Efecto en los Estados Financieros tras la Fusión y Adquisición Lafarge-Holcim en el año 2015

Abstract

The merge of Lafarge-Holcim in 2015 created the world lead company in construction materials. This document shows the analysis and assessment of the financial performance and operational after the merge, for the periods 2014(Lafarge), 2015 and 2016 (Lafarge-Holcim), by the application of financial ratios and other financial tools such as Z-Altman, Du Pont, Economic Value added, EBITDA etc. Although local and global resources were successfully mobilized to achieve this transformation, the global economy has been experiencing a slower recovery than expected, especially in key markets for the Lafarge-Holcim group were major economic issues were experienced. Despite all these adverse signs, Lafarge-Holcim was successful in increasing cement sales volume and achieved synergies as result of the merge, quantified in 30 million of Swiss Franc, exceeding the sales target for the year. In a similar way, the EBITDA results, adjusted after the merge, restructuring costs and others events decreased 3 p.p in 2016 vs prior year. Regarding the financial structure of this merge, shows a slight increase in 2016 the current assets increased but increasing the efficiency in the accounts receivables and inventories turnover, the cash and other assets available for sale had a significant increase in 2016 vs prior year. In 2016, the bank loans and the trade payables had a significant decrease translated into a lower financial leverage. The total liabilities decreased a 7% in 2016 vs 2015 whilst the cumulative profit account has a reduction of 3% in 2016 due to the loss the company has in 2015. After the merge, for the year 2016 the gross operating margin stands at 11% whilst the net operating margin stands at 8%. The Gross margin in 2016 is 42% of sales 6 The values for EBITDA in 2016 has almost duplicate in relation with 2015 this mainly driven by the benefits of the merge and due to a prudential use of the debt levels.