Germany: HeidelbergCement has posted a 29% rise in core earnings in the first quarter of 2015 as it has benefited from a construction industry recovery in North America and the UK as well as low energy prices and the weak Euro. Operating income before depreciation (OIBD) was Euro299m and sales rose by 4% on a like-for-like basis to Euro2.84bn.
"Business development in the first quarter has strengthened our conviction in our outlook for 2015," said chief executive Bernd Scheifele. HeidelbergCement has reiterated its aim for significant improvements in 2015 sales, operating income and adjusted net profit thanks to strong demand in its core markets, the weaker oil price and Euro and efficiency measures.
HeidelbergCement also anticipates a significant decrease in financing costs due to the decline of net debt to Euro6.1bn from Euro7.8bn, following the sale of its building products business.
