Cementir Holding: H1 2022 results

“The first half of 2022 results are aligned with our forecasts. Despite the severe geopolitical tensions and the significant increase in raw materials, energy and logistic costs, the Group is showing great resilience
thanks to an increased geographical and product diversification and a focused cost management" commented Francesco Caltagirone Jr, Chairman and Chief Executive Officer.

During the first six months of 2022, cement and clinker sales volumes, amounting to 5.4 million tonnes, dropped by 0.8% compared to the same period of 2021. The decline is mainly attributable to the
performance of Turkey, China and Denmark. Sales volumes of ready-mixed concrete, equal to 2.4 million cubic metres, declined by 5% mainly due to Turkey and, to a lesser extent, Denmark and Norway.
In the aggregates sector, sales volumes amounted to 5.5 million tonnes, essentially stable compared to the first half of 2021 with growth in Turkey and Belgium, offset by a decline in Sweden and Denmark.
The Group's revenues from sales and services, at EUR 805.2 million, increased by 21.2% compared to EUR 664.5 million in the first half of 2021. The increase in revenue is mainly due to price increases reflecting higher costs of fuel, electricity, raw materials, transport and services. It should be noted that at constant 2021 exchange rates, revenues would have reached EUR 858.4 million, 29.2% higher than in the same period last year.
At EUR 715.1 million, operating costs increased by 33.2% compared to EUR 536.7 million in the first half of 2021. The cost of raw materials increased to EUR 398.1 million (EUR 267.4 million in the first half of 2021), because of a generalized increase in fuel prices on international markets. At EUR 101.0 million, personnel costs increased by 6.4% compared to EUR 95.0 million for the same period in 2021. Other operating costs, amounting to EUR 216.0 million, increased by 23.9% compared to EUR 174.3 million in the first half of 2021, mainly due to higher logistics costs.
EBITDA reached EUR 154.7 million, up 15.9% from EUR 133.5 million in the first half of 2021.