499 | 149 935 | (45) | 149 980 | 153 516 | (45) | 153 561 | ||||||||||
Lease liabilities at less than one year | 46 350 | 46 350 | 0 | 48 227 | 48 227 | 0 | 47 048 | 47 048 | 0 | |||||||||
Trade and other accounts payable | 328 450 | 328 450 | 337 336 | (536) | 337 872 | 358 753 | (441) | 359 194 | ||||||||||
Current taxes payable | 41 188 | 41 188 | 37 800 | 37 800 | 38 273 | 38 273 | ||||||||||||
Other liabilities | 212 376 | 212 376 | 252 907 | 252 907 | 222 170 | (329) | 222 499 | |||||||||||
Total current liabilities | 775 601 | 46 350 | 729 251 | 834 380 | 47 646 | 786 734 | 829 364 | 46 233 | 783 131 | |||||||||
Total liabilities | 2 240 076 | 212 796 | 2 027 280 | 2 435 717 | 215 898 | 2 219 819 | 2 280 731 | 239 278 | 2 041 453 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 4 640 537 | 203 695 | 4 436 842 | 4 764 306 | 205 839 | 4 558 467 | 4 761 472 | 227 581 | 4 533 891 |
1.2 Consolidated income statement: reconciliation from reported to restated figures for H1 2018 and FY 2018
Consolidated income statement | ||||||||
(in thousands of euros) | 30/06/2018 restated | Restatements IFRS 16 | 30/06/2018 published | 31/12/2018 restated | Restatements IFRS 16 | 31/12/2018 published | ||
Sales | 1 281 261 | 1 281 261 | 2 582 465 | 2 582 465 | ||||
Goods and services purchased | (834 071) | 27 565 | (861 636) | (1 644 858) | 57 802 | (1 702 660) | ||
Added value | 447 190 | 27 565 | 419 625 | 937 607 | 57 802 | 879 805 | ||
Personnel costs | (213 458) | (213 458) | (428 963) | (428 963) | ||||
Taxes | (34 508) | (34 508) | (59 431) | (59 431) | ||||
Gross operating income | 199 224 | 27 565 | 171 659 | 449 213 | 57 802 | 391 411 | ||
Depreciation, amortization and provisions | (117 220) | (24 354) | (92 866) | (236 075) | (51 981) | (184 094) | ||
Other income and expenses | 19 650 | 19 650 | 35 698 | 35 698 | ||||
Operating income | 101 654 | 3 211 | 98 443 | 248 836 | 5 821 | 243 015 | ||
Cost of net financial debt | (15 177) | (4 164) | (11 013) | (29 359) | (8 772) | (20 587) | ||
Other financial income | 7 091 | 7 091 | 20 024 | 20 024 | ||||
Other financial expenses | (7 814) | (7 814) | (18 708) | (18 708) | ||||
Net financial income (expense) | (15 900) | (4 164) | (11 736) | (28 043) | (8 772) | (19 271) | ||
Earnings from associated companies | 2 070 | 2 070 | 3 737 | 3 737 | ||||
Profit (loss) before tax | 87 824 | (953) | 88 777 | 224 530 | (2 951) | 227 481 | ||
Income tax | (26 739) | 243 | (26 982) | (65 867) | 790 | (66 657) | ||
Consolidated net income | 61 085 | (710) | 61 795 | 158 663 | (2 161) | 160 824 | ||
Portion attributable to minority interests | 2 949 | 37 | 2 912 | 9 781 | 52 | 9 729 | ||
Portion attributable to the Group | 58 136 | (747) | 58 883 | 148 882 | (2 213) | 151 095 | ||
EBITDA | 224 343 | 27 565 | 196 778 | 492 318 | 57 802 | 434 516 | ||
EBIT | 106 996 | 3 212 | 103 784 | 255 059 | 5 821 | 249 238 | ||
Cash flow from operations | 171 289 | 23 401 | 147 888 | 387 476 | 49 034 | 338 442 | ||
Earnings per share (in euros) | ||||||||
Basic and diluted Group share of net earnings per share | 1,29 | -0,02 | 1,31 | 3,32 | -0,05 | 3,37 |
1.3 Statement of comprehensive income: reconciliation from reported to restated figures for H1 2018 and FY 2018
Consolidated statement of comprehensive income | |||||||
(in thousands of euros) | 30/06/2018 restated | Restatements IFRS 16 | 30/06/2018 published | 31/12/2018 restated | Restatements IFRS 16 | 31/12/2018 published | |
Consolidated net income | 61 085 | (710) | 61 795 | 158 663 | (2 161) | 160 824 | |
Other comprehensive income items | |||||||
Items not recycled to profit or loss : | |||||||
Remeasurement of the net defined benefit liability | 4 536 | 4 536 | 6 289 | 6 289 | |||
Tax on non-recycled items | (1 165) | (1 165) | (1 613) | (1 613) | |||
Items recycled to profit or loss : | |||||||
Net income from change in translation differences | (46 158) | (250) | (45 908) | (61 365) | (437) | (60 928) | |
Cash flow hedge instruments | (3 594) | (3 594) | 759 | 759 | |||
Tax on recycled items | 928 | 928 | (197) | (197) | |||
Other comprehensive income (after tax) | (45 453) | (250) | (45 203) | (56 127) | (437) | (55 690) | |
Total comprehensive income | 15 632 | (960) | 16 592 | 102 536 | (2 598) | 105 134 | |
Portion attributable to minority interests | (7 003) | 35 | (7 038) | (2 454) | 46 | (2 500) | |
Portion attributable to the Group | 22 635 | (995) | 23 630 | 104 990 | (2 644) | 107 634 |
1.4 Statement of cash flow: reconciliation from reported to restated figures for H1 2018 and FY 2018
Consolidated statement of cash flow | |||||||
(in thousands of euros) | 30/06/2018 restated | Restatements IFRS 16 | 30/06/2018 published | 31/12/2018 restated | Restatements IFRS 16 | 31/12/2018 published | |
Cash flows from operating activities | |||||||
Consolidated net income | 61 085 | (710) | 61 795 | 158 663 | (2 161) | 160 824 | |
Earnings from associated companies | (2 070) | (2 070) | (3 737) | (3 737) | |||
Dividends received from associated companies | 1 346 | 1 346 | 2 492 | 2 492 | |||
Elimination of non cash and non operating items | 0 | 0 | |||||
- depreciation, amortization and provisions | 112 540 | 24 354 | 88 186 | 233 671 | 51 981 | 181 690 | |
- deferred taxes | 1 571 | (243) | 1 814 | 4 720 | (790) | 5 510 | |
- net (gain) loss from disposal of assets | (3 454) | (3 454) | (8 582) | (8 582) | |||
- unrealized fair value gains and losses | 157 | 157 | 353 | 353 | |||
- other | 114 | 114 | (108) | (108) | |||
Cash flows from operating activities | 171 289 | 23 401 | 147 888 | 387 472 | 49 030 | 338 442 | |
Change in working capital requirement | (61 082) | (61 082) | (5 394) | (5 394) | |||
Net cash flows from operating activities | 110 207 | 23 401 | 86 806 | 382 078 | 49 030 | 333 048 | |
Cash flows from investing activities | |||||||
Outflows linked to acquisitions of non-current assets | |||||||
- property, plant and equipment and intangible assets | (78 402) | (78 402) | (180 224) | (180 224) | |||
- financial investments | (21 608) | (21 608) | (28 469) | (28 469) | |||
Inflows linked to disposals of non-current assets | |||||||
- property, plant and equipment and intangible assets | 4 529 | 4 529 | 14 049 | 14 049 | |||
- financial investments | 4 983 | 4 983 | 3 939 | 3 939 | |||
Impact of changes in consolidation scope | (12 984) | (12 984) | (22 686) | (22 686) | |||
Net cash flows from investing activities | (103 482) | 0 | (103 482) | (213 391) | 0 | (213 391) | |
Cash flows from financing activities | |||||||
Dividends paids | (76 872) | (76 872) | (72 976) | (72 976) | |||
Increases in capital | 0 | 0 | |||||
Proceeds from borrowings | 126 976 | 126 976 | 114 838 | 114 838 | |||
Repayments of borrowings | (47 464) | (23 401) | (24 063) | (226 824) | (49 030) | (177 794) | |
Repayments of lease liabilities | 0 | 0 | 0 | 0 | |||
Acquisitions of treasury shares | (16 153) | (16 153) | (927) | (927) | |||
Disposals or allocations of treasury shares | 17 658 | 17 658 | 68 876 | 68 876 | |||
Net cash flows from financing activities | 4 145 | (23 401) | 27 546 | (117 013) | (49 030) | (67 983) | |
Impact of changes in foreign exchange rates | (8 676) | (8 676) | (9 766) | (9 766) | |||
Change in cah position | 2 194 | 0 | 2 194 | 41 908 | 0 | 41 908 | |
Net cash and cash equivalents opening balance | 220 058 | 220 058 | 220 058 | 220 058 | |||
Net cash and cash equivalents closing balance | 222 252 | 222 252 | 261 969 | 261 969 |
1.5 Statement of changes in consolidated equity: reconciliation from reported to restated figures at 30 June 2018
Statement of changes in consolidated equity | ||||||||
(in thousands of euros) | Capital | Additional paid in capital | Treasury shares | Consolidated reserves | Translation reserves | Share-holders' equity | Minority interests | Total share-holders' equity and minority interests |
At January 1, 2018 published | 179 600 | 11 207 | (60 714) | 2 406 371 | (360 344) | 2 176 120 | 233 442 | 2 409 562 |
Restatements IFRS16 1/01/2018 | (9 028) | (9 028) | (72) | (9 100) | ||||
At January 1, 2018 restated | 179 600 | 11 207 | (60 714) | 2 397 343 | (360 344) | 2 167 092 | 233 370 | 2 400 462 |
Half-year consolidated net income | 58 883 | 58 883 | 2 912 | 61 795 | ||||
Restatements IFRS16 on the half-year consolidated net income | (747) | (747) | 37 | (710) | ||||
Other comprehensive income | (75) | (35 179) | (35 254) | (9 950) | (45 204) | |||
Restatements IFRS16 on the other comprehensive income | (247) | (247) | (2) | (249) | ||||
Total comprehensive income | 58 808 | (35 179) | 23 629 | (7 038) | 16 591 | |||
Restatements IFRS16 on the total comprehensive income | (747) | (247) | (994) | 35 | (959) | |||
Total comprehensive income restated | 58 061 | (35 426) | 22 635 | (7 003) | 15 632 | |||
Dividends paids | (66 375) | (66 375) | (6 696) | (73 071) | ||||
Net change in treasury shares | 1 979 | (352) | 1 627 | 1 627 | ||||
Changes in consolidation scope and additional acquisitions | (10 884) | (10 884) | (4 806) | (15 690) | ||||
Other changes | (934) | (934) | 563 | (371) | ||||
At June 30, 2018 published | 179 600 | 11 207 | (58 735) | 2 386 634 | (395 523) | 2 123 183 | 215 465 | 2 338 648 |
Restatements IFRS16 at June 30, 2018 | (9 775) | (247) | (10 022) | (37) | (10 059) | |||
At June 30, 2018 restated | 179 600 | 11 207 | (58 735) | 2 376 859 | (395 770) | 2 113 161 | 215 428 | 2 328 589 |
1.6 Statement of changes in consolidated equity: reconciliation from reported to restated figures at 31 December 2018
Statement of changes in consolidated equity | ||||||||
(in thousands of euros) | Capital | Additional paid in capital | Treasury shares | Consolidated reserves | Translation reserves | Share-holders' equity | Minority interests | Total share-holders' equity and minority interests |
At January 1, 2018 published | 179 600 | 11 207 | (60 714) | 2 406 371 | (360 344) | 2 176 120 | 233 442 | 2 409 562 |
Restatements IFRS16 1/01/2018 | (9 028) | (9 028) | (72) | (9 100) | ||||
At January 1, 2018 restated | 179 600 | 11 207 | (60 714) | 2 397 343 | (360 344) | 2 167 092 | 233 370 | 2 400 462 |
Consolidated net income | 151 095 | 151 095 | 9 729 | 160 824 | ||||
Restatements IFRS16 on the consolidated net income | (2 212) | (2 212) | 51 | (2 161) | ||||
Other comprehensive income | (3 888) | (39 573) | (43 461) | (12 229) | (55 690) | |||
Restatements IFRS16 on the other comprehensive income | (431) | (431) | (5) | (436) | ||||
Total comprehensive income | 147 207 | (39 573) | 107 634 | (2 500) | 105 134 | |||
Restatements IFRS16 on the total comprehensive income | (2 212) | (431) | (2 643) | 46 | (2 597) | |||
Total comprehensive income restated | 144 995 | (40 004) | 104 991 | (2 454) | 102 537 | |||
Dividends paids | (66 180) | (66 180) | (6 765) | (72 945) | ||||
Net change in treasury shares | 4 570 | (3 397) | 1 173 | 1 173 | ||||
Changes in consolidation scope and additional acquisitions | (10 880) | (10 880) | (4 806) | (15 686) | ||||
Other changes | 63 071 | 63 071 | 2 129 | 65 200 | ||||
At December 31, 2018 published | 179 600 | 11 207 | (56 144) | 2 536 192 | (399 917) | 2 270 938 | 221 500 | 2 492 438 |
Restatements IFRS16 at December 31, 2018 | (11 240) | (431) | (11 671) | (26) | (11 697) | |||
At December 31, 2018 restated | 179 600 | 11 207 | (56 144) | 2 524 952 | (400 348) | 2 259 267 | 221 474 | 2 480 741 |
2. New geographical segmentation
2.1 Quarterly consolidated sales in 2018
In thousands of euros | Q1 2018 | Q1 2017 | % change | % change | ||||
France | 208,481 | 195,954 | +6.4% | +5.9% | ||||
Europe (excluding France) | 73,688 | 80,388 | -8.3% | -1.9% | ||||
Americas (excluding Brazil) | 87,004 | 83,918 | +3.7% | +19.7% | ||||
Asia | 94,078 | 78,570 | +19.7% | +33.3% | ||||
Mediterranean | 49,019 | 52,084 | -5.9% | +11.5% | ||||
Africa | 60,508 | 60,261 | +0.4% | +1.4% | ||||
Total | 572,777 | 551,174 | 3.9% | +10.8% | ||||
In thousands of euros | Q2 2018 | Q2 2017 | % change | % change | ||||
France | 264,336 | 248,376 | +6.4% | +6.4% | ||||
Europe (excluding France) | 110,469 | 116,279 | -5.0% | +1.4% | ||||
Americas (excluding Brazil) | 106,648 | 107,918 | -1.2% | +7.6% | ||||
Asia | 105,437 | 94,456 | +11.6% | +26.1% | ||||
Mediterranean | 60,297 | 73,006 | -17.4% | +5.9% | ||||
Africa | 61,296 | 56,473 | +8.5% | +8.8% | ||||
Total | 708,484 | 696,507 | +1.7% | +8.6% |
In thousands of euros | Q3 2018 | Q3 2017 | % change | % change | ||||
France | 236,085 | 220,888 | +6.9% | +6.9% | ||||
Europe (excluding France) | 108,051 | 117,884 | -8.3% | -9.9% | ||||
Americas (excluding Brazil) | 112,909 | 104,673 | +7.9% | +9.5% | ||||
Asia | 106,389 | 97,276 | +9.4% | +9.5% | ||||
Mediterranean | 51,259 | 78,230 | -34.5% | +9.1% | ||||
Africa | 50,961 | 53,953 | -5.5% | +6.2% | ||||
Total | 665,654 | 672,903 | -1.1% | +4.0% | ||||
In thousands of euros | Q4 2018 | Q4 2017 | % change | % change | ||||
France | 241,054 | 225,201 | +7.0% | +7.0% | ||||
Europe (excluding France) | 97,968 | 95,524 | +2.6% | -1.6% | ||||
Americas (excluding Brazil) | 97,702 | 96,395 | +1.4% | -2.6% | ||||
Asia | 93,144 | 93,213 | -0.1% | +7.3% | ||||
Mediterranean | 43,063 | 76,455 | -43.7% | -26.7% | ||||
Africa | 62,619 | 56,090 | +11.6% | +11.5% | ||||
Total | 635,550 | 642,879 | -1.1% | +0.7% |
2.2 2018 operational sales by business
2018 | ||||||||||
In thousands of euros | Cement | Concrete | Other | Inter-sector | Consolidated | |||||
France | 378,986 | 479,131 | 280,794 | -188,955 | 949,956 | |||||
Europe (excluding France) | 153,019 | 158,356 | 124,898 | -46,096 | 390,176 | |||||
Americas (excluding Brazil) | 217,353 | 248,498 | 0 | -61,588 | 404,263 | |||||
Asia | 390,296 | 5,896 | 7,797 | -4,941 | 399,048 | |||||
Mediterranean | 162,001 | 66,825 | 18,304 | -43,493 | 203,638 | |||||
Africa | 184,092 | 51,461 | 0 | -170 | 235,384 | |||||
Operational sales | 1,485,748 | 1,010,167 | 431,793 | -345,243 | 2,582,465 | |||||
Inter-sector eliminations | -233,538 | -19,932 | -91,773 | 345,243 | ||||||
Consolidated sales | 1,252,210 | 990,235 | 340,020 | 0 | 2,582,465 |
2.3 2018 EBITDA (after first-time adoption of IFRS 16)
In thousands of euros | H1 2018 | H2 2018 | 2018 | |||
France | 74,643 | 100,692 | 175,335 | |||
Europe (excluding France) | 39,132 | 56,819 | 95,952 | |||
Americas (excluding Brazil) | 40,324 | 43,123 | 83,447 | |||
Asia | 32,335 | 44,256 | 76,591 | |||
Mediterranean | 13,853 | 1,899 | 15,752 | |||
Africa | 24,056 | 21,190 | 45,247 | |||
Total | 224,343 | 267,980 | 492,323 |
2.4 2018 EBIT (after first-time adoption of IFRS 16)
In thousands of euros | H1 2018 | H2 2018 | 2018 | |||
France | 34,359 | 59,271 | 93,630 | |||
Europe (excluding France) | 21,840 | 39,147 | 60,986 | |||
Americas (excluding Brazil) | 20,955 | 24,996 | 45,950 | |||
Asia | 15,971 | 26,236 | 42,207 | |||
Mediterranean | 4,447 | -6,975 | -2,528 | |||
Africa | 9,425 | 5,388 | 14,812 | |||
Total | 106,996 | 148,063 | 255,059 |
2.5 2018 Operating profit (after first-time adoption of IFRS 16)
In thousands of euros | H1 2018 | H2 2018 | 2018 | |||
France | 34,460 | 59,655 | 94,115 | |||
Europe (excluding France) | 18,683 | 38,517 | 57,201 | |||
Americas (excluding Brazil) | 20,955 | 24,996 | 45,950 | |||
Asia | 16,016 | 26,242 | 42,258 | |||
Mediterranean | 2,740 | -6,633 | -3,894 | |||
Africa | 8,799 | 4,407 | 13,206 | |||
Total | 101,653 | 147,183 | 248,837 |
3. Definition of alternative performance measures (APMs):
- Performance at constant scope and exchange rates is used to determine the organic growth trend in P&L items between two periods and to compare them by eliminating the impact of exchange rate fluctuations and changes in the scope of consolidation. It is calculated by applying exchange rates and the scope of consolidation from the prior period to figures for the current period.
- A geographical (or a business) segment's operational sales are the sales posted by the geographical (or business) segment in question less intra-region (or intra-segment) sales.
- Value-added: value of production less consumption of materials used in the production process.
- Gross operating income: value-added, less staff costs, taxes and duties (other than on income and deferred taxes) plus operating subsidies
- EBITDA (earnings before interest, tax, depreciation and amortization): sum of gross operating income and other income and expenses on ongoing business.
- EBIT (earnings before interest and tax): EBITDA less net depreciation, amortisation, additions to provisions and impairment losses on ongoing business.
- Cash flow: net income before net non-cash expenses (i.e. predominantly depreciation, amortisation, additions to provisions and impairment losses, deferred taxes, gains and losses on disposals and fair value adjustments).
- Free cash flow: net operating cash flow after deducting capital expenditure net of disposals.
- Net debt represents gross debt (consisting of the outstanding amount of borrowings from investors and credit institutions, residual financial liabilities under finance leases, any other borrowings and financial liabilities excluding options to sell and bank overdrafts), net of cash and cash equivalents, including remeasured hedging derivatives and debt.
- Gearing is a ratio reflecting a company's financial structure calculated as net debt/consolidated equity.
- Leverage is a ratio reflecting a company's profitability, which is calculated as net debt/consolidated EBITDA.
Next report: first-quarter 2019 sales after the close on 6 May 2019.
ABOUT VICAT
The Vicat Group has over 9,000 employees working in three core divisions, Cement, Concrete Aggregates and Other Products Services, which generated consolidated sales of €2,582 million in 2018. The Group operates in twelve countries: France, Switzerland, Italy, the United States, Turkey, Egypt, Senegal, Mali, Mauritania, Kazakhstan, India and Brazil. Over 63% of its sales are generated outside France.
The Vicat Group is the heir to an industrial tradition dating back to 1817, when Louis Vicat invented artificial cement. Founded in 1853, the Vicat Group now operates three core lines of business: Cement, Ready-Mixed Concrete and Aggregates, as well as related activities.
Important information:
This press release may contain forward-looking statements. Such forward-looking statements do not constitute forecasts regarding results or any other performance indicator, but rather trends or targets. These statements are by their nature subject to risks and uncertainties as described in the Company's annual report available on its website (www.vicat.fr). These statements do not reflect the future performance of the Company, which may differ significantly. The Company does not undertake to provide updates of these statements.
Further information about Vicat is available from its website (www.vicat.fr).
View source version on businesswire.com: https://www.businesswire.com/news/home/20190429005586/en/
Contacts:
Investor relations contact:
Stéphane Bisseuil:
Tel: +33 (0)1 58 86 86 05
stephane.bisseuil@vicat.fr
Press contacts:
Alizee Remaud:
Tel: +33 (0)1 58 86 86 26
alizee.remaud@tbwa-corporate.com