Group revenue for the whole of 2019 increased 4.3% to €18.9 billion (previous year: 18.1) compared to the previous year.
Excluding consolidation and exchange rate effects, it grew 2.1%.
Positive revenues in the core activities cement, aggregates, and ready mixed concrete were offset lower revenue in our trading business caused especially the trading of fuels that has been reduced in the fourth quarter of 2019.
Results from current operations before depreciation increased 15.5% to €3,580 million (previous year: 3,100).
Like for like, the rise amounted to 2.5%.
The result from current operations increased 8.8% to €2,186 million (previous year: 2,010).
Like for like, it rose 4.7%.
All Group areas contributed to the growth of results from current operations before depreciation.
Western and Southern Europe recorded the highest rise, followed Asia Pacific and Northern and Eastern Europe Central Asia.
Results in North America and in the Group area Africa Eastern Mediterranean Basin also developed positively.
In the fourth quarter 2019, results of the Group areas were characterised various dynamics.
In North America, business in the U.S. developed positively, while results in Western Canada declined.
Results in Western and Southern Europe were impaired the strong comparable basis of the previous year’s quarter as well as market related temporary effects in the UK, Belgium/Netherlands, and France.
In the Group area Northern and Eastern Europe Central Asia, especially the eastern European countries contributed to the results growth.
In Asia Pacific, good results in Indonesia and Thailand more than offset the weaker development in Australia.
Recovery in the Group area Africa Eastern Mediterranean Basin continued in the fourth quarter.
Net debt could be significantly reduced further in the fourth quarter 2019.
Before accounting of lease liabilities amounting to around €1.3 billion, net debt declined approximately €1.2 billion to €7.1 billion compared to the previous year.
Dynamic gearing ratio fell to 2.3x.
“As already in the third quarter, we were able to generate a strong cash flow also in the last quarter and thereby net debt fell markedly below the already downward adjusted forecast from November 2019,†said Dr.
Lorenz Näger, Chief Financial Officer of HeidelbergCement. ■