Financial performance improves significantly
Operating profit in the Group region Europe increased markedly by 16.8 percent to CHF 510 million thanks to disciplined cost management and restructurings. Like-for-like operating profit growth was 16.1 percent. The restructuring of certain of Holcim’s operations in the Group region had an effect of CHF 38 million.
Aggregate Industries UK increased operating profit significantly on the back of strong demand across all its businesses and thanks to ongoing cost discipline. The financial performance in Belgium remained impacted by sluggish demand, and France also recorded declines. Holcim Germany increased operating profit, driven by strong volumes and higher prices, and Holcim South Germany also posted better results. In Switzerland, operating profit was up, as tight cost management was able to overcompensate the negative market development. Italy recorded improved financial performance, and Spain was impacted by restructuring costs that led to lower operating profit. In the Eastern European Group companies, operating profit increased substantially with the exception of Serbia. Holcim Azerbaijan was impacted by lower volumes, and consequently financial performance was lower, while in Russia operating profit was up markedly.