We aim to provide our investors with clear and transparent financial and operating information through our annual reporting.
We made good progress across all aspects of our strategy over the course of the year. The merger of our North American activities with those of Fairmount Santrol was finalised with the launch of Covia on 1st June, creating one of the world’s leading providers of high-performance material solutions for the energy and industrial markets.
The creation of Covia (which is 65% Sibelco-owned) signified a key milestone on our journey and was the culmination of many months of intensive teamwork across countries and functions. In early 2019 we also reached an agreement to sell our lime and limestone assets to Graymont and Grupo Calidra, a transaction that further increases Sibelco’s portfolio focus and adds flexibility for future growth opportunities.
Our group consolidated revenue reached € 3.5 billion compared to € 3.1 billion in 2017, an increase of 14%. Our EBITDA reached € 652 million, 21 % higher than in 2017. These increases are partly attributable to the integration of the results of the Fairmount-Santrol activities.
The total net result of the group was negatively impacted by € 396 million of non-recurring items. The main portion of these items were non-cash in nature and comprised impairments to goodwill booked as part of the Unimin-Fairmount Santrol merger. These impairments were triggered by the negative evolution of the energy market in North America.
Recurring free operating cash flow remained very strong at € 437 million while Group shareholder equity (excluding non-controlling interests) increased by more than € 300 million as a result of the merger and despite the market-related valuation
adjustments for Covia.
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