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| Swiss Holcim reports FY 2008 results Holcim, the world's second largest cement maker, has held up well in 2008 with a full-year operating EBITDA of CHF 5.3 billion. Europe once again made the largest contribution to the results. The Group companies in central and eastern Europe made progress compared with the previous year, as did Azerbaijan. In contrast, Holcim saw marked declines in its business in Russia and France, particularly in the fourth quarter. As a result of market conditions, Holcim suffered its biggest setback in North America, where operating EBITDA was halved in comparison with 2007. Latin America posted good results, despite some deterioration in performance during the last three months of 2008, partly because of currency factors. Group region Africa Middle East also fared well thanks to strong construction activity in Morocco and Lebanon. The second-largest EBITDA contribution was made by Asia Pacific, due in large part to the results coming from the two Indian Group companies. Holcim Indonesia also experienced substantial growth. Holcim's solidity is accentuated by the fact that the group generated free cash flow of some CHF 2.6 billion in 2008. Thanks to a cautious financial policy, strong cash flow and strict management of net current assets, Holcim's liquidity at the end of 2008 remained at a high level of CHF 5.6 billion. In combination with a strong balance sheet, this has served to maintain a solid rating. write your comments about the article :: © 2009 Construction News :: home page |