The industrial plan to 2024 expects revenues to grow by 6.7% on average per year to 1.65 billion
Pandemic, expensive-bill, boom of the commodity prices And collapse of the Turkish lira do not cripple the business from Cementir which closes the budget 2021 with revenue And gross operating margin to the historical record. The cement giant controlled by the Caltagirone group and led by Francesco Caltagirone Jr scored a Mol of 300 million euros (excluding non-recurring net income) e 1.36 billion euros in revenuesitems respectively double-digit growth on 2020 of 14% and11%.
If you look at the photograph of the solo fourth quarteri revenues of sales and performance, equal to 351.7 millionincreased by 7.2% compared to 328 million in the fourth quarter of 2020, with a positive trend in all geographic areas except the Sweden and of Malaysia. The gross operating marginequal to 95.9 millionincreased by11.9% compared to 85.7 million in the fourth quarter of 2020. The result includes net non-recurring income equal to 11.1 million, net of which the result would have been 84.8 million, an increase of 6% compared to the comparable result of 2020 (80 million). The Operating income reached 64.5 millionup by 8.4% compared to 59.5 million in the fourth quarter of 2020.
The president and CEO Caltagirone Jr he explained that “the cash generationthat has reached about 120 million euroshas allowed us to reduce net financial debt of approximately 73 million euros net of the impact IFRS 16, to distribute 21.9 million euros in dividends and to invest 24.8 million euros for the purchase of treasury shares. The new business plan to 2024 will continue to focus on issues Esg in our medium-long term strategy, integrating them more and more into the model of business and not limiting our commitment to the sole mitigation of impacts on the environment “.
The new plan provides revenues up to 1.65 billion euroswith a average annual growth (Cagr) of the 6.7%. Expected a increase in sales volumes of cement, concrete and aggregates in all geographic areas, with price increases especially in the cement sector during 2022, to offset the significant increase in energy, raw material and logistics costs. The gross operating margin is seen to about 350 millionwith a average annual growth (Cagr) about 5%, in all geographic areas except Turkey.
Among the assumptions of the plan stands out a double-digit increase in the cost of fuel and electricity and an average annual CO2 deficit of approximately 500,000 tons, whose economic impact is mitigated by an indexing mechanism between the selling price and the extra cost of CO2. There investment item provides for around 72 million euros for the development of production capacity, maintenance of plant efficiency and safety. Cumulative “green” investments equal to 97 million euros for sustainability projects which will allow, among other things, a reduction in CO2 emissions in line with the group’s objectives.
The expected cash generation thanks to the better results and the optimization of the working capital will allow to reach a positive cash position in 2024 of over 300 million euros. Finally, the new strategies assume the distribution of an increasing dividend, corresponding to a payout ratio between 20% and 25% of the net profit for the period.
#Cementir #record #Molrevenues #Dividends #payouts #profit