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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  LafargeHolcim Ltd    LHN   CH0012214059

LAFARGEHOLCIM LTD

(LHN)
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Delayed Quote. Delayed Swiss Exchange - 10/30 12:31:02 pm
39.35 CHF   +1.21%
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10:23aLAFARGEHOLCIM : Gets a Buy rating from Goldman Sachs
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08:47aLAFARGEHOLCIM : JP Morgan maintains a Buy rating
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LafargeHolcim: Resilient H1 performance, full -2-

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07/30/2020 | 01:46am EDT

The Middle East Africa region showed resilient margins and recovery from the impact of COVID-19 by June. Volumes declined in Algeria, Egypt, Iraq and South Africa due to government restrictions and curfews. Ramadan in May slowed down the recovery in the respective countries. Nigeria delivered a resilient performance.

 
Middle East Africa                       H1 2020  H1 2019  +/-%   +/-% LfL 
Sales of cement (mt)                     15.6     17.6     -11.6  -11.6 
Sales of aggregates (mt)                 1.4      3.4      -60.1  -60.1 
Sales of ready-mix concrete (m m(3) )    1.2      1.9      -35.7  -35.7 
Net sales to external customers (CHFm)   1,177    1,476    -20.3  -14.8 
Recurring EBIT (CHFm)                    137      193      -29.3  -27.0 
Recurring EBIT margin (%)                11.5     13.0 
 

North America

 

The North America region delivered a remarkable performance with a Recurring EBIT up 20 percent for the first half of 2020 over the prior-year period on a like-for-like basis. This leading performance amid COVID-19 was largely due to fast and effective cost management in the US, partly offset by the impact of lockdowns in Eastern Canada and the economic challenges facing Western Canada due to a slowdown in the oil & gas industry.

 
North America                            H1 2020  H1 2019  +/-%  +/-% LfL 
Sales of cement (mt)                     8.9      9.0      -1.4  -1.4 
Sales of aggregates (mt)                 45.2     45.7     -1.1  -0.6 
Sales of ready-mix concrete (m m(3) )    4.5      4.4      2.7   1.5 
Net sales to external customers (CHFm)   2,566    2,645    -3.0  0.8 
Recurring EBIT (CHFm)                    260      225      15.6  19.7 
Recurring EBIT margin (%)                10.1     8.5 
 

RECONCILIATION TO GROUP ACCOUNTS

 

Reconciling measures of profit and loss to the LafargeHolcim Group's consolidated statement of income

 
                                                    H1 2020       H1 2019 
Million CHF                                          (Unaudited)   (Unaudited) 
Net sales                                           10,693        13,059 
Recurring operating costs                           (8,717)       (10,658) 
Share of profit of joint ventures                   176           272 
Recurring EBITDA after leases                       2,152         2,673 
Depreciation and amortization of property, plant 
 and equipment, intangible and long-term assets     (958)         (1,007) 
Recurring EBIT                                      1,194         1,667 
Restructuring, litigation and other non-recurring 
 costs                                              (39)          (71) 
Impairment of operating assets                      (151)         (14) 
Operating profit                                    1,005         1,581 
 
 
                                      H1 2020       H1 2019 
Million CHF                            (Unaudited)   (Unaudited) 
Recurring EBITDA after leases         2,152         2,673 
Depreciation of right-of-use assets   185           205 
Recurring EBITDA                      2,337         2,878 
 
 
                            H1 2020       H1 2019 
Million CHF                  (Unaudited)   (Unaudited) 
Recurring fixed costs       (2,922)       (3,436) 
Recurring variable costs    (5,795)       (7,222) 
Recurring operating costs   (8,717)       (10,658) 
 
 
                                                    H1 2020       H1 2019 
Million CHF                                          (Unaudited)   (Unaudited) 
Net income                                          447           1,128 
Impairment                                          (143)         (23) 
Profit/(loss) on divestments                        (11)          265 
Net income before impairment and divestments        601           886 
Net income before impairment and divestments Group 
 share                                              501           769 
 

Reconciliation of the Free Cash Flow after leases to the consolidated cash flows of the LafargeHolcim Group

 
                                            H1 2020       H1 2019 
Million CHF                                  (Unaudited)   (Unaudited) 
Cash flow from operating activities         1,330         1,067 
Purchase of property, plant and equipment   (442)         (647) 
Disposal of property, plant and equipment   30            41 
Repayment of long-term lease liabilities    (169)         (209) 
Free cash flow after leases                 749           252 
 

Reconciliation of Net financial debt to the consolidated statement of financial position of the LafargeHolcim Group

 
                                  H1 2020       H1 2019 
Million CHF                        (Unaudited)   (Unaudited) 
Current financial liabilities     2,736         2,862 
Long-term financial liabilities   11,697        12,886 
Cash and cash equivalents         3,736         3,045 
Short-term derivative assets      14            29 
Long-term derivative assets       31            25 
Net financial debt                10,652        12,650 
 

NON-GAAP DEFINITIONS

 

Some non-GAAP measures are used in this release to help describe the performance of LafargeHolcim. A full set of these non-GAAP definitions can be found on our website.

 
Measures                                Definition 
Like-for-like                           Like-for-like information is 
                                        information factoring out changes in 
                                        the scope of consolidation (such as 
                                        divestments and acquisitions occurring 
                                        in 2020 and 2019) and currency 
                                        translation effects (2020 figures are 
                                        converted with 2019 exchange rates in 
                                        order to calculate the currency 
                                        effects). 
Recurring fixed costs                   Recurring fixed costs refer to all 
                                        recurring costs not directly related 
                                        to volumes such as Maintenance, 
                                        Personal costs in Production, 
                                        Administration, Marketing and Sales 
                                        Expenses, Third party services and 
                                        depreciation of right-of-use assets. 
Recurring variable costs                Recurring variable costs include 
                                        recurring operating costs directly 
                                        related to volumes such as raw 
                                        materials and finished goods 
                                        purchases, inventory variation, 
                                        energy, quarry outsourcing and 
                                        distribution costs. The addition of 
                                        variable and fixed recurring costs 
                                        equals the total recurring operating 
                                        costs. 
Recurring operating costs               The Recurring operating costs is an 
                                        indicator representing all recurring 
                                        costs. It is defined as: +/-- 
                                        Recurring EBITDA after leases; -- net 
                                        sales; and -- share of profit of joint 
                                        ventures 
Recurring EBITDA                        The Recurring EBITDA (earnings before 
                                        interest, tax, depreciation and 
                                        amortization) is an indicator to 
                                        measure the performance of the group 
                                        excluding the impacts of non-recurring 
                                        items. It is defined as: +/-- 
                                        Operating profit (EBIT) - 
                                        depreciation, amortization and 
                                        impairment of operating assets - 
                                        restructuring, litigation and other 
                                        non-recurring costs 
Recurring EBITDA Margin                 The Recurring EBITDA margin is an 
                                        indicator to measure the profitability 
                                        of the Group excluding the impacts of 
                                        non-recurring items. It is defined as 
                                        the Recurring EBITDA divided by net 
                                        sales. 
Recurring EBITDA after leases           The Recurring EBITDA after leases 
                                        (earnings before interest, tax, 
                                        depreciation and amortization) is an 
                                        indicator to measure the performance 
                                        of the Group including the impacts of 
                                        lease depreciation and excluding the 
                                        impacts of non-recurring items. The 
                                        Recurring EBITDA after leases is 
                                        defined as the Recurring EBITDA less 
                                        the depreciation of right-of-use 
                                        assets. 
Recurring EBIT                          The Recurring EBIT is defined as 
                                        Operating profit/loss (EBIT) adjusted 
                                        for restructuring, litigation and 
                                        other non-recurring costs and for 
                                        impairment of operating assets. 

(MORE TO FOLLOW) Dow Jones Newswires

07-30-20 0045ET


Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX 1.15% 469.49 Delayed Quote.-13.53%
DOW JONES SOUTH AFRICA(ZAR) 0.07% 1598.89 Delayed Quote.-11.45%
LAFARGEHOLCIM LTD 1.21% 39.35 Delayed Quote.-27.60%
LONDON BRENT OIL -0.32% 37.54 Delayed Quote.-38.33%
S&P AFRICA 40 INDEX 0.77% 153.91 Delayed Quote.-11.41%
WTI -2.53% 35.28 Delayed Quote.-36.69%
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Financials
Sales 2020 23 163 M 25 264 M 25 264 M
Net income 2020 1 742 M 1 899 M 1 899 M
Net Debt 2020 8 691 M 9 480 M 9 480 M
P/E ratio 2020 14,2x
Yield 2020 5,14%
Capitalization 23 860 M 26 041 M 26 025 M
EV / Sales 2020 1,41x
EV / Sales 2021 1,31x
Nbr of Employees 72 452
Free-Float 84,5%
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Number of Analysts 18
Average target price 51,41 CHF
Last Close Price 38,88 CHF
Spread / Highest target 74,6%
Spread / Average Target 32,2%
Spread / Lowest Target -12,2%
EPS Revisions
Managers
NameTitle
Jan Jenisch Chief Executive Officer
Beat W. Hess Chairman
Géraldine Picaud Chief Financial Officer
Óscar Fanjul Martín Vice Chairman
Adrian W. Loader Independent Director
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