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6 months ago
U.S., Europe elections make HeidelbergCement cautious on outlook
February 14, 2017 / 2:39 PM / 6 months ago

U.S., Europe elections make HeidelbergCement cautious on outlook

MANNHEIM, Germany, Feb 14 (Reuters) - HeidelbergCement hopes to increase core profit by at least 5 percent this year but is cautious due to unprecedented political uncertainty, its chief executive told investors on a call after the company reported 2016 results.

"The uncertainty, the ambiguity, the volatility, I have never seen in my life as we speak today. There are a lot of things happening in the world which are beyond my control. So we are a little bit careful on the forecast," Bernd Scheifele said.

"We have elections in Europe, then we have a new president in the U.S., which is a little bit unpredictable. If things go well this can go up very much but if things go sour it can also go the other way," he said on the call on Tuesday.

"We have normally organically delivered EBITDA (earnings before interest, tax, depreciation and amortisation) growth of 6 to 7 pct over the past years... we obviously strive to do better than 5 percent." (Reporting by Georgina Prodhan; Editing by Maria Sheahan)

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