In This Article:
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Revenue: EUR1.235 billion, down 4.6% year on year.
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Non-GAAP Revenue: EUR1.2 billion, down 4.8% year over year.
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EBITDA: EUR296 million, down 9.3% year over year.
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Non-GAAP EBITDA: EUR289.1 million, down 10% year on year.
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Net Cash: EUR79.9 million, an improvement of EUR34.4 million over the last 12 months.
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Cement Volumes: Up 0.6%, driven by Turkey, Malaysia, and the US.
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Ready Mix Volumes: Up 4.5%, with positive performance in Turkey, Sweden, and Denmark.
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Aggregate Volumes: Up 4.9%.
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Guidance for 2024: Revenue of around EUR1.7 billion, EBITDA of around EUR385 million, net cash position of EUR300 million, and CapEx of EUR135 million.
Release Date: November 06, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Cement volumes increased by 0.6%, driven by strong performance in Turkey, Malaysia, and the US.
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Ready mix volumes rose by 4.5%, with notable contributions from Turkey, Sweden, and Denmark.
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Aggregate volumes grew by 4.9%, indicating a positive trend in overall production.
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The company confirmed its 2024 guidance, projecting revenues of around EUR1.7 billion and EBITDA of approximately EUR385 million.
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Cementir Holding NV has been recognized for its sustainability efforts, including a EUR35.3 million investment in decarbonization and inclusion in Europe's climate leaders ranking.
Negative Points
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Revenues and EBITDA declined by 4.6% and 9.3% respectively, impacted by weak volumes in certain regions and foreign currency headwinds.
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The Nordic and Baltic regions faced challenges, with Denmark experiencing a decline in domestic cement volumes due to harsh weather and stagnant markets.
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Norway saw a 21% drop in sales volumes due to weak demand and adverse weather conditions, leading to higher transport costs.
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The Turkish lira devaluation by 45.5% against the euro negatively impacted revenue, despite increased domestic cement volumes.
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In China, revenue declined by 19% due to a real estate crisis, adverse weather conditions, and renminbi devaluation.
Q & A Highlights
Q: Can you discuss the outlook for Denmark entering 2025, particularly regarding the residential market and exports? A: Denmark is stabilizing, and we expect better results in 2025, especially due to the Fehmarn project between Denmark and Germany. We anticipate around EUR5 million more in EBITDA compared to 2024. The pricing environment is stable, although there is some softness in markets like China and Belgium due to the end of Olympic infrastructure projects.