Heidelbergcement published a great set of results in this volatile macro-economic environment. The new management delivered well on the cost-saving initiatives and managed to get an EBITDA margin improvement of 139bp. In the absence of extraordinary items, the company has achieved 5% growth in its net profit. However, we are still not convinced about the reasoning behind the gigantic goodwill impairment and still think of it as a smart accounting move.
30 Jul 2020
H1 20: good results but unconvincing impairment story
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H1 20: good results but unconvincing impairment story
Heidelberg Materials AG (HEI:WBO) | 0 0 0.1% | Mkt Cap: 16,548m
- Published:
30 Jul 2020 -
Author:
Sejal Varshney -
Pages:
3
Heidelbergcement published a great set of results in this volatile macro-economic environment. The new management delivered well on the cost-saving initiatives and managed to get an EBITDA margin improvement of 139bp. In the absence of extraordinary items, the company has achieved 5% growth in its net profit. However, we are still not convinced about the reasoning behind the gigantic goodwill impairment and still think of it as a smart accounting move.