Germany: HeidelbergCement has reported its first financial results following the completion of its takeover of Italcementi in mid-October 2016. Its revenue rose by 8% to Euro10.9bn in the first nine months of 2016 from Euro10.1bn in the same period in 2015. Its earnings before interest and taxation (EBIT) rose by 1.7% to Euro1.40bn from Euro1.38bn. However, its profit fell by 3% to Euro738m from Euro763m. The boost in sales revenue was attributed to the integration of Italcementi into the group but the drop in profits was blamed on higher taxes in North America.
Cement sales volumes grew by 21% to 73Mt from 60.6Mt. Although, on a like-for-like basis, with adjustments consolidation effects, this was reported as 2.5%. Particular growth was reported in the Western and Southern Europe territory due to the influx of new assets from Italcementi. The group’s sales revenue from cement grew by 12% to Euro5.24bn from Euro4.66bn.