Finance and results

Board of Directors approves consolidated results for 2022

  • Proposed dividend increase of 22% to EUR 0.22 per share (EUR 0.18 the previous year)
  • Revenue at the record level of EUR 1,723.1 million, up by 26.7% compared to 2021. Non-GAAP Revenue were EUR 1,720.9 million (+26.5% on 2021)
  • EBITDA at the record level of EUR 335.2 million, up by 7.8% on 2021. Non-GAAP EBITDA was EUR 355.0 million (+14.2% on 2021)
  • EBIT up by 3.7% to EUR 204.4 million. Non-GAAP EBIT was EUR 233.5 million (+18.1% on 2021)
  • Group net profit of EUR 162.3 million, up by 43.2% on 2021. Non-GAAP Group net profit was EUR 175.9 million (+55.2% on 2021)
  • Net cash of EUR 95.5 million (net financial debt of EUR 40.4 million at 31 December 2021)

Rome, 9 March 2023 – The Board of Directors of Cementir Holding N.V., chaired by Francesco Caltagirone Jr., has examined and approved the draft financial statements for the year ended 31 December 2022.
Please note that as of April 2022, the Turkish economy is considered hyperinflationary according to the criteria set out in “IAS 29-Financial Reporting in Hyperinflationary Economies”.

Financial highlights

(Euro millions) 2022 2021 Change % 2022
Revenue from sales and services 1,723.1 1,360.0 26.7%  1,720.9  26.5%
EBITDA 335.2 311.0 7.8%  355.0  14.2%
EBITDA/Revenue from sales and services % 19.5% 22.9%    20.6%  
EBIT 204.4 197.8 3.4%  233.5  18.1%
Net financial income (expense) and share of net profits of equity-accounted investees 32.0 (25.8) n.m.  12.0  n.m
Profit before taxes 236.4 172.0 37.5%  245.5  42.7%
Profit for the year 181.6 123.0 47.6%  195.1  58.6%
Profit for the year attributable to the owners of the Parent 162.3 113.3 43.2%  175.9  55.2% 

*These figures are non-GAAP measures which do not include the impact of the application of IAS 29.

Sales volumes

(thousands) 2022 2021 Change
Grey, White cement and Clinker (metric tonnes) 10,849 11,156 (2.8%)
Ready-mixed concrete (m3) 4,798 5,093 (5.8%)
Aggregates (metric tonnes) 10,462 11,052  (5.3%)

Net financial debt 1

(millions of euros) 31-12-2022 31-12-2021
Net financial debt (Net cash) (95.5) 40.4

1 IAS 29 has no impact on net financial position as at 31 December 2022.

Group employees

  31-12-2022 31-12-2021
Number of employees 3,085 3,083

“Despite geopolitical uncertainty and more restrictive monetary conditions, 2022 ended with record results for the Group, with growth in Revenues, EBITDA and EBIT and sustained cash generation, demonstrating the solidity and resilience of our business model. We have already achieved significant results in terms of decarbonisation, innovation and transparency, evidenced by the improvement of all ESG ratings and we want to continue on this virtuous path, in the interest of all stakeholders" commented Francesco Caltagirone Jr, Chairman and Chief Executive Officer.

The following comments refer to the 2022 consolidated income statement excluding IAS 29 impacts in Türkiye. This representation allows a better comparison of Group’s performance with respect to the previous year.

During 2022 cement and clinker sales volumes equal to 10.8 million tonnes, decreased by 2.8% compared to 2021 due to the general slowdown of the market mainly in Türkiye, Denmark, China and Belgium, especially in the second half of the year.

Ready-mixed concrete sales volumes, equal to 4.8 million cubic metres, decreased by 5.8% compared to 2021 due to the decrease recorded in Türkiye, Denmark, Belgium and Sweden.

Aggregates sales volumes, equal to 10.5 million tonnes, decreased by 5.3% compared to 2021 due to slowdown in Sweden and Denmark.

Group revenue from sales and services reached an historical record of EUR 1,720.9 million, up 26.5% on EUR 1,360.0 million of 2021. The increase in revenue is mainly due to the price policy to mitigate the exceptional increase in the costs of fuel, electricity, raw materials, transport and services. It should be noted that at constant 2021 exchange rates revenue would have been equal to EUR 1,854.0 million, up by 36.3% compared to the previous year.

At EUR 1,427.7 million, operating costs increased by 29.5% compared to 2021 (EUR 1,102.8 million).

The cost of raw materials was EUR 817.2 million (EUR 566.5 million in 2021), up 44.3% due to the generalised increase in fuel prices on international markets.

At EUR 197.7 million, personnel costs increased by 9.0% compared to EUR 181.4 million in 2021.

Other operating costs of EUR 412.9 million increased by 16.3% compared to the EUR 354.9 million in 2021 mainly due to the increase in transport costs.

EBITDA also reached an all-time record of EUR 355.0 million, up 14.2% from EUR 311.0 million in 2021, due to better results in Denmark, Belgium, Türkiye, the United States and Egypt, while Asia Pacific and Sweden reported a decrease in EBITDA. This result benefited from non-recurring net income of EUR 17.8 million, related to the valuation of non-industrial properties in Türkiye and Italy (EUR 11.1 million of non-recurring net income in 2021). In the absence of these non-recurring items, EBITDA would have amounted to EUR 337.2 million, up 12.4% from 2021.

At constant 2021 exchange rates, EBITDA would have amounted to EUR 365.9 million, up 17.7% compared to 2021.

The EBITDA margin was 20.6%, compared to 22.9% in 2021.

After EUR 121.5 million of amortisation, depreciation, write-downs and provisions (EUR 113.2 million in 2021), EBIT reached EUR 233.5 million, up 18.1% compared to EUR 197.8 million in the previous year. Amortisation, depreciation, impairment losses and provisions include amortisation and depreciation due to the application of IFRS 16 of EUR 28.9 million (EUR 27.5 million in 2021).

At constant exchange rates with the previous year, EBIT would have reached EUR 240.8 million.

The share of net profits of equity-accounted investees was EUR 1 million (EUR 0.8 million in 2021).

Net financial income of EUR 11.0 million (expense of EUR 26.6 million in 2021), includes net financial expenses of EUR 10.7 million (EUR 10.4 million in 2021), net foreign exchange income of EUR 28.4 million (net foreign exchange expenses of EUR 13.7 million in 2021) and the effect of the valuation of derivatives.

Profit before taxes was EUR 245.5 million, an increase of 42.7% on EUR 172.0 million in 2021.

Profit from continuing operations totalled EUR 195.1 million (EUR 123.0 million 2021), after taxes amounting to EUR 50.3 million (EUR 49.0 million in the previous year).

Group net profit, once non-controlling interests were accounted for, amounted to EUR 175.9 million (EUR 113.3 million in 2021).

The Group made investments of approximately EUR 122.6 million (EUR 99.1 million in 2021) of which around EUR 26.1 million (EUR 19.5 million in 2021) related to the application of the IFRS 16.

Net cash as at 31 December 2022 reached EUR 95.5 million with a change of EUR 135.9 million compared to net financial debt of EUR 40.4 million as at 31 December 2021 and includes the distribution of dividends for EUR 28.0 million occurred in May 2022. These amounts include EUR 73.0 million due to the application of IFRS 16 (EUR 76.0 million as at 31 December 2021).

Performance by geographical segment

The figures reported in the section Türkiye do not include the impact of the application of IAS 29 - Financial Reporting for Hyperinflationary Economies.

Nordic and Baltic

(EUR’000) 2022 2021 Change %
Revenue from sales 736,210 617,365 19.3%
Denmark 509,817 413,915 23.2%
Norway / Sweden 216,533 193,625 11.8%
Other (1) 82,240 66,054 24.5%
Eliminations (72,380) (56,229)  
EBITDA 165,707 147,254 12.5%
Denmark 141,107 121,281 16.3%
Norway / Sweden 20,767 21,213 (2.1%)
Other (1) 3,833 4,760 (19.5%)
EBITDA Margin % 22.5% 23.9%  
Investments 50,606 51,921  

(1) Iceland, Poland and white cement operating activities in Belgium and France


Sales revenues in 2022 reached EUR 509.8 million, up 23.2% compared to EUR 413.9 million in 2021, due mainly to the rise in sales prices.

Overall cement volumes decreased by 6% compared to previous year. White cement exports declined by 29% mainly due to the redistribution of sales in the United States to other group companies and a decline in sales in Poland, France, Belgium, Germany and the United Kingdom due to the slowdown of business in these countries.

Ready-mixed concrete volumes in Denmark decreased by 5% compared to 2021 due to the completion of some public works and the postponement of others due to rising energy and raw material costs.

Aggregate volumes were down 33% from the previous year during which sales had been particularly strong due to specific local projects.

EBITDA in 2022 amounted to EUR 141.1 million, up 16.3% on EUR 121.3 million in 2021. The increase was attributable to higher selling prices in the domestic and export markets, against lower volumes sold and higher operating costs.

Norway and Sweden

In Norway, ready-mixed concrete sales volumes increased by 3% compared to 2021 due to the recovery of infrastructure and civil activities partly offset by a contraction in the residential and commercial sectors. Despite competitive pressures in some regions, volumes increased due in part to the contribution of the new mobile plants which came into operation during 2022.

It should be noted that the Norwegian krone appreciated by 0.6% compared to the average 2021 exchange rate against the euro.

In Sweden, ready-mixed concrete and aggregate volumes decreased by 13% and 25%, respectively, from the previous year due to the completion of major infrastructure projects near the Malmö region where the company's plants operate, only partly compensated by projects in the residential and commercial sectors. Several public initiatives have been postponed due to rising costs and uncertainty over the economic situation and international politics.

The Swedish krona depreciated by 4.7% against the average euro exchange rate in 2021.

In 2022, sales revenue in Norway and Sweden amounted to EUR 216.5 million, up 11.8% from EUR 193.6 million in 2021, while EBITDA decreased by 2.1% to EUR 20.8 million (EUR 21.2 million in 2021).

The decrease in EBITDA was due to lower sales volumes and higher variable costs in Sweden, only partly offset by higher sales prices and savings on fixed costs.  In Norway, on the other hand, EBITDA increased compared to 2021 due to higher sales volumes and prices against higher operating costs.


(EUR’000) 2022 2021 Change %
Revenue from sales 334,396 274,957 21.6%
EBITDA 76,533 68,602 11.6%
EBITDA Margin % 22.9% 25.0%  
Investments 32,053 17,428  

In 2022, cement sales volumes decreased by 2% compared to 2021, with a slightly negative trend in Belgium, France and Germany, also due to price increases, and a modest increase in the Netherlands.

Overall, ready-mixed concrete sales volumes in Belgium and France fell by 5% compared to the previous year, but with differing trends in the two countries: In Belgium, there was a 10% contraction with a gradual drop in the market from the second quarter onwards due to the rise in raw material prices and the consequent postponement of some private building projects, as well as the closure of a plant from 1 July and the week of freezing temperatures in December which caused plant closures and distribution problems. In contrast, volumes in France increased by 11% due to the good market performance in the north of the country and the introduction of government incentives for the construction sector.

Aggregate sales volumes increased by 2% compared to 2021 with a different performance by country. In Belgium volumes increased by 5% and benefited from the development of infrastructure, positive weather conditions, the acquisition of new customers and the company's efficient distribution. In France and the Netherlands, however, volumes were down 5.5% from the previous year, mainly due to the contraction of the road sector and greater competition.

Overall, in 2022, sales revenue grew by 21.6% to EUR 334.4 million (EUR 275.0 million in 2021) while EBITDA increased by 11.6% to EUR 76.5 million (EUR 68.6 million in the previous year).

In the cement sector, which contributed the most to the growth in earnings, EBITDA benefited from higher sales prices against a significant increase in production costs as well as lower sales volumes; in the aggregates segment, the increase in margin was driven by higher sales volumes and prices, only partially offset by the growth of variable and fixed costs. In contrast, EBITDA for the ready-mixed concrete business is down from 2021 due to the strong impact of variable raw material and cement costs, and to a lesser extent fixed costs, that have not been fully recovered on price.

North America

(EUR’000) 2022 2021 Change %
Revenue from sales 196,370 155,478 26.3%
EBITDA 28,949 23,829 21.5%
EBITDA Margin % 14.7% 15.3%  
Investments 9,366 5,636  

In the US, white cement sales volumes were in line with the previous year and were supported by higher deliveries in Texas and California against lower sales in the York and Florida regions.

The dollar appreciated by 11% against the average euro exchange rate of 2021.

Overall in the US, revenues increased by 26.3% to EUR 196.4 million (EUR 155.5 million in 2021), while EBITDA increased by 21.5% to EUR 28.9 million (EUR 23.8 million in 2021), due to higher selling prices of white cement and the positive exchange rate effect, only partially offset by higher operating costs. The company Vianini Pipe, active in the production of cement products, reported an increase in EBITDA compared to the previous year thanks to higher volumes and sales prices.


(EUR’000) 2022
2021 Change %
Revenue from sales 272,581 173,263 57.3%
EBITDA 49,609 38,304 29.5%
EBITDA Margin % 18.2% 22.1%  
Investments 16,886 13,116  

Revenue reached EUR 272.6 million, an increase of 57.3% compared to 2021 (EUR 173.3 million), despite the devaluation of the Turkish lira against the euro (-65.6% compared with the average exchange rate in 2021).

In the cement sector, in the context of the general inflationary environment, the increase in selling prices led to a significant increase in sales revenues in local currency, while sales volumes in the domestic market decreased by 10% due to significantly lower sales at the Elazig plant (-31%) in Eastern Anatolia and Kars (-31%) in North-eastern Türkiye, only partially offset by higher deliveries to Trakya (+4%) in the Marmara region, while at the Izmir plant in the Aegean region, sales remained stable.

Exports of cement and clinker remained stable compared to 2021.

Concrete volumes decreased by 9% year-on-year for the reasons already stated related to the country's economic situation, the postponement of new large projects and the slowdown of urban transformation projects due to the lack of financial capacity of private parties, as well as pressure from rising sales prices and the wet weather in the Aegean and Marmara areas in the last quarter.

Aggregate volumes increased by about 39% year-on-year due to the full operation of the newly acquired quarry in the second half of 2021 and despite a contraction in infrastructure activity.

In the waste sector, the industrial waste treatment subsidiary Sureko recorded 137% higher revenues in local currency than in 2021, due to increased prices of fuel sales (RDF) produced by waste collection, landfill quantities and trading of raw materials for recycling. The British subsidiary Quercia reported revenues down 55% compared to 2021.

Overall, the region's EBITDA reached EUR 49.6 million, an increase of 29.5% over EUR 38.3 million of the previous year. This result includes approximately EUR 18.7 million of non-recurring income for the revaluation of non-industrial properties, compared to EUR 18.3 million of non-recurring income recognised in 2021. This result was mainly attributable to the cement segment due to higher sales prices despite higher operating costs, compounded by the significant depreciation of the Turkish lira. The ready-mixed concrete segment also saw an increase in EBITDA due to higher sales prices, partially offset by higher operating costs in addition to the significant devaluation of the Turkish lira. The aggregates segment showed a significant increase in margin compared to 2021 due to higher volumes and prices.


(EUR’000) 2022 2021 Change %
Revenue from sales 57,113 50,729 12.6%
EBITDA 11,792 10,842 8.8%
EBITDA Margin % 20.6% 21.4%  
Investments 1,005 1,825  

Sales revenue increased by 12.6% to EUR 57.1 million (EUR 50.7 million in 2021), despite the fact that sales volumes decreased by 3% compared to 2021.

Sales volumes of white cement decreased by 3% due to some deliveries to customers being brought forward to December 2021 before the end of the year, and due to increased competition as a result of higher prices.

EBITDA increased by 8.8% to EUR 11.8 million compared to EUR 10.8 million in the previous year, due to higher sales prices, both on the domestic market and exports, which more than offset higher operating costs, as well as the negative effects of the devaluation of the local currency.

The Egyptian pound depreciated by 8.7% against the average euro exchange rate in 2021.

Asia Pacific

(EUR’000) 2022 2021 Change %
Revenue from sales 124,588 108,017 15.3%
China 66,316 62,967 5.3%
Malaysia 58,272 45,103 29.2%
Eliminations - (53)  
EBITDA 22,682 26,829 (15.5%)
China 17,096 20,768 (17.7%)
Malaysia 5,586 6,061 (7.8%)
EBITDA Margin % 18.2% 24.8%  
Investments 7,555 6,872  


Sales revenue increased by 5.3% to EUR 66.3 million (EUR 63 million in the year 2021) despite the fact that sales volumes decreased by 6% year-on-year for several reasons: further government restrictions to limit the spread of COVID-19 (“zero COVID policy”) in many areas of the country (the regions of Shanghai (Jiangsu) and Henan remained in lockdown for long periods of the year), logistical problems in the country's major ports, declining activity in major infrastructure works and the residential sector, competition in the local market, as well as adverse weather conditions and international political tensions.

EBITDA decreased by 17.7% to EUR 17.1 million (EUR 20.8 million in 2021) due to higher fuel and electricity purchase costs and lower sales volumes, partially offset by higher sales prices, a positive exchange rate effect and higher government grants for technological innovations and workforce retention.

The Chinese Renminbi appreciated by 7.2% against the average euro exchange rate in 2021.


Sales revenue increased by 29.2% to EUR 58.3 million (EUR 45.1 million in 2021) against a 2% growth in total volumes.

Domestic sales fell by 11% due to the decline in residential, infrastructure and industrial activities, uncertainty over the general elections in November, a shortage of foreign labor on some large construction sites and rising prices of building materials.

Exports increased by 3% compared to 2021 despite strong international competition in the area: higher volumes sold in Australia, the Philippines, Vietnam, Myanmar and Cambodia were partially offset by lower volumes in South Korea and New Zealand.

At EUR 5.6 million, EBITDA decreased by 7.8% compared to EUR 6.1 million in 2021. Higher fuel purchase costs but especially higher freight costs for exports to Australia were only partially offset by higher average selling prices in domestic and foreign markets.

The local currency appreciated by 6.5% against the average euro exchange rate in 2021.

Holding and Services

(EUR’000) 2022 2021 Change %
Revenue from sales 210,367 136,580 54.0%
EBITDA (250) (4,708) 94.7%
EBITDA Margin % (0.1%) (3.4%)  
Investments 5,147 2.353  

This grouping includes the parent company, Cementir Holding, the trading company, Spartan Hive, and other minor companies. The increase in revenue and EBITDA is attributable to the higher volumes of clinker, cement and fuels traded by Spartan Hive. EBITDA includes non-recurring expenses of approximately EUR 1 million in 2022 vs. EUR 7.7 million in 2021, related to the valuation of non-industrial properties.

* * *

The Board of Directors has also decided to submit a proposal to the Shareholders’ Meeting, scheduled for 20 April 2023 in a single call, for the payment of a dividend of EUR 0.22 per each ordinary share, up by 22% compared to EUR 0.18 in 2021, before any applicable withholdings required by law, for a total dividend payment net of treasury shares2 of EUR 34.2 million, entirely taken from the profit of the year.

The dividend will be payable as of 24 May 2023, ex-dividend on 22 May 2023 (with a record date on 23 May 2023).

The Board of Directors proposed to the Shareholders’ meeting to approve the appointment of the following executive and non-executive directors of Cementir Holding N.V. for a three-year period until the date of the Annual General Meeting called to approve the financial statements for the year 2025:

  • Francesco Caltagirone, Executive director;
  • Alessandro Caltagirone, Non-Executive director;
  • Azzurra Caltagirone, Non-Executive director;
  • Saverio Caltagirone, Non-Executive director;
  • Fabio Corsico, Non-Executive director;
  • Adriana Lamberto Floristan, Non-Executive director, Independent;
  • Annalisa Pescatori, Non-Executive director, Independent;
  • Benedetta Navarra, Non-Executive director, Independent.

The curriculum vitae of the Board of Directors’ Candidates are available on the Company’s website.

The Board of Directors has also approved the Non-Financial Statement of the Cementir Holding Group. This information is made available in the section “Sustainability/ Sustainability report and documents” of the Company’s website.

Cementir Holding N.V. announces that the meeting notice and the explanatory notes of the Annual General Meeting called for 20 April 2023 in Amsterdam are made available on the Company’s website in the section “Governance/ Shareholders’ Meetings”. It should also be noted that the 2022 Annual Report, including also information pursuant to the Dutch Corporate Governance Code and the Report on Remuneration, is made available in the same section “Governance/ Shareholders’ Meetings” of the Company’s website.

2 On 12 October 2021 the buyback program was completed, with the purchase of no. 3,600,000 treasury shares equal to 2.2624% of the share capital.