Carpatcement Holding, the cement division of the HeidelbergCement group, posted net profit worth 63 million euros last year, up 160% against 2005, when financial results were affected by an approximately 9 million-euro fine paid to the Competition Council. In March last year, the High Court of Cassation and Justice decided to cancel the fine received by Carpatcement for an infringement on competition legislation. The decision is irrevocable and enforceable, and regards Carpatcement exclusively, not Lafarge and Holcim which also had to pay the fine. "Our 2005 results were seriously hurt by the fine paid to the Competition Council, which had a double impact - an increase of total expenses and an increase of profit tax, as the fine is a nondeductible expense," Mihai Rohan (photo), general manager of Carpatcement Holding told ZF. Carpatcement Holding currently has a 27% net profit margin, amid turnover of 226 million euros for 2006, up by some 43% on 2005. The significantly higher net profit percentage growth rate was the consequence of a much slower expense growth rate in 2006 (around 12%), and was also aided by a 16% reduction in personnel reaching 1,500 employees. "The increase in variable costs at a rate close to that of the turnover was offset by the reduction in fixed costs per tonne of cement, following a rise in the usage of installed capacities and productivity. Personnel costs also fell by 10%," added Rohan.
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