Strong Q4 performance builds on accelerating 2016 earnings momentum
Strong Q4 performance builds on accelerating 2016 earnings momentum
According to Rafage Holsim's Eric Orsen, CEO, said: "2016 was the year of accelerated profits. With the progress of synergies and excellent cost pricing, EBITDA , Cash flow, profit per share has improved significantly.
"Our powerful execution power is visible in five regions, and all areas have increased profits throughout the quarter and year. This achievement is a wel l-balanced mature market and growth market. It highlights the strength of the polygonal portfolio, and is also satisfied with the strong tracks that are important markets that will lead to growth after 2017, such as the United States, Nigeria, India, and European countries. I am doing it.
"We showed the potential of revenue in 2016. In the future, in 2017, the top line improvement and coordination EBITDA, cash flow, and strong growth per share are expected, 2018. It is proceeding smoothly to achieve the year's goal.
"This supports solid investment ratings, attractive dividend policies, and commitments to the return of surplus shareholders."
2017 viewing
In 2017, it will continue to achieve sustainable and profitable growth by strongly focusing on Capex reduction, cost reduction, synergies, and commercial diversification of products and architectural solutions. This is especially supported by some market contributions, such as the United States, India, Nigeria, and some European countries, and the demand for our market is expected to grow 2-4 %.
In 2017, we expect strong growth of business EBITDA and ordinary EPS after adjustment:
- After adjustment, business EBITDA grows 2 digits compared to 2016
- Normal EPS grows more than 20%
- After adjustment, the target ratio of net bonds for business EBITDA is about twice
In 2017, the Group will return cash to shareholders along a certain investment score:
- Proposal of 2. 0 per share at the General Meeting of Shareholders in May
- Up to 1 billion Swiss franc stock purchase program from 2017 to 2018
2017 Annual Meeting
Bruno Rafon, the c o-chairman of the Board of Directors, has decided not to run for the next r e-election at the next year's General Assembly. The Board of Directors is very grateful for Bruno Raffon's lon g-standing achievements and the immeasurable contributions to the success of Rafage and Holsim in 2015.
Group business performance
Powerful growth came from all the group portfolios, and after coordinating in all regions, operating EBITDA increased over the previous year and percentage. As a result of continuing the tendency to be seen in 2016 and emphasizing the balance of portfolio, there is a positive contribution from both the mature market and the developed market, and focuses on price setting, synergy effect, and cost discipline. Has a positive effect on the profit.
Especially in Europe, cost management and restructuring were successful, and despite the severe economic situation, it was strong. Britain and Switzerland, which had continued to grow strongly despite the uncertainty about the Brexit (EU withdrawal) process, became a driver in France and Switzerland, which had a solid business in soft markets. The major positive contribution of the United States has once again highlighted that the market is important for Rafage Holshim. In addition, Egypt, Argentina, Algeria and Mexico have been performing well.
India grew in 2016, despite the government's abolition of expensive bills. In Nigeria, the fuel fuel was improved and prices were improved in the early year of the year, and the profit increased in the fourth quarter.
Rafage Holsim also faced several harsh markets in 2016. The Brazilian economic crisis applied further pressure to the construction department, taking place to reduce costs. In the Asi a-Pacific region, Indonesia and Malaysia have been influenced by ove r-production capacity and fierce competition in the fourth quarter. In order to respond to this, we implemented additional cost reductions in both countries to alleviate the impact on profits.
Cement sales decreased by 2. 5%throughout the year. The quantity in the fourth quarter decreased by 5, 8%compared to the same period of the previous year, which is partially due to the abolition of the monetary system in India, the difficult transaction status in Indonesia, and the unusual weather in the United States in the same period in 2015. It is a thing.
In the third quarter of 2016, cement prices have increased by 1, 1 %, mainly by Nigeria and China, and increased by 5 % from the fourth quarter of 2015 if the exchange rate fluctuations were adjusted. The steady improvement of prices throughout the year means that the overall price level is higher than before the remarkable decline seen in 2015. < SPAN> Powerful growth came from all the group portfolios, and after coordinating in all regions, operating EBITDA increased over the previous term and pe r-period. As a result of continuing the tendency to be seen in 2016 and emphasizing the balance of portfolio, there is a positive contribution from both the mature market and the developed market, and focuses on price setting, synergy effect, and cost discipline. Has a positive effect on the profit.
Especially in Europe, cost management and restructuring were successful, and despite the severe economic situation, it was strong. Britain and Switzerland, which had continued to grow strongly despite the uncertainty about the Brexit (EU withdrawal) process, became a driver in France and Switzerland, which had a solid business in soft markets. The major positive contribution of the United States has once again highlighted that the market is important for Rafage Holshim. In addition, Egypt, Argentina, Algeria and Mexico have been performing well.
India grew in 2016, despite the government's abolition of expensive bills. In Nigeria, the fuel fuel was improved and prices were improved in the early year of the year, and the profit increased in the fourth quarter.
Rafage Holsim also faced several harsh markets in 2016. The Brazilian economic crisis applied further pressure to the construction department, taking place to reduce costs. In the Asi a-Pacific region, Indonesia and Malaysia have been influenced by ove r-production capacity and fierce competition in the fourth quarter. In order to respond to this, we implemented additional cost reductions in both countries to alleviate the impact on profits.
Cement sales decreased by 2. 5%throughout the year. The quantity in the fourth quarter decreased by 5, 8%compared to the same period of the previous year, which is partially due to the abolition of the monetary system in India, the difficult transaction status in Indonesia, and the unusual weather in the United States in the same period in 2015. It is a thing.
| Especially in Europe, cost management and restructuring were successful, and despite the severe economic situation, it was strong. Britain and Switzerland, which had continued to grow strongly despite the uncertainty about the Brexit (EU withdrawal) process, became a driver in France and Switzerland, which had a solid business in soft markets. The major positive contribution of the United States has once again highlighted that the market is important for Rafage Holshim. In addition, Egypt, Argentina, Algeria and Mexico have been performing well. | India grew in 2016, despite the government's abolition of expensive bills. In Nigeria, the fuel fuel was improved and prices were improved in the early year of the year, and the profit increased in the fourth quarter. | ± | Rafage Holsim also faced several harsh markets in 2016. The Brazilian economic crisis applied further pressure to the construction department, taking place to reduce costs. In the Asi a-Pacific region, Indonesia and Malaysia have been influenced by ove r-production capacity and fierce competition in the fourth quarter. In order to respond to this, we implemented additional cost reductions in both countries to alleviate the impact on profits. | ||
| Cement sales decreased by 2. 5%throughout the year. The quantity in the fourth quarter decreased by 5, 8%compared to the same period of the previous year, which is partially due to the abolition of the monetary system in India, the difficult transaction status in Indonesia, and the unusual weather in the United States in the same period in 2015. It is a thing. | In the third quarter of 2016, cement prices have increased by 1, 1 %, mainly by Nigeria and China, and increased by 5 % from the fourth quarter of 2015 if the exchange rate fluctuations were adjusted. The steady improvement of prices throughout the year means that the overall price level is higher than before the remarkable decline seen in 2015. | The synergy effect has been a total of 638 million Swiss francs over the year, far exceeding the 1 2-month target of 550 million Swiss francs, which was initially raised from the initial target of 450 million Swiss francs in November. | After the ful l-year adjustment, the business EBITDA was 5, 830 million Swiss francs, up 8. 7 % yea r-o n-year. In the fourth quarter, the profit increased by 30. 5 %. Explusing the expression of synergy effects, cost reductions, and improvement of price settings, increased the profit rate on the full year by about 210 bp. | The number of ordinary income per share reaches 2, 67 Swiss francs, which is more than twice as much as the 1, 32 Swiss franc in 2015, reflecting the improvement of business performance and the reduction in financial costs. In the fourth quarter, the fourth quarter reached 1. 34 billion Switzerland, twice the same period of the previous year, to 1, 660 million Swiss francs on the ful l-year cash flow. | Pure bonds have decreased by 2. 5 billion in Switzerland, due to the sale revenue received in 2016 and the strong free cache flow. As of the end of the year, bonds were 14. 7 billion francs. |
| Group-Proforma Information | In the third quarter of 2016, cement prices have increased by 1, 1 %, mainly by Nigeria and China, and increased by 5 % from the fourth quarter of 2015 if the exchange rate fluctuations were adjusted. The steady improvement of prices throughout the year means that the overall price level is higher than before the remarkable decline seen in 2015. | 2015 | ± yea r-o n-year | Cement sales volume | Million tons |
| 233. 2 | 255. 7 | -8. 8 | -twenty five | Aggregate sales | Million tons |
| 282. 7 | 292. 2 | -3. 2 | -1. 7 | Raw concrete sales | Million tons |
| 55. 0 | 292. 2 | -3. 3 | -1. 8 | Sales | Million Swiss franc |
| 26, 904 | 292. 2 | -8. 7 | -1. 7 | 1.3 | 8.7 |
| Sales EBITDA | Million Swiss franc | 5. 242 | |||
| 4. 645 | 12. 9 | Million Swiss franc | |||
| After adjustment EBITDA*function | 292. 2 | 5. 825 | 5. 751 | Sales eBitDa margin | 19, 5 |
| 15. 8 | 292. 2 | 21. 6 | 19, 5 |
Cash flow by sales activities
| 3. 295 | 2. 550 | ± | Rafage Holsim also faced several harsh markets in 2016. The Brazilian economic crisis applied further pressure to the construction department, taking place to reduce costs. In the Asi a-Pacific region, Indonesia and Malaysia have been influenced by ove r-production capacity and fierce competition in the fourth quarter. In order to respond to this, we implemented additional cost reductions in both countries to alleviate the impact on profits. | ||
| Cement sales decreased by 2. 5%throughout the year. The quantity in the fourth quarter decreased by 5, 8%compared to the same period of the previous year, which is partially due to the abolition of the monetary system in India, the difficult transaction status in Indonesia, and the unusual weather in the United States in the same period in 2015. It is a thing. | In the third quarter of 2016, cement prices have increased by 1, 1 %, mainly by Nigeria and China, and increased by 5 % from the fourth quarter of 2015 if the exchange rate fluctuations were adjusted. The steady improvement of prices throughout the year means that the overall price level is higher than before the remarkable decline seen in 2015. | Million Swiss franc | 1. 660 | -51 | * Excluding merger, restructuring, and other transient items ** Pure maintenance and expanded capital investment from cache flows by sales activities |
| Group-Proforma Information | In the third quarter of 2016, cement prices have increased by 1, 1 %, mainly by Nigeria and China, and increased by 5 % from the fourth quarter of 2015 if the exchange rate fluctuations were adjusted. The steady improvement of prices throughout the year means that the overall price level is higher than before the remarkable decline seen in 2015. | Ε4 2015 | ± yea r-o n-year | Cement sales volume | Million tons |
| 233. 2 | 255. 7 | -15. 9 | -5. 8 | Aggregate sales | Aggregate sales |
| 282. 7 | 292. 2 | -6. 1 | -4. 3 | Raw concrete sales volume | Million M3 |
| 55. 0 | 292. 2 | -8. 4 | 988 | -3. 3 | Sales |
| 26, 904 | 292. 2 | 7. 441 | -one two three | -1. 4 | Sales EBITDA |
| Sales EBITDA | 1. 296 | 31. 1 | |||
| 4. 645 | Open after adjustment EBITDA | Million Swiss franc | |||
| After adjustment EBITDA*function | 292. 2 | 15. 5 | 30. 5 | EBITDA margin | 19. 9 |
| 15. 8 | 292. 2 | 24. 7 | 647 |
18. 8
Cash flow by sales activities
Million Swiss franc
1. 779
1. 560
14. 0
32. 0
Sales free cash flow
Million Swiss franc
| Especially in Europe, cost management and restructuring were successful, and despite the severe economic situation, it was strong. Britain and Switzerland, which had continued to grow strongly despite the uncertainty about the Brexit (EU withdrawal) process, became a driver in France and Switzerland, which had a solid business in soft markets. The major positive contribution of the United States has once again highlighted that the market is important for Rafage Holshim. In addition, Egypt, Argentina, Algeria and Mexico have been performing well. | India grew in 2016, despite the government's abolition of expensive bills. In Nigeria, the fuel fuel was improved and prices were improved in the early year of the year, and the profit increased in the fourth quarter. | ± | Rafage Holsim also faced several harsh markets in 2016. The Brazilian economic crisis applied further pressure to the construction department, taking place to reduce costs. In the Asi a-Pacific region, Indonesia and Malaysia have been influenced by ove r-production capacity and fierce competition in the fourth quarter. In order to respond to this, we implemented additional cost reductions in both countries to alleviate the impact on profits. | ||
| Cement sales decreased by 2. 5%throughout the year. The quantity in the fourth quarter decreased by 5, 8%compared to the same period of the previous year, which is partially due to the abolition of the monetary system in India, the difficult transaction status in Indonesia, and the unusual weather in the United States in the same period in 2015. It is a thing. | In the third quarter of 2016, cement prices have increased by 1, 1 %, mainly by Nigeria and China, and increased by 5 % from the fourth quarter of 2015 if the exchange rate fluctuations were adjusted. The steady improvement of prices throughout the year means that the overall price level is higher than before the remarkable decline seen in 2015. | India's cement sales were influenced by the government's "Devil Measures" program, which was launched in the fourth quarter. The exclusion of some bank tickets from distribution has a particularly impact on retail businesses that depend on cash transactions. However, the savings of fuel costs and other variable costs and the implementation of marketing strategies that focus on products with a high profit margin have adversely affected prices and sales. Increased. | In the Philippines softened in the third quarter, due to strong manufacturing demand, the quantity increased in all three segments throughout the year. With the increase in quantities and prices supported by operating efficiency, the business EBITDA has improved compared to the previous year. | In Indonesia, the entry of new manufacturers has spurred the existing excessive production capacity, reducing the amount of cement and price. In Malaysia, cement quantities and prices have fallen, as the market has shrunk, competitors have added new production capacity, and exports have decreased. After coordination, EBITDA decreased in both Indonesia and Malaysia, despite the plus of measures to improve competitiveness and business performance in these severe markets. | In Australia, the quantity of aggregates was flat, but the quantity of raw cones increased. After the coordination, the number of business EBITDA decreased, but this is a new service for the Sydney market, as the main infrastructure project in the northwest, the construction stage of the Western Australia's Glazs Gazers project ended at the beginning of the year, and a service for the Sydney market. It reflects the transition to the rinwood quarry. Cos t-based measures were introduced in 2016. |
| Group-Proforma Information | In the third quarter of 2016, cement prices have increased by 1, 1 %, mainly by Nigeria and China, and increased by 5 % from the fourth quarter of 2015 if the exchange rate fluctuations were adjusted. The steady improvement of prices throughout the year means that the overall price level is higher than before the remarkable decline seen in 2015. | FY2015 | ± YoY | Cement sales | 5.2 |
| 233. 2 | 255. 7 | 123. 1 | -7. 7 | -1. 0 | 0.6 |
| 282. 7 | 292. 2 | 32. 2 | 34. 8 | -7. 5 | Ready-mix concrete sales |
| 55. 0 | 292. 2 | 15. 9 | -3. 4 | Sales | 4.4 |
| 26, 904 | 292. 2 | 9. 048 | -9. 1 | -2. 0 | 5.2 |
| Sales EBITDA | Million CHF | 1. 444 | |||
| 4. 645 | -2. 8 | Adjusted eBITDA | |||
| After adjustment EBITDA*function | 292. 2 | 1. 565 | -2. 2 | EBITDA margin | 17. 6 |
| 15. 8 | 292. 2 | 690 | 409 | 18. 6 | 17. 3 |
18. 8
| 3. 295 | 2. 550 | ± | Rafage Holsim also faced several harsh markets in 2016. The Brazilian economic crisis applied further pressure to the construction department, taking place to reduce costs. In the Asi a-Pacific region, Indonesia and Malaysia have been influenced by ove r-production capacity and fierce competition in the fourth quarter. In order to respond to this, we implemented additional cost reductions in both countries to alleviate the impact on profits. | ||
| Cement sales decreased by 2. 5%throughout the year. The quantity in the fourth quarter decreased by 5, 8%compared to the same period of the previous year, which is partially due to the abolition of the monetary system in India, the difficult transaction status in Indonesia, and the unusual weather in the United States in the same period in 2015. It is a thing. | In the third quarter of 2016, cement prices have increased by 1, 1 %, mainly by Nigeria and China, and increased by 5 % from the fourth quarter of 2015 if the exchange rate fluctuations were adjusted. The steady improvement of prices throughout the year means that the overall price level is higher than before the remarkable decline seen in 2015. | Million CHF | 68. 6 | 129. 4 | * Excludes mergers, restructurings and other one-off items ** Cash flow from operating activities less net maintenance and expansion capital expenditures |
| Group-Proforma Information | In the third quarter of 2016, cement prices have increased by 1, 1 %, mainly by Nigeria and China, and increased by 5 % from the fourth quarter of 2015 if the exchange rate fluctuations were adjusted. The steady improvement of prices throughout the year means that the overall price level is higher than before the remarkable decline seen in 2015. | 8.5 | 9.4 | E4 2015 | 2.2 |
| 233. 2 | 255. 7 | 3.5 | 4.1 | Million tons | 1.6 |
| 282. 7 | 292. 2 | -17. 4 | -4. 7 | Aggregate sales | Million tons |
| 55. 0 | 292. 2 | 361 | 357 | 1.1 | Million m³ |
| 26, 904 | 292. 2 | 411 | 400 | 2.7 | Million CHF |
| Sales EBITDA | 2. 363 | -15. 8 | |||
| 4. 645 | Operating EBITDA | Million CHF | |||
| After adjustment EBITDA*function | 292. 2 | 483 | 495 | CHF million | 13. 4 |
| 15. 8 | 292. 2 | 364 | 241 | 15. 1 | Adjusted EBITDA margin |
18. 8
16. 9
Cash flow from operating activities
CHF million
-2. 4
24. 4
Operating free cash flow
CHF million
51. 0
| Especially in Europe, cost management and restructuring were successful, and despite the severe economic situation, it was strong. Britain and Switzerland, which had continued to grow strongly despite the uncertainty about the Brexit (EU withdrawal) process, became a driver in France and Switzerland, which had a solid business in soft markets. The major positive contribution of the United States has once again highlighted that the market is important for Rafage Holshim. In addition, Egypt, Argentina, Algeria and Mexico have been performing well. | India grew in 2016, despite the government's abolition of expensive bills. In Nigeria, the fuel fuel was improved and prices were improved in the early year of the year, and the profit increased in the fourth quarter. | ± | Rafage Holsim also faced several harsh markets in 2016. The Brazilian economic crisis applied further pressure to the construction department, taking place to reduce costs. In the Asi a-Pacific region, Indonesia and Malaysia have been influenced by ove r-production capacity and fierce competition in the fourth quarter. In order to respond to this, we implemented additional cost reductions in both countries to alleviate the impact on profits. | ||
| Cement sales decreased by 2. 5%throughout the year. The quantity in the fourth quarter decreased by 5, 8%compared to the same period of the previous year, which is partially due to the abolition of the monetary system in India, the difficult transaction status in Indonesia, and the unusual weather in the United States in the same period in 2015. It is a thing. | In the third quarter of 2016, cement prices have increased by 1, 1 %, mainly by Nigeria and China, and increased by 5 % from the fourth quarter of 2015 if the exchange rate fluctuations were adjusted. The steady improvement of prices throughout the year means that the overall price level is higher than before the remarkable decline seen in 2015. | In the group's northern Germany business, cement and raw concrete sales were flat, but the total sales volume slightly increased. In South Germany, the quantity of cement and aggregates improved, but the quantity of raw cones has decreased. After coordinating Germany, EBITDA has improved significantly due to cost reductions despite its price pressure. | In Switzerland, cement sales increased due to market booming and powerful positions in the major construction projects of the Group. After coordination, EBITDA has improved the market price pressure and improved compared to the same period of the previous year due to strict cost management and increased cement sales. | Million M3 | Million M3 |
| Group-Proforma Information | In the third quarter of 2016, cement prices have increased by 1, 1 %, mainly by Nigeria and China, and increased by 5 % from the fourth quarter of 2015 if the exchange rate fluctuations were adjusted. The steady improvement of prices throughout the year means that the overall price level is higher than before the remarkable decline seen in 2015. | 2015 | ± yea r-o n-year | 1.0 | 1.0 |
| 233. 2 | 255. 7 | 41. 6 | 42. 1 | -1. 4 | -1. 4 |
| 282. 7 | 292. 2 | 124. 2 | 123. 0 | Raw concrete sales volume | Million M3 |
| 55. 0 | 292. 2 | -1, 6 | -1, 6 | Sales | Million Swiss franc |
| 26, 904 | 292. 2 | -4. 5 | -twenty one | 5,1 | 8.2 |
| Sales EBITDA | Adjusted eBITDA | 1. 217 | |||
| 4. 645 | 11, 8 | 15. 2 | |||
| After adjustment EBITDA*function | 292. 2 | 966 | 503 | 1. 329 | 1. 264 |
| 15. 8 | 292. 2 | 696 | 94 | 14. 8 | After adjustment eBitDa margin |
18. 8
| 3. 295 | 2. 550 | ± | Rafage Holsim also faced several harsh markets in 2016. The Brazilian economic crisis applied further pressure to the construction department, taking place to reduce costs. In the Asi a-Pacific region, Indonesia and Malaysia have been influenced by ove r-production capacity and fierce competition in the fourth quarter. In order to respond to this, we implemented additional cost reductions in both countries to alleviate the impact on profits. | ||
| Cement sales decreased by 2. 5%throughout the year. The quantity in the fourth quarter decreased by 5, 8%compared to the same period of the previous year, which is partially due to the abolition of the monetary system in India, the difficult transaction status in Indonesia, and the unusual weather in the United States in the same period in 2015. It is a thing. | In the third quarter of 2016, cement prices have increased by 1, 1 %, mainly by Nigeria and China, and increased by 5 % from the fourth quarter of 2015 if the exchange rate fluctuations were adjusted. The steady improvement of prices throughout the year means that the overall price level is higher than before the remarkable decline seen in 2015. | 9.9 | Million Swiss franc | Pure bonds have decreased by 2. 5 billion in Switzerland, due to the sale revenue received in 2016 and the strong free cache flow. As of the end of the year, bonds were 14. 7 billion francs. | 0.4 |
| Group-Proforma Information | In the third quarter of 2016, cement prices have increased by 1, 1 %, mainly by Nigeria and China, and increased by 5 % from the fourth quarter of 2015 if the exchange rate fluctuations were adjusted. The steady improvement of prices throughout the year means that the overall price level is higher than before the remarkable decline seen in 2015. | Europe-Proforma information | Europe-Proforma information | Q4 2015 | Q4 2015 |
| 233. 2 | 255. 7 | 4.6 | 4.7 | -1. 4 | -1. 4 |
| 282. 7 | 292. 2 | 30. 9 | 30. 9 | -0, 1 | -0, 1 |
| 55. 0 | 292. 2 | 272 | 225 | -1. 6 | -1. 6 |
| 26, 904 | 292. 2 | 337 | 304 | 1. 668 | 1. 783 |
| Sales EBITDA | -0, 4 | Sales EBITDA | |||
| 4. 645 | 20. 5 | 29. 6 | |||
| After adjustment EBITDA*function | 292. 2 | 334 | 228 | 10. 8 | 17. 7 |
| 15. 8 | 292. 2 | 231 | 47 | 12. 6 | After adjustment EBITDA margin |
18. 8
17. 0
Cash flow by sales activities
Million Swiss franc
46. 3
57, 0
Free cash flow
Million Swiss franc
388, 5
| Especially in Europe, cost management and restructuring were successful, and despite the severe economic situation, it was strong. Britain and Switzerland, which had continued to grow strongly despite the uncertainty about the Brexit (EU withdrawal) process, became a driver in France and Switzerland, which had a solid business in soft markets. The major positive contribution of the United States has once again highlighted that the market is important for Rafage Holshim. In addition, Egypt, Argentina, Algeria and Mexico have been performing well. | India grew in 2016, despite the government's abolition of expensive bills. In Nigeria, the fuel fuel was improved and prices were improved in the early year of the year, and the profit increased in the fourth quarter. | ± | Rafage Holsim also faced several harsh markets in 2016. The Brazilian economic crisis applied further pressure to the construction department, taking place to reduce costs. In the Asi a-Pacific region, Indonesia and Malaysia have been influenced by ove r-production capacity and fierce competition in the fourth quarter. In order to respond to this, we implemented additional cost reductions in both countries to alleviate the impact on profits. | ||
| Cement sales decreased by 2. 5%throughout the year. The quantity in the fourth quarter decreased by 5, 8%compared to the same period of the previous year, which is partially due to the abolition of the monetary system in India, the difficult transaction status in Indonesia, and the unusual weather in the United States in the same period in 2015. It is a thing. | In the third quarter of 2016, cement prices have increased by 1, 1 %, mainly by Nigeria and China, and increased by 5 % from the fourth quarter of 2015 if the exchange rate fluctuations were adjusted. The steady improvement of prices throughout the year means that the overall price level is higher than before the remarkable decline seen in 2015. | Despite the decrease in sales volume due to political anxiety and security concerns, in the case of disciplined cost management in El Salvador increased. | The liquidity crisis in Ecuador and the subsequent challenging economic environment led to continued delays in construction projects. Aggregate and concrete volumes remained stable, while cement volumes declined significantly. The company's involvement in large projects such as the Quito subway and the implementation of contingency plans improved margins and limited the decline in Adjusted Operating EBITDA for the full year. | In Colombia, softening demand and a nationwide transport strike that lasted several weeks negatively impacted cement and ready-mix concrete volumes. Large projects such as the Bogota-El Dorado International Airport helped to partially offset the decline in volumes. Adjusted Operating EBITDA declined in 2015, despite price increases in the first half of the year and defined cost reduction plans. | In Colombia, softening demand and a nationwide transport strike that lasted several weeks negatively impacted cement and ready-mix concrete volumes. Large projects such as the Bogota-El Dorado International Airport helped to partially offset the decline in volumes. Adjusted Operating EBITDA declined in 2015, despite price increases in the first half of the year and defined cost reduction plans. |
| Group-Proforma Information | In the third quarter of 2016, cement prices have increased by 1, 1 %, mainly by Nigeria and China, and increased by 5 % from the fourth quarter of 2015 if the exchange rate fluctuations were adjusted. The steady improvement of prices throughout the year means that the overall price level is higher than before the remarkable decline seen in 2015. | 6.0 | 7.9 | 2015 | ± Change from the previous year |
| 233. 2 | 255. 7 | 6.5 | 7.3 | 24. 1 | 27. 9 |
| 282. 7 | 292. 2 | Aggregate sales | Million tons | -24. 4 | -23. 2 |
| 55. 0 | 292. 2 | 835 | 876 | * Excludes mergers, restructurings and other one-off items ** Cash flow from operating activities less net maintenance and expansion capital expenditures | 5.4 |
| 26, 904 | 292. 2 | 885 | 907 | CHF million | 7.8 |
| Sales EBITDA | 3. 241 | -14. 4 | |||
| 4. 645 | Operating EBITDA | Million CHF | |||
| After adjustment EBITDA*function | 292. 2 | 358 | 298 | Million CHF | -2. 4 |
| 15. 8 | 292. 2 | 259 | 5 | 27. 0 | 27. 0 |
18. 8
| 3. 295 | 2. 550 | ± | Rafage Holsim also faced several harsh markets in 2016. The Brazilian economic crisis applied further pressure to the construction department, taking place to reduce costs. In the Asi a-Pacific region, Indonesia and Malaysia have been influenced by ove r-production capacity and fierce competition in the fourth quarter. In order to respond to this, we implemented additional cost reductions in both countries to alleviate the impact on profits. | ||
| Cement sales decreased by 2. 5%throughout the year. The quantity in the fourth quarter decreased by 5, 8%compared to the same period of the previous year, which is partially due to the abolition of the monetary system in India, the difficult transaction status in Indonesia, and the unusual weather in the United States in the same period in 2015. It is a thing. | In the third quarter of 2016, cement prices have increased by 1, 1 %, mainly by Nigeria and China, and increased by 5 % from the fourth quarter of 2015 if the exchange rate fluctuations were adjusted. The steady improvement of prices throughout the year means that the overall price level is higher than before the remarkable decline seen in 2015. | 6.0 | 6.7 | Raw concrete sales volume | Raw concrete sales volume |
| Group-Proforma Information | In the third quarter of 2016, cement prices have increased by 1, 1 %, mainly by Nigeria and China, and increased by 5 % from the fourth quarter of 2015 if the exchange rate fluctuations were adjusted. The steady improvement of prices throughout the year means that the overall price level is higher than before the remarkable decline seen in 2015. | 1.0 | 2.0 | Latin America - Pro Forma | Q4 2016 |
| 233. 2 | 255. 7 | 1.5 | 1.8 | Aggregate sales | Million tons |
| 282. 7 | 292. 2 | 691 | 784 | Aggregate sales | -2. 0 |
| 55. 0 | 292. 2 | 211 | 197 | 6.8 | Ready-mix concrete sales |
| 26, 904 | 292. 2 | 230 | 217 | 6.5 | -13. 9 |
| Sales EBITDA | Sales EBITDA | -11. 8 | |||
| 4. 645 | Operating EBITDA | Million CHF | |||
| After adjustment EBITDA*function | 292. 2 | 216 | 96 | Million CHF | 20. 0 |
| 15. 8 | 292. 2 | 191 | 26 | 25. 2 | Adjusted operating EBITDA margin |
18. 8
27. 6
Cash flow from operating activities
Million Swiss francs
125. 9
160. 7
Free cash flow
Million Swiss francs
| Especially in Europe, cost management and restructuring were successful, and despite the severe economic situation, it was strong. Britain and Switzerland, which had continued to grow strongly despite the uncertainty about the Brexit (EU withdrawal) process, became a driver in France and Switzerland, which had a solid business in soft markets. The major positive contribution of the United States has once again highlighted that the market is important for Rafage Holshim. In addition, Egypt, Argentina, Algeria and Mexico have been performing well. | India grew in 2016, despite the government's abolition of expensive bills. In Nigeria, the fuel fuel was improved and prices were improved in the early year of the year, and the profit increased in the fourth quarter. | ± | Rafage Holsim also faced several harsh markets in 2016. The Brazilian economic crisis applied further pressure to the construction department, taking place to reduce costs. In the Asi a-Pacific region, Indonesia and Malaysia have been influenced by ove r-production capacity and fierce competition in the fourth quarter. In order to respond to this, we implemented additional cost reductions in both countries to alleviate the impact on profits. | ||
| Cement sales decreased by 2. 5%throughout the year. The quantity in the fourth quarter decreased by 5, 8%compared to the same period of the previous year, which is partially due to the abolition of the monetary system in India, the difficult transaction status in Indonesia, and the unusual weather in the United States in the same period in 2015. It is a thing. | In the third quarter of 2016, cement prices have increased by 1, 1 %, mainly by Nigeria and China, and increased by 5 % from the fourth quarter of 2015 if the exchange rate fluctuations were adjusted. The steady improvement of prices throughout the year means that the overall price level is higher than before the remarkable decline seen in 2015. | In Algeria, the sales volume of cement and aggregates increased, but raw conversion sales were slightly reduced. The price increase was implemented at the beginning of the year, and the business EBITDA increased compared to 2015 after adjustment, combined with the increase in cement. In Morocco, the business EBITDA after adjustment in 2015 has slightly increased by aggressive prices and cost management. In July 2016, Holsim's business in Morocco merged with the former Rafage's business in the country, and the Rafage Horsim Morocco was born. Profit from Rafage Horsim Morocco is included in the contribution of the joint venture. | Nigeria was impressed by the interruption of natural gas supply and logistics associated with the attack on the pipeline by armed forces, and the amount of cement production and adjustment EBITDA decreased significantly. Measures to increase fuel flexibility and raise prices have greatly recovered sales volume and EBITDA in the fourth quarter. | In Lebanon, cement sales have increased due to new marketing strategies and improvement of production records, but raw consumption sales have decreased due to intensifying competition. Operating EBITDA has increased significantly after adjustment due to strict cost management. | In South Africa, cement sales decreased in 2015, and business EBITDA decreased after coordination. In Kenya, the amount of cement quantity decreased slightly due to intensifying price competition in the distribution sector. Raw conversion sales increased, and after adjustment, the business EBITDA improved compared to the same period of the previous year. |
| Group-Proforma Information | In the third quarter of 2016, cement prices have increased by 1, 1 %, mainly by Nigeria and China, and increased by 5 % from the fourth quarter of 2015 if the exchange rate fluctuations were adjusted. The steady improvement of prices throughout the year means that the overall price level is higher than before the remarkable decline seen in 2015. | 2015 | ± yea r-o n-year | 8.7 | ± yea r-o n-year |
| 233. 2 | 255. 7 | 6.0 | 5.6 | 7.7 | 43. 4 |
| 282. 7 | 292. 2 | Aggregate sales | Million tons | 12. 2 | In South Africa, cement sales decreased in 2015, and business EBITDA decreased after coordination. In Kenya, the amount of cement quantity decreased slightly due to intensifying price competition in the distribution sector. Raw conversion sales increased, and after adjustment, the business EBITDA improved compared to the same period of the previous year. |
| 55. 0 | 292. 2 | Million M3 | 10. 0 | Sales | 1.7 |
| 26, 904 | 292. 2 | 4. 536 | -14. 0 | -1, 5 | 1.3 |
| Sales EBITDA | Million Swiss franc | 1. 127 | |||
| 4. 645 | -11, 7 | Open after adjustment EBITDA | |||
| After adjustment EBITDA*function | 292. 2 | 837 | 964 | 1. 362 | Million tons |
| 15. 8 | 292. 2 | 462 | 378 | 28. 1 | After adjustment eBitDa margin |
18. 8
| 3. 295 | 2. 550 | ± | Rafage Holsim also faced several harsh markets in 2016. The Brazilian economic crisis applied further pressure to the construction department, taking place to reduce costs. In the Asi a-Pacific region, Indonesia and Malaysia have been influenced by ove r-production capacity and fierce competition in the fourth quarter. In order to respond to this, we implemented additional cost reductions in both countries to alleviate the impact on profits. | ||
| Cement sales decreased by 2. 5%throughout the year. The quantity in the fourth quarter decreased by 5, 8%compared to the same period of the previous year, which is partially due to the abolition of the monetary system in India, the difficult transaction status in Indonesia, and the unusual weather in the United States in the same period in 2015. It is a thing. | In the third quarter of 2016, cement prices have increased by 1, 1 %, mainly by Nigeria and China, and increased by 5 % from the fourth quarter of 2015 if the exchange rate fluctuations were adjusted. The steady improvement of prices throughout the year means that the overall price level is higher than before the remarkable decline seen in 2015. | 9.1 | Million Swiss franc | 22. 3 | 44. 4 |
| Group-Proforma Information | In the third quarter of 2016, cement prices have increased by 1, 1 %, mainly by Nigeria and China, and increased by 5 % from the fourth quarter of 2015 if the exchange rate fluctuations were adjusted. The steady improvement of prices throughout the year means that the overall price level is higher than before the remarkable decline seen in 2015. | 3.3 | 2.8 | 42. 1 | Ε4 2015 |
| 233. 2 | 255. 7 | 1.4 | 1.4 | Million tons | 4.0 |
| 282. 7 | 292. 2 | 888 | -9. 3 | Aggregate sales | 6.1 |
| 55. 0 | 292. 2 | 319 | 210 | 23. 6 | Raw conversion sales volume |
| 26, 904 | 292. 2 | 370 | 271 | Sales | Million Swiss franc |
| Sales EBITDA | -17, 5 | Million Swiss franc | |||
| 4. 645 | 50, 9 | -11. 8 | |||
| After adjustment EBITDA*function | 292. 2 | 318 | 320 | 36. 5 | 13. 4 |
| 15. 8 | 292. 2 | 211 | 127 | 19, 5 | After adjustment eBitDa margin |
18. 8
25. 2
Cash flow by sales activities
Million Swiss franc
-0, 5
24. 4
Sales free cash flow
| Especially in Europe, cost management and restructuring were successful, and despite the severe economic situation, it was strong. Britain and Switzerland, which had continued to grow strongly despite the uncertainty about the Brexit (EU withdrawal) process, became a driver in France and Switzerland, which had a solid business in soft markets. The major positive contribution of the United States has once again highlighted that the market is important for Rafage Holshim. In addition, Egypt, Argentina, Algeria and Mexico have been performing well. | India grew in 2016, despite the government's abolition of expensive bills. In Nigeria, the fuel fuel was improved and prices were improved in the early year of the year, and the profit increased in the fourth quarter. | ± | Rafage Holsim also faced several harsh markets in 2016. The Brazilian economic crisis applied further pressure to the construction department, taking place to reduce costs. In the Asi a-Pacific region, Indonesia and Malaysia have been influenced by ove r-production capacity and fierce competition in the fourth quarter. In order to respond to this, we implemented additional cost reductions in both countries to alleviate the impact on profits. | ||
| Cement sales decreased by 2. 5%throughout the year. The quantity in the fourth quarter decreased by 5, 8%compared to the same period of the previous year, which is partially due to the abolition of the monetary system in India, the difficult transaction status in Indonesia, and the unusual weather in the United States in the same period in 2015. It is a thing. | In the third quarter of 2016, cement prices have increased by 1, 1 %, mainly by Nigeria and China, and increased by 5 % from the fourth quarter of 2015 if the exchange rate fluctuations were adjusted. The steady improvement of prices throughout the year means that the overall price level is higher than before the remarkable decline seen in 2015. | Million Swiss franc | Although sales volume has decreased slightly, the United States has achieved powerful economic achievements. After adjustment, the increase in business EBITDA was due to price setting and continuous improvement in cost management. In the United States, r e-negotiations of the purchase contract after the merger have accelerated the acquisition of synergies through optimization of supply chains, facility networks, production and supply chain optimization. In addition, organizational cost reduction measures were implemented. | In Canada, Rafage Horsim's cement sales decreased, mainly due to the decline in energy prices in oi l-dependent in the western country. | Sales and raw cones also decreased due to the economic downturn and the decline in construction activities in western Canada. In the eastern Canada, the Montreal's New Shampamed Bridge project had a positive effect on quantity and profitability, but in 2016 other large infrastructure projects were completed, and the total volume was reduced overall. In the lady mix, the strong residential sector did not offset the shortage of large infrastructure projects. After the adjustment of Canada, the business EBITDA fell below 2015 due to geographical sales, despite price setting and cost countermeasures. |
| Group-Proforma Information | In the third quarter of 2016, cement prices have increased by 1, 1 %, mainly by Nigeria and China, and increased by 5 % from the fourth quarter of 2015 if the exchange rate fluctuations were adjusted. The steady improvement of prices throughout the year means that the overall price level is higher than before the remarkable decline seen in 2015. | 2015 | ± yea r-o n-year | Cement sales volume | Cement sales volume |
| 233. 2 | 255. 7 | 8.7 | 9.3 | -10. 9 | In Lebanon, cement sales have increased due to new marketing strategies and improvement of production records, but raw consumption sales have decreased due to intensifying competition. Operating EBITDA has increased significantly after adjustment due to strict cost management. |
| 282. 7 | 292. 2 | 108. 2 | 115. 3 | Million tons | -6. 2 |
| 55. 0 | 292. 2 | -7. 1 | -6. 9 | 123. 1 | Million Swiss franc |
| 26, 904 | 292. 2 | -4. 5 | -2. 7 | Sales EBITDA | 1. 668 |
| Sales EBITDA | 1. 121 | 15. 4 | |||
| 4. 645 | EBITDA customization by function | Million Swiss franc | |||
| After adjustment EBITDA*function | 292. 2 | 718 | 651 | one two three | 9.8 |
| 15. 8 | 292. 2 | 200 | 46 | 23. 2 | 19, 7 |
18. 8
| 3. 295 | 2. 550 | ± | Rafage Holsim also faced several harsh markets in 2016. The Brazilian economic crisis applied further pressure to the construction department, taking place to reduce costs. In the Asi a-Pacific region, Indonesia and Malaysia have been influenced by ove r-production capacity and fierce competition in the fourth quarter. In order to respond to this, we implemented additional cost reductions in both countries to alleviate the impact on profits. | ||
| Cement sales decreased by 2. 5%throughout the year. The quantity in the fourth quarter decreased by 5, 8%compared to the same period of the previous year, which is partially due to the abolition of the monetary system in India, the difficult transaction status in Indonesia, and the unusual weather in the United States in the same period in 2015. It is a thing. | In the third quarter of 2016, cement prices have increased by 1, 1 %, mainly by Nigeria and China, and increased by 5 % from the fourth quarter of 2015 if the exchange rate fluctuations were adjusted. The steady improvement of prices throughout the year means that the overall price level is higher than before the remarkable decline seen in 2015. | 4.8 | 5.8 | Million Swiss franc | In Canada, Rafage Horsim's cement sales decreased, mainly due to the decline in energy prices in oi l-dependent in the western country. |
| Group-Proforma Information | In the third quarter of 2016, cement prices have increased by 1, 1 %, mainly by Nigeria and China, and increased by 5 % from the fourth quarter of 2015 if the exchange rate fluctuations were adjusted. The steady improvement of prices throughout the year means that the overall price level is higher than before the remarkable decline seen in 2015. | North America-Proforma Information | -11, 7 | Ε4 2015 | Ε4 2015 |
| 233. 2 | 255. 7 | 2.1 | 2.4 | E4 2015 | E4 2015 |
| 282. 7 | 292. 2 | 27. 5 | 30. 7 | -10. 2 | The number of ordinary income per share reaches 2, 67 Swiss francs, which is more than twice as much as the 1, 32 Swiss franc in 2015, reflecting the improvement of business performance and the reduction in financial costs. In the fourth quarter, the fourth quarter reached 1. 34 billion Switzerland, twice the same period of the previous year, to 1, 660 million Swiss francs on the ful l-year cash flow. |
| 55. 0 | 292. 2 | 338 | 282 | 1. 296 | 11, 8 |
| 26, 904 | 292. 2 | 359 | 326 | Million Swiss franc | 9.3 |
| Sales EBITDA | -8. 0 | Million Swiss franc | |||
| 4. 645 | Million Swiss franc | 19. 9 | |||
| After adjustment EBITDA*function | 292. 2 | 547 | 555 | Million Swiss franc | -2. 0 |
| 15. 8 | 292. 2 | 469 | 351 | 18. 8 | After adjustment eBitDa margin |
18. 8
21, 7
Cash flow by sales activities
Million Swiss franc
-1. 3
-twenty two
Sales free cash flow
Million Swiss franc
33. 8
32. 5
* Excluding merger, business reorganization, and other transient items ** Cash flows by sales activities (after deducting pure maintenance and expanding capital investment)
Merger, restructuring and other temporary expenses
The total cost in FY2016 was 582 million, Switzerland. Of these, 242 million Swiss francs were relevant to synergy. With the implementation of the sales pipe cost reduction plan, a restructuring allowance for Swiss francs was recorded. It will be below 7 % of sales by 2018. In particular, this includes a allowance related to the reorganization of the central business announced in September 2016.
Distribution of joint ventures and profits from partners
The distribution of profits from partners and joint ventures has increased from 189 million Swiss francs to 250 million Swiss francs. Morocco's Legacy Holshim business is completely connected in 2015 and the first half of 2016, so the comparison is distorted. The three major partners and joint ventures of Morocco and Australian cement and Chinese Hua Shin cement have contributed to this growth.
Financial expenses
Pure finance costs were 917 million Swiss francs, reflecting the synergy effects of the merger and the decline in pure financial debt levels in 2016, below the estimated estimates of 422 million in Switzerland in the fiscal year ended December 2015.
tax
The effective tax rate in 2016 was 29. 0 %. Except for disposal and confusion, the annual effective tax rate was 27. 6 %.
Pure income
Group's net income was 179 billion in Switzerland, compared to the loss of 212 billion Swiss franc in 2015. Improving net income includes a contribution to merger and restructuring costs in 2016, and a temporary no n-cash expenses of 3 billion Swiss francs related to 2015 asset impairment and other costs.
On a normal base, the net income share in FY2016 was 1. 61 billion Switzerland, an increase of 800 million Switzerland compared to Pro Forma 2015.
| After the tax, the income of the contract, which was completed in 2016, has reduced the reduction in Swiss francs in Switzerland. In 2017, the contract announced in China and Vietnam is expected to be one billion Swiss franc. Of the numbers, 450 million Swiss francs were received in cash on March 1, 2017 after the sale of Vietnam. The rest will be received when China's local regulations are canceled. By the end of 2017, the rest of the Swiss Francs will be completed. | 3. 295 | 2. 550 | Especially in Europe, cost management and restructuring were successful, and despite the severe economic situation, it was strong. Britain and Switzerland, which had continued to grow strongly despite the uncertainty about the Brexit (EU withdrawal) process, became a driver in France and Switzerland, which had a solid business in soft markets. The major positive contribution of the United States has once again highlighted that the market is important for Rafage Holshim. In addition, Egypt, Argentina, Algeria and Mexico have been performing well. | India grew in 2016, despite the government's abolition of expensive bills. In Nigeria, the fuel fuel was improved and prices were improved in the early year of the year, and the profit increased in the fourth quarter. |
| Pure bonds were 14. 7 billion Swiss francs (as of December 31, 2015, 17. 3 billion Swiss). It sells Rafage India for the third quarter, selling Cameroon, selling Holsim Morocco and Cote Voir in the third quarter, selling Sri Lanka and Saudi Arabia in the third quarter, and selling Korea in the second quarter (2. 5 billion (2. 5 billion). It reflects Swiss franc). In May 2016, Rafage Horsim shareholders were paid 999 million Swiss francs dividends. | 563 | As a result of debt management transactions and replacement activities throughout the year, the average borrowing period increased from the end of 2015 to 4, 2 to the end of 2016. Debt costs were 4, 8 %at the end of 2016 from 5, 1 %after transactions. | Display change of joint venture business | Since January 1, 2017, management has c o-dominated business activities, which are the basis of joint ventures, and reflects Rafalhorsim's core business activities. In order to provide more appropriate information on financial achievements, it has been decided to include the group resignation of the profit of the joint venture in the operating profit. Based on the 2016 figures, this change will increase operating income by 125 million Swiss francs. |
| Adjustment of operating profit disclosed in sales EBITDA and financial statements | 733 | Million Swiss franc | Q4 2016 | Ε4 2015 |
| 55. 0 | -8. 4 | Operating profit | -3. 3 | 2. 837 |
| (739) | 0 | Depreciation costs, depreciation expenses, and impairment losses for operating assets | 0 | 963 |
| 3. 127 | -8. 4 | 988 | -3. 3 | -1. 8 |
| 1. 296 | 315 | 407 | 583 | 1. 011 |
| 5. 242 | 7. 441 | -one two three | -8. 7 | -1. 7 |
| After the tax, the income of the contract, which was completed in 2016, has reduced the reduction in Swiss francs in Switzerland. In 2017, the contract announced in China and Vietnam is expected to be one billion Swiss franc. Of the numbers, 450 million Swiss francs were received in cash on March 1, 2017 after the sale of Vietnam. The rest will be received when China's local regulations are canceled. By the end of 2017, the rest of the Swiss Francs will be completed. | 3. 295 | 2. 550 | Especially in Europe, cost management and restructuring were successful, and despite the severe economic situation, it was strong. Britain and Switzerland, which had continued to grow strongly despite the uncertainty about the Brexit (EU withdrawal) process, became a driver in France and Switzerland, which had a solid business in soft markets. The major positive contribution of the United States has once again highlighted that the market is important for Rafage Holshim. In addition, Egypt, Argentina, Algeria and Mexico have been performing well. | India grew in 2016, despite the government's abolition of expensive bills. In Nigeria, the fuel fuel was improved and prices were improved in the early year of the year, and the profit increased in the fourth quarter. |
| 1. 611 | 535 | 1. 395 | 5. 825 | 5. 751 |
| (739) | 0 | Million Swiss franc | 0 | Q4 2016 |
| Ε4 2015 | 535 | 2016 | 5. 825 | Pure income |
| (2. 863) | 51 | 134 | 189 | 550 |
| 2. 090 | 64 | 181 | 64 | 242 |
| (1. 361) | Proforma adjustment (Rafage 2015, influence and scope split) | (46) | (597) | Proformer's net income |
| (2. 909) | 0 | 0 | 90 | 0 |
| 2. 090 | 564 | (1. 958) | Merge r-related expenses | 970 |
| Other temporary expenses over 50 million Swiss francs | 480 | Profit of the report | (86) | 798 |
2. 515
| After the tax, the income of the contract, which was completed in 2016, has reduced the reduction in Swiss francs in Switzerland. In 2017, the contract announced in China and Vietnam is expected to be one billion Swiss franc. Of the numbers, 450 million Swiss francs were received in cash on March 1, 2017 after the sale of Vietnam. The rest will be received when China's local regulations are canceled. By the end of 2017, the rest of the Swiss Francs will be completed. | 3. 295 | 2. 550 | Especially in Europe, cost management and restructuring were successful, and despite the severe economic situation, it was strong. Britain and Switzerland, which had continued to grow strongly despite the uncertainty about the Brexit (EU withdrawal) process, became a driver in France and Switzerland, which had a solid business in soft markets. The major positive contribution of the United States has once again highlighted that the market is important for Rafage Holshim. In addition, Egypt, Argentina, Algeria and Mexico have been performing well. | India grew in 2016, despite the government's abolition of expensive bills. In Nigeria, the fuel fuel was improved and prices were improved in the early year of the year, and the profit increased in the fourth quarter. |
| After adjustment EBITDA*function | 15. 5 | 1. 615 | 5. 825 | Relationship between free cash flow and sales indicators in the consolidated cash flow statement |
| Million Swiss franc | Q4 2016 | Ε4 2015 | 2016 | 2015 |
| Cash flow by sales activities | 57 | 43 | 137 | 118 |
| 1. 779 | 24. 7 | 696 | 21. 6 | 477 |
| (739) | 0 | Purchase of tangible fixed assets | 0 | (494) |
| (881) | 24. 7 | 647 | 21. 6 | Disposal of tangible fixed assets |
Free cash flow
1. 342
1. 660
Proformer's arrangement (Rafage 2015, the effects and range split)
(49)- (528)
- Professional free cash flow
- 1. 342
- 1. 660
- (51)
- The 2015 Proformer Finance Information included in this media release has been achieved in 2015, the effects of the scope of the sale achieved in connection with the merger of Holsim and the Rafage, the effects of business restructuring, and other units. It reflects the impact of the business. These figures do not take into account the impact of purchasing price accounting on the eBitDa function related to inventory evaluation.
- This release uses a specific no n-GAAP indicator to explain Rafalhorsim's performance. Click here for the definition of no n-GAAP indicators.
- Lafage Horsim is one of the world's leading building materials and solutions that provide services to mason, builders, architects, and engineers around the world. The Rafage Horsm Group manufactures cement, aggregates, and raw concrete, from affordable houses and small local projects to larg e-scale infrastructure projects with high technical and architectural difficulties. It is used for construction projects. As urbanization is increasingly influenced by people and the earth, the group clearly commits the sustainability of society and the environment, providing innovative architectural products and solutions. Rafage Horsim has about 90, 000 employees in more than 80 countries around the world, covering the developmental market and mature markets in a wel l-balanced manner.
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