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4-Traders Homepage  >  Equities  >  Xetra  >  HeidelbergCement    HEI   DE0006047004

HEIDELBERGCEMENT (HEI)
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HeidelbergCement : sells half of its Georgian business

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11/10/2017 | 06:44pm CEST

Today, HeidelbergCement announced that it has sold 50% of the voting rights in its Georgian business to Cement Invest, an investment company jointly managed and owned by the Georgian Co-Investment Fund ('GCF') and Hunnewell Partners ('Hunnewell'). HeidelbergCement and Cement Invest will jointly control the resulting joint venture. The transaction will contribute in total about € 115 million to the future reduction of net debt of HeidelbergCement.

'The partnership will enable our new Georgian joint venture to benefit from GCF's and Hunnewell's project experience in Georgia,' explains Dr. Bernd Scheifele, Chairman of the Managing Board of HeidelbergCement. 'In addition, the joint venture's competitiveness will be improved with the modernisation of the Kaspi cement plant, where the construction of a modern dry kiln line already started in 2016 and is expected to be finalised by the end of 2018. The disposal is part of our portfolio review and optimization with the goal to generate additional cash flow in order to support our disciplined growth and increase shareholder returns.'

HeidelbergCement started business in Georgia in 2006. The new joint venture operates three integrated cement plants, a cement grinding facility and a cement terminal at the Black Sea coast. The annual cement production capacity exceeds 2 million tonnes. The cement business is supported by a strong network of 13 ready-mixed concrete plants. Aggregates for the concrete production are partly supplied by two own aggregate pits.

HeidelbergCement AG published this content on 10 November 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 10 November 2017 17:43:02 UTC.

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Financials (€)
Sales 2018 17 638 M
EBIT 2018 2 223 M
Net income 2018 1 323 M
Debt 2018 8 121 M
Yield 2018 3,17%
P/E ratio 2018 10,81
P/E ratio 2019 9,60
EV / Sales 2018 1,26x
EV / Sales 2019 1,16x
Capitalization 14 119 M
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 95,5 €
Spread / Average Target 34%
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Managers
NameTitle
Bernd Scheifele Chairman-Managing Board
Fritz-Jürgen Heckmann Chairman-Supervisory Board
Lorenz Näger Chief Financial Officer
Dennis Lentz Director-Group Information Technology
Josef Heumann Member-Supervisory Board
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