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Significant facts and figures

Consolidated sales in the 2016 financial year came to €2,454 million, stable on a reported basis (-0.2%) and up +4.1% at constant scope and exchange rates compared with 2015.

 

Changes in consolidated sales by region, excluding scope and currency effects, show:

  • strong business growth in Egypt, supported by a sharp increase in volumes and a slight rise in selling prices;
  • buoyant business levels in Asia, with strong volume growth in both Cement and Concrete & Aggregates offsetting the fall in prices. Volume growth was less impressive in Kazakhstan but accompanied by a slight improvement in selling prices;
  • further improvement in the United States, supported by a substantial increase in Cement volumes and selling prices;
  • finally, business levels recovered in France, with a significant improvement in Cement and Concrete volumes, offsetting the erosion in selling prices. It should be noted that the Other Products & Services business also saw substantial growth in 2016.

 

These positive factors made up for:

  • lower business levels in Europe excluding France, as a result of a slight fall in sales in Switzerland resulting from a substantial decline in the Precast business and lower prices in the Cement business. Activity was stable in Italy;
  • a very slight contraction in business levels in West Africa. Growth in Senegal, in both the Cement and Aggregates businesses, driven by a sharp improvement in volumes, only partly offset the substantial decline in Mauritania, where operations were affected by a tough competitive environment.

 

The breakdown of operational sales by business shows that the contribution of the Cement business fell very slightly, accounting for 52.9% of the total as opposed to 53.2% in 2015. The Concrete & Aggregates business accounted for 32.9% of the total, versus 32.5% in the year-earlier period. Sales in Other Products & Services fell from 14.3% of the total in 2015 to 14.2% in 2016. The proportion of operational sales before eliminations coming from the Group's main businesses, i.e. Cement, Concrete and Aggregates, was stable at around 86%.

 

Consolidated EBITDA grew +3.2% to €458 million, and rose +8.0% at constant scope and exchange rates compared with adjusted 2015 EBITDA. On that basis, EBITDA margin on consolidated sales improved from 18.1% in 2015 (adjusted) to 18.7%.

 

This increase in EBITDA relative to the adjusted 2015 figure, at constant scope and exchange rates, was mainly due to:

  • a sharp improvement in EBITDA in Egypt, because of a substantial fall in production costs arising from the use of coal, solid growth in volumes, and a very slight improvement in selling prices;
  • a further improvement in EBITDA in the United States, supported by higher average prices and volumes in Cement, which comfortably offset lower volumes in Concrete;
  • a return to growth at the EBITDA level in France, supported by the Cement and Other Products & Services businesses, making up for the fall in EBITDA in Concrete & Aggregates;
  • a slight increase in EBITDA in Turkey on the back of strong growth in volumes, offsetting a fall in average selling prices;
  • stable EBITDA in West Africa.

 

These positive factors compensated for:

  • a decrease in EBITDA in Switzerland, resulting from the very sharp drop in Precast business levels;
  • lower EBITDA in Kazakhstan, with higher volumes and selling prices failing to offset increases in certain costs, mainly resulting from the devaluation of the tenge;
  • a very slight fall in EBITDA in India, where strong volume growth almost entirely compensated lower selling prices.
 

Consolidated EBIT totalled €258 million. Compared with adjusted 2015 EBIT, it rose +5.0% or +9.6% at constant scope and exchange rates. EBIT margin improved slightly and was 10.5% in 2016, compared with 10.0% in 2015 (adjusted).

 

Net financial expense improved sharply, by +€10.1 million to -€38.1 million at 31 December 2016, mainly due to:

  • a reduction in the cost of net debt to 3.37% in 2016 from 3.59% in 2015, mainly because of debt restructuring in the second semester of 2015 in India;
  • other financial income and expenses producing a net gain of +€3.6 million.
 

Tax expense rose +7.6% compared with the adjusted 2015 figure to -€66.7 million, because of the +10.8% increase in reported income before tax and a reduction in the tax rate to 30.6% of the reported income before tax, from 31.6% in 2015 (adjusted).

The fall in taxation was due in particular to changes in France, which scrapped its 10% corporate income surtax and adopted plans to reduce corporate income tax gradually by 2020, with a positive income-statement effect of +€2.9 million.

 

Consolidated net income totalled €164.8 million, up +25.3% compared with the adjusted 2015 figure. Net income, Group share, totalled €139.1 million, up +23.7%. Net margin (consolidated net income / consolidated sales) was 6.7% as opposed to 5.7% in 2015 (adjusted).

 

Net income, Group share totalled €3.1 euros per share in 2016, versus €2.63 in 2015 (adjusted).

 

 Gearing (net debt-to-equity ratio) was 36.9% as opposed to 40.3% (adjusted) at December 31, 2015.

 

 

 

Consolidated sales in the 2016 financial year came to €2,454 million, stable (-0.1%) on a reported basis and representing an increase of +4.1% at constant scope and exchange rates compared with 2015.


Consolidated EBITDA grew +3.2% compared with 2015 to €458 million, +8.0% at constant scope and exchange rates.


Consolidated net income was €165 million, up +18.1% on a reported basis, and up +25.3% at constant scope and exchange rates.


The Group generated cash flow of €353 million during 2016 compared with €342 million during 2015, representing an increase of +3.3% on a reported basis and of +8.4% at constant scope and exchange rates.

The Group generated free cash flow of €254 million in 2016, as opposed to €133 million in 2015.


Breakdown of the Group’s average workforce by business in 2016:

  • 3 703 in Cement
  • 3 030 in Concrete and Aggregates
  • 1 276 in Other Products and Services

Consolidated shareholders’ equity was €2.470 million as at December 31, 2016, down €60 million when compared to December 31, 2015, reflecting the Group’s healthy financial position.


On the basis of consolidated shareholders' equity, the gearing ratio was 36.9% as of December 31, 2016, comapred with 40.0% as of December 31, 2015.


Consolidated sales generated outside France amounted more than 68%.


The share of the Group’s core businesses, namely Cement and Concrete and Aggregates, was constant at 86% of operating sales before elimination.


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Financial Releases
07/11/2017
2017 – 2017 consolidated nine-month sales

pdf (382.38 kB)

06/11/2017
2017 consolidated nine-month sales

pdf (96.52 kB)

23/10/2017
Conference call – Sales for the third quarter of 2017

pdf (24.81 kB)

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