CEMENTIR HOLDING N.V. INTERIM FINANCIAL REPORT 31 MARCH 2023
Cementir Holding N.V. | Share capital: € 159.120.000 |
VAT number: 02158501003 | |
Registered Office: 36, Zuidplein, 1077 XV, Amsterdam, The Netherlands | |
Tax number: 00725950638 | |
T: +31 (0) 20 799 7619 | |
CCI number: 76026728 - Netherlands Chamber of Commerce | |
Secondary and operational office: 200, Corso di Francia, 00191 Rome, Italy | |
T: +39 06 324931 | |
www.cementirholding.com |
CORPORATE BODIES
As of the date of approval of the interim report at 31 March 2023.
Board of Directors1 | Executive Director, | |
In office until approval of 2025 financial statements | Chairman and CEO | Francesco Caltagirone Jr. |
Vice Chairman2 and | ||
Non-Executive Director | Alessandro Caltagirone | |
Vice Chairwoman2 and | ||
Non-Executive Director | Azzurra Caltagirone | |
Non-Executive Directors | Saverio Caltagirone | |
Fabio Corsico | ||
Adriana Lamberto Floristan (independent) | ||
Senior Non Executive Director2 | ||
Annalisa Pescatori (independent) | ||
Benedetta Navarra (independent) | ||
Audit Committee3 | Chairwoman | Benedetta Navarra (independent) |
Members | Annalisa Pescatori (independent) | |
Adriana Lamberto Floristan (independent) | ||
Remuneration and Nomination | Chairwoman | Annalisa Pescatori (independent) |
Committee3 | Members | Benedetta Navarra (independent) |
Adriana Lamberto Floristan (independent) | ||
Sustainability Committee3 | Chairman | Francesco Caltagirone Jr. |
Members | Annalisa Pescatori (independent) | |
Benedetta Navarra (independent) | ||
Adriana Lamberto Floristan (independent) | ||
Auditing Company | PricewaterhouseCoopers Accountants N.V. | |
For the period 2021-2030 |
- Appointed by resolution of the Annual General Meeting of 20 April 2023.
- Appointed by board resolution of 27 April 2023
- Established by board resolution of 27 April 2023
Interim financial report at 31 March 2023 | Cementir Holding NV | 1 |
INTRODUCTION
This Interim Financial Report refers to the Cementir Group's consolidated financial statements as at 31 March 2023, prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and Part 9 of Book 2 of the Dutch Civil Code.
As of April 2022, the Turkish economy is considered hyperinflationary according to the criteria set out in "IAS 29-Financial Reporting in Hyperinflationary Economies".
For the purpose of preparing this Interim Financial Report and in accordance with the provisions of IAS 29, certain items on the balance sheets of investee companies in Türkiye have been re-measured by applying the general consumer price index to historical data; this makes it possible to reflect changes in the purchasing power of the Turkish Lira as of the reporting date of the investees themselves.
This report was prepared on the basis of the going concern assumption.
It is noted that this Interim Financial Report is unaudited.
GROUP PROFILE
Cementir Holding N.V. is a multinational company with registered office in the Netherlands, listed on the Euronext Star Milan segment, operating in the building materials sector and focused on four main business lines: grey cement, white cement, ready-mixed concrete and aggregates. With more than 3,000 employees, Cementir is the world leader in the niche white cement segment, the leading cement producer in Denmark and ready-mixed concrete producer in the Scandinavian region, the third in Belgium and among the leading international players in Türkiye, with two companies listed on the Istanbul Stock Exchange. In Belgium, the Group operates one of the largest aggregate quarries in Europe while in Türkiye and the United Kingdom it operates in the treatment of municipal and industrial waste, producing fuel from waste for cement plants.
Cementir pursues a strategy of sustainable growth, focusing on product leadership, the pursuit of excellence and the efficiency of operational processes. In the last two years, the Group has received notable ESG awards, including the validation of the 2030 decarbonisation targets by the Science Based Target initiative (SBTi) and an A- rating from CDP. The Group also achieved an investment grade BBB- financial rating with a stable outlook from Standard & Poor's.
Since 1992, Cementir has been part of the Caltagirone Group, one of the leading private business groups in Italy with activities in the residential construction, infrastructure, publishing, real estate and finance sectors.
GROUP PERFORMANCE
TÜRKIYE - HYPERINFLATED ECONOMY: IMPACTS OF THE APPLICATION OF IAS 29
As of April 2022, the Turkish economy is considered hyperinflationary according to the criteria set out in "IAS 29-Financial Reporting in Hyperinflationary Economies".
The accounting effects of this adjustment, in addition to already being reflected in the opening balance sheet as of 1 January 2023, incorporate the changes for the period. In particular, the effect related to the remeasurement of non-monetary assets and liabilities, equity items, and income statement items recognised in 2023 was recognised in a separate income statement item under financial income and expenses. The related tax effect of non-cash assets was recognised in taxes for the period.
To take into account the impact of hyperinflation also on the local currency exchange rate, profit and loss account balances expressed in hyperinflationary currencies have been converted into euro, the Cementir
Interim financial report at 31 March 2023 | Cementir Holding NV | 3 |
Group's presentation currency, applying the final exchange rate instead of the average exchange rate for the period, in line with IAS 21's requirement to report these amounts at current values.
The cumulative levels of the general consumer price indices are as follows:
- From January 2005 to 31 December 2022: 891%
- From January 2023 to 31 March 2023: 13%
In the first quarter of 2023, the application of IAS 29 resulted in the recognition of a net financial income (pre- tax) of EUR 2.6 million.
The main income statement items for the first quarter of 2023 are shown below:
Financial highlights with hyperinflation effect
(EUR'000) | 1st Quarter | 1st Quarter | Change |
2023 | 2022 | % | |
REVENUE FROM SALES AND SERVICES | 414,804 | 362,302 | 14.5% |
Change in inventories | 10,194 | 16,219 | -37.1% |
Increase for internal work and other income | 2,841 | 15,281 | -81.4% |
TOTAL OPERATING REVENUE | 427,839 | 393,802 | 8.6% |
Raw materials costs | (196,742) | (182,802) | 7.6% |
Personnel costs | (51,679) | (48,802) | 5.9% |
Other operating costs | (98,266) | (101,526) | -3.2% |
TOTAL OPERATING COSTS | (346,687) | (333,130) | 4.1% |
EBITDA | 81,152 | 60,672 | 33.8% |
EBITDA MARGIN % | 19.56% | 16.75% | |
Amortisation, depreciation, impairment losses and provisions | (31,946) | (27,760) | 15.1% |
EBIT | 49,206 | 32,912 | 49.5% |
EBIT Margin % | 11.86% | 9.08% | |
Share of net profits of equity-accounted investees | (197) | (24) | n.m. |
Net financial income (expense) | 14,906 | 9,519 | 56.6% |
NET FINANCIAL INCOME (EXPENSE) | |||
AND SHARE OF NET PROFITS OF EQUITY-ACCOUNTED | 14,709 | 9,495 | 54.9% |
INVESTEES | |||
PROFIT BEFORE TAXES FOR THE PERIOD | 63,915 | 42,407 | 50.7% |
PROFIT BEFORE TAXES/REVENUE % | 15.40% | 11.70% | |
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Cementir Holding NV published this content on 12 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2023 10:56:07 UTC.
