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Significant facts and figures

The Vicat Group’s consolidated sales in the 2017 financial year came to €2,563 million, representing an increase of +4.5% or +6.4% at constant scope and exchange rates compared with 2016.


The Group’s consolidated EBITDA declined -3.0% to €444 million and -3.4% at constant scope and exchange rates. As a result, the EBITDA margin on consolidated sales came to 17.3%, compared with 18.7% in 2016. In line with sales trends, EBITDA was affected by very strong seasonal fluctuations during the year. After a decline of -13.0% in the first half, EBITDA rose +4.5% at constant scope and exchange rates in the second half of the year.


The decline in 2017 EBITDA compared with 2016 at constant scope and exchange rates was attributable to: 

  • a very steep decline in the EBITDA generated in Egypt. Following the sharp devaluation in November 2016, which halved the value of the Egyptian pound, it proved possible to counter the very strong inflation in production costs through a hike in selling prices only to a very limited extent. Against this backdrop, Egypt recorded a loss at EBITDA level over the year as a whole.
  • a small decline in EBITDA in Turkey, where performance was held back by highly unfavourable weather conditions, especially in the Konya region at the beginning of the year. Higher volumes and selling prices in the Cement business were not sufficient to fully offset the strong increase in production costs that essentially resulted from the depreciation of the Turkish pound.

These negative factors were offset partly by:

  • an improvement in the EBITDA generated in France in the Cement business and to a greater extent in the Concrete & Aggregates business.
  • the continued EBITDA improvement in India, driven by a clear pick-up in cement volumes and a very small upturn in average selling prices.
  • an increase in the EBITDA generated in Kazakhstan, with an increase in selling prices helping to offset the slight contraction in volumes.
  • further improvement in EBITDA in the US in spite of highly unfavourable weather conditions in 2017, especially in the South-East region. The pick-up in volumes and average selling prices in the Cement business helped to offset the EBITDA contraction recorded by the Concrete business.
  • stable EBITDA in West Africa, underpinned by a strong increase in the EBITDA generated by the Aggregates business in Senegal and the Cement business in Mauritania, offsetting the EBITDA contraction in the Cement business in Senegal and Mali.

The Group’s consolidated EBIT came to €247 million, down -4.1% over the full year and down -5.9% at constant scope and exchange rates. The EBIT margin on consolidated sales came to 9.6% in 2017, compared with 10.5% in 2016.


Net financial expense improved by +€9.9 million to -€28.2 million, mainly due to: 

  • the -€2.8 million reduction in the cost of the net debt.
  • an improvement in other financial income and expenses deriving from a +€5.7 million increase in net foreign exchange gains, and a +€2.2 million increase in the net impact of fair value adjustments on derivatives, offset partially by higher discounting expenses.

Tax expense declined -€13.5 million compared with 2016, of which -€21.1 million in income taxes and +€7.6 million in deferred taxes chiefly as a result of: 

  • the €9.9 million repayment by the French tax authorities following the French constitutional court’s ruling that the 3% tax on dividend payments is unconstitutional.
  • a lower rate of withholding tax on intragroup dividends (-€2.3 million).
  • a -6.6% decrease in income before tax and non-recurring items.
  • a decrease in net deferred tax benefits related to the negative impact of close to -€9 million on deferred tax assets linked to the loss carryforwards held by US subsidiaries, owing to the cut in the income tax rate in the United States from 35% to 21%.

Consolidated net income came to €155.9 million, down -5.4% compared with the previous year on a reported basis and down -7.9% at constant scope and exchange rates. The net margin stood at 6.1% of consolidated sales, compared with 6.7% in 2016.  


Net income (Group share) increased by 2% à constant scope and exchange rate. On this basis, Earnings per share (Group share) came to €3.2 in 2017, up from €3.1 per share in 2016.  


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Financial Releases
2018 - Registration document and Annual Financial Report

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2018 Registration document release

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2018 - Full year 2018 results presentation

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