Cementir Holding N.V. 2023 First Half results

July 27th, 2023

Conference Call | Rome, 27 July 2023

2023 First Half results highlights

  • From April 2022 Türkiye is considered "hyperinflationary"; hence results as of 30 June 2023 are prepared using IAS 29 accounting principle
  • Revenues reached 840.7 M€ (+1.1% yoy); non-GAAP* Revenues reached
    868.2 M€ (+ 5.1% yoy)

− Cement volumes down by 5.5% due to Denmark, Belgium, US and Malaysia, partially offset by growth in China, Egypt and Türkiye

− RMC volumes down by 11.3% due to a negative trend in all countries except Türkiye. Aggregates volumes down by 15.3%

    • EBITDA reached 200.5 M€ (+39.5% yoy); non-GAAP* EBITDA: 202.4 M€
      (+40.9% yoy)
      • Higher EBITDA in all regions except for the US
      • EBITDA includes non-recurring income of 7.5 M€ of capital gains on assets sale
      • Non-GAAPEBITDA excluding non recurring items is 194.8M€, up 35.7% on like-for-like H1 22 of 143.6M€
    • EBIT: 138.5 M€ (+68.4% yoy); non-GAAP* EBIT: 143.6 M€ (+65.4% yoy)
    • Group net profit: 90.3 M€ (+35.6% yoy); non-GAAP* Group net profit:
      1. M€ (+78.9% yoy)
    • Net cash: 11.0 M€, an improvement of 90.5 M€ year on year, including
      1. M€ dividend distribution (IFRS 16 impacts 77 M€ in H1 2023 and
      1. M€ in H1 2022)
  2. Non-GAAPfigures exclude both the impact of IAS 29 application and of non-industrial

properties revaluation in Türkiye (2023: 17.7 M€, 2022: 11.1 M€)

2

Nordic & Baltic

Asset overview

(32)

(27)

(9)

Grey cement plant (1)

Terminals (16)

White cement plant (1)

Waste (1)

RMC (68)

Share of Group Ebitda

H1 2023

40%

Denmark

  • Cement volumes declined as domestic market was affected by unfavourable weather and slowing demand due to higher interest rates, partially compensated by cement supply for Fehmarn project
  • Lower exports due to a decline in some export markets
  • RMC and aggregates volumes were down 19% and 27% respectively
  • EBITDA increased thanks to careful management of energy and distribution costs. Return to Pre-Covid profitability levels

Norway

EUR '000

H1 2023

H1 2022

Chg %

Revenue (*)

337,727

358,165

(5.7%)

Denmark

254,612

243,149

4.7%

Norway / Sweden

82,491

105,950

(22.1%)

Others (**)

38,677

40,299

(4.0%)

Eliminations

(38,053)

(31,233)

EBITDA

88,307

63,663

38.7%

Denmark

83,263

54,161

53.7%

Norway / Sweden

3,137

8,870

(64.6%)

Others (**)

1,907

632

201.7%

EBITDA Margin %

26.1%

17.8%

  • RMC sales volumes declined by 23% due to slowdown of residential and commercial demand, higher competition, adverse weather conditions and some delays in new infrastructure projects
  • EBITDA contraction due to lower volumes and higher operating costs
  • Norwegian Krone depreciated by 13.4% vs. Euro average

Sweden

  • RMC and aggregates sales volumes were sharply down as a result of residential sector demand slump
  • EBITDA contraction due to lower volumes and higher operating costs
  • Swedish Krona depreciated by 8.1% vs. Euro average

(*) Revenue from Sales and Services

(**) Includes: Iceland, Poland and white cement sales from Denmark to Belgium and France

3

Belgium and France (*)

Asset overview

Grey cement plant (1)

RMC (13)

Terminals (3)

Share of Group Ebitda

H1 2023

20%

Belgium France

EUR '000

H1 2023

H1 2022

Chg %

Revenue

190,282

170,613

11.5%

EBITDA

43,456

36,858

17.9%

EBITDA Margin %

22.8%

21.6%

  • Cement volumes declined by 10% due to a generalized demand slowdown and unfavourable weather.
  • RMC volumes were down 7% both in Belgium and France
  • Aggregates volumes were down 14% also due to a particularly good performance in H1 2022
  • EBITDA increased thanks to tight operating cost control and increasing selling prices.

(*) Includes Compagnie des Ciments Belges S.A. results only

4

North America

Asset overview

White cement plants (2)

Terminals (31)

Share of Group Ebitda

H1 2023

6%

United States

EUR '000

H1 2023

H1 2022

Chg %

Revenue

95,583

96,665

(1.1%)

EBITDA

12,972

14,342

(9.6%)

EBITDA Margin %

13.6%

14.8%

  • White cement volume declined by 14%, in line with the residential market. Deliveries to Texas and Florida suffered from a stronger contraction due to competitive pressures from imports and lower demand.
  • EBITDA down due to lower cement volumes and higher variable costs offsetting higher average prices. Higher contribution from concrete products (Vianini Pipe)
  • 1.1% USD revaluation vs. EUR average

5

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Cementir Holding NV published this content on 27 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2023 14:36:15 UTC.