Good half-year result for HeidelbergCement
Company achieves half-year result almost at previous year’s level despite the challenging environment
HeidelbergCement ended the first half of 2020 with a good result. Despite weak demand in many countries due to the coronavirus and the corresponding declines in revenue, the result from current operations before depreciation and amortization remained almost at the level of the previous year.
Group revenue decreased by 10.4% to €8,254 million on a like-for-like basis in the first six months, in comparison with the previous year, whilst the result from current operations before depreciation and amortization fell by 2.4% to €1,404 million.
Cement sales volumes in the first half were down 7% to 56.3 million tonnes on a like-for-like basis, whilst aggregates were down 7% at 134.8 million tonnes, ready-mixed concrete sales were down 12% at 21.7 million cubic metres and asphalt sales were down 11% at 4.3 million tonnes.
‘In the face of unprecedented challenges, we performed very well in the first half of 2020,’ said Dr Dominik von Achten (pictured), chairman of the managing board of HeidelbergCement. ‘In the second quarter, revenue dropped in many countries, in some cases by double-digit percentages. Nevertheless, we achieved a good result, which was almost at the previous year’s level.
‘The successful implementation of our COPE action plan played a large part in this. I would like to express my sincere thanks to our managers and all employees worldwide for their outstanding performance during this difficult phase.’
He continued: ‘We have made a solid start into the third quarter. We will maintain our focus on cost savings and preserving liquidity. With the good result in the second quarter, we’ve proven that we will weather the crisis well.
‘However, development in the construction industry remains highly dynamic. Every day, we are seeing how quickly the situation can change in terms of COVID-19 measures. It therefore remains difficult to provide an outlook for the year.’