Results in line with expectations: guidance confirmed
• Volumes growth on the first quarter of 2023: cement +2.3%, ready-mixed concrete +3.7%, aggregates + 8.9%
• Revenue: EUR 368.3 million (-11.2% on EUR 414.8 million in the first quarter of 2023; Non-GAAP Revenue were EUR 367.1 million (-11.3% on 2023)
• EBITDA: EUR 66.5 million (-18.1% on EUR 81.2 million in the first quarter 2023). Non-GAAP EBITDA was EUR 69.3 million (-19.0% on 2023)
• Profit before taxes: EUR 58.7 million, -8.2% on EUR 63.9 million in the first quarter 2023. Non-GAAP profit before taxes was EUR 64.1 million (-6.2% on 2023)
• Net cash: EUR 76.6 million (net financial debt of EUR 32.1 million at 31 March 2023)
• Targets for the year are confirmed
Rome, 9 May 2024 - The Board of Directors of Cementir Holding N.V. today examined and approved the consolidated unaudited results for the first quarter of 2024.
Please note that as of April 2022, the Turkish economy is considered hyperinflationary according to the criteria set out in "IAS 29-Financial Reporting in Hyperinflationary Economies".
Francesco Caltagirone Jr, Chairman and Chief Executive Officer, commented: "Results for the first quarter of 2024 were in line with our expectations, with sales volumes up but revenues and EBITDA down, compared to the first quarter of 2023. The excellent performance in Türkiye, impacted by the devaluation of the exchange rate against the euro, was not enough to offset the decline in the Nordic & Baltic result. The still weak residential market due to restrictive monetary conditions, adverse weather conditions and fewer working days contributed to the reduction in the results".
Download press release:
https://www.cementirholding.com/sites/default/files/press-release/2024-05/CH_Press%20release_First%20quarter%20results_09052024.pdf
• Volumes growth on the first quarter of 2023: cement +2.3%, ready-mixed concrete +3.7%, aggregates + 8.9%
• Revenue: EUR 368.3 million (-11.2% on EUR 414.8 million in the first quarter of 2023; Non-GAAP Revenue were EUR 367.1 million (-11.3% on 2023)
• EBITDA: EUR 66.5 million (-18.1% on EUR 81.2 million in the first quarter 2023). Non-GAAP EBITDA was EUR 69.3 million (-19.0% on 2023)
• Profit before taxes: EUR 58.7 million, -8.2% on EUR 63.9 million in the first quarter 2023. Non-GAAP profit before taxes was EUR 64.1 million (-6.2% on 2023)
• Net cash: EUR 76.6 million (net financial debt of EUR 32.1 million at 31 March 2023)
• Targets for the year are confirmed
Rome, 9 May 2024 - The Board of Directors of Cementir Holding N.V. today examined and approved the consolidated unaudited results for the first quarter of 2024.
Please note that as of April 2022, the Turkish economy is considered hyperinflationary according to the criteria set out in "IAS 29-Financial Reporting in Hyperinflationary Economies".
Francesco Caltagirone Jr, Chairman and Chief Executive Officer, commented: "Results for the first quarter of 2024 were in line with our expectations, with sales volumes up but revenues and EBITDA down, compared to the first quarter of 2023. The excellent performance in Türkiye, impacted by the devaluation of the exchange rate against the euro, was not enough to offset the decline in the Nordic & Baltic result. The still weak residential market due to restrictive monetary conditions, adverse weather conditions and fewer working days contributed to the reduction in the results".
Download press release:
https://www.cementirholding.com/sites/default/files/press-release/2024-05/CH_Press%20release_First%20quarter%20results_09052024.pdf
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