Switzerland: LafargeHolcim’s net sales took a tumble of 8.7% to Euro26.9bn in 2016 from Euro29.5bn in 2015. Although on a like-for-like basis it says they declined by just 1.7%. However, its adjusted operating earning before interest, taxation, depreciation and amortisation (EBITDA) rose by 1.3% to Euro5.83bn from Euro5.75bn, with a higher improvement rate on a like-for-like basis. The building materials company didn’t explain why its sales had fallen in 2016. Instead it focused on its efforts on cutting costs, building benefits from synergies, working on pricing and growing its earnings.

“Our strong execution was visible across our five regions, which all grew earnings for the quarter and for the year. This performance underlines the strength of our diversified portfolio, which has a good balance of mature and developing markets. I am also pleased with the positive trajectory of markets such as the US, Nigeria, India and key countries in Europe, which we have singled out as important drivers for growth in 2017 and beyond,” said chief executive officer Eric Olsen.

The group’s sales volumes of cement fell by 8.8% to 233Mt from 256Mt with decreases in all regions. It reported that production overcapacity hit cement volumes and prices in Indonesia, Brazil continued to face challenging operating conditions with its ongoing recession and both Nigeria and Egypt faced difficult markets in the period. Of particular note its sales volumes fell in North America due to an economic downturn in Western Canada and a strong fourth quarter in 2015 to measure against. Operating EBITDA rose on a constant basis in Europe and North America only.