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HeidelbergCement: stock down after annual results

( - HeidelbergCement is down in Frankfurt (1% at noon), even after the building materials group reported a 6% like-for-like increase in profit from ordinary activities before depreciation and amortization, which reached 3.
7 billion euros.

Meanwhile, revenues fell by 6.6% to 17.6 billion euros (-4.6% in organic terms), due to a decline in sales volumes stemming from the coronavirus pandemic, which penalised construction activities.

However, HeidelbergCement points out that it has exceeded the targets of its COPE action plan, generating approximately 1.3 billion euros in cash savings, and that it has significantly reduced its net debt by 1.5 billion euros.

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