Germany: HeidelbergCement’s preliminary results show a 5% decline in revenue on a like-for-like basis to Euro17.6bn from Euro18.9m. Cement volumes fell by 3% to 122Mt from 126Mt. Its result from current operations before depreciation and amortisation (RCOBD) rose by 6% to Euro3.71bn from Euro3.58bn. Revenues and cement volumes declined in all regions except Africa-Eastern Mediterranean Basin, where revenues rose by 7% and volumes rose by 10%, and Northern and Eastern Europe-Central Asia, where revenues rose by 3%.

The group attributed the general decline to the impacts of the coronavirus on construction’s activity levels, and therefore demand for building materials. A ‘significant improvement’ in results in the second half of 2020 resulted from its own cost-saving programmes and the economic recovery in mid-2020. The producer implemented a major carbon capture and storage (CCS) scale-up in the form of its LEILAC (Low Emissions Intensity Lime And Cement) collaborative project. Throughout the year, it reduced its debt by Euro1.5bn.

Dominik von Achten, chair of the managing board said, "We closed the 2020 financial year with a top result. We were able to not only reach but exceed our forecast for all key figures. The key to this success was the good operational performance across our market regions and business lines. We managed to more than compensate for the coronavirus-related decline in sales volumes through consistent spending discipline. This is a great result of the entire HeidelbergCement team, of which I am very proud. My thanks therefore go to all employees for their extraordinary commitment in the past year."