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HeidelbergCement H1 Profit Down 33%, Affirms FY19 Outlook - Quick Facts

HeidelbergCement (HDELY.PK) on Tuesday reported that its profit for the first half of 2019 declined 33 percent to 291 million euros from 435 million euros in the prior-year period.

The Group share fell 43 percent to 212 million euros from 375 million euros in the year-ago period. Earnings per share also decreased 43 percent to 1.07 euros from 1.89 euros in the previous year.

Excluding non-recurring effects from the disposal of the company's business activities in Ukraine, the Group share rose by around 38 percent.

However, group revenue for the half year rose 9 percent to 9.21 billion euros from 8.43 billion euros in the year-ago period. Excluding consolidation and exchange rate effects, Group revenue grew by 7 percent.

The result from current operations before depreciation and amortisation or RCOBD rose by 21 percent to 1.4 billion euros from 1.2 billion euros a year ago. The significant increase is due to the positive development of revenue and the initial application of the new IFRS 16 Leases accounting standard.

On a comparable basis, i.e. excluding consolidation and exchange rate effects as well as the adjustments from IFRS 16, the growth amounted to 6 percent. This is largely due to price increases in all Group areas.

Looking ahead, HeidelbergCement confirmed its outlook for the whole of 2019.
The company continues to anticipate a rise in sales volumes for the core products cement, aggregates, and ready-mixed concrete.

The company also continues to assume that in 2019, revenue, result from current operations before IFRS 16, exchange rate and consolidation effects, and the profit for the financial year before non-recurring effects will increase moderately, in a range of 3 percent to 9 percent.

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