Fourth consecutive quarter of solid results, highly above pre-pandemic levels, with revenues up 33% and EBITDA up 50%.
29 July 2021_Cementos Molins today announced its results for the first half of 2021, highlighted by a strong growth momentum in all businesses. The market development is globally positive despite the effects of the pandemic and the restrictive measures adopted in many countries.
Revenues amounted to €452 million, an increase of 33% compared to the same period last year (increase by 45% at constant currencies).
EBITDA achieved €124 million, 50% higher than in the same period of the previous year (+67% on a like-for-like basis excluding exchange rate impact), and highly above pre-pandemic levels. This strong improvement in results is supported by volume increases, price management and the positive contribution of operational efficiency plans. On the negative side, the global strong increase of energy and logistics costs, as well as the depreciation of the Argentine peso. EBITDA margin improved strongly to 27.6% Cementos Molins' net profit reached €57 million in the first half 2021, an increase of 76% compared to the same period last year, with a relevant improvement in all countries.
With regard to Net Financial Debt as of June 30th 2021, this decreased to only €9 million due to strong cash generation, representing a reduction of 87% compared to December 31st 2020 and 93% compared to June 30th 2020. The Net Financial Debt / EBITDA multiple continues to decline till 0.0x.
Julio Rodríguez, CEO of Cementos Molins, considers the results achieved in the first half of the year to be very positive: "We are pleased to confirm once again that we have a great team, who have taken advantage of the market opportunities, achieving a remarkable result despite the pandemic impact". "We have taken another step forward on our strategic path of growth and development of our ambitious sustainability goals," Rodriguez adds.
Following the European Securities Markets Authority (ESMA) guidelines on Alternative Performance Measures (APMs), which are mandatory for regulated information, the information and disclosures relating to APMs used in this press release are included in the "2Q 2021 Results" presentation submitted by the Company to the Spanish National Securities Market Commission (CNMV).
About Cementos Molins. Cementos Molins has been creating products and developing innovative and sustainable solutions for the construction sector for over 90 years. This enables us to contribute towards the development of society and people's quality of life. We currently operate in Spain, Argentina, Uruguay, Mexico, Bolivia, Colombia, Tunisia, Bangladesh and India. Our integrated business model includes aggregates, clinker, cement, ready-mix concrete, mortars, precast solutions, urban landscaping, architectural facades, and waste management. Our long history has been possible thanks to our team of over 5,000 employees in nine countries and four continents with a common attitude, working every day with passion, respect and integrity, being non-conformist and efficient.